Any real option for a non-resident to open a bank account in Singapore, Japan, South Korea, Taiwan, Hong Kong?
Posted by Wide-Oil8836@reddit | expats | View on Reddit | 14 comments
I’m looking for options for a non-resident to open a real bank account in ay of those countries, preferably remotely if possible.
I’ve been told that in most cases traditional banks won’t open an account unless you have a local residence.
Are there any new expats, digital nomads, or frequent travelers here who have managed to open an account and can recommend a solution?
Why banking account in those countries?
I travel frequently across Asia including Singapore, Japan, South Korea, Taiwan, Hong Kong, Thailand, Vietnam, mainland China.
And I’m looking for a bank account with a debit card, multi-currency payments, a local alternative to Revolut or Wise.
An account with a physical bank that accepts non-residents is also on the table.
Any recent experiences or recommendations would be greatly appreciated.
Thanks!
Savingsmaster@reddit
As someone else commented, HSBC premier through their global account opening service. I have opened an account in Singapore through them in the past.
electronic_afropizza@reddit
Are you happy with them? Also thinking of doing the same, I am uae resident non singaporean. I talked with HSBC UAE and I'm thinking about it. They'd open for me a Singaporean bank account remotely and it would be in their HSBC Singapore branch.
projectmaximus@reddit
Can you confirm that you had no residency visa for Singapore? This would be great if you can confirm this, thanks!
Savingsmaster@reddit
No residency or any form of visa for Singapore
projectmaximus@reddit
Great thanks! I plan to do this next year
projectmaximus@reddit
If you can qualify for HSBC premier that would probably be your best bet.
x3medude@reddit
You'll need an ARC though
projectmaximus@reddit
I cannot say for sure, but the implication is that you won't need one if you already have a premiere account with HSBC. I haven't tried to research this since I am already a resident of Taiwan, but here's what I have learned as a US citizen and Taiwanese resident, seeking personal bank accounts in Malaysia and Singapore.
If I open an HSBC premiere account in Taiwan or the US, HSBC Malaysia told me I can open an account there as well. HSBC Singapore has never replied to me. HSBC US has also been unwilling to promise me I would be able to open accounts in other countries, but general online research suggests this is common for their clients.
Standard Chartered Taiwan and Malaysia have both confirmed to me that I can open in Singapore and Malaysia if I first open a VIP account in Taiwan.
DBS has stated that if I open a Treasures account in Taiwan I will be able to open one in Malaysia and Singapore.
So this is what I've researched...I'm guessing there's a decent chance of being able to open an HSBC Taiwan account without an ARC if you are premiere already, but I can't say this with certainty.
Embarrassed-Ease6641@reddit
hi, did you manage to open in hsbc malaysia in the end? i tried but couldnt
Dave_1A2B@reddit
My understanding is that if you have HSBC Premier or Standard Chartered Priority, you should be able to open any account they offer under that umbrella without additional hoops like residency. However, AML, KYC, and local branch policies did make it much harder for me, even in pre-pandemic times.
As far as I know, from the bank’s global perspective, you need to satisfy their total relationship balance and comply with global AML and KYC regulations.
Beyond that, it becomes a matter of local branch policies and laws.
Anyway, I'm curios how it works today... if it works at all
Dave_1A2B@reddit
When it comes to local physical banks in Hong Kong and Singapore, based on my pre-pandemic experience, it is possible for non-residents to open a bank account, but not remotely.
You need to be physically present, contact the bank directly, and provide a ton of documentation to satisfy the KYC and AML requirements.
In addition they require you to maintain a minimum balance or use certain products.
But... again, it's my own pre-pandemic experience.
In my opinion, HSBC with its premier offer and Standard Chartered with its priority offer are somewhat easier to bank with for internationally mobile clients and non-residents, provided you meet the eligibility and balance requirements and can somehow establish a relationship with them in the first place under today’s regulations.
hyperxenophiliac@reddit
All good answers from everyone here - HSBC Premier probably your best bet BUT I had probably my worst customer service interaction with any company with them last year so I vowed to always warn against them. Long story short, after their 90 minute long application form they mistakenly put my partner down as Belarusian instead of Belgian (I re-checked our application and we had put it correctly), subjected us to a whole lot of additional KYC crap because of it, and then after finally granting us the account never gave us the code needed to get first access to it and to get help over the phone required information that we couldn't give without knowing the account details.
I also found OCBC very tedious to bank with both while I lived in Singapore and especially after I left. Opening an account was tedious, the app was slow etc. Then after I left, at first it was fine but a few years and another country later I lost access to my "secure" device to access my account and it was a fucking nightmare to get it back (and I had a substantial amount of money in it too). When I say nightmare, I mean they basically refused to help me restore my account because all correspondence had to be sent by physical mail to an address I no longer lived at. In the end I had to arrange a physical meeting at their London branch and provide my passport etc in person.
Not trying to be a downer or anything but just saying if HSBC + Singaporean banks are out of date I imagine the rest of the banks in the region are absolute dinosaurs lol. Really don't know why you'd subject yourself to the hassle, I've never had problems with Wise in 7 years of consistent use.
Wide-Oil8836@reddit (OP)
Sadly, my experience with Wise and Revolut in Asia has been the opposite. I encountered constant technical issues with the apps, problems with debit card payments in Japan and mainland China, and an overall lack of proper technical support.
forreddituse2@reddit
The Big 3 in Singapore (OCBC, DBS, UOB) all accept non-resident account, provided you are wealthy enough (deposit \~250k USD with them). Fully remote account opening process, online notary + free DHL for mailing documents.