In view of today’s volatile financial markets, the wealth that you have painstakingly accumulated is constantly under threat. As a result, many investors have opted to diversify their investments internationally as opposed to parking all their assets in one location. One way to do that is to open a global bank account in a country with economic and political stability, such as Singapore.
Here are 4 good reasons why you should open a global bank account in Singapore.
- Singapore has become the most popular destination in the world to open an international bank account*
Recently, Singapore was reputed to have become the most popular location in the world for a global bank account, surpassing Switzerland. Singapore’s ideal geographical location and stable socioeconomic environment makes it attractive as a center of trade and financial services for the Asian region. Since the 1960s, Singapore has had a supportive political climate that encourages financial innovation. There is close collaboration between the finance industry players and regulatory authorities, thus Singapore upholds professional conduct and developed a client centric environment. Hence, many investors are flocking to this small, sunny island for their wealth management and investment needs.
Singapore is popular among the wealthy and financially savvy because the customer service is as exceptional as the financial products are diverse. In order to cater to the high net worth, banks have been paying a lot of attention to the needs of their clients. Namely, Citibank International Personal Bank (IPB) Singapore provides a dedicated Relationship Manager to all their clients who fund a minimum of US$200,000. On top of that, the bank also provides clients with weekly financial updates and access to a team of product specialists for their advisory needs. Not many banks elsewhere are able to provide such committed services.
- A global bank account allows you to diversify your wealth internationally
A global bank account, commonly referred to as an international bank account, is an account set up with a bank located outside of the depositor’s country. The services available with the account are largely similar to those of a domestic bank account, but it typically comes with a larger range of currencies and a wider variety of investment products. With a global bank account, clients are able to manage their wealth by diversifying their investments internationally. 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.
There is a myriad of products and services that come with an international bank account, thus catering to the needs of different individuals. If you are an expatriate working in a foreign country, you may enjoy the convenience and savings that a multi-currency account offers. Alternatively, a global bank account is ideal for those who wish to park a portion of their wealth in regions that may have growth potential and which possess factors that are conducive for wealth preservation and management, such as political stability.
Because a global bank account allows you access to more stable and financially attractive markets, many investors opt for a global bank account to protect their assets.
- There are many reputable banks in Singapore that you can choose from
There are many banks that offer a global bank account. Before deciding which bank to open an account with, it is recommended that you have a clear idea of what you are looking for in a global bank account.
For instance, with a minimum funding of US$200,000, Citibank IPB Singapore offers you a global bank account that leverages a robust wealth management platform that gives you the convenience to save, trade, and invest in a single access anytime, anywhere at your own pace. As a global franchise, its clients are also able to access their funds from over 20,000 Citibank and shared network ATMs worldwide. Clients are also able to transfer funds to any Citibank account around the world with Citibank Global Transfer. This is extremely beneficial if you have children studying abroad. You can transfer money at an easy and cost-efficient manner if you have an account with Citibank IPB.
- It is easy and convenient to open an account in Singapore
Whether you are a foreigner living overseas or an expatriate who is relocating to another country, you can now open a bank account in Singapore without having to step foot on the island. You can simply submit an online application from anywhere in the world to open a global banking account in Singapore.
If you are a foreigner living outside of Singapore, you may open a bank account in Singapore for the purpose of trading or investment. You can apply online without visiting Singapore. Do note that due to regulatory restrictions, the banks in Singapore may not be able to open accounts for certain countries.
If you are an expatriate who is planning to visit or relocate to Singapore, you can apply for a bank account online even before you arrive in Singapore. You can have your account set up and banking arrangements, such as salary credit and funds transfer, made before moving to Singapore.
*Taken off CNBC