OCBC Singapore Experience

[Outlander]

I am in the process of opening a bank account for my offshore company at OCBC in Singapore. They have pre-approved my application and a visit is scheduled for September. However upon close inspection of their terms, my understanding is that they only give you a debit card denominated in Singaporean Dollars (SGD), is that correct?

What good is a SGD card for my company dealing in USD? Can this card be used for online payments? Does anyone know of a bank in Singapore that provides USD cards?

Any other advantage of an OCBC account other than being a stable jurisdiction?

 

[Silvio]

The advantage is that SG\HK are very transactional, so wires don't cost much to send\receive (compared to Switzerland or Liechtenstein)

 

[Outlander]

The advantage is that SG\HK are very transactional, so wires don't cost much to send\receive (compared to Switzerland or Liechtenstein)

That's cool, but wires don't solve the problem of day-to-day expenses and smaller payments...

 

[Tax Cow]

Does OCBC or another bank in Singapore accept individual non-citizens who are non-residents without a visit?

Only link to country is that I own shares in publicly traded Singaporean companies. Good enough, or are the rules more stringent now?

 

[Outlander]

Does OCBC or another bank in Singapore accept individual non-citizens who are non-residents without a visit?

Only link to country is that I own shares in publicly traded Singaporean companies. Good enough, or are the rules more stringent now?

OCBC - a visit is required. It seems to be a demand from regulators. Also for some reason individual accounts for foreigners have a much higher relationship balance.

For most banks it seems you can arrange a visit to a branch overseas if there is one.

 

[fshore]

The advantage is that SG\HK are very transactional, so wires don't cost much to send\receive (compared to Switzerland or Liechtenstein)

Wires from sg banks are much more expensive than from hk banks.
Ocbc usd wires costs 0.25%, min sgd60, max sgd255.

 

[dimitri]

Wires from sg banks are much more expensive than from hk banks.
Ocbc usd wires costs 0.25%, min sgd60, max sgd255.

Maybe better to say: SG banks accepting HK companies are expensive. High account opening fees, high maintenance fees when your balance drops below USD 30k, and high wire fees.

Normal SG banks for local SG clients are not expensive at all.

 

[Spinat]

OCBC - a visit is required. It seems to be a demand from regulators. Also for some reason individual accounts for foreigners have a much higher relationship balance.

For most banks it seems you can arrange a visit to a branch overseas if there is one.

What is the min deposit they require for a business account`? Did you contacted them directly or used an agent?

 

[dimitri]

What is the min deposit they require for a business account`? Did you contacted them directly or used an agent?

OCBC is USD 30k, DBS Singapore also opens accounts for HK companies, min deposit there is USD 50k.

 

[Outlander]

What is the min deposit they require for a business account`? Did you contacted them directly or used an agent?

30k minimum per balance, i.e. USD30k if you have USD, plus SGD30k if you have SGD and so on.

I contacted them directly, I see no point in using an agent for this introduction and it was so simple and easy that if the agent implied otherwise it'd be an outright scam.

 

[Outlander]

OCBC is USD 30k, DBS Singapore also opens accounts for HK companies, min deposit there is USD 50k.

Does DBS offer a credit card for foreign companies? Anything other than a SGD debit card?

 

[fshore]

Maybe better to say: SG banks accepting HK companies are expensive. High account opening fees, high maintenance fees when your balance drops below USD 30k, and high wire fees.

Normal SG banks for local SG clients are not expensive at all.

Same wire fee for sg companies.
But yes, higher min balance and also additional monthly fees for foreign companies.

 

[zoom20092]

What documents are required to open a personal account with OBCB?

I want to open "Global Savings Account" in EUR and USD currency.

 

[Outlander]

What documents are required to open a personal account with OBCB?

I want to open "Global Savings Account" in EUR and USD currency.

Just normal documents, like passport and proof of residency.

Here's a little secret: OCBC accounts for non-residents come with high minimum requirements, such as S$200k balance. However, you may open a trading account at OCBC Securities with just $1k, and they'll open a bank account for settling your trades. A visit is required.