Best Private Banking Options

[rowena]

@no1d
I can share my recommendations but are you looking private bank for self-trading or wealth management?

 

[no1d]

I’m looking for private banking, not investing all in a portfolio mandate because I need funds to invest in real estate.

 

[troubled soul]

@rowena
Can you share self-trading recommendations??
I would also like to know,

Thanks

 

[rowena]

I’m looking for private banking, not investing all in a portfolio mandate because I need funds to invest in real estate.

If you're interested in wealth management then UBS and CS in Switzerland would be a good choice. Expect a minimum of 1-1.5% fee p.a. for your investments and you can keep your cash with them but all of them have negative interest rates for high amounts.

@rowena
Can you share self-trading recommendations??
I would also like to know,

Thanks

It is hard to find a safe and affordable bank for self-trading but Standard Chartered SG offers good rates for securities transactions and custody.

 

[For Free]

@rowena. I think Singapore Banks are very open for wealth-management customers. Have you ever checked with 3 Singapore local banks? DBS, OCBC, UOB. Their ratings are quite good

 

[uplana]

The problem with Singapore banks are the high deposit amounts required as well as you never know what they allow or disallow.

 

[rowena]

@rowena. I think Singapore Banks are very open for wealth-management customers. Have you ever checked with 3 Singapore local banks? DBS, OCBC, UOB. Their ratings are quite good

I checked DBS and OCBC. DBS looks pretty good(safe & good online banking) and acceptable fees(0.25% transaction and 0.20% custody). OCBC requires a $5M minimum balance but I didn't like their online banking/app.

The problem with Singapore banks are the high deposit amounts required as well as you never know what they allow or disallow.

SC SG or DBS requires $250k as a minimum balance. It is lower than Swiss banks(UBS and CS). If the money coming from account under your name, they should allow it but of course, they can ask for the source of funds.

 

[JohnLocke]

SC SG or DBS requires $250k as a minimum balance.

lot's of money to have blocked at some point in the bank. Does someone know what privacy it may give an EU citizen if at all?

 

[JosephLL]

Do we still have a disagreement about the nature of UBS' "UAE entity" ? I'd be really surprised if @CaptK and @Martin Everson are in wrong here, as it is such a basic fact of outmost importance. Are these entities just desk offices of a Swiss bank UBS or a separate UAE legal entity with a UBS logo ?

I mean ... One can perform a trivial test for that: if you open an account in "UAE UBS", can you show up in Zurich at the desk and withdraw money from that same account? In that and in that case only we can say you're fenced from any shtf scenario in UAE.

 

[BlueMist]

lot's of money to have blocked at some point in the bank. Does someone know what privacy it may give an EU citizen if at all?

At what point? This is not EU. I had wires from Cyprus holding of €0.5M to DBS SG personal account and nobody asked anything. I moved to UAE, updated address to PO BOX and nobody asked any proof of utility bills to confirm the new residence. I regularly remit various amounts to 3rd parties (€10k-€15k) from DBS SG, it is free and same day delivery. No one asked about the purpose of this transfers. Same experience with Citi SG.

Standard Chartered SG is very good too, it has access to more (European) markets than DBS. S$200.000 (€125.000) for priority or S1.5M (approx €1M) for Priority Private. They have a promo now to have all the trading fees (buying) waived and they do not have any custody fees. The waiver is for 12 months (priority) or 24 months (24 priority private). Otherwise 0.2% trading fees.

Another interesting option would be UBS SG with custody fees of 0.15% - very attractive compared to their CH rip off. Can't remember the requirements to start the relationship though.

 

[no1d]

Trouble is, to open a relationship with SG banks you have to fly to Singapore and stay 2 weeks in quaratine.

I’ve spoke with UOB, must to go there for account opening.

 

[rowena]

lot's of money to have blocked at some point in the bank. Does someone know what privacy it may give an EU citizen if at all?

I don't consider as blocked you can invest in markets, funds, etc. Keeping 250K in cash will lose value over time. You can invest in very low-risk bond ETFs, if you don't want any risk.

Do we still have a disagreement about the nature of UBS' "UAE entity" ? I'd be really surprised if @CaptK and @Martin Everson are in wrong here, as it is such a basic fact of outmost importance. Are these entities just desk offices of a Swiss bank UBS or a separate UAE legal entity with a UBS logo ?

I mean ... One can perform a trivial test for that: if you open an account in "UAE UBS", can you show up in Zurich at the desk and withdraw money from that same account? In that and in that case only we can say you're fenced from any shtf scenario in UAE.

Actually, you can't withdraw money from UBS AE, you can withdraw from Zurich. UBS AE is the representative office of UBS AG(Switzerland). If you open an account via UBS AE that means you have an account in Switzerland.

Trouble is, to open a relationship with SG banks you have to fly to Singapore and stay 2 weeks in quaratine.

I’ve spoke with UOB, must to go there for account opening.

If you have Standard Chartered or DBS branch/office in your country then you can open remotely. I can open SC SG or DBS SG account from Dubai.

 

[For Free]

I hear from one of my friend in Singapore that DBS support crypto cash out, but not sure about the level of support. But it seems Singapore is very ready for private banking and crypto

 

[Fred]

Do we still have a disagreement about the nature of UBS' "UAE entity" ? I'd be really surprised if @CaptK and @Martin Everson are in wrong here, as it is such a basic fact of outmost importance. Are these entities just desk offices of a Swiss bank UBS or a separate UAE legal entity with a UBS logo ?

I mean ... One can perform a trivial test for that: if you open an account in "UAE UBS", can you show up in Zurich at the desk and withdraw money from that same account? In that and in that case only we can say you're fenced from any shtf scenario in UAE.

You can find only rep. office of foreign banks in the DIFC - non of them holds a classic banking license like the local banks.

Standart Chartered, HSBC and Citi Bank are currently the only foreign banks holding a domestic banking license in the UAE same like the local UAE banks and all help you starting from a certain tier level to onboard with there Offshore Jurisdictions usually based in SG and the Channel Islands.

When it comes to UBS, Credit Suisse or DBS they just have rep office in Dubai to make a remote opening possible with the Switzerland / Singapore etc entity so they never really onboard you to an UAE entity - as they have nothing to onboard you in the UAE. They hold the DIFC license to act for onboarding, support and advisory.

SC, HSBC and Citi can onboard you first with the local UAE entity and then through the relationship with them starting from an certain amount in other jurisdictions.

For example Citi Bank UAE onboards you with classic account for 10.000 $ balance quite easy with a Residence Visa - once you hold 200.000$ with them you can open with the Jersey and Singapore branch. Starting from 1.000.000 you have the Private Banking access and they can onboard you across all Citi Banks over the world to split your assets and provide custody at reasonable rates - once you are a good client with enough assets they even consider to open for your Holding Company etc.

With SC UAE it's working similar - both have a very strong correspondent network with there own branches in the respective country and currency.

 

[rowena]

If anyone is looking to cash out crypto, then can go with Citigold IPB UK. They will question you and ask for statements(bank and exchange statements) but you will have no issues. You can open completely remote(email + video conf).

 

[MiddleEuroAsia]

If anyone is looking to cash out crypto, then can go with Citigold IPB UK. They will question you and ask for statements(bank and exchange statements) but you will have no issues. You can open completely remote(email + video conf).

Interesting. Do you have a direct experience with them? and if so, what are their fees if you don't mind me asking?

 

[Fred]

Interesting. Do you have a direct experience with them? and if so, what are their fees if you don't mind me asking?

They are quite expensive with pretty high fees on EUR balance as well. Custody 0.5% etc.

 

[daxbr]

As someone who, in my previous life, used to promote "investment products" to Swiss banks, I would never advise to open a management account with them.

 

[Marzio]

I would never advise to open a management account with them.

None of them?

 

[mebuq]

Hello,
I am looking for new banking options since my business growing and I need to split my money to for better structure. I am living UAE and almost all international banks accessible via their representative offices in Dubai. I already contacted some of them and I want to share their minimum balance requirements.

UBS Wealth Management: $2M
BNP Paribas Wealth Management: $3M
Lombard Odier: €1M
Julius Baer: €1M

Some other options but not private banking/wealth management:

Saxo VIP: $1.25M
HSBC Jade: $1M
Citigold IPB: $0.25M

My main objective is to keep my assets safe. I want to work with a bank that has good credit ratings and considered as "too big to fail". I think UBS or BNP are the best choices but I am not sure.

since ur in the UAE, their banks are the safest and when your in good terms with them, they serve you best