GSL / Offshore and International Law / Offshore Banking / Bank of Singapore LTD

How to open a bank account in Bank of Singapore LTD

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

February, 2013

Last contact

August, 2022

Last update

August, 2022
  • the bank opens savings (deposit) accounts;
  • an account can be opened by meeting with a representative of the Bank in Moscow (it happens regularly);
  • minimum account balance - from 3,000,000 USD, not necessarily the entire amount can be expressed in money, it is possible to deposit other assets (for example, securities);
  • accounts are opened for (personal investment companies) registered in any jurisdiction, incl. to offshore companies, as well as trusts and foundations;
  • the term for opening an account - case by case (check with the consultant).

Bank of Singapore is one of the leading Asian banks. The bank sets fairly loyal and optimal (for the Asian region) terms for opening an account. The transfer fee (80 USD) is not tied to the transferred amount, which is rare nowadays.

GSL rating
Beginning of cooperation
February, 2013
Last contact
August, 2022
Last update
August, 2022
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General information and rating

1 291
Global rating
4
Countrywide rating
2
Countrywide rating of the head bank
113
Global rating of the head bank
Year of foundation
2010
History
On 29 January 2010, ING Asia Private Bank (IAPB) was purchased by OCBC Bank, one of the leading Asian banks, and was named the Bank of Singapore. It is a wholly-owned subsidiary of OCBC Bank. It has branches in Hong Kong, Dubai (UAE), and in the Philippines
Personnel
The bank has over 850 staff, including Russian-speaking officers
Bank’s shareholders
OCBC Bank - 100%. One of the country’s leading banks
Confidentiality
Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements

    3 000 000
    Minimum balance, €
    5
    Transactions permitted per month
    3 000 000
    Initial deposit of funds, €
    6
    Deadline for the initial deposit, month
    Minimum balance, €
    The minimum balance requirement is USD 3,000,000, ideally aiming for USD 5,000,000. Not necessarily the entire amount can be expressed in money, it is possible to deposit other assets (for example, securities)
    Transactions permitted per month
    The allowed number of transactions on a corporate account - 5 per month
    Initial deposit of funds, €
    The bank expects an initial payment of 3,000,000 USD
    Deadline for the initial deposit, month
    The initial deposit must be made within 6 days of opening
    How fast payments are executed
    The value date is same day, +4 hours to Moscow time

    Tariffs and services

    30
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Bank commission for transfer is 30 USD
    Incoming transfer, €
    There is no fee on incoming transfers
    Account maintenance, €/year
    The bank does not charge any commission for servicing the account. For amounts less than 3,000,000 service - 2,500 USD per year. Closing an account - 250 USD
    Distant access to the account
    It is possible to manage the account via the Internet, but only a passive system: the account can be monitored, but the account cannot be managed. Fax or scanned payment order is used for transfer purposes
    Financial products
    The entire range of banking products
    Credit/debit cards
    The bank has no credit cards

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings
    Visit to the bank
    No visit to the bank is required. The bank’s representative visits Moscow every month
    Required
    A set of corporate documents, a copy of passport. No reference letters are needed
    Types of accounts
    Personal; Corporate; Savings
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located
    Chances to open an account
    Predictable
    Business description
    Requirements for the business description are standard: the account of how the business was established and where it stands now, origin of funds, details of biography and contact details of the beneficial owner of the account

    Banks of Singapore

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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