When you come into a substantial amount of money from the sale of a company or the succession of assets, or when you begin to consider moving abroad, you might wonder, "Should I deposit my money in a private bank?"

However, just having the name private bank does not guarantee successful asset management. What is important isIn which country, at which bank, and how to manage one's assets, and how much it costs to payIt is.

This paper compares major private banks associated with Singapore, Switzerland, Hong Kong, the United States, and the United Kingdom based on officially verifiable conditions.

Among the consultations our firm receives, Japanese people who use or are considering overseas private banking include:Owner-executives including those of listed companies, lawyers and doctors, individuals who have sold their companies through M&A, and those who have built substantial wealth through crypto assetsare frequently seen. This does not represent statistics showing the customer composition of the overall market, but is based on our office's consultation experience.

Even among wealthy individuals, the functions they seek from a private bank differ between those who need to retain capital in their businesses or clinics and those who want to manage assets long-term after selling their company. This article examines how to choose based on these differences.

1. What a private bank does

Private banks (PBs) are services responsible for asset management for wealthy individuals. They combine not only deposits and remittances, but also investment consulting, discretionary asset management, loans secured by assets, and the succession of assets to family members.

What is meant here by having a dedicated representative and leaving the entire operation to someone are two different things.

Even in the account and service guides of J.P. Morgan and the investment service descriptions of Julius Baer, advisory, discretionary management, and trading services are distinguished. If you assume that you are simply leaving things to your private banker without checking the differences in the agreements, your expectations and the actual services may not align.

The value of a PB lies not only in the ability to purchase financial products, but also in the opportunity to consult based on one's overall assets and lifestyle circumstances. Conversely, if you only hold a small number of self-selected listed products, you need to consider whether the costs are justified for that purpose.

2. Before "which bank", "where to open an account"

Using a Swiss bank is not the same as having an account in Switzerland. There are also cases where people use the Singapore branch of a Swiss bank.

For example, Julius Baer distinguishes between its Singapore branch and its Luxembourg entity am doing.

Even with the same brand, depending on the location where you open the account, you need to re-verify the accepted countries of residence, available products, fees, contracts, dispute resolution procedures, and other details.

This is not a list guaranteeing inclusion for every row, but rather a set of candidates to start a comparison.Having Japanese nationality, currently living in Japan, and having already migrated overseas are each separate conditions.I will convey this.

Avoid making blanket judgments such as "If you move to Singapore, you can open an account with any PB" or "Because you live in Japan, you cannot use any overseas PBs."

3. Size and Credit Rating – How to Evaluate a Bank You Don't Know

Before thinking "It's safe because it's famous," check what kind of company the bank is, how large its scale is, and which legal entity has received a credit rating.

A bank's total assets and the assets it holds in custody from customers are different.

Total assets represent the scale of the bank's own balance sheet. Customer asset balances, such as AUM, are figures that indicate how much of the customers' assets are being managed. Large total assets and a track record of handling substantial customer assets are evaluated from different perspectives.

These are generally the published figures as of the end of 2025. Because currencies and aggregation scopes differ, this is not a ranking table of magnitude.

S$ is the Singapore dollar, HK$ is the Hong Kong dollar, US$ is the US dollar, and CHF is the Swiss franc.

What debt of a bank does a credit rating evaluate?

The table below is a comparison focused exclusively on credit ratings published by Moody's.Deposit ratings and senior debt ratings evaluate different subjects and are therefore not ranked as the same type. We also distinguish between the parent company and the bank itself.

For example, even in the case of DBS, the Moody's long-term senior debt rating for its separate Hong Kong entity, DBS Bank (Hong Kong) Limited, is A1, which differs from Aa1 for the Singapore parent entity. This is why it is important to check the legal entity named in the account agreement. Since the latest rating for Bank of Singapore itself could not be verified in the current primary source, the rating of its parent, OCBC, has not been transcribed.

Pictet is a Swiss banking group specializing in large-scale asset management. The above operating and custody assets and the credit ratings of the banking corporation serve as the basis for considering its scale and creditworthiness. However, credit ratings do not prevent declines in the value of investment products, nor do they guarantee the advisory capabilities of the personnel or the investment performance.

Read Coutts as a British reference case

Coutts is NatWest Group bank founded in London in 1692 It is. Official disclosure for 2025 Now, as for Coutts & Company's own total assets, £61.695 billionIt is.

Meanwhile, Coutts's own current credit rating could not be confirmed at this time. Therefore, it has not been included in the rating comparison table above, and is treated as a reference example when considering transactions in the UK. The rating of the parent group will not be directly substituted for Coutts's own evaluation.

4. Minimum deposit amount and asset requirements: Comparison of 9 banks based on official information

When comparing minimum amounts, the four most easily confused are:

The following is the official display confirmed on September 12, 2026. Because these are different indicators, they are not simply sorted from cheapest to most expensive or vice versa. US$ represents US dollars and £ represents British pounds.

Regarding UBS, another Information on opening a Japanese bank account There is also a mention of 200 million yen, and there are inconsistencies between the official pages. The table introduced a note on applications explicitly stating 300 million yen, but please check the applicable amount at the time of application. "Unable to confirm" does not mean that no minimum condition exists.

Just to get a sense of the price range,Assuming 1 US dollar = 150 yenAt that rate, US$2 million is 300 million yen, US$5 million is 750 million yen, and US$10 million is 1.5 billion yen. This does not reflect current exchange rates, but is an assumption to help understand the scale.

Furthermore, even with the same "1 billion yen in assets," the amount that can be deposited with a PB differs between a business owner whose assets are mostly company stock or real estate and an owner who holds cash and securities after selling their company.

5. Singaporean, Swiss, American—What to Compare

You cannot determine the superiority or inferiority of investment performance from a bank's nationality. However, reading the official service details reveals differences that should be confirmed in an interview.

DBS, UOB, Bank of Singapore: Combining with Banking in Asia

At DBS, Investment services, multi-currency accounts, loans, etc. You can consider using them in combination. The point to confirm is to what extent daily banking transactions and the PB investment account can be used seamlessly together.

Bank of Singapore is a wholly owned subsidiary of OCBC. And it proposes a system that also handles external investment products. You should ask to what extent it can coordinate personal asset management and business financial needs, including the group's banking functions. However, personal PB accounts and corporate accounts are separate contracts.

UOB Private Bank, also deals with investment management and wealth succession. UOB's PB and brokerage services like UOB Kay Hian are not the same thing. We distinguish between opening a bank account and opening a securities trading account.

UBS, Pictet, Julius Baer: Operations and Family Asset Management

Pictet has been managing the assets of individuals and families for over 200 years. and explains. We will check what can be discussed for long-term management of family assets, not just the minimum amount.

UBS services for Singapore and Julius Baer Investment Services is material for comparing not only product names, but also the content of advice and discretionary management.

If you also want to consult about the succession of family assets, ask which experts the representative will involve and which country's system they will cover. The single phrase "succession services available" does not tell you whether Japanese inheritance and gift taxes will be considered.

HSBC and Citi: Multi-country usage

HSBC Singapore and Hong Kong Please guide us through their respective PB hubs, and Citi as well. Serving customers in numerous countries and regions It explains that.

The points to check in this case are not only "whether there are bases around the world," but alsoWhich contracts and services I can keep when I next relocate or return to my home countryIt is. Products bought before migration may not necessarily be available for purchase after returning home.

Coutts: There are conditions not only for those who deposit, but also for those who borrow

Coutts' application requirements include borrowing as well as investments and deposits. Official notice This also shows that viewing a relationship with a PB merely as "entrusting assets" is insufficient.

However, borrowing entails the obligation of repayment. Rather than unnecessarily taking on debt just to acquire the PB qualification, you should consider whether it aligns with your actual funding needs.

Alternatives to banks: Penguin Securities and WRISE

Banks aren't the only place to consult about asset management. You can also use securities companies or firms that handle investments separately from banks.

If the term EAM (External Asset Manager) appears,A system of separating where assets are stored from where management is consulted and outsourcedIt will be easier to understand if you think of it as ~。Specific roles and authorities are confirmed in the contract.

Even when using this system, you cannot conclude that it is "definitely more expensive because there are management company fees" or that "total costs are also zero because you were told there are no additional fees." You must check the estimate to see how the bank's and the management company's remunerations are combined.

Regarding Penguin Securities, official product description However, it distinguishes between the corporation providing securities services and Penguin Securities Trading Pte. Ltd., which offers crypto asset derivatives. It is explicitly stated that the latter is not subject to MAS regulation.You must not interpret the fact that one of the group companies holds a license as meaning that the same regulations apply to all group companies and products.

Also, WRISE Private This is distinguished from WRISE's services targeted at different regions and customer segments. Neither company specifies a uniform minimum deposit or investment amount for Singapore in this article. Rather than comparing banks, brokerage firms, and asset management companies in the same "minimum deposit" table, it is important to make comparisons by aligning the required features and agreements.

6. Fees cannot be compared by "annual percentage rate" alone

Fees are incurred at multiple stages: account maintenance, discretionary management, and the holding and trading of individual products.

Actually Official DBS fee schedule It states that the PB service fee is US$10,900 per year (including GST), with a discretionary waiver by the bank if certain past average AUM requirements are met. The discretionary investment management fee is a maximum of 1.25% per year, structured separately from applicable taxes and trading or custody costs.The waiver of account service fees is different from having zero operational costs.

Citi fee schedule for Singapore and Hong Kong It lists online cash stock trading fees as up to 1.0% and also explains that additional costs or taxes may apply. This is not an annual account management fee, but a display for the specific transaction in question.

The region on the rate table is also important. J.P. Morgan public products and pricing page It clearly states that the listed rates are for the United States and directs international customers to a separate rate sheet. Julius Baer Public Custody and Banking Services Fee Schedule Also, it is limited to clients with accounts in Luxembourg. Figures from other countries cannot be used as-is for a Singapore estimate.

With assets of 1 billion yen, a 0.7% difference amounts to 7 million yen per year.

Below is to see the difference in costsHypothetical calculationThis is a simulation. It is not an estimate from a real bank. The asset balance is assumed to be a constant 1 billion yen, and investment gains/losses and taxes are not taken into consideration.

If there is service and operational value that justifies the high cost, it makes sense to pay. However, there is no reason to sign a contract without having the differences explained to you.

In the interview, not only "How much is the account maintenance fee?",If operated with this allocation for one year, how much will the total cost be, including bank payments, trading fees, and the product's internal expenses?Let's have them give us an estimate based on the same assumptions.

7. Japanese Support and Account Manager—More Important Than the Bank Name

Being able to hold a daily conversation in English is different from understanding the risks of financial products and contractual authority.

HSBC, Singapore and Hong Kong Japanese is specified as a supported language at our PB locations. However, this does not guarantee that contracts in Japanese will always be provided, nor does it guarantee account opening for residents of Japan.

On the other hand, the mere fact that there is a branch or affiliate in Japan or a Japanese mutual fund website does not guarantee that the overseas PB representative can assist in Japanese. We will directly contact the desk handling overseas accounts to confirm the scope of matters that can be discussed in Japanese.

In the interview with the person in charge, I would like to specifically check the following points.

• When recommending products, do you also explain the option not to purchase or lower-cost alternatives?
• Can you explain how far the losses on the proposed product could expand and when it can be sold?
• Who will take over if the person in charge is transferred or leaves the company?
• Do you clearly understand the distinction between your total assets and the money needed for taxes, living expenses, and your next business venture?
• Can the investment status and expenses be reported in a way that is understandable to family members and tax accountants?

In addition, banks may receive compensation from product providers and others, aside from the fees they collect from customers. Citi fee schedule disclosure It also states the possibility of receiving fees, rebates, etc.

That mechanism alone does not determine that a proposal is inappropriate. However,Who receives what consideration from whomListening to [it/them] is necessary to evaluate the proposal.

8. Using overseas private banks does not automatically make it safe or tax-free

First, cash deposited in a bank and securities kept in a bank are not the same thing.

Switzerland's financial market regulator FINMA Deposit protection and handling of custody assets in the event of a bank failure are explained separately. While held stocks, investment trusts, etc., are separated from bankruptcy assets as customer property, deposits have their own protection system and limits. This explanation cannot be applied as is to overseas branches of Swiss banks. We will confirm the actual contracting entity and account location.

Note that asset segregation is not a system to prevent losses in the value of investment products. Diversification, discretionary management, and bank brand recognition are all separate from principal protection.

When it comes to taxation, simply having an overseas account does not make it tax-exempt. Singapore's tax authority, IRAS, Explanation for Account Holders Based on CRS And we are informing you about the verification of tax residency by financial institutions and the reporting and exchange of certain non-resident account information.

If migration is involved, the procedure for opening an account and the determination of whether you will become a non-resident for Japanese tax purposes are treated separately. For details, An article explaining how to relocate to Singapore and the Japanese tax implications Please also take a look.

The meaning of having multiple accounts—Preparations that do not rely on a single source of income

Diversifying investment products and separating the financial institutions that manage your assets are different measures. By setting up the ability to transact with multiple banks, you make it easier to have alternative means in case one bank stops responding. Below is an organized summary of why you should separate your accounts.

The important thing is not to start looking for another bank after you need one,Conduct identity verification and explain the source of funds in advance to ensure available options are secured.is. Simply having multiple accounts does not mean that all remittances and transactions are approved.

However, because each bank has its own minimum balances and management fees, dividing assets too finely can increase costs and prevent you from receiving necessary services. You do not need to consolidate everything with a private bank; another approach is to use everyday bank accounts and private banks for different purposes.

For any account, it is a prerequisite to accurately explain the account holder, beneficial owner, tax residency, and source of funds. Based on that, we check whether funds necessary for living expenses and tax payments rely on a single line.

Asset management after selling a company begins before opening an account

For example, even if you receive 1.3 billion yen from selling a company, you cannot necessarily allocate the entire 1.3 billion yen to long-term investment. You first need to sort out taxes, transaction costs, amounts retained contractually, living expenses, and capital for your next business. The following is an example to illustrate the concept and is not a calculation for an individual case.

Thinking in this order also clarifies the role expected of the private bank. Funds needed for tax payments six months from now should not be allocated to products that take a long time to liquidate. Conversely, for funds that will not be used for a long time, there is room to broaden the options, provided one understands the price volatility and liquidation conditions.

Even after opening an account, I regularly review "what purpose the assets are held for." This is to check not only the investment performance shown by the bank, but also the results after deducting fees and whether the funds can be accessed when needed.

10. Finally, show the same conditions in 2 to 3 lines to compare.

From the comparison in this paper, what can be said is that choosing a bank based solely on the minimum amount causes one to overlook differences in contracted locations, costs, and necessary services.

First, summarize the country of residence/planned relocation, available investment amount, held currencies, investment experience, required funds, and whether you need consultations on loans or asset succession onto a single sheet. Then, presenting the same information for 2 to 3 candidates in two or three lines and asking for the next response makes comparison easier.

Instead of making "having an account with a famous bank" the goal, decide first how to manage the assets of yourself and your family. Choosing a contract and person in charge that fit that policy is the starting point for dealing with PBs.

We support connections with overseas private banks and assist with Japanese tax matters.

Our firm has a partnership with overseas private banks and has successfully connected multiple clients with their local contact points.

We provide consulting on the determination of Japanese residency status for individuals moving abroad, assistance as a tax agent, and, when necessary, referrals to overseas private banking consultation services.Our firm will handle the Japanese tax consultation, while each financial institution will directly handle the account acceptance screening, explanation and proposals for financial products and investment services, and contract procedures for the customer.This is the division of roles.

If you would like to organize your asset management from the Japanese tax perspective regarding moving abroad or selling your company, please feel free to consult our office.