Priority/Premier Banking with Crypto

[Mercury]

This new thread regards priority/premier bank account opening using crypto as source of funds.

DBS wants 250k invested through the bank (not cash). They dont care on what its that you put the money on, just invest it.

Crypto ok any amount so far I can show where it comes from. Trading records ok but preferably some sort of report from Koinly/Cointracker so its easier to understand.

Multicurrency debit/credit cards available.
IBAN in different currencies available too.

Some services charges here and there but cheap overall.

@TheCryptoAnt Thanks for your feedback.

It seems like the conditions for DBS Treasures account (SGD350K).

Do they ask a mandatory TIN during onboarding?
(I could ask for one as a Thai resident but prefer avoid to do it)

Will you check other banks in SG with lower investment criteria?
UOB Wealth Banking (SGD100K), Standard Chartered Premuim Banking (SGD200K), OCBC Premier (SGD50K), Citigold (USD200K) ...

There's also HSBC Expat (GBP50K), Barclays International (GBP100K), LLoyds International (GBP100K) in Jersey.

I've seen also same banks in HK with slightly lower conditions/banking fees, what do you think?

 

[TheCryptoAnt]

Do they ask a mandatory TIN during onboarding?
(I could ask for one as a Thai resident but prefer avoid to do it)

Ive got the DBS rep on Whatsapp, I'll come back with this info.
Im also going to apply with the TH residency, lets see what he says.

Will you check other banks in SG with lower investment criteria?
UOB Wealth Banking (SGD100K), Standard Chartered Premuim Banking (SGD200K), OCBC Premier (SGD50K), Citigold (USD200K) ...

I've got a meeting scheduled with a UOB rep tomorrow, I'll come back with the info.

There's also HSBC Expat (GBP50K)

Some people in this forum have opened with them. I may have read they dont have access to SEPA?
May be wrong, but otherwise people seem happy to be happy with them.

Are they ok with crypto tho?

I've seen also same banks in HK with slightly lower conditions/banking fees, what do you think?

Which ones? It may be interesting now that HK is about (has already?) passed crypto favorable regulation.

== == ==

BTW DBS will open the acc remotely no problem.

However, as I tried to negotiate some fees (cards and maintenance mostly) by offering a larger initial deposit, he told me that if I am looking to deposit over 500k it would be smart to go to Singapore and get introduced to some DBS people. Who I don't know but I'd assume some management/regional directors.

 

[Mercury]

Which ones? It may be interesting now that HK is about (has already?) passed crypto favorable regulation.

DBS Treasures (HKD1M)
Standard Chartered Premium Banking (HKD200K)
Standard Chartered Priority Banking (HKD1M)
Citigold (HKD1.5M)
HSBC Premier (HKD1M)
Hang Seng Bank Prestige Banking (HKD500K)
OCBC Wing Hang Premier Banking (HKD1M)

Also, banking fees tend to be cheaper in HKD in certain banks compare to SG.

 

[TheCryptoAnt]

DBS Treasures (HKD1M)
Standard Chartered Premium Banking (HKD200K)
Standard Chartered Priority Banking (HKD1M)
Citigold (HKD1.5M)
HSBC Premier (HKD1M)
Hang Seng Bank Prestige Banking (HKD500K)
OCBC Wing Hang Premier Banking (HKD1M)

Also, banking fees tend to be cheaper in HKD in certain banks compare to SG.

I'll dig into this, ty for the info

 

[luap]

Some people in this forum have opened with them. I may have read they dont have access to SEPA?
May be wrong, but otherwise people seem happy to be happy with them.

Are they ok with crypto tho?

No idea regarding Crypto, but they're not SEPA compliant. HSBC don't charge fees, but you'll pay them anyway. Transfer in/out usually gets hit with approx 40 EUR intermediary bank fees (although amounts less than €100 don't seem to get any fees in my experience)

 

[TheCryptoAnt]

UOB Wealth Banking (SGD100K), Standard Chartered Premuim Banking (SGD200K), OCBC Premier (SGD50K),

I've got a meeting scheduled with a UOB rep tomorrow, I'll come back with the info.

Correct, 100k invested through the bank.
USD acc, EUR acc, whatever. Cards only in SGD tho so meh.

Then we talked about
- Privilege Banking: 350k
- Privilege Reserve: 2M

Both offer a very extensive array of products, and cards in different currencies are offered.

Crypto ok as SOF so far money can be traced clearly, and crypto flow is ok too.

For now DBS wins for me, but still want to check HK.

 

[jafo]

Correct, 100k invested through the bank.

This was UOB, correct?

Cards only in SGD tho so meh

Do you mean the debit cards in SGD? So if you pay for things abroad in e.g. CHF, you'll get charged in SGD, correct?

For now DBS wins for me, but still want to check HK.

What was so good about DBS in your opinion? What do they offer that the others don't?

 

[TheCryptoAnt]

This was UOB, correct?

Yes

Do you mean the debit cards in SGD? So if you pay for things abroad in e.g. CHF, you'll get charged in SGD, correct?

Yes, and every purchase will have the added cost of an FV conversion (usually around 3%)

What was so good about DBS in your opinion? What do they offer that the others don't?

More professional feel than UOB.
They offer access to more markets than UOB, better cards, etc

Its more expensive tho but not necessarily an issue.

 

[Mercury]

One pro for UOB SG if you are Thai resident, there is UOB Thailand (that recently acquired the Citi consumer banking business in Thailand). With accounts in both countries, you should be able to transfer money without fees.
Also, I've heard that UOB TH can facilitate a loan (mostly for housing/property investment) from UOB SG.

 

[TheCryptoAnt]

Also, I've heard that UOB TH can facilitate a loan (mostly for housing/property investment) from UOB SG.

I always found difficulties when trying to get credit as a farang. This may be the end of it

 

[Mercury]

CIMB Preferred account in Cambodia may be worth a look:
- Minimum AUM: USD30,000
- 12 months Fixed Deposit USD: 4%
- Preferred VISA Platinum Credit Card in USD

 

[JackAlabama]

Correct, 100k invested through the bank.
USD acc, EUR acc, whatever. Cards only in SGD tho so meh.

Then we talked about
- Privilege Banking: 350k
- Privilege Reserve: 2M

Both offer a very extensive array of products, and cards in different currencies are offered.

Crypto ok as SOF so far money can be traced clearly, and crypto flow is ok too.

For now DBS wins for me, but still want to check HK.

Hk is cheaper. Lower amounts required as well even back before the apocalypse .
As having/had premier banking with dbs, overall good so far.

Caveat with HK tho. In a war scenario it would not surprise to get accounts locked if you onboard with a western nato passport.

I always found difficulties when trying to get credit as a farang. This may be the end of it

Didnt it work if you put down a locked deposit to cover credit card limit? UAE requires the same.

 

[TheCryptoAnt]

CIMB Preferred account in Cambodia may be worth a look:
- Minimum AUM: USD30,000
- 12 months Fixed Deposit USD: 4%
- Preferred VISA Platinum Credit Card in USD

This is interesting, their economy runs in USD so they have plenty of cards in USD which is something the others (but DBS lacks)

Theres a bit of country counterparty risk tho as the place is very corrupt.

Hk is cheaper. Lower amounts required as well even back before the apocalypse .
As having/had premier banking with dbs, overall good so far.

Hows the experience with DBS for you? Is there any product you have with them you specifically like?
Any issues with tx stuck or compliance being unreasonable?

Didnt it work if you put down a locked deposit to cover credit card limit? UAE requires the same.

It did, but still took ages and an agent (very TH-like). Limit was still low tho ~$5k

 

[JackAlabama]

This is interesting, their economy runs in USD so they have plenty of cards in USD which is something the others (but DBS lacks)

Theres a bit of country counterparty risk tho as the place is very corrupt.



Hows the experience with DBS for you? Is there any product you have with them you specifically like?
Any issues with tx stuck or compliance being unreasonable?

Nothing ever. But they did not like Panama, which was then only issue ever and easy to avoid.
Nothing special, normal stock brokerage. I liked having native custody of where I buy stuff.
Union pay card from hk and zero fee remittance in asia.

It did, but still took ages and an agent (very TH-like). Limit was still low tho ~$5k

ah yah, pretty normal stuff. Based on local levels its not too bad.

 

[jafo]

Hk is cheaper. Lower amounts required as well even back before the apocalypse .
As having/had premier banking with dbs, overall good so far.

Caveat with HK tho. In a war scenario it would not surprise to get accounts locked if you onboard with a western nato passport.

DBS in HK, right?
Does one have to be resident in HK to open an account here?

Union pay card from hk and zero fee remittance in asia.

Also DBS in HK?
Was this corporate or personal?

 

[JackAlabama]

DBS in HK, right?

I had both. One in HK one in SG. They are not related really, which is often the case.

Does one have to be resident in HK to open an account here?

Did not, but it was many years ago

Also DBS in HK?

yes

Was this corporate or personal?

personal