Opening a bank account in Singapore as a EU citizen

[PNGMK]

Another perks that used to be available here but no longer exists, for various reasons, is getting a Singapore Drivers License while on an SVP. I did, but that was in 1982, I think they also quit that in the 1990s as well. Now you have to have long term residency (LTVP/DP or better). The crackdown on bank accounts for SVP holders was also in the 1990's, most because of the US pogrom on illegal money laundering and FATCA (US Treasury). All of my current bank accounts and CC were gotten while still living here on an SVP the first 11 years I was here. Cannot do it any more thanks to arseholes abusing the system and leaving huge debts and or court cases while on tourist visas. Now it getting even harder even with residency.

Same mentality as the bank accounts. Stupid tourists getting a Singapore licence using a cancelled overseas licence and then trying to use it back home. Aussies used to do it in NZ as well.

[Juan Lopez]

Same mentality as the bank accounts. Stupid tourists getting a Singapore licence using a cancelled overseas licence and then trying to use it back home. Aussies used to do it in NZ as well.

Here we go again...
Youre obviously quick to call others stupid but you cant answer a simple question in a helpful manner.
E.g.: "no, you cannot open an account with a local bank as a EU citizen because the bank demands x, y,z which you dont have."

To answer you in your own style: you are obviously too stupid to understand that "money laundering" or "avoiding the tax man" is simply not possible in a Singapore / EU constellation because of automated international data exchange which is in place from 2014 already. So you can take your suspicions and stick em where the sun dont shine as they say in Alabama.

[bgd]

I think you will find there is plenty of money laundering in Sg, e.g. 1MDB involved a bank in Sg. Laundering on a smaller scale probably not so much.

I think the general consensus is that you won't be able to open an account until you have employment. So perhaps a temporary option is one of the "digital banks" until such a time you can open a local account.

[PNGMK]

Same mentality as the bank accounts. Stupid tourists getting a Singapore licence using a cancelled overseas licence and then trying to use it back home. Aussies used to do it in NZ as well.

Here we go again...
Youre obviously quick to call others stupid but you cant answer a simple question in a helpful manner.
E.g.: "no, you cannot open an account with a local bank as a EU citizen because the bank demands x, y,z which you dont have."

To answer you in your own style: you are obviously too stupid to understand that "money laundering" or "avoiding the tax man" is simply not possible in a Singapore / EU constellation because of automated international data exchange which is in place from 2014 already. So you can take your suspicions and stick em where the sun dont shine as they say in Alabama.

You're wrong. Singapore courts (and banks) don't disclose banking information without a specific court order, no fishing expeditions allowed but of course TF is not a "Singapore bank" so it would have to oblige a UK or Euro court order. Now I understand why you didn't want to use TF or similar.

[Juan Lopez]

No, you are wrong (again). Singapore banks do not only do it, they also do it automatically, as agreed in the CRS contract with the OECD from 2014. That means that a European state does not even have to ask for the information about the accounts of one of their citizens, they get it pushed to them on a regular basis. As a European citizen you just cannot evade taxes with such simple schemes as you are suspecting. Complete nonsense and not recommendable in any way.

[TropicalExpat]

No, you are wrong (again). Singapore banks do not only do it, they also do it automatically, as agreed in the CRS contract with the OECD from 2014. That means that a European state does not even have to ask for the information about the accounts of one of their citizens, they get it pushed to them on a regular basis. As a European citizen you just cannot evade taxes with such simple schemes as you are suspecting. Complete nonsense and not recommendable in any way.

Facetious question: Are you a European citizen or a citizen of a European country? I'm pretty sure you technically you have to say you are a citizen of a European country. And what is Europe? Is the UK part of Europe, is Switzerland, is Norway? Is Turkey European? Complex questions ...

Anyway, I was wondering about this CRS thing, so I did a google search and found some interesting points.
According to the tax authority of Singapore (IRAS) "the CRS MCAA does not mean that Singapore will exchange information with all the signatories". In case you think I made this up: https://www.iras.gov.sg/IRASHome/Quick- ... -CRS-MCAA/
Also, it appears the auto push that you are talking about, Singapore only applies with similar jurisdictions: Hong Kong and Switzerland. Given the nature of these two states, I don't think it matters whether they pass data between them.
Finally under the Singapore Banking Act [again, so you don't think i'm making it up: https://sso.agc.gov.sg/Act/BA1970?ProvIds=pr47-]
"47.—(1) Customer information shall not, in any way, be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act."
The express purposes are listed here: https://sso.agc.gov.sg/Act/BA1970?ProvIds=Sc3-#Sc3-

Anyway, clearly I have too much time on my hands.....

[PNGMK]

Thanks TE. I knew that Singapore Banks don't disclose information willy nilly just from experience but I wasn't going to wade through the regulations for OP. I mean there is more grey and black Indonesian money parked here than we can probably imagine so why wouldn't there be EU money?

[PNGMK]

Same applies to pretty much any other country - times when you could open account on vacation are gone most likely forever

Fun fact - you can open a bank account in Australia as a tourist.

[ProvenPracticalFlexible]

Simple answer - no, you won't be able to open account on tourist visa. Besides other documents, you will need residence - Employment Pass at least, which you won't have. You will need few other documents as well which you can provide only if oyu're employed locally.

I would disagree as the local bank's say differently themselves:
https://www.uob.com.sg/personal/support ... igner.page

It is not guaranteed but can be done. Also for the working people coming to Singapore IPA is enough, you don't need to have the EP yet in hand. Or that's what UOB states at least.

But yes to open an account you have to be physically present in Singapore.

[ProvenPracticalFlexible]

@TE I think you over simplified the iras faq. HK and Switzerland where given as specific examples about financial hubs but not saying that they are the only countries data would be shared with, rather the opposite.

Then to add to that all local bank's do tell and ask the foreign tax residency declarations. It is pretty new, 2nd reporting year now if I'm not mistaken. But I the old money laundering years seem to be over. I'm not saying it can't be done but not that easily for individuals via Singapore.

[BananZ]

From my experience, most people reach Singapore first, having everything paid in cash, until the first day of your employment started. Then you may ask HR to provide a proof of employment letter, and open an account with any bank you prefer.
Most people I know are using DBS Multiplier Account or OCBC 360 Account.

Do note that most banks require initial deposit when opening account (0 to 1k SGD).

There are few ways you can do it:
1. Ask if HR is able to provide your salary in cheque for the first month, then use the cheque to open your first banking account
2. bring cash

Remember you need proof of residential address too -- signed tenancy agreement for condo, or hdb online enquiry slip if you are renting HDB @ https://services2.hdb.gov.sg/webapp/BR1 ... quirer.jsp


For my case, my HR was not able to provide me a cheque, and requested me to provide bank account no for receiving salary before a certain date, if missed then have to accumulate to the next month... so make sure you are able to survive on your own for 1 or 2 months with enough cash..

[therat]

https://www.mom.gov.sg/faq/work-permit- ... ign-worker

How do I open a bank account for my foreign worker?
For both new and existing foreign workers, you can apply for their POSB account:

Log in to WP Online.
Choose Bank Account on the left menu.
POSB will notify your company of the outcome by post within 7 working days.

If approved, POSB will also post your worker’s ATM card and PIN mailer to your company’s address within 7 working days. Your worker does not need to collect the card from the POSB Account Services Centre at Kaki Bukit.

Alternatively, your worker can approach another bank to open the account.

[sundaymorningstaple]

Looks like Juan Lopez crawled back under the rock from which he emerged back in August.

[ProvenPracticalFlexible]

What makes you to make that conclusion?

Are you basing it on ip addresses or something else? Just wondering what can anyone gain from the relatively small audience etc. Why would you spend time to scam here

[malcontent]

The equivalent of FATCA is CRS for the EU. Nowadays all of the local banks (DBS/UOB/OCBC) are cooperating and complying with these foreign regulations and will not open an account for foreigners until you have an employment pass & proof of local address. Back in 1996 when I first arrived here, only OCBC was willing to open an account for me on a SVP - even today they tend to be the most flexible among the 3, but less so in today’s environment. About the only way to get a real bank account opened earlier is if you have an HSBC or Citibank account in your home country - I understand they can arrange remote account opening here with an employer letter, and then after you get settled here you can give them the rest of the needed docs.