OCBC Singapore

: 2024 Review

Price: 
Free (depending on account, minimum account balance is required)
Countries:
Singapore

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OCBC Singapore

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Review

OCBC, short for Oversea-Chinese Banking Corp, is the second largest bank in Singapore. They offer a wide range of banking products and services, particularly having a reputation for being more friendly towards foreign individuals & businesses looking to open up a bank account.

OCBC offers the OCBC 360 Account, a high-yield savings account. Initial minimum deposit is S$1,000 and minimum account balance (without fee) is S$3,000.

In 2023, OCBC started offering certain non-residents the ability to open a bank account remotely:

  • Individuals from Malaysia, Indonesia, mainland China and Hong Kong SAR can open SGD and multi-currency accounts on the OCBC Digital app remotely
  • To start, they need to apply for an account using the OCBC Digital App and verify using their passport/ID card

For other non-residents, you can request opening a personal or business bank account as a non-resident by visiting a physical branch. Ideally, you should know what accounts you want to open (brokerage) and for what purpose (investing) to increase the chances that your banker will open your account.

Dexter Zhuang
Dexter Zhuang

Dexter is the founder of Money Abroad, a website and newsletter on building wealth for global professionals. Over the last 10 years, he's been a product leader, product manager, consultant and coach at companies like Dropbox, Xendit, and growth-stage startups across the US, Asia Pacific, and Latin America. His work has been featured in global publications like Business Insider, CBS, US News & World Report, and Tech in Asia. He graduated from Dartmouth College.

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