Setting up a bank account can take up a lot of time and effort in the process of relocation. However, with the right bank, this would not seem like such a hassle. Whether you are a foreigner living overseas or an expatriate who is relocating to Singapore, you can now open a bank account in Singapore without having to visit the country physically. You can simply submit an online application from anywhere in the world to open a global bank account in Singapore.
Instead of going through the trouble of setting up a new bank account and closing it whenever you relocate, opt for a more flexible banking service that caters to your global lifestyle and wealth management needs.
What is a global bank account?
A global bank account, commonly referred to as an international wealth management account, is an account set up with a bank that is located outside of the depositor’s country. The services available with the account are similar to those of a typical local bank account, but it comes with a larger variety of investment products and a wider range of currencies.
Many expats opt for a global bank account as it provides them with the flexibility of parking a portion of their money into wealth management products. As such, they are able to leave their assets in parts of the world that may have potential for growth and which possess factors that are conducive for wealth preservation and management, such as political stability. Investors are able to move their assets from one country to another, where the financial infrastructure, stability and security surpass that offered by their country of residence. A global bank account also usually comes with the multi-currency option. Thus, this allows for easy transactions between different currencies.
What are the factors to consider in a global bank account?
In order to determine which bank to open an account with, you may wish to consider the following 5 factors first.
- Economic and Political Stability
Keeping your wealth in regions of strong economic growth and political stability may lead to greater investment and business opportunities. Singapore is located at the heart of the fast growing Asian economy and has demonstrated a track record of financial stability. Singapore’s strategic location and stable socioeconomic environment makes it attractive as a centre of trade and financial services for the Asian region.
- Reputation of Bank
There are many financial institutions that provide similar wealth management services, but it is important that you identify a reliable and reputable bank before you establish a relationship with them. Choose banks such as Citibank International Personal Bank (IPB) Singapore, which has more than 30 years of experience in wealth management. This will go a long way in the banking support that you need. Citibank IPB Singapore is focused on client service excellence and its core banking business. Known as a leading innovator in the financial services industry, you will have access to a robust banking system and client focused services.
- Ease of Account opening and management
On top of face-to-face account opening, some banks such as Citibank IPB Singapore are able to open accounts remotely, without requiring the client to visit the bank in person. If your country of residence’s laws permits, you are able to open the account online and consequently make all transactions through the bank’s digital banking platform. As such, it is important to find a bank with robust and highly secure online banking system that enables you to access and manage your account at your convenience.
- Banking support
Having a dedicated customer service channel that you can turn to whenever you have banking enquiries or require any assistance is important as well. This can come in the form of a customer service hotline, relationship manager or a branch affiliate. While some banks only provide some of these services, Citibank IPB Singapore is able to offer all of the mentioned banking services.
- Privileges and rewards
Consider if exclusive privileges and rewards are important to you. Some banks offer preferential rewards and benefits for clients who invest more than a certain amount with them. For instance, clients who invest US$200,000 or more with Citibank IPB Singapore enjoy exclusive Citigold privileges such as having a dedicated Relationship Manager who is able to converse in the client’s local language, as well as weekly financial market reports.