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Multi Currency account opening
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I am a long time Citibank customer. Recently decided to open a US$ to keep the US dollars I am receiving from my US investments. I gave then a call via the phone banking services they offer & they created an account on the spot without any hassles e.g. filling extra forms.
Citibank does offer internet banking but I don't use it because I don't think it is as safe as phone banking or going personally down to the bank.
Citibank does offer internet banking but I don't use it because I don't think it is as safe as phone banking or going personally down to the bank.
Opening a multi-currency account is so common and convenient these days that only a mountain tortoise Sinkie has to ask such question. What is more important is the exchange rates for currency switching. Sinkie banks will give you crap rates costing you thousands of dollars when switching large sums from USD to SGD or vice versa or whatever other pairs. This is what you get for voting PAP - why other places can have many local banks with no problems but Sinkieland only can have three local banks? Foreign banks in Sinkieland will follow the example set by the cartel and give you crap rates as well.
Moral of the story? Use a sound foreign bank in a major foreign financial centre. Besides banks, there are other avenues too.
Moral of the story? Use a sound foreign bank in a major foreign financial centre. Besides banks, there are other avenues too.
I plan to use the $ mostly to pay for when I travel. So no point in converting to Sing$. Maybe eventually convert USD$ to baht if I decide to move there?
Citibanks are located in Bangkok, Jakarta, Malaysia,... So I think they are better choice than DBS
OCBC and UOB got branches all over asean as well.
Yes I will.
I plan to use the $ mostly to pay for when I travel. So no point in converting to Sing$. Maybe eventually convert USD$ to baht if I decide to move there?
Citibanks are located in Bangkok, Jakarta, Malaysia,... So I think they are better choice than DBS
Was at Holland Village where there's a row of banks there so can "shopping" for one, went to DBS, UOB, OCBC, HSBC, Citibank (avoided Maybank). Told them the services I require, other than OCBC most other banks provided almost the same services I required (surprisingly OCBC do lot have internet banking services for foreign currencies and all transactions need to be done over the counter). Rates obviously are different.
Finally I chose Citibank simply because they are in most regional countries and their transfer charges to fellow bank overseas is low. Was told that by tomorrow I'll get my account numbers and possibly tomorrow or the day after will receive security token.
I had a housing loan with Tat Lee which was taken over by OCBC. From that experience I have a very low opinion of that bank.
In the past I've held bank accounts with POSB(DBS), HSBC, Stand Chart and of course Citibank. I've used a Maybank credit card for over a decade because they have never charged an annual fee. Maybank is more of a neighbourhood bank & popular with old folks,
I now only have a Citibank account because there are no long queues when I do have to visit a branch. I'm satisfied with their services e.g. a free cheque book, phone banking, a decent ATM network, .... I also like their credit card because they give you more time to pay your credit card bills unlike many of the banks which have shorten the due date for payments. Citibank is also more flexible. They have allowed me more time to pay when I was away traveling i.e. they didn't charge a $ penalty.
Thank you. From this I think I've made the right decision. Will update when they approve my application.
So a recap here:
Last Wednesday visited Citibank for the first time and promptly opened a USD and SGD account, person-in-charge told me will be ready in 2-3 days meaning Friday or today. On Friday evening he informed me the account numbers and also the package including the token and instructions will be courier to me on Monday which is today.
I was very impressed on Friday by the speed and more impressed by the bank keeping their promise. Now I am very sure I am with he right bank. So with the account numbers I made my first transfer on Saturday.
Will use their internet banking once I receive their package soon.
Last Wednesday visited Citibank for the first time and promptly opened a USD and SGD account, person-in-charge told me will be ready in 2-3 days meaning Friday or today. On Friday evening he informed me the account numbers and also the package including the token and instructions will be courier to me on Monday which is today.
I was very impressed on Friday by the speed and more impressed by the bank keeping their promise. Now I am very sure I am with he right bank. So with the account numbers I made my first transfer on Saturday.
Will use their internet banking once I receive their package soon.
I'm sure that you will be happy with Citibank like I am. Don't forget that there is a $5,000 minimum.
Today I received mail from OCBC that reminded me why I really dislike them so much. I had a Robinson card which was converted into a credit card run by OCBC. Even though I don't use this credit card they sent me a bill for $192.60 for the annual fee.
This must be one of the highest annual fees around.
... They send me 2 card that i did not apply(maybe becoz i have a easi-save account) for, but I activated to use...then they sent me the annual bill whereby i call and request for waiver like all my other cc...it was turn down...so i decided to cancel both the card....I believe many here do not pay for annual subscription...
I think they got new staff that who are being kiasu. A few months ago when I tried to get the charges waived it was harder than normal.
If they give you problems just cancel the card & apply for one at Maybank. The Maybank card I'm holding has no annual fee.
I got it 10+ years ago. Back then they didn't charge an annual fee & I doubt that this has changed. The competition for card users must quite fierce. I've been approached at mrt stations, bus terminals,..
Yes the minimum of 5k is very reasonable. Like you I hope one day I only require only one bank to serve me.
I dropped HSBC, SCB ... due to too many useless Ah Neh f trashes there!! DBS UOB & OCBC still okay - not many ah neh
I heard that Citi also has indian staff but I haven't come across them. The counter staff & phone agents I have dealt with have so far been Sporeans or maybe Malaysians.
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