International Banks in Asia for Non-Residents

In the past two decades, Asia has emerged as one of the most important non-resident banking hubs in the world. But banking here is highly fragmented at the country level. 

In other words, banking in one Asian country (e.g. Singapore) could be world-class, while banking in another Asian country (e.g. Indonesia) could be questionable.

Additionally, while both Europe (specifically the EU) and the United States are relatively open to non-residents who have ties in any part of their respective “region”, international banks in Asia tend to seek customers with direct ties to the country of account opening. 

For example, if you are looking to open an account in Hong Kong as a non-resident, you should have clear and demonstrable ties to Hong Kong. The same is true for Singapore, Taiwan, and other Asian banking hubs.

Before moving forward, here are a few key takeaways to consider when opening accounts with international banks in Asia.

Key Takeaways:

• International banks in Asia look for local ties during account opening
• Country selection is one of the most important determinants of quality
• Certain banks will have restrictions on nationality and residency
• Remote account opening is available for premier & private banking
• Consider how Chinese influence could impact accounts (e.g. Hong Kong)
• Be careful in weak economies (e.g. certain Southeast Asian countries)
• Bank in disputed territories only when necessary (e.g. Taiwan)