Singapore possesses independent sovereignty. Its social, political, and economic environment is stable, with a high degree of freedom and transparency in the financial industry. The government is also very supportive of the wealth management sector, ensuring that account information is well-protected with a high level of confidentiality.
Singapore is the world’s third-largest foreign exchange trading center, with no foreign exchange controls. It has high acceptance of global currencies and excellent exchange rates. You can open multi-currency accounts, meeting all your currency needs in a single account, facilitating the free use of various currencies globally: you can transfer funds, withdraw cash, and make payments to any country in the world without restrictions.
Additionally, major global banking institutions have branches in Singapore. The account opening success rate is high, and the documentation requirements are simple. You can complete the account opening process remotely from your home country via video verification, eliminating the need to travel to Singapore, which saves time and effort. The account opening cycle in Singapore is relatively short, with accounts typically being approved within about two weeks. The required documents are simple, usually just a passport and proof of address. The bank card and PIN are mailed to your residential address in your home country, and you can start using the account once it is activated.
A Singapore bank account supports investments in Hong Kong and US stocks, offshore investment and wealth management, personal consumption, and more. For account management, you will have a one-on-one Mandarin-speaking advisor available for communication via WeChat, making it very convenient. The account can be used to purchase overseas property, for insurance and wealth management, to prepare funds for your children’s overseas education, and for immigration purposes. You can also use your deposits or investments as collateral for financing, enabling secondary financing at ultra-low loan interest rates and increasing the flexibility of your capital.
In today’s global environment, having an overseas account in Singapore, Asia’s financial hub, is an excellent choice for many high-net-worth families.
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Introduction to HSBC
HSBC is one of the world’s leading international banking and financial services organizations, with its parent company, The Hongkong and Shanghai Banking Corporation Limited, headquartered in London. In Singapore, HSBC was one of the first banks to be established and holds a significant position in the local financial services sector.
Currently, HSBC Singapore employs approximately 3,000 staff across more than 10 branches, with its headquarters located in Marina Bay Financial Centre Tower 2. Leveraging its deep historical roots and global network, HSBC Singapore offers a full range of financial services to individual and corporate clients, including retail banking, wealth management, commercial banking, and investment banking.
For individual clients, HSBC Singapore provides a diverse range of products from savings accounts, credit cards, loans, and investments to insurance services. Through its Everyday Global Account, it offers one-stop management of multiple currencies, supporting up to 11 different currencies in a single account.
As an international bank, HSBC Singapore’s cross-border payment capabilities cover 130 currencies. Combined with the latest transaction API technology and foreign exchange risk management systems, it helps businesses of all types to operate and make decisions quickly and efficiently.
Meanwhile, HSBC Singapore continues to increase its investment in digital transformation and innovative financial products, aiming to provide customers with a more efficient, convenient, and secure financial service experience on the foundation of stable development.
Table of Contents
Documents Required for an HSBC Singapore Offshore Account
Documents required for an offshore account:
1. Passport
2. Proof of address (can be the front and back of your ID card, or a bank statement/utility bill/phone bill from any of the last three months)
3. Please tick the foreign currencies you require:
SGD (included by default) / USD / AUD / GBP / EUR / CAD / NZD / JPY / HKD / CHF
Personal Information:
Name:
Marital Status:
Mother’s maiden name (for later verification):
Mobile number (where you can be reached):
Email:
Residential address (must match the proof of address document):
Residential postal code:
Mailing address (can be different from residential address):
Mailing postal code:
Country of tax residence:
Tax identification number (ID number):
Employment status (Employed / Self-employed / Homemaker / Retired or Senior Citizen):
Work Information
Company name:
Company’s main business:
Shareholding status:
Shareholding percentage:
Position held:
Years of employment:
Annual salary:
Account Opening Information
Initial estimated deposit amount:
From which country will the funds be transferred:
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HSBC Singapore Offshore Account Opening Process
1. Fill out information: Complete the information above. The bank manager will fill out the HSBC account opening form, upgrade form, and disclaimer based on your personal information and send them to you. You will need to print these three forms.
2. Bank call: The bank manager will schedule a phone call with you. The voice call is to reconfirm that the information you provided is correct. After the call, you can wait for the account to be opened. It usually takes about a week. The card and PIN will be mailed to your mailing address (which can be different from your residential address). You can deposit funds after the account is opened, without having to wait for the card and PIN to be delivered.
We believe the steps above have made the process of opening an OCBC Singapore account remotely clear. If you need to open an overseas account in Singapore, feel free to contact us.
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Frequently Asked Questions
• What is an offshore bank account?
An offshore bank account is a bank account opened in a country other than your country of residence. It can be used for making and receiving payments, storing funds, and also supports savings and investment accounts in multiple currencies.
• What is the minimum deposit required for an HSBC Singapore account?
The HSBC Singapore Premier Banking offshore account requires a minimum of SGD 200,000 or its equivalent in foreign currency.
• Can I deposit SGD 50,000 and USD 110,000?
Yes, you can, as long as the total funds in the account are above SGD 200,000. You can hold US Dollars, Australian Dollars, British Pounds, Euros, Canadian Dollars, New Zealand Dollars, Japanese Yen, Hong Kong Dollars, and Swiss Francs.
• Is a debit card provided?
Yes.
• Can I withdraw cash from ATMs overseas?
You can withdraw cash from any ATM with the PLUS logo. The fee for each withdrawal is SGD 5.
• Is the UOB debit card a Visa or Mastercard?
Mastercard.
• Is the card a credit card or a debit card?
Both options are available, you can choose.
• How long does it take to open an account?
It takes about two weeks from the time the account manager receives the documents.
• How soon do I need to deposit funds after the account is opened?
Within two months.
• What is the interest rate for deposits in a Premier account?
The normal interest rate for this account is 0.05%. From time to time, there are promotional offers for fixed deposits in SGD and other foreign currencies that offer higher interest rates.
• Can fixed deposits be withdrawn early?
Yes, but it will affect your principal. You will not only lose the interest but also incur a penalty.
• How long do the funds need to be kept in the account before they can be transferred out?
They must be maintained for at least three months.
• Will my account be downgraded if I transfer funds out?
After maintaining the funds for three months, if you transfer out a portion, causing the balance to fall below SGD 350,000, your account will not be downgraded and will remain a Premier account.
• I initially deposited SGD 200,000, and after a few months, I transferred some of it out. Now my balance is only 100,000. Will I be charged a monthly service fee?
No service fees will be charged.
• Can I deposit RMB directly and then exchange it for other currencies through the bank?
There is no onshore RMB account here, only an offshore RMB account. You cannot deposit onshore RMB directly. You need to deposit other foreign currencies first and then exchange them into offshore RMB to be held in the offshore RMB account.
• What happens if the bank goes bankrupt?
If the bank fails, the Deposit Insurance (DI) Scheme will protect your savings. The Singapore Deposit Insurance Corporation (SDIC) will automatically handle the compensation, so you don’t need to file a claim. Each depositor is insured up to SGD 100,000 for their Singapore dollar deposits.
• Are there any fees for transferring Singapore Dollars between Singapore banks?
There are no fees.
• Will I have issues with the Common Reporting Standard (CRS) after I deposit funds?
This is handled by regulatory authorities, and we have no knowledge of it.
• Do I need to file a personal tax return in Singapore every year after opening the account?
No, you don’t.
• Do offshore accounts also have risk control?
Accounts in any reputable country have risk control mechanisms. The documents required during the account opening process are part of the bank’s risk management.
• Is there an age requirement for opening an account?
You must be at least 18 years old. There is no upper age limit.
• Why can foreigners only open Premier accounts and not regular accounts?
Because accounts for foreign nationals are considered offshore accounts and are opened remotely. Currently, the only account type the bank supports for remote opening is the Premier account. If a foreign national has a work pass or a student visa in Singapore, they can open a regular account locally.
• My passport is valid for only three more months, can I still apply?
Your passport must be valid for at least 6 months. If it’s less than 6 months, you will need to provide proof of a new passport application.
• Which countries are not allowed to open an account?
Some sanctioned countries, such as Syria. Also, a few other small nations.
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