Have a bit of a problem and would appreciate advice from anyone with similar experience
I have set up a business here in Singapore but have so far inly a personal account with my bank.
When invoicing companies abroad, especially in the UK, I have been told that payment from the UK to me need to be made to a company and therefore they have been making to my business name. So far, since my business name contains my personal name, I have been advising my bank when incoming payments are made and they have been transferring the money into my personal account.
All of a sudden they have started to get really anal about this and are refusing to accept payment/
This means either
a) i cannot get paid from abroad into my account
or b) i have to open up a corporate account for my business just to transfer money into and out of every time I receive payment. In addition to account opening fees and a minimum deposit, the bank requires a saily transaction volume which, if not reached, means that I will incur further charges.
This I feel is ridiculous for just a few thousand dollars being transferred each month.
Does anyone else have a similar situation or know a way around this situation? By the way, the bank is the Dumbest Bank in Singapore.
Thank for any good advice.
Alan