Singapore has independent sovereignty. Its socio-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 industry, ensuring that account information is well-protected and highly confidential.
Singapore is the third-largest foreign exchange trading center in the world, 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 one place, which facilitates the free global use of various currencies: you can freely transfer funds, withdraw cash, and make payments to any country worldwide.
Additionally, major global banking institutions have branches in Singapore, leading to a high success rate for account opening with simple documentation requirements. You can complete the account opening process through remote video verification from your home country, eliminating the need to travel to Singapore, which saves time and effort. The account opening cycle in Singapore is relatively short, usually taking about two weeks. The required documents are simple, typically 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 Hong Kong and U.S. stock trading, overseas investments, financial management, and consumption. For account management, you will have a one-on-one Mandarin-speaking consultant available for communication via WeChat, making it very convenient. The account can be used to purchase overseas property, insurance, and investment products, as well as to prepare funds for your children’s overseas education or for immigration. 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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About OCBC Bank
OCBC Bank is the longest-established local bank in Singapore, formed in 1932 from the merger of three local Chinese-owned banks, the oldest of which dates back to 1912.
Throughout its history, OCBC has become the second-largest financial services group in Southeast Asia by assets, thanks to its strong financial position and stable growth. It is also one of the most highly-rated banks in the world, holding an Aa1 credit rating from Moody’s.
Over the years, OCBC has received numerous awards. Besides being consistently named the strongest bank in ASEAN by Bloomberg Markets magazine, it has also been ranked among the top five strongest banks globally, a remarkable achievement.
OCBC’s key markets are Singapore, Malaysia, Indonesia, and Greater China. It has over 470 branches and representative offices in 19 countries and regions. This includes more than 230 branches and offices of its subsidiary, Bank OCBC NISP, in Indonesia, as well as OCBC Wing Hang.
OCBC’s private banking services are provided by its wholly-owned subsidiary, Bank of Singapore, which operates on a unique open-architecture product platform to find the best products to meet clients’ objectives.
Table of Contents
Documents Required for an OCBC Singapore Overseas 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 future 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 ID Number (ID card number):
Employment Status (Employed / Self-employed / Homemaker / Retired or Senior Citizen):
Employment Information
Company Name:
Company’s Main Business:
Shareholder Status:
Shareholding Percentage:
Position Held:
Years of Employment:
Annual Salary:
Account Opening Information
Initial Estimated Deposit Amount:
Country from which funds will be transferred:
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OCBC Singapore Offshore Account Opening Process
1. Fill out the information: Complete the information above. The bank manager will fill out the OCBC account opening form, upgrade form, and disclaimer based on your personal details 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. This voice call is to confirm that the information you provided is correct. After the call, you just need to wait for the account to be opened, which typically 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 into the account as soon as it’s opened, without waiting for the card and PIN to arrive by mail.
We believe the steps above clearly explain the process for opening an OCBC Singapore account remotely. 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, also known as an overseas bank account. It can be used for making and receiving payments, storing funds, and also supports setting up savings and investment accounts in various currencies.
• What is the minimum deposit required for an OCBC Singapore account?
The OCBC Premier Account (an offshore premier account) requires a minimum of SGD 350,000 or its equivalent in foreign currency.
• Can I deposit SGD 250,000 and USD 80,000?
Yes, you can, as long as the total funds in the account are above SGD 350,000. You can hold funds in USD, AUD, GBP, EUR, CAD, NZD, JPY, HKD, and CHF.
• Is a debit card provided?
Yes.
• Can I withdraw cash from overseas ATMs?
You can withdraw cash from any ATM displaying the CIRRUS logo. The fee for each withdrawal is between USD 10 to 15.
• How long does it take to open the account?
It takes about two weeks from the time the account manager receives your documents.
• How soon do I need to deposit funds after the account is opened?
Within two months.
• How long must the funds remain in the account before they can be transferred out?
The funds must be maintained for at least three months.
• What is the interest rate on deposits in the Premier Account?
The standard interest rate for this account is typically 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 I withdraw from a fixed deposit before maturity?
Yes, but it will affect your principal. You will not only lose the interest but also incur a penalty.
• Will my account be downgraded if I transfer funds out?
After maintaining the funds for three months, if you transfer a portion out and the balance falls below SGD 350,000, your account will not be downgraded and will remain a Premier Account.
• I initially deposited SGD 350,000, kept it for a few months, then transferred some out, and now my balance is only 100,000. Will I be charged monthly service fees?
No monthly service fees will be charged.
• Can I deposit RMB directly and then convert it to other currencies through the bank?
This account does not have a standard RMB account, only an offshore RMB (CNH) account. You cannot deposit onshore RMB directly. You need to deposit other foreign currencies first and then convert them into offshore RMB to be held in the CNH account.
• What happens if the bank goes bankrupt?
If the bank fails, your deposits are protected under the Deposit Insurance (DI) Scheme. The Singapore Deposit Insurance Corporation (SDIC) will automatically handle the compensation, so you do not need to file a claim. Each depositor is insured up to SGD 100,000 for their Singapore dollar deposits.
• Are there transaction fees for SGD transfers between Singapore banks?
There are no transaction fees.
• After I deposit funds, will there be any issues due to the Common Reporting Standard (CRS)?
This is handled by regulatory authorities, and we are not privy to that information.
• Do I need to file a personal tax return in Singapore annually after opening the account?
No, you do not.
• Do offshore accounts also have risk controls?
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 a Premier Account and not a regular savings account?
Because accounts for foreign nationals are considered offshore accounts and are opened remotely. Currently, the only account the bank supports for remote opening is the Premier Account. If a foreigner has a work permit or a student pass in Singapore, they can open a regular account locally.
• My passport is only valid for another three months. Can I still apply?
Your passport must have a validity of at least 6 months. If it’s less than 6 months, you will need to provide proof of a new passport application.
• Which nationalities are not allowed to open an account?
Citizens from some sanctioned countries, such as Syria, as well as a few other small nations.
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