Best private banks for high-net-worth individuals in Singapore part 2 – Part one is here.
Reasons why Singapore banks are a good option
The late 2000s saw an unprecedented number of bank closures and bank failures around the world. According to data published by the Federal Deposit Insurance Corporation, about 160 banks have closed since the beginning of October 2002 in the US alone.
Reliable numbers are unfortunately not available to the rest of the world. In this context, it would be great to introduce banking in Singapore. Below you can find a list of the main reasons why banking in Singapore is a global and desirable option for the rest of the world.
1. A new direction of private wealth management
It is interesting to note that the island nation of Singapore accounts for about 5% of the world’s private wealth. Back in 2008, The New York Times reported that Singapore was quickly becoming a popular destination for wealth management. This is still much lower than in Swiss banking institutions, but still an outstanding achievement considering the fact that Singapore is arguably one of the newest players in the asset management market.
Banking in Singapore has remained competitive and challenging over the past decade as the country has emerged as a strong competitor in the foreign investment market. Singapore is determined to become the premier destination in the Asian subcontinent for foreign investors and foreign businesses.
2. Banking security
Singapore banks are known as some of the safest in the world. In 2011, an annual survey by Global Finance magazine ranked Singapore’s DBS Bank in 19th place, followed by OCBC Bank (Overseas China Banking Corporation 100% owned by Singapore) in 25th place and United Overseas Bank (UOB) in 25th place. Ranked 26th, well ahead of larger, older players such as JP Morgan Chase, Deutsche Bank, and Barclays as the safest banks in the world. These banks ranked 1st, 2nd, and 3rd in the same study for the Asian subcontinent.
Also of note is the fact that there has never been a bank failure in Singapore – NEVER! In its 43-year history, even when times were turbulent and chaos reigned in the world.
3. Banking secrecy
The secrecy maintained by Singaporean banks is another feature to look out for. Singapore has developed its bank secrecy laws over the past decade and now it allows tax information to be shared more freely between member countries. Bank secrecy in Singapore is mainly regulated by the Banking Law (Chapter 19) of Singapore.
The amendment to the law introduced a new section 47 of the Banking Law, which allows banks in Singapore to share information for reasons such as willful tax evasion. At the same time, Singapore does not welcome any requests from private institutions or parties, requests must be made by public authorities and must be supported by reliable tax evasion documents.
4. Banking services
Singapore, as a country where English is the main language of business, is well supported by banking systems to meet the needs of individuals and businesses around the world. You will be able to access first-class banking services from the comfort of your home using Internet banking and telephone banking services.
Accounts can be opened and maintained in a multi-currency form and are available for all major currencies. For those of you who want to hedge against a devaluation of the dollar, euro, or other major currencies, there are many options available.
VISA/MasterCard debit cards are available for most bank accounts, making transactions around the world easier. Exchange controls are minimal for money transfers and repatriation to and from the country.
Below we will show you the best banks in Singapore that offer private banking to their clients and are the best option for high-net-worth individuals.
UOB
United Overseas Bank Limited is a Singaporean multinational banking organization headquartered in Singapore with \ranches in Singapore. most countries in Southeast Asia. Founded in 1935 by Sarawakian businessman Wee Kheng Chang as United China Bank (UCB, the Chinese name is the same), the bank was created jointly with a group of businessmen of Chinese origin. The bank is the third-largest bank in Southeast Asia in terms of total assets.
UOB provides commercial and corporate banking, personal financial services, private banking, and wealth management services, as well as corporate finance, venture capital, investment, and insurance services. It has 68 branches in Singapore and a network of over 500 offices in 19 countries and territories in Asia Pacific, Western Europe, and North America.
Key points:
• Maintain a minimum qualifying AUM of S$100,000 (or foreign currency equivalent).
• Priority queues and preferential services at UOB branches
• Enjoy birthday privileges and a curated list of personalized offers and promotions.
• Exclusive invitations to events, seminars, and workshops all year round for you and your family
If you are looking for the fastest way to take advantage of the benefits that banking has to offer, UOB Wealth Banking offers the lowest AUM minimum qualification of $100,000. Perks include having a dedicated public relations manager, welfare advisory services, priority queues, and preferential services at UOB offices around the island.
As a client of UOB Wealth Banking, you also receive invitations to exciting events, seminars, and workshops all year round. In addition to a carefully curated list of personalized offers, your birthday will be made even more special with the UOB Wealth Banking e-Card, which gives you exclusive birthday offers.
If you are already using UOB services, the transition to UOB Wealth Banking will be smooth. You can still continue to use the UOB Mighty app to manage your finances.
OCBC
OCBC Bank towers over the Singaporean banking scene for many reasons: its branded headquarters was once the tallest building in Southeast Asia. OCBC’s assets are also sky-high: over $340 billion, second in Singapore.
The bank was also named the best retail bank in Singapore and received awards for excellence in digital innovation and digital wealth management.
Back in 1948, the bank created an overnight deposit that allowed its customers to safely transfer their earnings to the bank without waiting for the next sunrise.
As an OCBC Premier Banking customer, you enjoy priority queues at certain OCBC Bank branches. You also get access to OCBC Premier banking centers throughout the island, each uniquely designed for a different and luxurious experience.
Beyond personal banking privileges, OCBC Premier Banking offers everything from wealth management solutions (for your deposits, insurance, investments, and financing) to exclusive cards to fit your lifestyle. You will also receive timely information from OCBC Wealth Panel experts.
Key points:
• Deposit or invest SGD 200,000 in new funds
• Priority queues at selected OCBC Bank branches and access to OCBC Premier banking centers
• Information on wealth management from the OCBC Wealth Panel.
• Exclusive cards to suit your lifestyle
- Concessionary fees and fees for individual transactions
Standard Chartered Singapore
Standard Chartered plc is a British multinational financial services company headquartered in London, England. It operates a network of over 1,200 branches and outlets (including subsidiaries, associates, and joint ventures) in over 70 countries and employs approximately 87,000 people.
It is a universal bank operating in consumer, corporate and institutional banking, as well as treasury services. Despite its UK base, it does not do retail banking in the UK and around 90% of its profits come from Asia, Africa, and the Middle East.
Standard Chartered has a primary listing on the London Stock Exchange and is a member of the FTSE 100 index. It has secondary listings on the Hong Kong Stock Exchange, National Stock Exchange of India, and OTC Markets Group Pink. Its largest shareholder is the government of Singapore Temasek Holdings. The Financial Stability Board considers it a systemically important bank.
The people and businesses that the bank serves are the engines of trade and innovation and play a key role in the transition to a fair and sustainable future.
With 85,000 employees and a presence in 59 markets, the network serves customers in nearly 150 markets worldwide. The bank is listed on the London and Hong Kong stock exchanges.
In more than 50 countries, they have established a bank with a variety of experience and capabilities that distinguish Standard Chartered from others.
Presence connects emerging and high-growth markets with more established economies, allowing them to direct capital where it is needed most.
They are in a unique position to support the massive shift of capital towards sustainable financing that has become a priority for investors, companies, and individuals.
They are determined to generate significant sustainable financial returns to grow their business and incorporate environmental and social considerations into all their decisions so they can realize their ambition to become the most sustainable and responsible bank in the world.
Diversity alone is not enough, so they create an inclusive environment that embraces different perspectives, skills, experiences, ways of working, and leadership styles.
They want people to innovate together, generate new ideas, solve problems, improve constantly, and make incremental changes from time to time.
HSBC Singapore
HSBC is one of the largest banking and financial organizations. It serves over 40 million customers through its global divisions: Retail and Private Banking, Commercial Banking, and Global Banking and Markets.
A bank with a global presence, HSBC branches can be found in many countries around the world. Global citizens can transfer $0 worth of money with HSBC Worldwide Transfer online. HSBC recommends investing with the 0% sale commission you’ll enjoy when investing in your regular savings plan, and the 1% commission on a one-time investment in mutual funds.
If you use an HSBC Daily Global Account as an HSBC Premier customer, you get bonus interest rates up to 1.45% per annum.
You can also check your financial situation with HSBC FinFit. Sign up for a FinFit coaching session at HSBC to improve your financial knowledge and habits, develop and fine-tune your financial planning strategy, and explore the products or services you need.
Meet one of the following three criteria:
• A minimum of S$200,000 (or foreign currency equivalent) in your relationship balance.
• Credit for a monthly salary of at least S$15,000.
• Have a Singapore property loan of at least US$800,000 or an Australian property loan of at least AUD200,000.
DBS
DBS Bank Limited is a Singapore-based multinational banking and financial services corporation headquartered at Marina Bay Financial Center in Marina Bay, Singapore.
The Bank, listed on the Singapore Exchange, was established by the Government of Singapore on 16 July 1968 to take over the industrial finance functions of the Economic Development Board. Today, its more than 150 branches can be found throughout the country. DBS is the largest bank in Southeast Asia by assets and is among the largest banks in Asia with assets totaling approximately US$501 billion (US$650 billion) as of December 31, 2019.
It also holds dominant market positions in consumer banking, treasury, and markets. , asset management, securities brokerage, capital, and debt raising in regions other than Singapore, including China, Hong Kong, Taiwan, Indonesia, and South Korea.
Key points:
• Accredited investors with investment assets of SGD 350,000
• One-stop iWealth app for all your banking needs
• Dedicated treasure manager and investment expert team
• Investment analytics from the Main Investment Office
• Exchange rate alerts
As a DBS Treasures customer, you can use the exclusive iWealth app for all your needs. The iWealth app makes it easy to transact, view your entire portfolio, and keep track of your investments. You also get personalized ideas and advice, as well as the support of a Treasures account manager.
To help you make better investment decisions, you will receive information from the General Investment Office that includes a shortlist of investments you can act on. If you require additional support, there is also a team of experts.
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