Business Bank in Singapore

[Hyp0mez]

Hi - just setting up a new biz here. Importing goods from Australia. Need business banking with facilities to pay AUD and receive SGD with best rates. Also interested in credit card facilities.

Anyone have any good/bad Singapore business banking experiences to help guide me?

Thanks!

[Strong Eagle]

I use uob. When it comes to exchange rates and wire transfer fees they all suck. I think hsbc absolutely has the worst fees. Uob has decent online banking but at a couple of dollars per transaction. Since you are doing business in Oz you have gst to pay/recover. I know how to do this without having to do currency conversions.

[gravida]

From my experience - HSBC has also the worst possible service. List of complaints is too long to write it all here, but I think enough will be to tell that I've closed account over a year ago -> a month ago received reminder to confirm that I am still interested in internet services, because they've noticed I have not been using it for a while -> couple of days ago I've got a letter confirming that they've canceled the internet banking, because I did not reply to their reminder

[Hyp0mez]

I know how to do this without having to do currency conversions.

Hi Strong Eagle... now that seems like a great thing to know how to do. Thanks for the info! I'd love to find out how to avoid currency conversions! Would you mind sending a link or sharing the info?

Please

[Strong Eagle]

I'll send you the link offline. Basically, I am using an Australian based GST service who has got me GST registered as a foreign company. Thus, any services I acquire I get my GST refunded, and of course, if I am billing, I have to collect and remit Oz GST. The key is quarterly filings and having large enough amounts of tax refunds to minimize how often you might have a transfer. Or you could use his firm as the receiving point.

Send me an email, I'll send you details.

[belskies]

Exchange rates among banks are pretty much standardized. You may want to take note of the fees charged by different banks if you intend to do the international funds transfer frequently. Standard Chartered has a business account that offers 50% discount of standard rates if you do the payment transaction via the business account. Do PM me if you want more details

[mrswkn]

deleted.

[Strong Eagle]

i suggest open two banks. one local..either DBS, UOB or OCBC and another foreign...either HSBC or Stan Chart or RBS.

Why? The so called foreign banks are completely hopeless when you ask them questions like how to handle cross border cash management. Clueless.

[aster]

I think HSBC has decent service when it comes to corporate banking (have heard the opposite about personal banking), had a problem once and it was resolved by someone calling me back and explaining everything step by step (couldn't set internet banking up to make outgoing payments). What's annoying is that if you go to the branch to seek help then they will just direct you to the helpline. Still, everything was resolved.

If you try to exchange currencies online and either to or from amount is >$10k then you automatically are offered preferrential rates with like 30 secs to confirm. You actually have to try to make the conversion to see what the rate will be.

[jpatokal]

One more vote for UOB. Their Internet banking site looks terrible and takes a while to learn to work with, but you can do pretty much anything you need from there -- haven't needed to step into a bank for anything other than bank openings for a while now. Fixed deposits, FX, it's all in there.

Transfers to other UOB accounts are free, but other Sing banks are $2 a pop and the usual charges apply for telegraphic transfers.

[aster]

I especially like UOB's option to switch off paper statements, which you can do in internet banking. Who needs them anyway? As humans we manufacture enough garbage as it is...