Can someone please recommend bank account for Cayman Fund?

[newsiss]

we are a Cayman fund and already have a offshore bank account. But for some KYC reason we need a non-offshore (onshore?) bank account...



Can someone please recommend one which can do normal fund operations (subscription, redemption, paying service bills, etc)? BTW we operates in Asia area, hk, Singapore, etc.



Thanks!

 

[EliasIT]

There are a few you can approach



HSBC Hong Kong

Standard Chartered Bank Hong Kong

DBS Bank Singapore

Citibank Singapore & Hong Kong



And if you can't get through to the above you can check out Revolut and Wise!

 

[linusAG]

Fundbank（Cayman and USA)

 

[Martin Everson]

anesthetic said:






But for some KYC reason we need a non-offshore (onshore?) bank account...

Click to expand...



Any bank outside of Cayman where your fund is based is considered an offshore bank. While any bank in Cayman is considered onshore. So are you looking for a bank in Cayman? Or what have you defined as an onshore bank for your purposes?

 

[newsiss]

EliasIT said:






There are a few you can approach



HSBC Hong Kong

Standard Chartered Bank Hong Kong

DBS Bank Singapore

Citibank Singapore & Hong Kong



And if you can't get through to the above you can check out Revolut and Wise!

Click to expand...

thanks! gonna reach out.

 

[newsiss]

linusAG said:






Fundbank（Cayman and USA)

Click to expand...



That's what we have. while prime broker doing KYC it turns out fundbank/dms is not a licensed bank anywhere. It's just a offshore trust.....and broker turned down our application

 

[newsiss]

Martin Everson said:






Any bank outside of Cayman where your fund is based is considered an offshore bank. While any bank in Cayman is considered onshore. So are you looking for a bank in Cayman? Or what have you defined as an onshore bank for your purposes?

Click to expand...



I think our prime broker in UK considers banks in Cayman and other offshore places (BVI, Bewrmuda, etc) as offshore...

 

[linusAG]

anesthetic said:






That's what we have. while prime broker doing KYC it turns out fundbank/dms is not a licensed bank anywhere. It's just a offshore trust.....and broker turned down our application

Click to expand...

FundBank is a licensed bank in Cayman, and you can ask your relationship manager at FundBank if they can open an additional account at their USA entity.

 

[liko]

linusAG said:






FundBank is a licensed bank in Cayman, and you can ask your relationship manager at FundBank if they can open an additional account at their USA entity.

Click to expand...

Very interesting, I am currently looking at Fundbank to open a bank account with them for my small proprietary trading firm in Cayman + Panama. Could you give me an idea of their entry fees, minimum balance, annual fees?

 

[linusAG]

AlexRitmo said:






Very interesting, I am currently looking at Fundbank to open a bank account with them for my small proprietary trading firm in Cayman + Panama. Could you give me an idea of their entry fees, minimum balance, annual fees?

Click to expand...

I think their fee schedule is case-by-case.

 

[linusAG]

anesthetic said:






I think our prime broker in UK considers banks in Cayman and other offshore places (BVI, Bewrmuda, etc) as offshore...

Click to expand...

You can also talk to Citco. They have bank licenses (branches) in Nederland, Canada, Luxembourg, Ireland, and Cayman. They are experts in this industry.