Meyzer360’s Business Banking service assists international clients in the opening of multi-currency, global corporate bank accounts in Singapore, the UK, Hong Kong and Indonesia.
To open a global bank account with Meyzer360, visit our page or contact us here.
The Problem with Singapore Banks and How to Deal with It
| No. | The Problem | Our Solution |
|---|---|---|
| 1 | Most Singaporean banks are very selective about their clients, especially overseas companies or individuals. Top banks often only deal with large and profitable businesses because of their low risk. Due to MAS 626, it is legally required for the bank signatory to visit Singapore in person for a one-hour interview with their intended bank. | Meyzer360 offers a Global Bank Account service to any overseas companies or individuals hoping to open a bank account in Singapore. With a Global Account, clients can pay to over 180 countries, hold up to 34 currencies at any one time and collect payments in local currency to avoid hefty transaction fees. |
| 2 | Singapore banks are making it more difficult to open corporate bank accounts, as their internal compliance departments are carrying out more thorough due diligence on clients. Clients applying through banks can expect approval to take up to six weeks. Banks now also require evidence of proof of business in the country where the company bank account will be, including sales contracts or lease agreements. | If you need to open a bank account at short notice, call or email us to talk to one of our experts. |
| 3 | Singaporean banks can command high charges due to the country’s popularity as the ASEAN financial hub. – The minimum bank balance to maintain ranges from US$10,000 to US$100,000. – Average bank charges for outgoing funds transfers are US$50. – The annual account service fee can be as high as US$5,000. | Singapore is rated as an AAA financial services centre. It is one of the most politically and financially stable countries in the world. This means that clients can house their funds and be assured that they will be safeguarded under strict financial regulations. We recommend international clients pay these bank charges. In the event of a global depression or economical collapse, it is paramount to house funds in dependable and safe banks. |
| 4 | If Singaporean banks perceive any unusual bank account activity, they will close the corporate bank account with one month’s notice to the beneficial owners. | We recommend international clients to open multiple bank accounts with different banks as a backup, or open a Global Bank Account with us for easier finance management. |
| 5 | Singaporean banks consider tax haven entities to be high-risk customers. Therefore, these clients are likely to have their application rejected. | If your tax haven entity is currently in a high-risk territory, we recommend you redomicile it to a safer and well-respected territory. Otherwise, you can always contact our experts for more options. |
| 6 | The majority of Singaporean banks only provide telephone support during Singapore business hours. This is not ideal if an emergency occurs or if you currently reside in a different time zone. | Our Meyzer360 team is available 24/7 to support and guide you in times of need. Reach out to use now here: https://www.meyzer360.com/contact/. |
Find out more about corporate banking in Singapore at our Business Banking page: Business Banking – Meyzer360.
