Singapore Expats

Police freeze my bank account

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sundaymorningstaple
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Re: Police freeze my bank account

Post by sundaymorningstaple » Tue, 09 Mar 2021 2:00 am

I worked in Indonesia from Aceh to Irian Jaya and from Timor to the Moluccas over a 12 year span. Never had a problem with the banking system. I worked as a shore based administrator for several years there as well. Never had any unsurmountable problems either.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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malcontent
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Re: Police freeze my bank account

Post by malcontent » Tue, 09 Mar 2021 8:21 am

They have gotten significantly more strict with the advent of CRS and the amnesty programs.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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Max Headroom
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Re: Police freeze my bank account

Post by Max Headroom » Tue, 09 Mar 2021 9:13 am

SMS, can I ask you, is there a way to open a bank account in Indonesia on just a tourist visa? Been struggling getting a definitive answer to this. Even banks have been contradicting themselves.

I'd like to open a bank account in Indo, but I've been stumped so far.

Cheers.

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malcontent
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Re: Police freeze my bank account

Post by malcontent » Tue, 09 Mar 2021 9:57 am

Most banks require some form of residency in the country or at least a good business reason, (like owning a property there) before they will entertain you. This has also gotten much more strict over the years. When I first came to Singapore in 1996 (only on a SVP), UOB & DBS refused but OCBC was still willing to open an account for me - wouldn’t be possible today, I’m sure.

That said, TransferWise (now called Wise) does allow you to open virtual accounts in many countries - these work just like real accounts with local routing numbers, etc.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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Max Headroom
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Re: Police freeze my bank account

Post by Max Headroom » Tue, 09 Mar 2021 10:08 am

Thanks Mal.

tiktok
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Re: Police freeze my bank account

Post by tiktok » Tue, 09 Mar 2021 10:09 am

HSBC might do it, I opened accounts in several countries without being resident there.
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PNGMK
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Re: Police freeze my bank account

Post by PNGMK » Tue, 09 Mar 2021 11:12 am

malcontent wrote:
Tue, 09 Mar 2021 9:57 am
Most banks require some form of residency in the country or at least a good business reason, (like owning a property there) before they will entertain you. This has also gotten much more strict over the years. When I first came to Singapore in 1996 (only on a SVP), UOB & DBS refused but OCBC was still willing to open an account for me - wouldn’t be possible today, I’m sure.

That said, TransferWise (now called Wise) does allow you to open virtual accounts in many countries - these work just like real accounts with local routing numbers, etc.
You can do some .... "interesting" stuff with Wise.
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Max Headroom
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Re: Police freeze my bank account

Post by Max Headroom » Tue, 09 Mar 2021 11:40 am

Update: I checked them just now, but I doubt it's workable, because to leverage your Indo bank account, i.e. for formalities such as buying local equity, you'll need to name the bank account you want to use. Since Transferwise's account is called "Transferwise", this bank account won't match your name, which means your trading account won't be validated. (Unless you legally change your name to "Transfer Wise" of course.)

Anyhoo, I'd love to be corrected on my assumption.

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PNGMK
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Re: Police freeze my bank account

Post by PNGMK » Tue, 09 Mar 2021 5:10 pm

Max Headroom wrote:
Tue, 09 Mar 2021 11:40 am
Update: I checked them just now, but I doubt it's workable, because to leverage your Indo bank account, i.e. for formalities such as buying local equity, you'll need to name the bank account you want to use. Since Transferwise's account is called "Transferwise", this bank account won't match your name, which means your trading account won't be validated. (Unless you legally change your name to "Transfer Wise" of course.)

Anyhoo, I'd love to be corrected on my assumption.
That's correct. Wise don't have local account facilities yet for IDR. I'd forgotten they don't do every country yet.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

go-w
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Re: Police freeze my bank account

Post by go-w » Sat, 24 Jul 2021 10:09 am

Hi, it’s been 3 months. Did you get any updates from the police? I’m in a similar situation now.

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malcontent
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Re: Police freeze my bank account

Post by malcontent » Sat, 24 Jul 2021 10:46 am

What exactly is your situation?
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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