If you’re a foreigner looking to open a bank account in Singapore, OCBC could be the perfect option for you. The bank offers a fully digital account opening service that allows you to open an account remotely in just a few minutes. This means you don’t have to visit a branch in person, making the process quick and convenient.
To be eligible for an OCBC account, you must hold a valid pass like an Employment Pass or Student Pass. You’ll also need to provide your e-passport and ID card for identity verification. Once you’ve met these requirements, you’ll have access to a range of banking services and features, including wealth management services.
Whether you’re looking to manage your finances, save money, or invest in Singapore, an OCBC account could be the perfect solution. With its easy-to-use digital platform and range of account options, it’s never been easier for foreigners to open a bank account in Singapore.
Key Takeaways
- OCBC offers a fully digital account opening service for foreigners in Singapore.
- To be eligible, you must hold a valid pass and provide your e-passport and ID card for identity verification.
- Once you’ve opened an account, you’ll have access to a range of banking services and features, including wealth management services.
Eligibility and Documents Required
Understanding Eligibility Criteria
As a foreigner, you can open a bank account with OCBC if you are at least 18 years old and hold e-passports from Hong Kong, Malaysia, Indonesia, or mainland China. However, some accounts may require you to be a resident of Singapore to be eligible.
If you are a student studying in Singapore, you can also open an account with OCBC using your student pass. Additionally, if you are coming to Singapore for work or to purchase property, you may be eligible to begin the account application process via the OCBC Digital app.
Necessary Identification Documents
To open a bank account with OCBC as a foreigner, you will need to provide the following identification documents:
- Passport
- Employment Pass or Student Pass (if applicable)
- Proof of address (utility bill or tenancy agreement)
It is important to note that the bank may require additional documents depending on your specific situation. Therefore, it is recommended to check with the bank beforehand to ensure that you have all the necessary documents.
The minimum initial deposit required to open an OCBC bank account varies depending on the type of account you choose. For example, the minimum initial deposit for a Current Account is $1,000, while the minimum initial deposit for a Savings Account is $500.
Overall, opening a bank account with OCBC as a foreigner in Singapore can be a straightforward process as long as you meet the eligibility criteria and have the necessary identification documents.
Digital Account Opening Process
Opening a bank account in Singapore as a foreigner has never been easier thanks to the OCBC Digital App. With its fully digital account opening process, you can open an account remotely in just minutes. Here’s what you need to know about the digital account opening process.
The OCBC Digital App Journey
To begin the account opening process, you’ll need to download the OCBC Digital App from the App Store or Google Play Store. Once you’ve downloaded the app, tap on “Sign up” and select “Foreigner with e-passport”. You’ll then be prompted to prepare your e-passport and ID card for identity verification.
During the account opening process, you’ll be required to provide some personal information such as your name, address, and contact details. You’ll also need to select the type of account you wish to open.
Verification and Security Measures
OCBC takes security very seriously, and the digital account opening process is no exception. The bank uses biometric verification and SingPass to ensure that your personal information is secure and protected.
To verify your identity, you’ll be required to take a selfie and a photo of your e-passport. The app will then use facial recognition technology to match the selfie with the photo on your e-passport. You’ll also need to provide your SingPass details, which will be used to verify your identity and complete the e-KYC process.
Once your identity has been verified, you’ll be able to open your account and start managing your finances on the go. With the OCBC Digital App, you can view your account balance, transfer funds, pay bills, and more.
Overall, the digital account opening process with OCBC is fast, secure, and convenient. With just a few taps on your smartphone, you can open an account and start managing your finances in Singapore. So why wait? Download the OCBC Digital App today and start your banking journey!
Types of Accounts Available
If you are a foreigner looking to open a bank account in Singapore, OCBC offers a range of account options to suit your needs. Here are two types of accounts that you can consider:
Multi-Currency Accounts
OCBC’s Multi-Currency Account (MCA) is a great option for those who frequently transact in different currencies. With this account, you can hold up to 13 different currencies, including the Singapore dollar, US dollar, Australian dollar, British pound, Canadian dollar, Chinese renminbi, Euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Norwegian krone, Swiss franc, and Thai baht.
One of the benefits of the MCA is that you can avoid currency conversion fees when you transact in the same currency as your account. This means that you can save money when you transfer funds to other OCBC accounts or make purchases in the supported currencies.
Global Savings Accounts
If you are looking to save money and earn interest on your deposits, OCBC’s Global Savings Account (GSA) is a great option. This account offers competitive interest rates on your deposits, and you can choose to deposit in either Singapore dollars or US dollars.
One of the benefits of the GSA is that you can access your funds anytime, anywhere, through OCBC’s online banking services. You can also enjoy free withdrawals at any OCBC ATM in Singapore, as well as free cash withdrawals at any ATM worldwide through the Global ATM Alliance network.
Overall, OCBC offers a range of financial services to meet the needs of foreigners looking to open a bank account in Singapore. Whether you need a multi-currency account or a savings account, OCBC has you covered.
Banking Services and Features
Opening a bank account with OCBC Bank in Singapore as a foreigner offers you a range of banking services and features to manage your finances efficiently. Below are some of the key features you can expect:
Investment and Wealth Management
OCBC Bank provides digital wealth management services for foreign customers, including investing through the OCBC Digital app. This feature allows you to access time deposits, international remittances, unit trusts, equities trading, foreign exchange trading, robo-investment services, blue-chip stocks, and precious metals like gold. You can easily manage your portfolio and track your investments through the app, making it a convenient and efficient way to invest.
Convenient Online Services
OCBC is the first Singapore bank to enable fully digital account opening for foreigners, making it easy and convenient to open an account remotely via the OCBC Digital app. Once you have opened your account, you can enjoy a host of other online banking services. These include digital verification, which means you can verify your identity online without the need for physical documents, making the account opening process even faster and more streamlined. You can also manage your finances online, including paying bills, transferring funds, and checking your account balance, making it a hassle-free and convenient way to bank.
In addition, OCBC Bank offers a range of credit cards with various rewards and benefits, including cashback, miles, and discounts on dining, shopping, and travel. You can choose the card that best suits your needs and lifestyle.
Overall, opening a bank account with OCBC Bank in Singapore as a foreigner offers you a range of banking services and features that are convenient, efficient, and tailored to your needs. With digital wealth management services and convenient online services, you can manage your finances easily and efficiently, making it a great choice for anyone looking to bank in Singapore.
Benefits for International Clients
If you are a foreign customer relocating to Singapore, opening an OCBC bank account can offer you a range of exclusive benefits. Here are some of the advantages that you can enjoy as an international client:
Exclusive Offers for Foreign Customers
OCBC offers a range of exclusive offers for foreign customers who open an account with them. These offers include preferential interest rates, waived fees, and discounts on various banking products and services. By taking advantage of these offers, you can save money and make the most of your banking experience.
Seamless Banking Experience
OCBC provides a seamless and secure banking experience for its customers, including those who are relocating to Singapore. With the OCBC Digital app, you can open an account remotely and complete the entire relocation process without ever having to visit a branch. This is a convenient and hassle-free way to manage your finances, especially if you are busy with work or other commitments.
Moreover, OCBC’s digital platform offers a range of features and services that are designed to make your banking experience as smooth and efficient as possible. These include online banking, mobile banking, and 24/7 customer support. With these tools at your disposal, you can manage your finances from anywhere in the world, at any time of the day or night.
In conclusion, opening an OCBC bank account as a foreign customer relocating to Singapore can offer you a range of exclusive benefits and a seamless banking experience. With its digital platform and customer-centric approach, OCBC is committed to providing you with the best possible banking experience, no matter where you are in the world.
Frequently Asked Questions
What are the requirements for a foreigner to open an OCBC account in Singapore?
To open an OCBC account in Singapore, foreign individuals must have a valid work visa or employment pass. Additionally, they must provide proof of address, such as a utility bill or tenancy agreement.
Can I open an OCBC account online while being overseas?
Yes, OCBC offers a fully digital account opening service for non-residents. You can download the OCBC Digital app and follow the instructions to open an account remotely.
What fees should foreigners expect when opening an OCBC account in Singapore?
Foreigners opening an OCBC account in Singapore can expect to pay a monthly account fee of $10. However, this fee can be waived if certain conditions are met, such as maintaining a minimum monthly average balance of $3,000.
Which documents are necessary for foreigners to open a bank account with OCBC?
Foreigners must provide their passport, work visa or employment pass, and proof of address. Additionally, they may be required to provide additional documentation, such as proof of income or employment.
How does OCBC’s fully digital account opening service work for non-residents?
OCBC’s fully digital account opening service for non-residents allows individuals to open an account remotely using the OCBC Digital app. The app verifies the individual’s identity using their e-passport and ID card, and the account can be opened in minutes.
What are the advantages of choosing OCBC for a foreign individual setting up an account in Singapore?
OCBC offers a range of banking services and products tailored to the needs of foreign individuals. Their fully digital account opening service makes it easy for non-residents to open an account remotely, and their extensive network of branches and ATMs in Singapore makes it convenient to access your funds. Additionally, OCBC’s online banking platform allows you to manage your finances on-the-go, making it easy to stay on top of your finances, no matter where you are in the world.