I mentioned in one of my previous posts new security measures introduced by Singaporean banks. I am back in US and has now more complete picture. First of, Singaporean banks introduce new security device and insist on sending them to your home address. Secondly, some of them incorporate in a more significant way mobile OTP (one time passwords) and mobile notifications in their security procedures. Now, in Singapore, they do accept international mobile numbers. However, getting international SMS in time (and allowed delay usually 2 minutes) by no means guaranteed. I also got a letter from HSBC HK
(with reference to HK monetary authority) that they introduce new ATM cards with security chips. As a result, these new cards cannot be used in CIRRUS/PLUS network.
I mention this to convey a simple message: unfortunately offshore banking is getting more and more complicated. And this is even before FATCA (discussed on this board) kicks in in 2013 making it even more difficult for Americans.
I can imagine that even getting security device by regular international mail on Thai address may present a problem...
On a positive note: I have an account with CITIBANK SINGAPORE and find their customer service very helpful. Their ATM card can be used with any CITI ATM (including in Thailand) without overseas fees...
Banking in HK and Singapore
Re: Banking in HK and Singapore
bankcards with chips are since years the coming standard here in Europe-and worldwide, as we are being told all the time-here. Those magnetic strips are way too sensible and open for fraud. And I presume that it will certainly fit with SIN standard of ATM<s etc-otherwise it would make no sense at all.
Alas, nearby Malaysia (and also Chinese speaking Taiwan) are notorious sources of all types of credit-card fraud, on and off-line. So something had to be done.
Alas, nearby Malaysia (and also Chinese speaking Taiwan) are notorious sources of all types of credit-card fraud, on and off-line. So something had to be done.
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shamahan
Re: Banking in HK and Singapore
pong wrote: Those magnetic strips are way too sensible and open for fraud. And I presume that it will certainly fit with SIN standard of ATM<s etc-otherwise it would make no sense at all.
Well, at least in HK it is not a problem. Also, Visa-Master cards networks work for ATM cards with chip. However, if you have ATM card with a chip (not Visa debit card),issued in HK or Europe for that matter, it may be a real problem using it in places like Thailand.