If you’re planning to move to Singapore for work, study, or housing, one of the first things you’ll want to do is open a bank account. OCBC Bank is one of the leading banks in Singapore, and offers a range of banking services and products that cater to the needs of both locals and foreigners. In this article, you’ll learn everything you need to know about opening an OCBC account in Singapore.
To open an OCBC account in Singapore, you’ll need to meet certain eligibility criteria and provide certain documents. The eligibility criteria may vary depending on the type of account you want to open, but generally include being at least 18 years old, having a valid passport or ID card, and having a valid employment or student pass. You’ll also need to provide proof of address, such as a utility bill or rental agreement, and proof of income, such as a recent payslip or tax statement.
OCBC offers several types of accounts to suit different needs and preferences. These include savings accounts, current accounts, fixed deposit accounts, and more. Some accounts come with additional benefits and features, such as cashback rewards, higher interest rates, and free ATM withdrawals. Additionally, OCBC offers a range of digital banking services, such as mobile banking, online banking, and e-statements, to make banking more convenient and accessible for customers.
Key Takeaways
- To open an OCBC account in Singapore, you’ll need to meet certain eligibility criteria and provide certain documents, such as proof of address and income.
- OCBC offers several types of accounts, including savings accounts, current accounts, and fixed deposit accounts, to suit different needs and preferences.
- OCBC also offers a range of digital banking services, such as mobile banking and online banking, to make banking more convenient and accessible for customers.
Eligibility and Documents Required
When opening a bank account with OCBC in Singapore, there are certain eligibility requirements and necessary documents that you need to fulfill. Here are the details:
Criteria for Singapore Residents
If you are a Singapore resident, you will need to provide your NRIC and an image of your signature. Additionally, you will need to have a SingPass account for online verification.
Requirements for Foreign Customers
If you are a foreigner, you will need to provide your passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) for verification purposes. Moreover, you will need to have a biometric chip passport from Hong Kong, Malaysia, Indonesia, or Mainland China to begin the account application and onboarding process via the OCBC Digital app.
It is important to note that eligibility requirements may vary depending on the type of account you wish to open. For instance, opening a current account may require different documents than opening a savings account.
When opening an account with OCBC, you should also be prepared to provide additional information such as your personal details, employment information, and financial information. This information is used to determine your creditworthiness and to ensure that you are eligible for the account you wish to open.
Overall, opening an account with OCBC in Singapore is a straightforward process as long as you have the necessary documents and meet the eligibility requirements.
Types of OCBC Accounts
If you’re looking to open an OCBC account in Singapore, you’ll be pleased to know that there are several types of accounts to choose from. Here are some of the most popular options:
Digital Account Opening
OCBC is the first bank in Singapore to offer fully digital account opening for foreigners. This means that you can open an account remotely via the OCBC Digital app, even before you arrive in Singapore. All you need is your biometric e-passport and ID card to complete the online application process. The Digital Account Opening Service is quick, easy, and secure, and you can start transacting in multiple currencies right away.
Multi-Currency and Global Accounts
OCBC also offers a range of multi-currency and global accounts that are designed to meet the needs of international customers. These accounts allow you to transact in multiple currencies and manage your finances across different countries. Some of the most popular options include:
-
Statement Savings Account: This is a basic savings account that offers competitive interest rates and easy access to your funds. You can manage your account online or via mobile banking, and you’ll receive monthly statements to keep track of your transactions.
-
Multi-Currency Account: This is a flexible account that allows you to hold and transact in up to 12 different currencies. You can switch between currencies instantly and enjoy competitive exchange rates for your transactions.
-
Global Savings Account: This is a high-yield savings account that offers attractive interest rates and no minimum balance requirements. You can manage your account online or via mobile banking, and you’ll receive quarterly statements to keep track of your transactions.
Overall, OCBC offers a wide range of account options that cater to different needs and preferences. Whether you’re looking for a basic savings account or a multi-currency account that allows you to transact across different countries, you’re sure to find an account that suits you. With the Digital Account Opening Service, it’s now easier than ever to open an account and start managing your finances in Singapore.
Digital Banking Services
If you are looking for a convenient and secure way to manage your finances, OCBC’s digital banking services are perfect for you. With the OCBC Digital app, you can access a range of features that make banking easy and hassle-free.
OCBC Digital App Features
The OCBC Digital app is packed with features that allow you to manage your finances on the go. You can view your account balances, transfer funds, pay bills, and even open new accounts. The app also allows you to set up customised notifications so that you can stay on top of your finances.
One of the standout features of the OCBC Digital app is its biometric authentication. You can use your fingerprint or face to log in to the app, ensuring that your account is secure at all times. The app also utilises blockchain and cloud technologies to provide a secure and reliable banking experience.
Online Security and Digital Verification
OCBC takes online security seriously, which is why the digital banking services are designed with your safety in mind. The app uses artificial intelligence and machine learning to detect suspicious activity and prevent fraud.
One of the most convenient features of the digital banking services is the e-KYC (electronic Know Your Customer) process. With e-KYC, you can verify your identity online, without the need for physical documents. This makes the account opening process quick and easy, allowing you to start managing your finances right away.
In addition, the digital onboarding capability allows you to open new accounts remotely, without the need to visit a branch. This is especially useful if you are new to Singapore or have a busy schedule.
Overall, the OCBC digital banking services are a great way to manage your finances in a convenient and secure way. With features like biometric authentication, blockchain technology, and e-KYC, you can be confident that your account is safe and secure. Best of all, with the digital onboarding capability, you can open new accounts quickly and easily, without the need to visit a branch. So why not give it a try today?
Financial Services and Products
OCBC Singapore offers a wide range of financial services and products to help you manage your finances. Whether you are looking to invest your money or simply need an everyday banking account, OCBC has got you covered.
Investment and Wealth Management
If you are looking to grow your wealth, OCBC offers a range of wealth management services that can help you achieve your financial goals. You can invest in unit trusts, equities trading, and even foreign currency deposits. OCBC also offers time deposits that offer competitive interest rates, so you can earn more on your savings.
Everyday Banking and Transactions
For your everyday banking needs, OCBC has a range of products that can help you manage your finances. You can open a multi-currency account that allows you to hold and transact in different currencies. This can be especially useful if you frequently make international remittances. Additionally, OCBC offers a range of transaction services, such as bill payments, fund transfers, and ATM withdrawals.
Overall, OCBC Singapore offers a comprehensive suite of financial services and products that can help you manage your finances and achieve your financial goals. With competitive interest rates and a user-friendly digital platform, it is easy to see why OCBC is a popular choice for many Singaporeans. So why not open an OCBC account today and start taking control of your finances?
Additional Benefits and Considerations
When opening an OCBC account in Singapore, there are several additional benefits and considerations to keep in mind. Here are some of the most important ones:
Exclusive Offers for Account Holders
As an OCBC account holder, you will be eligible for a range of exclusive offers and promotions. These can include discounted rates on loans, credit cards, and insurance products, as well as special rewards and cashback programmes. Be sure to check the OCBC website regularly to see what offers are currently available.
Understanding Fees and Charges
Like all banks, OCBC charges fees for certain services and transactions. However, the bank also offers a range of fee waivers and rebates to help you save money. For example, if you maintain a certain balance in your account, you may be eligible for a waiver on the monthly fall-below fee. Additionally, OCBC provides free ATM withdrawals and NETS payments, making it easy to access your funds without incurring additional charges.
It is important to note that some fees and charges may still apply, so be sure to read the terms and conditions carefully before opening your account. This will help you avoid any unexpected costs down the line.
Overall, opening an OCBC account in Singapore can be a smart choice for anyone looking for a reliable and convenient banking solution. With a range of exclusive offers and benefits, as well as competitive fees and charges, OCBC is a great option for both locals and foreigners alike.
Frequently Asked Questions
How may I initiate an OCBC bank account opening whilst residing abroad?
If you’re residing abroad and interested in opening an OCBC bank account in Singapore, you may do so by applying online through the OCBC Digital app. As long as you hold a biometric chip passport from Hong Kong, Malaysia, Indonesia or Mainland China, you can begin the account application and onboarding process via the app.
What are the necessary prerequisites for setting up an OCBC account in Singapore?
To set up an OCBC account in Singapore, you’ll need to provide a valid identification document such as your passport, employment pass or student pass. Additionally, you’ll need to have a local address and phone number, and be at least 18 years old.
Is there a prescribed minimum balance to maintain in an OCBC Singapore account?
Yes, there is a minimum balance requirement for OCBC Singapore accounts. The minimum balance required varies depending on the type of account you open. For example, the minimum balance for a savings account is $500, while the minimum balance for a current account is $1,000.
Could you enlighten me on the interest rates for OCBC Singapore savings accounts?
OCBC Singapore offers a range of savings accounts with varying interest rates. The interest rates for these accounts may change from time to time, so it’s best to check with OCBC directly for the latest rates. However, some of the savings accounts offered by OCBC Singapore include the 360 Account, which offers up to 1.2% p.a. interest, and the Bonus+ Savings Account, which offers up to 1.8% p.a. interest.
What fees should I anticipate upon opening an account with OCBC in Singapore?
When opening an account with OCBC in Singapore, you can expect to pay certain fees such as a monthly account fee, transaction fees, and ATM withdrawal fees. The exact fees you’ll need to pay will depend on the type of account you open and your usage patterns. It’s best to check with OCBC directly for a full list of fees.
Is it possible to commence the OCBC account opening process online without visiting a branch?
Yes, it is possible to commence the OCBC account opening process online without visiting a branch. OCBC Singapore is the first bank in Singapore to enable a fully digital account opening service with access to up to 9 major currencies for consumers in its key markets who are relocating to Singapore. You can apply for an account online via the OCBC Digital app, without the need to visit any OCBC branch.