Singapore Expats

Bank accounts

Discuss the different banking options, rates, offers and perks.
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Allibert
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Bank accounts

Post by Allibert » Wed, 27 May 2009 3:41 pm

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

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Strong Eagle
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Post by Strong Eagle » Wed, 27 May 2009 3:49 pm

Don't blame the banks. It is the Monetary Authority of Singapore that sets the rules and they are quite strict on the notion that the payee on the check really needs to match the style of the bank account.

If you have a company set up, then you need to invoice from the company and your invoice must contain your business registration number amongst other things.

Shop around for another bank. I think UOB will give you a break on your commercial account if your personal account comes with it.

Allibert
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Thanks

Post by Allibert » Wed, 27 May 2009 3:55 pm

Thanks. I have a business set up, not a company.


Was hoping there were other freelancers out there with a similar issue, i.e. irregular payments once or twice a month. Obviously we don;t have the business volume and being forced to open an account then being penalised for not using it enough can't be the plan, or can it?

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jpatokal
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Re: Bank accounts

Post by jpatokal » Thu, 28 May 2009 12:13 pm

Allibert wrote: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.
...
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.
Well named. At UOB, there's a small monthly fee if your average balance goes below S$10,000, but that's it, no other restrictions or costs. I believe most other banks (OCBC, StanChart, etc) are similar.
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