Opening a bank account in Singapore is now easier than ever for foreigners. Thanks to OCBC’s fully digital account opening process. OCBC is the first bank in Singapore to offer this convenience, allowing foreigners to open an account remotely and within minutes using the OCBC Digital app. This eliminates the need for travel and visits to a bank branch, as well as the hassle of physical document verification.

To be eligible for OCBC’s digital account opening, foreigners from Malaysia, Indonesia, mainland China, or Hong Kong SAR who are planning to work or study in Singapore can take advantage of this seamless process. Singpass, a secure digital identity used by Singapore citizens and residents, is not required to open an account with OCBC. This makes OCBC a suitable option for those who do not have Singpass.

Once an OCBC account is set up, foreigners have access to a range of functions and services through the OCBC Digital app. These include time deposits, international remittances, unit trusts, single premium endowments, equities trading, foreign exchange trading, robo-investment services, blue-chip stocks, and precious metals like gold and silver.

Despite other banks in Singapore offering online account opening options for foreigners, most require the use of Singpass. Banks like UOB and Maybank still require physical visits to the bank branch to open an account. OCBC stands out as the only bank in Singapore to offer a fully digital account opening process for foreigners, without the need for Singpass.

For those who have a long-term pass or work permit in Singapore, there is an alternative option to open a local bank account using Singpass. This can be done by registering for Singpass online and applying for a bank account with banks like DBS and Standard Chartered.

If you already have an account with a bank in your home country that has branches in Singapore, it may be possible to open a local bank account tied to your original bank. However, there are potential downsides to consider, such as the uncertainty of whether your bank can open an account from overseas and the possibility of high minimum deposit requirements.

Digital banks are another alternative for foreigners looking to open a bank account in Singapore. GXS Bank and Trust Bank are two digital banks that offer this option. While Singpass is still required to access the full features of these apps, Trust Bank allows foreigners to log in without Singpass, although certain features will be limited.

Wrapping up

In summary, OCBC’s fully digital account opening process provides a convenient and hassle-free way for foreigners to open a bank account in Singapore. With the OCBC Digital app, foreigners can enjoy a seamless banking experience and access a range of financial and lifestyle services. While other banks in Singapore offer online account opening options, OCBC is currently the only bank to offer a fully digital process for foreigners, making it a top choice for those without Singpass.

Benjamin Low
Benjamin Low

Benjamin is known as The Passive Income Guy. He has helped hundreds of people to build passive income. He is also a member of the Million Dollar Round Table, and Certified Financial Planner™ (CFP®) and Certified Private Banker (CPB).

Leave a Reply

Your email address will not be published.