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ExpatSingapore Message Board 28 May 2012, 1:49:15 am *
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Author Topic: Priority banking  (Read 792 times)
Alex75
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« on: 09 November 2010, 23:24:00 pm »
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Do any banks in Singapore offer particularly useful benefits with their  premier/elite/priority banking plans... any services or benefits of real value to the average expat professional?  Thanks.
 
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ExpatSingapore Message Board
« on: 09 November 2010, 23:24:00 pm »
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some benefits
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« Reply #1 on: 10 November 2010, 2:09:04 am »
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Do any banks in Singapore offer particularly useful benefits with their  premier/elite/priority banking plans... any services or benefits of real value to the average expat professional?  Thanks.
 

If sending a decent amount then better FX rates.  Other accounts such as other currencies or forward trading.  Bank manager buys you coffee every now and again.

Basically not a lot though, especially if you are looking at wealth management.  Private banks they are not and for a decent private bank an "average expat professional" is of zero interest to them.
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Alex75
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« Reply #2 on: 10 November 2010, 8:35:07 am »
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Thank you, PP. Yes, the only benefits I've had from priority banking with major banks in other countries were a biscuit while I waited and fractionally better rates. I wondered whether any of the less well known banks tried harder. 
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no point
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« Reply #3 on: 10 November 2010, 8:54:34 am »
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I looked into this

As far as I can work out preferred  / priority is really not worthwhile.
They expect you to keep a certain amount of cash with them at god awful interest rates and give you a biscuit if you visit the branch.

I do almost all my banking via the same banks online services where there is no queue to cut so joining that type of service is a just a way of keeping their hands on my cash and restricting my options -  not a great help imho.

Private banking has given itself a really crappy name over the last 2 years as it turns out many of the banks were betting against their own customers.

The requirements have dropped quite a bit too at some banks, but it's still not worth it even if you qualify - the harassment by parasitic relationship managers who know less than you do about the products they hawk is too much to put up with.

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