Company Overview

Oversea-Chinese Banking Corporation (OCBC, stock code: O39.SI) is the second-largest bank in Singapore, consistently ranked among the top three "safest banks in the world" for several years. OCBC operates 36 branches in Singapore, 15 of which provide services on Sundays (operating hours from 11 AM to 7 PM).

Additionally, OCBC shares over 1,000 ATMs nationwide with United Overseas Bank (UOB), facilitating easy access to cash withdrawals, deposits, and fund transfers for customers.

Account Types

OCBC offers a variety of account types, including everyday accounts, savings accounts, and foreign currency accounts, to meet the diverse needs of its customers. Below are detailed descriptions of four popular accounts:

1. 360 Account
   • Features: Interest-bearing savings account (base annual interest rate of 0.05%). Earn up to 7.65% annual interest rate by completing tasks related to salary, savings, spending, insurance, and investments. Promotional offer: up to SGD 180 cash reward.
   • Fees: Minimum deposit to open an account is SGD 1,000. Minimum balance requirement is SGD 3,000 (otherwise, a monthly service fee of SGD 2 is charged, waived for the first year). Chequebook fee is SGD 10 (optional).
2. FRANK Account
   • Features: Interest-bearing savings account (annual interest rate of 0.05%-0.2%). FRANK debit card has no annual fee. 1% cashback on spending at selected merchants.
   • Fees: No minimum deposit required to open an account. Minimum balance requirement is SGD 1,000 (otherwise, a monthly service fee of SGD 2 is charged, applicable to individuals aged 26 and above).
3. Bonus + Savings Account
   • Features: Interest-bearing savings account (base annual interest rate of 0.05%). Earn up to 2.80% annual interest rate through regular savings without withdrawals.
   • Fees: Minimum deposit to open an account is SGD 5,000 (new funds). Minimum balance requirement is SGD 3,000 (otherwise, a monthly service fee of SGD 2 is charged).
4. Global Savings Account
   • Features: Manages 10 currencies in one account, with interest offered on four currencies (AUD, NZD, USD, CNH). Debit card has no foreign transaction fee, and withdrawals from overseas OCBC ATMs are free.
   • Fees: Minimum deposit to open an account is 5,000 AUD/CAD/CNH/CHF/EUR/GBP/NZD/USD/HKD or 500,000 JPY. Maintain the above amounts to earn interest. No account maintenance fee and no low balance service fee.

Telegraphic Transfer Fees

• Bank Commission: 0.125% of the amount (minimum SGD 10, maximum SGD 100) when debited from an SGD account; 0.125% (minimum SGD 10, maximum SGD 120) when debited from a multi-currency account.
• Currency Conversion Commission: 0.125% (minimum SGD 25, maximum SGD 120), applicable only if no currency conversion is needed.
• Currency Exchange Fee: Markup on the bank's exchange rate.
• Intermediary Bank Fees: If applicable, depending on the overseas bank's charges.
• Cable Charges: SGD 20.

Conditions and Required Documents

1. Account Opening Conditions
   • 360 Account: Minimum age of 18 years, minimum deposit of SGD 1,000.
   • FRANK Account: Minimum age of 16 years, no minimum deposit requirement.
   • Bonus+ Savings Account: Minimum age of 16 years, minimum deposit of SGD 5,000 (new funds).
   • Global Savings Account: Minimum age of 18 years, minimum deposit of 5,000 AUD/CAD/CNH/CHF/EUR/GBP/NZD/USD/HKD or 500,000 JPY.
2. Required Information
   • Singapore Citizens/Permanent Residents: National Registration Identity Card (NRIC) with a signed photo.
   • Foreigners: Passport, residence permit (such as Employment Pass, S-Pass, Student Pass), proof of residential address (such as phone bill, bank statement, CPF statement).

Online Account Opening Process

Holders of Hong Kong, Indonesian, Malaysian, or Mainland Chinese passports who are in Singapore or planning to visit Singapore can open an account remotely through the OCBC Digital app, specifically a Statement Savings Account (SGD) and a Global Savings Account (USD), with a minimum deposit requirement of SGD 20,000. Once an OCBC customer, additional accounts can be opened via online/mobile banking. The process is as follows:

1. Download and open the OCBC Digital app, click on “Register - Foreigners with e-passport.”
2. Prepare an e-passport and ID card for identity verification.
3. Fill in additional details to complete the application.
4. Submit the application and receive an active account number within three working days.
5. Fund the account via FAST transfer or overseas telegraphic transfer.
6. After successful account opening, apply for a debit card through online banking.