So much hassle for the account.

Be a PB in Malaysia and ask for offshore account. The RM will have it all sorted out for you.

After all you won’t be shifting your entire assets to SG what.

Also there is preferential rates for the transfer for having PB acc here.

Not everyone have PB. Also not everyone who qualify for PB want to burn money by being PB in both places.

Remember, money in PB is usually park in FD or buy insurance or buy UT which is giving free money to the banks.

How you know not everyone wants to shift entire asset to SG?

Those rates still not good unless you are doing 6 figure/transfer.

There isn’t a need to maintain priority in both. Either one is enough - this is cross border banking benefits. (I have zero balance for a year before moving funds in again and still remain PB)

And please don’t sound like money in FD is like a crime. I can say that majority still prefer it that way or more than 50% of their assets are so.

Unless that person is moving out otherwise I don’t see what’s the great deal shifting it across.

You need to find the right person for the right deal and that’s why we have treasury specialist to sort this out and get the best rates. Unless you gonna carry cash across in multiple trench which defeats the purpose of convenience. After all not everyone is so free.

Anyway- just sharing the simplest way for those who intends to open acc there.

SG FD sucks. Good luck if you want to park your money in SG FD. I won't bother touching it.

Depends on which bank. Some wants PB on both side. Some one cukup.

Thanks this sounds interesting. Is there a bank you recommend. I am with maybank and their premier account doesn't seem to have offshore facilities.

They offer a foreign currency account ($US1,000 to open) but the currency is not kept offshore.

You can open using maybank isavvy for Malaysians. No need any PB to open. Only need SGD500 to open.

You may try out SCB. Simple and quite responsive- depends on rm also la.
Other options are uob and Maybank. But their products offering kinda meh.

And tiger def have the facility - most likely your rm lazy to layan u. Uob CA also equally lazy- ask to speak to their VPRO. (I personally didn’t try tiger so no comment but my friends seems ok with them).

Tell the rm your intention and ask for a senior one.

Depends on what your intentions are. You can pm me.

Not sure why some pipu spend so much time micro managing a simple thing. Sometimes you just have to let go and appreciate. Zhi zu Chang le. Gou jiu hao.

SCB needs priority in both places.

That’s not true

That's what the SCB officer told me. They even ask their superior.

Please refer to offshore account RM or go to Battery road.

UOB allows that for first 6~12m without holding the required balance then they will send out reminder letters

This post has been edited by Cookie101: Apr 20 2018, 08:15 AM

I am taking from Malaysia side.
Went battery road and was rejected opening account due to the fact they are more stringent with Malaysians.

Okay.

There’s a few different tier categorisation. You need to know which one you want to go for.

It’s called 🌎 priority if I’m not mistaken. This allows global offshore acc opening but certain countries are not allowed. For this topic, SG is allowed. (Done it and got it. )

Ask them to put you across a senior RM or AD. They know what they are doing.

It’s hard to expect a huge organisation to pass down information and it normally gets lost in between or wrong communication.

Especially from call centre. They are like forever the poor soul who never received the memo yet face the most questions not within their scope. So best to direct to the right person and don’t waste everybody’s time by asking, end up not signing up.

Back to beginning, approach your rm in Msia. They will sort it out for you.

Actually I don't need any RM to open SG account as I already opened on my own. Besides I don't like the idea of being PB and putting in low yielding instrument like FD.

I thought this thread is for the masses, ie. not talking about Priority banking opening account in Sg.

If a person is eligible for priority banking, that is another approach.

Heck if you are also eligible for priority banking or even better, private banking in Sg, that is another approach. Your wish is their command. Just ask the Sg RM to fly to Malaysia and meet you at your office. What problem to open a Sg account for Malaysian if we talk about Priority or Private banking ? We don't need this thread anymore

That's because malaysia PB talks about free parking, coffee machine and angpow packet only.

Good PB in Sg offer you diverse investment choices depending on the risk and return you want. Higher risk 10+% returns or low risk capital guaranteed instruments macam macam ada

Yeah,... agreed with Showtime,... maybe not so suitable to talk abt PB here in this thread,... must try to talk about ways to open a normal acct in an SG bank here,...

According to a wealth report, only about 0.3% of adults in this country have over us$1m net worth. investable assets considered by banks is normally a portion of net worth.

priority banking in sg is in sgd, hence few people qualify. those who asked about pb in sg in public forum are either not qualified or suddenly rich.

there are more indonesian pb customers in sg than from this country.

with the implementation of crs, hasil will aware of amount held in sg banks.

This post has been edited by icemanfx: Apr 21 2018, 06:38 PM

In relation to private banking, am happy to recommend people for PB as I have contacts in there but they don't accept anyone under USD1m(UOB).

I don't want it to be a waste of my time and their time so read between the lines

Someone told me, if you can beat inflation with your investment in Malaysian assets with Ringgit , you don't actually need to put money in foreign currencies.

He told me, only invest in foreign currencies, if you have plans to migrate/ send children oversea. Otherwise , invest in ringgit assets that give you return of more than inflation rate. Wealth is still preserved.

True?

This post has been edited by Chrono-Trigger: Apr 22 2018, 12:14 PM