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]

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]

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]

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

 

[dimitri]

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]

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

 

[dimitri]

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

 

[Outlander]

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]

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

 

[fshore]

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]

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.