If you’re looking for a savings account that allows you to transact in multiple currencies, the OCBC Global Savings Account may be the perfect solution for you. With this account, you can save and transact flexibly in eight major currencies, including AUD, CAD, CNH, EUR, GBP, HKD, NZD, and USD. Best of all, there are no fees associated with this account.
One of the key features and benefits of the OCBC Global Savings Account is its flexibility. You can easily manage your account online, and you can choose to save in multiple currencies to maximise your returns. Additionally, there are no fees associated with this account, so you can save more of your hard-earned money.
To open an OCBC Global Savings Account, you can apply online and have your account set up within minutes. You will need to provide some basic information, such as your name, address, and identification documents. Once your account is set up, you can start managing your savings and transacting in multiple currencies right away.
Key Takeaways
- The OCBC Global Savings Account allows you to save and transact in eight major currencies without any fees.
- This account is flexible and easy to manage online, making it a convenient option for those who need to transact in multiple currencies.
- You can open an account quickly and easily online, and start managing your savings right away.
Key Features and Benefits
If you’re looking for a savings account that gives you flexibility and convenience, the OCBC Global Savings Account is definitely worth considering. Here are some of the key features and benefits that make it stand out:
Attractive Interest Rates
One of the most attractive features of the OCBC Global Savings Account is the interest rates it offers. You can earn up to 0.25% p.a. for CNH deposits and up to 0.04% p.a. for AUD, NZD, and USD deposits. This means you can grow your savings while keeping them in the account.
Multi-Currency Flexibility
The OCBC Global Savings Account allows you to save in up to 10 major currencies, including AUD, CAD, CNH, CHF, EUR, GBP, NZD, USD, JPY, and HKD. This means you can easily manage your finances across different countries and avoid expensive foreign exchange fees.
Convenient Account Management
Managing your OCBC Global Savings Account is easy and convenient. You can access your account through the OCBC Digital App or internet banking. You can also receive monthly statements via e-statement. Plus, you can log in using your SingPass, making it even more convenient.
Exclusive Perks and Promotions
OCBC offers exclusive perks and promotions for its Global Savings Account holders. You can enjoy bonus interest rates and cashback rewards when you use your OCBC credit card with your account. Plus, you can take advantage of promotional interest rates for foreign currency accounts.
Assured Savings Protection
OCBC Global Savings Account is insured up to S$75,000 by the Deposit Insurance Scheme (DIS) in Singapore. This means your savings are protected against unexpected events, giving you peace of mind.
Eligibility and Application Process
To apply for the OCBC Global Savings Account, you must be at least 18 years old and meet the eligibility requirements. For Singaporeans and PRs, you need to provide your NRIC or passport, bank statement, and proof of residential address. For foreigners, you need to provide your passport, employment pass, S-pass, or student pass, and proof of residential address. Applying for the account is easy and can be done online or at any OCBC branch.
The OCBC Global Savings Account is an excellent choice for anyone who wants to save in multiple currencies and earn attractive interest rates. With its flexible features, convenient account management, and exclusive perks, it’s definitely worth considering.
Account Opening and Requirements
Opening an OCBC Global Savings Account is a simple process that can be completed online or in person at a branch. Here are the requirements you need to meet to open the account.
Documentation Needed
To open an OCBC Global Savings Account, you will need to provide the following documentation:
- NRIC or passport for Singaporeans and Permanent Residents
- Passport and employment pass, S-Pass, or student pass for foreigners
You may also be asked to provide additional documents such as a bank statement, phone bill, or CPF statement to verify your identity.
Initial Deposit and Balance Maintenance
The initial deposit required to open an OCBC Global Savings Account is $1,000. You will also need to maintain a minimum end balance of $3,000 to avoid a fall below fee of $10 per month.
Eligibility Criteria
To be eligible for an OCBC Global Savings Account, you must be:
- Above 18 years old
- A Singaporean, a Singapore permanent resident, or a foreigner with a valid pass
Online Application Process
You can apply for an OCBC Global Savings Account online through the OCBC Digital App. To do so, you will need to log in using your SingPass and follow the instructions provided. Alternatively, you can apply through internet banking or visit a branch in person.
Overall, opening an OCBC Global Savings Account is a straightforward process that can be completed quickly and easily. With its flexible multi-currency options and no fees, it is an excellent choice for anyone looking to manage their finances across borders.
Managing Your Global Savings
Managing your OCBC Global Savings Account is easy and hassle-free. With a minimum balance of $5,000, you can enjoy competitive interest rates on your foreign currency deposits. In this section, we will cover the various deposit and withdrawal options, fees and charges, digital banking services, and foreign exchange services available to you.
Deposit and Withdrawal Options
You can easily deposit and withdraw funds from your Global Savings Account in a variety of ways. You can make a deposit via a foreign currency cheque, telegraphic transfer, or online transfer from another bank account. For withdrawals, you can make a request online or visit any OCBC branch in Singapore. Please note that withdrawal requests made before 12 pm on a business day will be processed on the same day.
Understanding Fees and Charges
OCBC Global Savings Account has no monthly maintenance fees or account closure fees. However, there are fees and charges associated with foreign currency transactions, such as foreign exchange rates and transaction fees. Please refer to the OCBC website for a full list of fees and charges.
Digital Banking Services
With the OCBC Digital App and Internet Banking, you can easily manage your Global Savings Account from anywhere in the world. You can view your account balance, transaction history, and perform fund transfers in real-time. To access these services, you need to log in using your SingPass login.
Foreign Exchange Services
OCBC offers competitive foreign exchange rates for over 10 major currencies, including USD, AUD, and EUR. You can also set up auto-execute orders to buy or sell foreign currencies at your desired exchange rate. Please note that foreign exchange rates are subject to market fluctuations, and the actual rate you receive may differ from the quoted rate.
In summary, managing your OCBC Global Savings Account is easy and straightforward. With a range of deposit and withdrawal options, competitive interest rates, and digital banking services, you can save, spend, and transact with ease. Keep in mind the fees and charges associated with foreign currency transactions and stay updated on foreign exchange rate fluctuations to make the most of your account.
Additional Savings Solutions
If you’re looking for additional savings solutions, OCBC Bank offers a range of options to choose from. Here are some of the options you can consider:
Time Deposit Accounts
If you’re looking for a fixed return on your investment, OCBC Bank offers a range of time deposit accounts. These accounts require a minimum deposit and offer competitive interest rates. You can choose from a range of tenures to suit your needs.
Investment and Wealth Management
If you’re looking to grow your wealth, OCBC Bank offers a range of investment and wealth management solutions. You can choose from a range of investment products, including dual currency investments and structured deposits. Additionally, OCBC Bank offers a range of investment schemes, including the CPF Investment Scheme, CPF Retirement Sum Scheme, and Supplementary Retirement Scheme.
Specialty Accounts
OCBC Bank also offers a range of specialty accounts to suit your needs. If you’re looking to save for your child’s future, you can consider the Child Development Account (CDA) or Mighty Savers ® Account. If you’re looking to transact in multiple currencies, you can consider the Multi-Currency Account. Additionally, OCBC Bank offers a range of savings accounts, including the 360 Account, Frank Account, and Monthly Savings Account.
Alternative Savings Accounts
If you’re looking for alternative savings accounts, OCBC Bank offers a range of options to choose from. You can consider the Foreign Currency Time Deposit Accounts, which offer competitive interest rates on a range of foreign currencies. Additionally, OCBC Bank offers a range of savings accounts, including the Mighty Savers ® Account and Multi-Currency Account.
Overall, OCBC Bank offers a range of savings solutions to suit your needs. Whether you’re looking for a fixed return on your investment or a range of investment and wealth management solutions, OCBC Bank has you covered.
Frequently Asked Questions
How can I open an OCBC Global Savings Account in Singapore?
Opening an OCBC Global Savings Account in Singapore is a straightforward process that can be done online or in person at any OCBC branch. To open an account online, you will need to provide your personal information and complete the online application form. If you prefer to open an account in person, you will need to bring along your identification documents and proof of address.
What are the requirements to qualify for an OCBC Global Savings Account?
To qualify for an OCBC Global Savings Account, you must be at least 18 years old and have a valid identification document such as a passport or NRIC. You must also have a minimum initial deposit of $1,000 and maintain a minimum average daily balance of $3,000.
What is the minimum balance to maintain in an OCBC Global Savings Account?
The minimum average daily balance to maintain in an OCBC Global Savings Account is $3,000. If you fall below this amount, you may incur a fall-below fee.
How does the interest rate for an OCBC Global Savings Account compare to others?
The interest rate for an OCBC Global Savings Account is competitive and varies depending on the currency. You can earn up to 0.60% p.a. for the USD and AUD currencies, and up to 0.50% p.a. for the GBP and EUR currencies.
Can I manage multiple currencies with an OCBC Global Savings Account?
Yes, with an OCBC Global Savings Account, you can manage up to 12 foreign currencies in addition to SGD. This means you can easily transfer funds between different currencies without incurring any conversion fees.
What are the perks of holding an OCBC Global Savings Account for international banking?
Holding an OCBC Global Savings Account provides you with the convenience of managing multiple currencies in a single account. You can easily transfer funds between your accounts without incurring any conversion fees. Additionally, you can enjoy fee waivers for overseas ATM cash withdrawals and foreign currency transactions.