Singapore: Money transfers between different banks will take only few minutes

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11.03.2014It will take just a few minutes to transfer funds between banks within Singapore. The new service is launched 3 months in advance allows Singapore bank account holders to move money between different banks in Singapore in a fast and secure way. In the past, it took up to 2-3 days to get funds credited to a bank account. Major Singapore based banks are participating in the Fast and Secure Transfers (FAST). Among them are DBS, OCBC, ANZ, CIMB and others. Singapore is the fourth financial center after London, New York and Tokyo. The banking system is highly developed and very stable. Many business and individuals from Asia, Russia and Europe made a choice to have an offshore bank account in Singapore. The bank account opening procedure is very straightforward. Singapore banks are still opening bank accounts for offshore companies from tax haven jurisdictions like Belize, BVI and Seychelles. However, it is advisable to switch from tax haven jurisdictions to low tax ones like Singapore, Hong Kong and Cyprus to reduce the tax risks as paying no tax is considered as a tax evasion. Please bear in mind that a personal visit is a requirement for opening a bank account in Singapore.