Abstract — The right private bank or custodian is not a prestige badge; it is a workhorse for onboarding, cash management, and reporting. Here’s how Singapore-based families shortlist, negotiate, and keep the relationship audit-ready.
Snapshot
- Scope: PB vs custody, onboarding dossier, account stack, cash & FX policy, reporting cadence.
- Deliverables: KYC/SoW/SoF file, service level matrix, treasury playbook, statement/attestation pack.
- Timeline: 2–8 weeks typical; staging limits after go-live.
- Fee model: Tiered balances + advisory/custody + FX/transactional; insist on full landed-cost sheet.
What to decide first
Start with operating needs—payments, multicurrency, collateral, custody, and whether you need advisory or prefer execution-only. Private banks sell advice; custodians sell safe processing. Some families run both: custody for the core, PB for credit/ideas.
Onboarding dossier that works
The SoW/SoF file leads: sale agreements, tax returns, board minutes, escrow schedules, dividends, audited statements. Add a 2-page narrative mapping wealth creation to incoming wires. Provide an operating facts memo (purpose, people, premises, processes, providers) so the RM can brief compliance without phone-tag.
Negotiating the stack
- Pricing: don’t chase headline %—model all-in (custody + FX + lending + platform fees).
- Credit: pledgeable book, LTVs, margined-FX, and recourse.
- Reporting: monthly statements in regulator-friendly format; annual consolidated letters on request.
- Service: named team, escalation path, and turnaround SLAs.
Steady-state hygiene
Documented treasury policy (cash bands, counterparties, hedging), change-control for signatories, and a quarterly governance calendar. Expect periodic KYC refresh; keep the binder ready.
Red flags
“Guaranteed” openings, side agreements off paper, refusal to share sample attestations.
FAQs
- Can an SFO start with custody only? Yes; layer PB later if you need lending/advice.
- Remote opening? Partial steps are possible; final KYC often in-person (verify latest).
Editor’s Note: Treat the bank file like a product—version-controlled, indexed, and updated.
Tags: Directory, Singapore, Private Banking, Custody, KYC