WITH the increasing number of affluent expats working in Singapore, it is no wonder banks are rolling out more services geared towards their needs.

In just one week last month, two banks launched products, including US dollar-denominated accounts, credit and debit cards, targeted at foreigners.

Banks say offering customised financial services can help new arrivals settle in faster and get over the unsettling experience of moving to a new country.

Expanding their product range to tap the expat sector makes sense for banks as they try to differentiate themselves in an increasingly noisy market.

It helps, of course, that the expat market is a lucrative one.

Standard Chartered Bank estimates that total foreign currency deposits of foreigners living in Singapore and the pool of offshore money amount to US$58 billion (S$88.6 billion).

It also estimates that there are 160,000 foreigners in Singapore whom it considers mass affluent - that is, those with $50,000 or more in liquid assets, a segment expected to grow by 10 per cent annually over the next two years.

Here are the various bank offerings available for expats.

Standard Chartered Bank
1. US Dollar High Account

LAUNCHED late last month, the account offers an interest rate of 4 per cent per annum on US dollar deposits and a MasterCard debit card with a 2 per cent cash rebate on purchases worldwide.

No minimum sum is required to open this account.

Stanchart's general manager of wealth management business, Mr Dennis Khoo, believes that the account will fill a gap in the market.

In fact, there is an estimated US$44 billion in US dollar deposits that the bank hopes to capture.

The product is targeted not only at foreigners here but also at international banking customers with assets in Singapore, as well as Singaporeans travelling frequently to the United States.

Travellers using the account save on currency conversion charges as only a single conversion - from US dollar to local currency - is necessary when making payments abroad.

So they avoid incurring a double charge, as payments drawn on savings in other currencies are usually first converted to US dollars and then into the local currency where the payment is made.

2. World Partner programme

THIS programme launched last July is only for mass-affluent foreigners settling in Singapore.

Its benefits include:

• Competitive interest rates on foreign deposits with FCY$aver - a foreign currency savings account;
• Waiver of 1 per cent remittance fee on FCY$aver account;
• One-month free trial membership at The British Club;
• Subsidised tax services from Deloitte & Touche Singapore; and
• Free (pre-approved) Stanchart platinum credit card, which comes with a free supplementary card.

ABN Amro
1. Dil Se platinum card

LAUNCHED late last month, it is the first platinum card targeted at 330,000 local and expat Indians in Singapore.

Benefits include air travel, dining, health and fitness and shopping.

It also offers benefits related to yoga and cricket games.

For instance, the card offers discounts on tickets bought through the Singapore office of Jet Airways - India's largest domestic airline - dining offers at various Indian and Asian restaurants as well as discounts at various Indian fashion boutiques and tailors.

Cardholders also get discounts at the Mustafa Centre shopping complex in Little India during festive seasons such as Deepavali, and tickets to fortnightly cricket matches at the Singapore Indian Association.

The name of the card, Dil Se, is Hindi for 'from the heart'.

Of the 330,000 people of Indian origin residing in Singapore, 13 per cent are in the mass-affluent segment, says ABN Amro.

Citibank
1. Global Executive Banking

THIS service offers globally mobile executives a seamless banking service as they travel. The service was relaunched in New York, London and Singapore in March with additional features and will be expanded to more countries at a later stage.

It pioneers the use of 'mobile cre- dit', or cross-border client credit references. This means customers do not lose their credit history and can access credit facilities they qualify for at home when they move to a different country to work.

Part of the upgraded programme includes the assurance that executives will get credit cards on arrival in the destination country - an industry first.

The service includes the following:

• An interest-earning account available in nine currencies, including the US dollar, euro and yen;
• A local bank account with complimentary cheque books and ATM access;
• Citigold priority banking status and a dedicated relationship manager;
• A complimentary Citibank platinum Visa credit card; and
• Preferred loan quantum and lower interest rates when applying for a mortgage in Singapore.

2. Citibank Zhongxin

THIS was launched in 2003 to cater to the new emerging group of professionals from China.

3. Citibank Taj and Citibank WorldCitizen

CITIBANK Taj for Indian nationals and Citibank WorldCitizen for all nationalities were developed in 2005.

Besides customised services, Citibank organises events for these customers, especially during festive occasions.

The bank said that in the past year, WorldCitizen's customer base has increased by an average of 30 to 40 per cent month on month.

Customised banking services for expats

THIS was launched in 2003. It offers the following:

• Free instant global fund transfers to Citibank accounts in any country;
• Free remittances in the first year to any bank account in the home country;
• Free ATM card with international access to ATMs worldwide;
• Special pick-up service for application forms for Citibank products when expats first arrive in Singapore; and
• Free e-mail alert facility so that customers can keep tabs on their money wherever they are in the world.

24-hour expat concierge services

CITIBANK expatriate customers have 24-hour expat concierge services including the following:

• Visa applications for the customer and his/her dependants;
• Sourcing and leasing of residences;
• Country orientation programmes;
• Move management
• Assistance for education registration for children;
• Assistance with relocating of pets; and
• House maintenance.

Customers also enjoy preferential pricing from certain merchants.

Maybank
1. Maybank Visa money transfer service

A LOW-COST alternative to traditional remittances via telegraphic transfers and demand drafts. The service electronically transfers money from a Maybank Visa card in Singapore to another Visa card worldwide.

Premier home loan package

THIS is targeted at foreigners buying property in Singapore.

For a minimum loan amount of $700,000, the borrower gets special interest rates from 2.78 per cent a year.

There are conditions for loan amounts that range from 70 to 90 per cent of the home purchase price.

Foreigners can get a special bundled rate of 5.88 per cent per annum on a renovation loan that comes interest-free for the first year, subject to a maximum loan amount of $10,000.

What foreigners want

DR RAVI SRINIVASAM, 57
Indian national
Senior manager at a multinational corporation

WHEN it comes to banking needs, Dr Ravi Srinivasam wants a service that cuts across several countries.

'I have investments and carry out personal and business transactions in three to four countries. I would like to have a service that helps me straddle Singapore, India and the United States,' he says.

On top of his priority list are suitable products denominated in US dollars, the main currency he uses for overseas transactions.

Dr Srinivasam, who has worked in Singapore for about 14 years and became a permanent resident four years ago, says his preference for banking services across several countries is common for Indians located overseas.

He likes the new debit card from Stanchart which comes with the US Dollar High Account because such cards are generally easily accepted in most countries outside Singapore.

The returns on the account are 'quite good' and he gets cash back on spending worldwide, he adds.

DR DAVID SMITH, 40
Australian
Regional manager who works in the offshore services industry

WHEN it comes to choosing a bank, Dr David Smith is no different from most Singaporeans.

He ranks two main criteria - attractive interest rates and convenienty located ATMs. He adds that customer service is also essential.

But banking in Singapore was not as hassle-free when he first arrived here six years ago from Britain. To his dismay, the local bank he approached to open an account required a minimum deposit of $10,000, a much higher amount than what was required in other countries he had banked in.

It was also difficult for his expat staff to obtain credit cards quickly as they had to prove they had been working here for a specified period of time.

Dr Smith uses a few banks such as OCBC Bank and the National Australia Bank Group Singapore branch.

He likes Maybank's home loan package and used it for a condominium he bought recently.

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