Selecting a private bank is ultimately a people + platform decision. Use a structured due-diligence workflow and you’ll avoid glossy brochures driving the outcome.
1. Build a short-list (platform fit)
- Coverage of your home market and key booking centers.
- Depth in FX/derivatives if you hedge or run carry strategies.
- Access to clean-share classes and independent managers.
- Credit menu: Lombard, insurance premium finance, real-estate backed.
2. Side-by-side comparison (paste into your tracker)
| Category | Bank A | Bank B | Bank C |
|---|---|---|---|
| Minimum AUM | |||
| Pricing (Advisory/DPM) | |||
| FX Spread (USD/SGD tiered) | |||
| Alternatives Platform | |||
| Credit (LTV, ref rate + margin) | |||
| Reporting & Tax Packs | |||
| Digital Tools/API | |||
| RM Team (experience, backup) |
3. Due-diligence questions that reveal culture
- How are RMs incentivized (revenue vs retention vs client outcomes)?
- When did you last exit a product due to fees or governance concerns?
- Can I see an example Investment Policy Statement template?
- What’s the escalation path if I disagree with CIO house view?
4. Onboarding documents & typical asks
| Section | You Provide | Why It’s Needed |
|---|---|---|
| Identity & Control | Passports, address proofs, KYC for UBOs, CRS/FATCA forms | Regulatory compliance |
| Source of Wealth/Funds | Sale agreements, tax returns, payslips, audited accounts | Evidence of legitimate origin |
| Corporate Structures | Trust deeds, company registries, org charts | Look-through to natural persons |
| Activity Disclosure | Trading patterns, leverage usage, jurisdictions | Suitability and risk mapping |
5. Expected timeline
| Step | Typical Duration | Tips |
|---|---|---|
| Initial fit call + NDA | 1–3 days | Come with a one-pager of objectives and constraints |
| KYC pack preparation | 3–10 days | Consolidate into a single PDF with contents page |
| Compliance review | 1–3 weeks | Pre-empt questions with SoW/SoF summary |
| Account opening + online access | 1–5 days after approval | Test e-banking; set limits & approvals |
| Funding/AUM transfer | 1–4 weeks | Coordinate in-specie vs cash; manage FX windows |
6. Negotiate before you fund
- Ask for tiered FX spreads and fee breakpoints in writing.
- For DPM, confirm benchmark, rebalancing, and tracking error.
- For credit, negotiate LTV and margin together; consider multi-asset collateral.
7. Post-onboarding 30-day checklist
- Approvals: set dual-control for payments and trading limits.
- Reporting: agree on quarterly performance + risk attribution.
- Conflicts: request disclosure of retrocession/trailer policies.
Disclaimer: Information here is general and may not reflect your personal circumstances.
choose private bank Singapore, onboarding requirements, private bank due diligence, RM selection, account opening timeline, AUM transfer, fees comparison
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About the Author
Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen.
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