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Private Bank Recommendations
- Thread starter Watchingtheweasels
- Start date
You're right to look at New Zealand and Australia, if you're wealthy and have a genuine need to bank in foreign currency.
Wealth management accounts in Singapore and Hong Kong might also be an option. Minimums vary between banks, and you might have to fly over for a visit.
How much money are you looking to place with the bank? What type of services and transactions?
Wealth management accounts in Singapore and Hong Kong might also be an option. Minimums vary between banks, and you might have to fly over for a visit.
How much money are you looking to place with the bank? What type of services and transactions?
If that money is all from clean sources, you should be able to find a bank willing to take you on in New Zealand, Australia, Hong Kong, or Singapore. They're used to wealthy Vanuatu citizens/residents.
In addition to ANZ, you can try Westpac in NZ/AU. Commonwealth Bank in Australia will sometimes take non-residents but your profile likely falls outside of their risk appetite.
In Hong Kong/Singapore, the main banks to speak with are DBS, OCBC (maybe Bank of Singapore as well), HSBC, UOB, Hang Seng, Citibank, and Standard Chartered. An in-person visit is often required, especially in Hong Kong. It's easy to start the process online by just navigating to the banks' wealth management sectors and initiating contact.
In addition to ANZ, you can try Westpac in NZ/AU. Commonwealth Bank in Australia will sometimes take non-residents but your profile likely falls outside of their risk appetite.
In Hong Kong/Singapore, the main banks to speak with are DBS, OCBC (maybe Bank of Singapore as well), HSBC, UOB, Hang Seng, Citibank, and Standard Chartered. An in-person visit is often required, especially in Hong Kong. It's easy to start the process online by just navigating to the banks' wealth management sectors and initiating contact.
I suggest you to try OCBC, their private banking has a minimum of 5M AUM (it’s most likely the best private bank I’ve experienced). Until you reach that amount they give you good service anyways.
They are very open to non residents and open the accounts remotely. They have also the lowest fees in SG.
They are very open to non residents and open the accounts remotely. They have also the lowest fees in SG.
so even they have the minimum of 5M AUM they take you until you reach that amount? how can it be a minimum ?
I didn't mention European options because OP mentioned ANZ, indicating a desire to stay somewhat regional.
In my (limited) experience with Vanuatuans, Vanuatu is more understood in Asia-Pacific and Oceania than it is by staid Alpine bankers. To them, Vanuatu is either not on this planet or associated only with ne'er-do-wells (the kind not even Swiss banks want).
Another factor is day to day contact. Most Swiss/Liechtenstein bankers clock in at 9 AM and clock out 4 PM — and not at all on weekends and public holidays. Emergency contact only for outside office hours. For someone resident in Vanuatu, that can be very inconvenient. Bankers in Asia-Pacific and Oceania are more conveniently located and put in more working hours than their European counterparts.
There are of course exceptions everywhere, though.
Aside from that, though, there are plenty of good banks in Switzerland, Liechtenstein, and Luxembourg for people with millions to deposit.
Thanks for the feedback. I'm not necessarily opposed to Europe, but since many institutions ask you to prove some sort of a nexus to their location, I figured being in the South Pacific an Asian bank would be an easier lift.
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Forget Switzerland for banking, private or not, there are no reasons to continue to pay those hefty fees.
Unfortunately, due to the big money laundering case last year, banks in Singapore will no longer open accounts for Vanuatu citizens
OCBC SG Premier Banking - 350k
OCBC SG Premier Private Banking - 1.5m
Bank of Singapore (aka the Private Bank by OCBC) - 3m
Well, possibly a little bit late to the party but...
... explain, please. (If not, forget about it – I am just a simple countryman and do not need to understand everything 
)
With all due respect, e.g. SG banks offer services that are IMO not worse and not less stable than CH ones, even on the contrary. Unfortunately (yes, I have some assets in CH).
Regardless of that, the thoughts of @Sols and @Watchingtheweasels re: regional proximity are pretty reasonable, IMO.
Just generally, if we talk about stable, service oriented jurisdictions, I think we should not overlook British Crown Dependencies – Isle of Man, Guernsey, Jersey. E.g. Barclays Isle of Man is good, IMO.
But for OP's particular case, the geographical distance is a major flaw here.
“all Is are dotted, and Ts are crossed” – well, if this conveys some important information then be advised I don't get it
... explain, please. (If not, forget about it – I am just a simple countryman and do not need to understand everything )Would you mind to elaborate little more on this? E.g. comparing OCBC with (probably my favourite) SC...
With all due respect, e.g. SG banks offer services that are IMO not worse and not less stable than CH ones, even on the contrary. Unfortunately (yes, I have some assets in CH).
Regardless of that, the thoughts of @Sols and @Watchingtheweasels re: regional proximity are pretty reasonable, IMO.
Could you please elaborate a bit more? I admit I am not aware of this and I wonder... Some link is pretty sufficient, of course. TIA
Just generally, if we talk about stable, service oriented jurisdictions, I think we should not overlook British Crown Dependencies – Isle of Man, Guernsey, Jersey. E.g. Barclays Isle of Man is good, IMO.
But for OP's particular case, the geographical distance is a major flaw here.
https://en.wikipedia.org/wiki/Singapore_billion_dollar_money_laundering_caseCould you please elaborate a bit more? I admit I am not aware of this and I wonder... Some link is pretty sufficient, of course. TIA
After this big ML case, some citizenship will no longer open personal ( Wealth Management / Private Bank) accounts. in Singapore
For example: Vanuatu, Some Caribbean.......
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