Singapore has long modeled its financial center on Switzerland’s success. But beyond the superficial similarities, the two countries have pursued dramatically different paths, especially in the financial sector.

Absent of natural resources, both Switzerland and Singapore have tapped finance and offshore banking for their economic growth. The two governments have adopted very different approaches in fostering their financial service industries.

Different Framework

The Monetary Authority of Singapore, or MAS, is a central bank, financial regulator and industry cheerleader combined. This makes for an efficient and coordinated approach in fostering growth of the financial center, and it also ensures that the authority speaks with one voice.

By contrast, Switzerland’s central bank, the Swiss National Bank (SNB), is tasked with monetary policy and is guaranteed independence from the government. The task of supervising banks lies with Eidgenoessische Finanzmarktaufsicht (Finma), and a group of 100 odd government staff at State Secretariat for International Financial Matters (SIF) coordinate international financial, monetary and tax matters.

An assortment of industry bodies like the Swiss Banking Association (SBA) or trade groups representing the interests of private banks, asset managers, and other specialized providers rounds out the framework in Switzerland.

A Concentration of Risk

While Singapore’s approach means the city-state can enact forceful changes quickly, some experts consider having so much influence with one body a concentration risk.

Switzerland’s approach fits its liberal, light-touch business tradition of as little interference as possible. But is can also make for embarrassing bumbles, such as after the financial crisis when the central bank and the Finma publicly squabbled over responsibility for policing too-big-to-fail banks.

Attractive And Not so Attractive Jobs

Singapore fosters and handpicks top domestic graduates early on systemically with talent recruitment schemes. Jobs at the MAS, sovereign wealth fund Government of Singapore Investment Corporation (GIC), the Ministry of Finance (MOF), and even the armed forced are considered plum assignments over private sector jobs such as at domestic banks.

In Switzerland, regulatory jobs are no longer considered the career backwater that they once were, but Finma in particular has had trouble attracting and retaining top talent, due in part to not keeping pace with banking industry pay. Regulatory jobs are also generally seen as less attractive than ones with national champions like UBS, which can offer recent graduates attractive development opportunities.

So….What Can The Two Learn From Each Other?

Both Switzerland and Singapore have a qualified workforce, but Singapore lacks the type of vocationally-trained skilled worker that Switzerland produces by the thousands annually. Not university-trained, these workers form the backbone of Switzerland’s banking industry.

Singapore, far younger than Switzerland as a financial center, has thus far struggled to bring forth a national publicly-listed champion like food and beverage giant Nestle, Swiss bank UBS, or drugmakers Novartis and Roche. Singapore Airlines is a respected industry leader, but majority-owned by Temasek Holding.

By contrast, Switzerland’s fragmented approach to regulation, supervision, monetary authority and promoting itself as a center of business means it is less efficient at attracting new business than its smaller rivals. Singapore, by contrast, has a conceived an office tasked with promoting inward investments, the Economic Development Board.

More Different Than Alike

The varying approaches from the two financial centers mirrors the fundamental differences in their democracies. While Singapore is ruled strictly top-down, Switzerland cherishes its direct democracy, where citizens vote on everything from testing for genetic defects in IVF embryos to a guaranteed income for all.

1. Get recommendations from people I know that are using the services of one or more private banks (Note it is common to use at least 2 if not more private banks to avoid the "eggs in one basket" trap...) and draw up a list of likely banks.
2. Take your time and think about what your long term goals are for your assets not how to achieve them (that's what the bank is for), but what are your goals.
3. Meet each bank that made your list and tell them your goals and then do two things:
   

• judge how well they ask you questions and listen to the answers and;
• listen to what they recommend to you and how closely that aligns to your goals.
  

Finally compare the observations to the above points and make your decision to go wit the best 2 or 3 banks...

First lets recap. What is Private Banking, and some little facts about it.

Private banking is a group of services that banks provide to HNWIs or high net worth people. These services are designed to increase the clients' wealth, and nothing else. These services could include things like unique financing choices, retirement planning, tax reduction strategies, and more.

Private banking offers more specialized services than wealth management, so it would not be proper to refer to them as the same thing. Wealth managers construct more comprehensive strategies that take into account all of a client's assets, whereas private bankers may propose methods that will raise the value of the assets that the bank can access.

THE FACTS

• Private banking provides services to help you develop your money, such as asset management and investments. Their capacity to offer individualized banking services to fulfill their clients' financial goals distinguishes them from traditional banking.

• In terms of the range of services they offer, private banking is different from priority banks and wealth management companies. The main goal of wealth management services or businesses is to maximize a client's portfolio in order to obtain the best returns.

• Singapore's private banks frequently target affluent people since they are likely to become regular customers. Private banking provides exclusive incentives that are hard for customers to refuse in order to keep them satisfied.

Now for your question,

Having a private banker, or a team of bankers, who are committed to assisting you in increasing your wealth, is one of the main advantages of private banking. When you hire someone to handle your bank transactions, private banking makes it simple.

Personal consideration is crucial. HNWIs will value the individualized care they receive from private bankers, and for good reason. Their partner banks are willing to support their customers in achieving their objectives, whether they be personal or professional. Even more tools to personalize your banking experience include concierge and limousine services.

Additionally, customers of private banking have access to a variety of bank amenities, such as safe-deposit boxes, improved mile conversions, and free foreign money transfer services, as well as excellent savings on hotel and vacation reservations.

Even better rates for buying and selling currencies, lower loan and credit card interest rates, and higher investment rates are offered by some banks.

CONS OF PRIVATE BANKING

Honestly, I want you to be safe and aware when private banking, so thats why I included this.

LOWER INTEREST RATE & MANAGEMENT FEES

You may frequently be required to keep a specific amount in your account by some private banks. Cash and other assets can be used in combination to accomplish this. You will have millions of dollars in savings at private banks, but one of the major disadvantages of using a private banking service is that the interest rates are lower.

Since you're truly working with senior management and/or private bankers to grow and manage your assets, private banking also carries greater management costs than conventional banking. Private banks may impose a percentage fee on the investments in some cases, while monthly fees in other cases. This is something you should cross off your list when choosing the best private banks for you.

Hope this helped ^^

Singapore is a very safe city. It has a very low crime rate. Foreigners can also use most local banks in Singapore. However, some people may prefer to use one of the international banks. They can also offer more convenient services than the local banks. Some of the best international banks for foreigners in Singapore include HSBC, Standard Chartered, Standard Chartered Bank, and Standard Chartered Bank.

Here are the best banks for foreign students in Singapore. There are many more options. In terms of banking, HSBC is the best choice. They are known for being one of the most reliable banks for foreign students. They are very reliable and have excellent customer service. They offer very competitive rates, and they also provide some of the highest interest rates in the country. However, this is not the case with all of the major banks. There are many different options when it comes to choosing a bank for foreign students in Singapore.

It's really not all that private in the US or most western nations. Most banking powers are deferential to FATF, an informal international institution set up to stamp out money laundering globally. Their policies make anonymous private banking difficult. Recently even swiss banks are willing to turn over customers to the US Gov for tax evasion etc. In the US the Patriot Act and the Bank Secrecy Act are the major laws governing this body of issues.

I hope this clears things up a little. (also, I am not an attorney and this information is speculation and impression, not a legal opinion)

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

Disclaimer:

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Funds are a saviour for everyone, whether in crisis or not. Since it is essential to earn, you should also learn how to save money for the future. These days, you can find many investments and savings options in every part of the world.

A bank account is one of the safest places to store your savings and investments. In Singapore, you can find many banks, such as DBS Bank, Citibank, HSBC, etc., for opening an account. They offer different features and facilities to their customers, encouraging them to save for the future.

DBS Treasures is one of the reputed banking institutions in Singapore, and it has its headquarters there. You get several benefits of opening a bank account here, which includes a cashback bonus of up to SGD 130 a month without a compulsion of maintaining a minimum balance.

You can also earn higher interest on your savings in the bank account and multiply your money at an interest rate of 0.30% to 3.00% per annum on savings up to SGD 100,000. Whether you are a student, NSF, self-employed professional, salaried employee, or retiree, you can multiply and grow your wealth with the DBS Multiplier Account.

Access the banking services and transaction summary from the DigiBank app or website. You can save and transact in 12 more foreign currencies, including SGD.

DBS Bank also offers same-day transfers at zero or lower fees when remitting funds online to selected countries. Pay like a local and transact directly from your foreign currency wallets.

Almost all local and global banks have to comply with the regulations and requirements of MAS and operate within the regulatory framework, overall.

Specifically, some banks have certain specific products, services and features slightly different from the others, to ensure meeting requirements of each customer of different sizes and requirements.

Coming to best bank ratings, there are several factors used by different rating agencies and companies, which make the lists look different due to mix of services and products offered but each bank is best in its own ways, depends on customer service perspective.

In short, the best or less best is based on customer requirements and almost all banks deliver the basic and privileged banking services to their corporate customers more or less at affordable rates in compliance with the regulatory frameworks.

So, choose the bank accordingly based on requirements, credibility based on customer ratings, services and products offered and not simply because of the best ratings alone. Best today can be not the same tomorrow.

Private banks have been around since the 13th century, but the idea of a private bank is still a relatively new concept. Private banks provide a service that customers cannot get from any other financial institution. They offer high-end personalized services and charge customers an annual fee for their services.

Okay Many people don't know the difference between a private and public bank. They both offer checking, savings, and loans. But there are key differences between the two. The first is that private banks offer higher interest rates on deposits and lower interest rates for loans. For example, a credit card interest rate offered by a private bank would be about 12% - 18% while public banks might offer around 25%.

There is no general answer to that question. Service vary broadly between private banks.

The general rule is that private banks will customize their services and solutions to suit your specific banking needs and investment goals. Retail banks, on the other hand, generally offer canned solutions which cannot be customized. However, there are exceptions to this rule.

Because private banks offer more personalized services, they generally charge higher fees than retail banks, and/or have higher entry requirements.

Using a private bank could be advantageous if you are wealthy and the standard, canned solutions offered by retail banks do not meet your needs. For example, if you need legal assistance, property management services, access to alternative investments, complex estate planning, tax consultation, and other specialized services, the right private banks can provide these services.

If all you need are the basic banking services offered by retail banks (such as checking accounts, savings accounts, investment accounts, retirement accounts and stock brokerage), getting these services from retail banks is often more affordable.

One exception to this rule is if you want to hold part of your wealth in a different country to diversify against geographic, currency, economic and political risks. Retail banks often do not accept non-residents. Private banks, on the other hand, often allow non-residents to open accounts, if certain requirements are met. In this case, using a private bank can make sense even for simple checking accounts and savings accounts, because of the diversification benefit.

When one looks at the banks overall, there have been numerous occasions exposing the practice of illegal activities. Australian banks recently were exposed by a Royal Commission of Enquiry into the illegal practice of money laundering derived from drugs along with many other acts of deception. The HSBC one of the largest has also been involved in many cases of deceit and has been for many years. So my answer after the facts have been exposed has to be no, given that I have personally, as a bank customer, experienced a form of fraud and deceit which amounted to a fairly large sum of money, only through my strict records of transaction and bookkeeping did I have the evidence to prove they were wrong, did I receive an apology NO.

One example of this is a reverse merger, when ICICI was merged with its arm ICICI Bank in 2002.

Normally, a merger takes place when a smaller company gets merged into a larger one through exchange of shares or cash. However, one example of a reverse merger was when ICICI was merged with its arm ICICI Bank in 2002. The parent company's balance sheet was more than three times the size of its subsidiary at the time. ICICI Bank is the new generation private sector bank.

The logic behind the reverse merger was to create a universal bank that would lend to both industry and retail borrowers.

When reverse merger takes place, the resulting entity, will either take the name of the smaller or the larger firm. M.J. SUBRAMANYAM.

Private Banking is most commonly used to describe the business unit within banks that cater to High Net Worth Individuals.

They are a mix between Asset Managers (because they sometimes manage or alocate your money in-house), Fund Distributors (because their open platforms usually mean they will offer you funds from other Asset Managers), Certified Public Accountants (CPA) (they will help you with basic succession planning and tax planning) and Secretaries (they may help you with Concierge Services).

BUT:

Banks may not be banks: A great array of institutions offer these services - they can be asset management firms, brokerage houses, multi-family offices, and financial planners. They all render similar services: steer you through different products, help you with basic tax and succession planning, and so on.

High Net Worth is a very broad description: that is why private banks have different segments within them, that cater to different levels of clients. For a deepder view, see How does one distinguish between real private banking, and the "private banking" that is advertised to the "mass affluent"?.