{"id":1429,"date":"2018-07-04T03:58:00","date_gmt":"2018-07-04T03:58:00","guid":{"rendered":"https:\/\/acrabiz.com\/offshore\/?p=1429"},"modified":"2020-07-21T05:16:24","modified_gmt":"2020-07-21T05:16:24","slug":"priority-banking-programmes-in-singapore","status":"publish","type":"post","link":"https:\/\/acrabiz.com\/offshore\/priority-banking-programmes-in-singapore\/","title":{"rendered":"Priority banking programmes in Singapore"},"content":{"rendered":"

Priority banking in Singapore<\/b><\/span><\/p>\n

Priority banking is designed for high net worth individuals who deal with significant transactions. The advantages of being a priority banking customer include priority queues, a personal relationship manager to handle all customers banking needs, better interest and foreign exchange rates and even more powerful loan packages. Privileges may include airport lounges, travel and golf club discounts. <\/span><\/p>\n

Of course, to become a priority banking customer, you need to place a certain amount of assets with the bank and meet some requirements. The assets can be either cash in savings accounts or fixed deposit accounts, or investments such as bonds, shares, unit trusts, ETFs and REITs. In this article, we will go through some priority banking programmes in Singapore. <\/span><\/p>\n

DBS Treasures <\/b><\/span><\/a><\/p>\n

DBS (Development Bank of Singapore) was set up by the Singapore Government in 1968. Today it’s the largest bank in Southeast Asia with total assets of S$579 billion as of 2019.<\/span><\/p>\n

If customers place assets of S$350,000 with DBS Treasures, they can enjoy the real VIP treatment in the DBS Treasures Centres or ATM lobbies, exclusively for priority customers.<\/span><\/p>\n

DBS Treasures customers can also enjoy the DBS Treasures Exclusive Safekeeping Centre where they can lock up their valuables. The centre is open from 8:30 am to 10 pm. This service comes with private parking and rest area.<\/span><\/p>\n

Saving customers money, DBS has waived fees on telegraphic transfers and withdrawals abroad. <\/span><\/p>\n

OCBC Premier <\/b><\/span><\/a><\/p>\n

OCBC (Oversea-Chinese Banking Corporation) is the second biggest bank in Southeast Asia with total assets of S$491 billion as of 2019.<\/span><\/p>\n

To be eligible for OCBC Premier banking, customers have to deposit or invest S$200,000. Eligible customers can receive a welcome reward of up to S$1,000 cash credit when they start a Premier banking relationship with S$350,000 fresh funds. <\/span><\/p>\n

Premier customers can access banking centres in mainland China, Macao SAR, Hong Kong SAR, Indonesia and Malaysia. <\/span><\/p>\n

Some other banking privileges include sending money overseas without cable and commission charges for foreign currencies and getting access to preferential fees for selected transactions.<\/span><\/p>\n

The OCBC Premier VOYAGE credit card suits the frequent flyers. Card members receive 2.3 miles with every S$1 spent in foreign currency, 1.6 miles with every S$1 spent on dining in Singapore and 1.2 miles for every S$1 on local shopping. All miles accrued on this card have no expiration date. In addition, card members also enjoy concierge services, VIP premium airport lounge access and complimentary airport transfers with monthly minimum spends. Other benefits include golf privileges and up to 19% off at Caltex petrol stations with no minimum spending required. <\/span><\/p>\n

UOB Privilege Banking <\/b><\/span><\/a><\/p>\n

UOB (United Overseas Bank) started operating in 1935. Today it has total assets of S$404 billion as of 2019.<\/span><\/p>\n

To become a UOB Privilege Banking customer, customers need to place assets of at least S$350,000. UOB Privilege Banking provides wealth management services to high net worth clients around the world. Currently, there are seven dedicated Privilege banking centres and personal services in all 44 UOB branches in Singapore. <\/span><\/p>\n

Privilege banking customers are entitled to the UOB Privilege Banking Card, which offers the following odds:<\/span><\/p>\n