# HSBC Bank in Singapore?



## ErinUS (Nov 20, 2015)

I'm moving to Singapore from the US in January. My bank doesn't offer services in Asia, but they suggested using HSBC since I can deposit money in the US before I leave and access it while in Singapore. Has anyone had experience with HSBC in Singapore? If so, would you recommend this bank? 


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## simonsays (Feb 11, 2009)

ErinUS said:


> I'm moving to Singapore from the US in January. My bank doesn't offer services in Asia, but they suggested using HSBC since I can deposit money in the US before I leave and access it while in Singapore. Has anyone had experience with HSBC in Singapore? If so, would you recommend this bank?
> 
> Sent from my iPhone using Tapatalk


HSBC and Citi are pretty strong in Singapore.

They are good.

Plus, they are part of a local ATM network, though they have limited number of machines.


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## BBCWatcher (Dec 28, 2012)

You don't need the "same" bank in both countries in order to access funds held in a U.S. bank from Singapore. Before you leave, focus on these tasks:

1. Get a low cost U.S. debit/ATM card. "Low cost" means your U.S. bank charges no foreign currency transaction fees and no ATM fees when you use your card overseas. If your bank does charge such fees, then open another account and use that account's card instead. (You can transfer funds domestically in the U.S. free of charge.) My current favorite debit/ATM card is the one that Ally Bank issues, but Charles Schwab Bank's and Capital One 360's are also good.

2. Get a low cost U.S. credit card (if you qualify). My current favorite is Citizen Bank's Cashback Plus World MasterCard, but I also like Capital One's Quicksilver card (the one with no annual fee). Make sure you set up that credit card for automatic monthly full balance payment from your U.S. bank account. Do not use a credit card to withdraw cash -- use it only for merchant spending.

3. If you still need to access a large amount of funds rapidly, beyond what credit and debit cards allow, then investigate ways to wire funds at the lowest possible cost. If you have an account with Vanguard, for example, they may offer free wire transfers. (Free to send. The receiving bank in Singapore may charge.) Currency transfer specialists such as Xoom and CurrencyFair may have better deals.

4. Your current bank may be able to issue a "foreign demand draft" check in Singapore dollars drawn on a Singapore correspondent bank. Ask for a quote. Then you can carry that check and deposit it when you arrive if you want to have some "startup" funds. But don't do that unless you really need the funds in Singapore, all at once -- for a housing deposit, for example. And keep the amount of funds well below cross border customs declaration limits in both Singapore and the U.S. For day-to-day spending needs stick to #1 and #2 (especially #2 at merchants whenever possible since you get a rebate).

In short, shop around. But no, in my experience HSBC doesn't offer a great deal here.


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## simonsays (Feb 11, 2009)

BBCWatcher said:


> In short, shop around. But no, in my experience HSBC doesn't offer a great deal here.


If you are premier vantage client, fund transfer, account opening etc are pretty seamless with HSBC.


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## BBCWatcher (Dec 28, 2012)

simonsays said:


> If you are premier vantage client, fund transfer, account opening etc are pretty seamless with HSBC.


Using a credit or debit/ATM card is pretty darn "seamless," and opening a bank account in Singapore isn't hard.

The key problem is that HSBC, in my experience, does not offer _low cost_ ways to transfer/spend funds held in the U.S., which is the whole point of this question. (Nor is HSBC even "seamless," in my experience. With the possible exception of very high net worth individuals who have personal international bankers at their beck and call.)


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## Laurahadin (Dec 4, 2015)

BBCWatcher said:


> You don't need the "same" bank in both countries in order to access funds held in a U.S. bank from Singapore. Before you leave, focus on these tasks:
> 
> 1. Get a low cost U.S. debit/ATM card. "Low cost" means your U.S. bank charges no foreign currency transaction fees and no ATM fees when you use your card overseas. If your bank does charge such fees, then open another account and use that account's card instead. (You can transfer funds domestically in the U.S. free of charge.) My current favorite debit/ATM card is the one that Ally Bank issues, but Charles Schwab Bank's and Capital One 360's are also good.
> 
> ...


I agree with BBC, good post here:
1. I have a local bank in the US and it does not charge any ATM fees whatsoever. It literally was the single most important thing I had when I moved here because I had no hassle or costs in getting cash. Find a bank in your home town that offer this, and get set up before you leave.

2. I have a CapitalOne QuickSilver card and it works really well in Singapore, especially compared to other alternatives. You may need to go through a verification process early on for the bank/issuer to establish safety measures, but after that you should be in good shape. But, banks offer really good interest rates on checking/savings accounts here (what US calls a checking account, people call a savings account here I've learned) if you use their credit cards and spend S$500/month, so keep that in mind bc it is added incentive.

3. Transferring a lot of money is the tricky part - wires work but are expensive. Xoom and CurrencyFair (which I use) don't let you transfer money out of SG to the US (at least not for a low rate). I am still searching for the best option, but have found it easier to pay for things with my credit card and pay the bill from my US account, at least early on. 

4. HSBC doesn't have the best rep here and certainly doesn't have the most ATMs. Many people use DBS, so the lines at their ATMs are long. UOB tends to have short/no lines and has a lot of ATMs. OCBC has few lines than DBS and really good mobile banking I hear. Start with those and then compare others you come across, they all have competitive packages for accounts depending on the credit/debit cards you use with them.


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## simonsays (Feb 11, 2009)

Laurahadin said:


> 4. HSBC doesn't have the best rep here and certainly doesn't have the most ATMs. Many people use DBS, so the lines at their ATMs are long. UOB tends to have short/no lines and has a lot of ATMs. OCBC has few lines than DBS and really good mobile banking I hear. Start with those and then compare others you come across, they all have competitive packages for accounts depending on the credit/debit cards you use with them.


Just some numbers: 

DBS/POSB, 1,200 ATMs

HSBC 200 ATMs, including those of Australia and New Zealand Bank, Bank of China, Citibank, Maybank, Standard Chartered Bank, State Bank of India (ATM5 network https://en.wikipedia.org/wiki/Atm⁵)

OCBC 1,100 ATMs, including those of UOB.

There is a minor service fee if you use ATMs of partner banks, except for DBS / POSB network.

PS, you can use the ATM cards with NETs on any shop, mall or pretty much anywhere NETs is accepted.

The reason why you see more queue in DBS/POSB ATMs is because DBS/POSB has the largest number of clients, and 9 out of 10 employers pay the salary to DBS/POSB accounts on the same day.

If you are on a different bank, they pay may come one day later, due to inter bank delays.

Plus, the 1,200 ATMs of DBS/POSB is actually low now. Previously they had more ATMs, including in army camps, almost every HDB cluster, and nook and corner.


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## BBCWatcher (Dec 28, 2012)

On the Singapore side my current favorite consumer bank account is Citibank Singapore's "Tap and Save" current account. That's assuming you can meet the minimum monthly balance requirement. It's hard to beat their 1% rebate on Visa purchases in Singapore with that account's debit card.

If you cannot meet the minimum balance then I'd go with the OCBC Plus! Visa debit card and associated account.


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