Banking in Singapore vs. Switzerland

[@nomadcapitalist]

Singapore vs. Switzerland. What's better?

[@rubensnogueira5838]

Both?

[@saigonexile531]

Singapore

[@roysnabilie8345]

Singapore

[@matthewsongloong9573]

I live in Switzerland, I think I get paid better here

[@rubensnogueira5838]

@@matthewsongloong9573 and probably has a bit more space, huh?

[@saigonexile531]

I have an account with DBS in Singapore for about 7 years now and am happy with the service, etc.

[@p.m.8316]

as a non-resident? do you need to deposit a lot of money? DBS stock is doing good btw.

[@abdulrazakbendjema9778]

How much money did you need to deposit?

[@marketingteam3128]

Completely on. Legacy is out. Besides, labour cost being so high in legacy brands, makes the service horrible, and maintenance costs high.

[@ZenithKappa]

In Switzerland, park the money in a Cantonal (public) bank: the deposits have unlimited State guarantee (this means that you lose your money only if the Canton, not just the bank, goes bankrupt… not gonna happen in Zürich). Apart from the one in Geneva canton, they don’t have the 100k limit as private banks (UBS, JB, CS, etc.) do.

[@NDG-ms5mx]

That's true. And the smaller cantonal banks tend to be more flexible and not so restricted from big compliance.

[@Floorguy1000]

Appreciate the direct information. You are absolutely right about "brand " value...I have been disappointed so often about a "brand" I have lost count. I'm an informed person who doesn't want to get snowed. Again, very much appreciate the information.

[@РоБ-с8л]

Brand is a reputation. Reputation is a quality guarantee. Quality is what u pay for , to avoid trail and error.😮

[@coolguy5555551]

I think Andrew forgot to mention the "Swiss Bank Program" with the US Department of Justice.

[@vktravellog1242]

This is why I went to singapore

[@slamtilt01]

@@Bambotb tracking bad actors

[@Christina_Yang1217]

Doesn’t Singapore report your info to the US as well?

[@rod-ji8nc]

Hearing the oppinion of a well informed centered individual is always a pleasure. Thank you for the informative video.

[@johntheaccountant5594]

Switzerland lost its credibility when the Swiss Banks immediately gave details of the accounts of Americans when requested by the American government. As a result of that, people moved their accounts and financial affairs to Singapore.

[@muffemod]

Yea Swiss banks are history now. That was decades ago. Now the gig is up over there, has been for quite a while.

[@Davos-st8ok]

You sound clueless af. Singaporean banks literally do the same under FATCA.

[@CryptocurrencyInsider]

@@muffemod Swiss banks are still used by HNWI because of the stable environment. But they won’t help you hide dirty money.

[@vasionok]

You think Singapore doesn't do FATCA? They are very aligned with the US.

[@user-to4iq4bq9g]

Singapore banks will also give details of the accounts of Americans, why you think they wouldn't do it???? It's no difference.

[@jamesa4958]

Thank you

[@ladlem3]

The whole "banks are safe" concept is somewhat misleading, remember Bear and Lehman. Any bank can fall. So don't bet too much on banks.

[@Ryan_Winter]

Swiss banks have a hard time failing, what is probably the reason why they aren't as good as they could be. Back in 2008 the UBS was in real trouble, the government handed them 60 billion USD to right their ship. Probably not that impressive when you look at the "bail outs" the US government does, but if you consider how tiny Switzerland is compared to the US, then you can see how strong that safety net is.

[@a1with-a-kick919]

thanks for the info! something i suspected but you helped validate. I, too, have commonly looked at legacy meaning "quality" but found out its just outdated reputation. with the internet now people should realize information is more accessible now.

[@hanrsk1052]

Which Singapore Banc is offering accounts for non residents? Walked in at Standard Chartered some time ago when I was visiting and they refused.

[@leonardchua12345]

Standard Chartered is a British bank. Try DBS

[@TheR0yalBeast]

Can’t speak for Singapore but Swiss Banks & culture is definitely not a service oriented culture. I think it’s not that the Swiss are lazy or uninterested it’s just they are not keen on customer service.

[@TheR0yalBeast]

@@thanksforyouruploads | can't explain it. It is something you need to experience to understand. Some of it is incentives based i.e. U.S. tip culture. Some traditions and norms.

[@TheR0yalBeast]

@@christheswiss390 Your comment is irrelevant to my point. I don't understand why you posted this? Please consider moving your comment to the main comment thread.

[@Will.i.am55555]

My dbs shares have been sharply appreciated in the last 10 years🎉🎉🎉🎉🎉

[@mitrarambhai9186]

Thanks for the break down….. love the Swiss impersonation…lol

[@medmuckersmedia3185]

It's good that you've compared SG vs Swiss in the same video. Unlike HKongers who still think SG are their rivals in Banking.

[@caronridge6912]

They're not rivals because SG is focused on ASEAN whilst HK is focused on East Asia and particularly Greater China. HK is more regional with way more assets. The Chinese have the most investable assets in the world at $130-trillion whilst the US is second with $90-trillion. Singapore, London, Tokyo and the rest are less.

[@medmuckersmedia3185]

@@caronridge6912 I would also say Switzerland is also not mentioned in the same breadth as NY , London Tokyo. Think deeper.

[@caronridge6912]

​@@medmuckersmedia3185 They all serve different purposes. But the future will be the physical markets after the overleveraged & manipulated paper markets blow up. The paper energy and paper metals markets in the centers you mentioned are a farce, fraudulent, and very disconnected from the physical markets because they've been politicized & weaponized. There's no "there" there anymore. Just a matter of time before the physical markets bury western paper "markets". Read Credit Suisse guru Zoltan Pozsar for more.

[@anthony9971]

Andrew you've helped me so much in my financial and nomadic journies abroad. Cant wait for your book on purchasing international properties to come out ;)

[@nomadcapitalist]

We appreciate that. Please share your opinion about the book here: www.amazon.com/dp/B09F16Q6G8?geniuslink=true

[@brankelly1921]

The kind of information and insight i'd pay for. Thanks so much!

[@nomadcapitalist]

We appreciate your positive feedback! If you're interested in learning more and seeking assistance with banking, citizenship, or residencies, consider becoming our client: nomadcapitalist.com/apply/

[@SwissTanuki]

I have 5 swiss bank accounts and I will not change that. Also I'm Swiss living in Switzerland.

[@shahfaisal8510]

Excellent

[@nomadcapitalist]

Thanks.

[@michaelyucon588]

It’s pretty much not possible for US citizens to park money in Swiss banks.

[@steltoronto7553]

Andrew how can Singapore be more open when you can open an account ONLY if your vaccinated ??? 🤔 That's not very open in my opinion !

[@caronridge6912]

You don't have to be vaxxed to open an account, but yes a foreigner must be vaxxed to enter singapore. Same as for the US and switzerland. It's so dumb!

[@JoshuaHoe]

That's a first. Never heard of such a thing 🤔. I just checked some Singapore bank websites and they didn't state that?

[@steltoronto7553]

@@JoshuaHoe Nevermind what's a first and the websites..... Listen to Andrew when he puts out a video on Singapore. To enter that country you have to be vaccinated to open an account you have to go in person . No VAXXXX no account ! 🙂👍

[@JoshuaHoe]

@@steltoronto7553 I am a Singaporean anyway 🤣. Yeah I seen the requirements now in the immigration website and you are right. Because in order to apply for/renew a work pass and come work in Singapore, u must be fully vaccinated first. 🤔

[@steltoronto7553]

@@JoshuaHoeSpot on my friend. 🤣👍

[@MyLatinLife]

Great overview!

[@nomadcapitalist]

Thank you.

[@SwissBankingLawyersZurich442]

You are right: private banker are product pushers not consultant

[@REALjackiehu]

If you are crypto-rich, choose Singapore, no problem cashing-out large volumn cryptos.

[@ahss6275]

Excellent information and approach , Andrew 👌👏👏👏👏👏🍻🍻🍻

[@toddhayes3506]

Great Job

[@ronpep2456]

Can you open a bank account in Singapore remotely? I tried it and it didn't work

[@matthewsongloong9573]

There's that joke about Swiss banks where the teller says it's no shame to be poor when someone tries to quietly deposit a million... It's all quite discrete over here. Private bankers do tend to manage assets indeed, and sometimes do lose money... There's a certain way of life here (like it or not) that somehow still tends to work: low inflation of only a few percents while other countries...

[@tstcikhthys]

* discreet

[@matthewsongloong9573]

​@@thanksforyouruploads With an average Swiss income or higher, I would say yes, although I also prefer free toilets (which are here too!)

[@xBLUMONKEY]

Loving the videos. Can you shed light on getting a second passport as a felon? I made a mistake in my youth and am still paying for it, looking to leave the states at some point

[@muffemod]

You can leave the states with a US passport.

[@consultante1650]

I think Paraguay just reject killers, pedophiles and rapers as I read. But maybe you have jewish ancestors. Isrealhell takes all criminals.

[@Imhim247]

I find it cool some countries will still allow you to keep your US Bank and open account in their countries

[@beachboys1991]

Working with Swiss banks is one thing. However, when working with external asset managers you oftentimes receive a more personalized service. Therefore, do you also work with asset managers or with banks only?

[@ubermenschen3636]

Since Henderson lives in Malaysia, what percentage of his banking is done in Malaysia?

[@alexanderp.1391]

He lives everywhere

[@caronridge6912]

Malaysia is a very good place for banking, waay better than US and Canada. But you must have a malaysia visa to be able to have a bank acct in malaysia. Numerous international banks are in malaysia, including the singapore banks.

[@HigginsLawLLCWinterHaven]

I thought he banked in Singapore

[@caronridge6912]

@@HigginsLawLLCWinterHaven I think he banks at OCBC in Singapore, and so probably at OCBC in Malaysia too as they're fairly seamless and easy to move assets back & forth between the two - for no charge. All singapore banks have ops in Malaysia, including Private banks now like BOS that require 7-figure minimum deposits.

[@LimbovitschHaim4Mir]

careful with CiMB malaysia, stilling funds of clients, regularelly !

[@nayanmipun6784]

Could you talk about Dukascopy bank

[@samtheman9002]

The question is can the Swiss hold out against the WEF. I think that was answered when they broke their neutrality and sanctioned Russia.

[@caronridge6912]

No chance... In which country is the WEF and "Davos" located?

[@wendyshoowaiching4161]

No Bank is Safe Enough. Any Bank where government and civil law can interfere is not consider safe. If I have over US$1 B. I would open my own private bank (self manage) at my own terms and insured the capital (loss)

[@money3ss]

U can open account remotely without going to Spore

[@tombanks8680]

Nice Bill Burr impression.

[@TA-wx1fc]

Long term? I would rather hold an account in Singaporean dollars. The Swiss will suffer the same energy crisis as their European neighbours in the coming months/years which will have serious repercussions on their industry and consequently it will affect the strength of their currency. + Their largest banks such as Credit Suisse and UBS have recently had to reshuffle their leadership after billions in losses on leveraged finance.

[@fynngachter7758]

As a swiss i can say the gouvernment said there may be cuts on the energy but i believe we can easily sustain all our energy needs for the winter.

[@TA-wx1fc]

@@fynngachter7758 yes but your gas reserves are mostly stored in Germany, so your situation will depend on the situation there and the decisions of the German authorities. It would be naive not to consider that the Germans can hold back on gas deliveries to Switzerland in the name of “continental solidarity” if the situation becomes dire. And we all saw how that solidarity worked during covid. + the energy crisis will go beyond winter as long as the sanctions are held and OPEC continues to refuse to increase output.

[@ubermenschen3636]

Don’t bank In Switzerland; it bends backward to satisfy FATCA and IRS .

[@vktravellog1242]

Exactly!

[@Shadowguy456234]

Welllll considering I moved here to work... 😅

[@mariongreen9065]

use a foreign entity to open a bank account in Switzerland like a private express trust

[@lucasantelo7366]

You accurately captured the nature of Swiss folks. So nebulous, oder?

[@dragasan]

Banks; where the customer is the bank. 😄

[@giuliomariani8933]

Where’s that?

[@benkim2016]

There must be some embezzlement by employees in both!!

[@adventuresfloridatothailan5217]

I'm moving to thailand . Where is best place to banking? Are there banks from usa in Singapore?

[@vasionok]

How do you have bank account in Singapore if you are not resident? I thought residency is required.

[@mjmf1430]

Non residents may be able to open bank accounts with some banks in Singapore but these customers may not have access to the full suite of private banking services services (investments, fund transfers, etc) as the resident counterparts due to taxation and residency laws.- from a Singaporean.

[@sammygoh]

What can a Singaporean that is working overseas and cannot bank in Singapore since they are planning to tax Singaporean when we bring our money home.

[@CliveLancaster]

Switzerland has opened its books to other countries for tax and can't recommend any financial advice they give from experience.

[@merrykrichtsamt]

Who can trust Switzerland after the Credit Suisse disaster? The regulator in the country is a joke.

[@beammie2858]

Are there any bank in Singapore that requires less than 250K SGD?

[@mjmf1430]

For private priority banking membership in Singapore, highly unlikely. Cheers- a Singaporean.

[@jazzmancoltrane]

Mauritius or Liechtenstein

[@Rainy_Day12234]

Cayman Islands

[@ericeverson5956]

Don't take this in a "gay way", but what are you eating for breakfast, Sir. You look great. WOW!!!

[@HigginsLawLLCWinterHaven]

recently.married

[@antb533]

Sepa sucks from CHF... Personally I think UK or CAD offshore banks are better.

[@dynamics9000]

Passive income is the only way to become millionaire... work on your passive income streams .... a fellow creator, subbed ^^

[@saifalarabi4491]

How about HK? Are they still keeping real secrecy? Where's the banks that they will not block your account just because you transfered a big load of money?

[@caronridge6912]

I think it depends on the bank there. HK is great because the dumb west broke all its extradition & cooperation treaties with HK, so now your funds are safe there from your home govt who can't do bleep with your funds in HK on behalf of your govt. But on the other hand, english is much worse in HK than in SG and CH.

[@arisioz]

HK was invaded by the PRC almost 3 years ago. Might as well store your money in Liaoyang Rural Commercial Bank.

[@marvinwilliams7938]

HK is better than Singapore, don’t want to say too much. Thank me later.

[@JLW667]

0:28 Perhaps use both

[@praveensomashekar82]

Credit Suisse failed.

[@IslamicRageBoy]

Prestige 😂. The Swiss can go have fun no longer being neutral. Europe is done

[@arisioz]

Thankfully! At least the only reason why Europe is still relevant ain't their oil and their filthy secular monarchy.

[@hymnofashes]

I want the citizens of some country to pay for services I use, but I don't want to pay any tax myself. I want to receive, but not give. Please help me!

[@keffinsg]

The Native Americans already paid for all your services by giving you (involuntarily) their lands. Go parasitise somewhere else.

[@HigginsLawLLCWinterHaven]

usa

[@arisioz]

It gets even worse when you get to understand that profits made by Singapore are used for the invasion of Taiwan and beyond. Let's not forget that Singapore is simply the PRC's tax haven tentacle.

[@xxxs8309]

Switzerland debt to GDP ratio is much lower than Singapore

[@caronridge6912]

Yes, but Singapore has way more assets and less NET debt. Most importantly, the debt in Singapore is like the debt in China - used for constructive purposes like industry & infrastructure. Whereas Switzerland is a high-tax, welfare state.

[@caronridge6912]

@@thanksforyouruploads Thanks for the ego boost, but I live in singapore, and actually I'm a girl - not a guy - lol.

[@shawnmcdonald9070]

Are there any countries in Africa that are worth a look for us nomad capitalists? Morocco perhaps?

[@redx11x]

Rabat is nice

[@user-hs2hd7wp9g]

Lmao, can tell that someone was rejected by Swiss banks and is butthurt about it

[@billballer7779]

The main problem with having your money in Singapore is that it is surrounded by countries that could decide to invade at any moment. Switzerland is a land-locked country right in the centre of Europe, so you'll have plenty of time to move your money elsewhere if it were to be attacked.

[@SriRam-fp1kt]

That's not true, lol. Singapore has the strongest military in SEA plus none of the countries surrounding it are capable of that. To add, Singapore is pro-US hence US submarines in SEA will be behind their backs in a jiffy.

[@kronos77]

This makes absolutely zero sense. Both could be invaded at the same rate.

[@harisadu8998]

Always think about the most fringe possibilities, right? Furthermore, your money is not sitting there as cash in a vault.

[@harisadu8998]

@@svensulzmann4282 Please also remember that both countries are conscription countries meaning that both have armies that are half decent as well.

[@billballer7779]

@@SriRam-fp1kt The countries could join forces to form some sort of military alliance, it doesn't need to be an individual state attacking. Singapore is not in NATO, so I wouldn't put too much faith in the United States intervening. At least Switzerland is surrounded by neighbouring countries that are in NATO.

[@s_u_n_j_a_y]

🤣

[@LimbovitschHaim4Mir]

to compare Swiss vs Singapore it is like to compare diск vs finger !

[@giuliomariani8933]

Yes sure, Singapore…..but you will be dealing with Singaporean employees, managers who have only rules in their totally conditioned minds. No flexibility, no vision, no real customer view but rather company indoctrination, limited product offers for investment, extreme burocrazie to the level of stupidity. With a medium Swiss bank you will get personal friendly service together with intelligent flexibility.

[@J0HN_3_16]

This video would be more useful if you critiqued individual banks.