How to open a bank account in OCBC Bank Limited (formerly OCBC Wing Hang China)

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2022

Last contact

November, 2024

Last update

August, 2024

OCBC is Singapore’s oldest bank and the second largest in Southeast Asia;
the bank only accepts companies registered in Hong Kong;
after all approvals, the bank sends forms for signature (DHL), which must be signed and sent back with the original passport and Certificate of Incorporation + Business Registration Certificate;
there are no restrictions on deposits and balances;
the account is opened remotely;
the commission for each transaction consists of: a) fixed sum: USD 25; b) mobile part: 0,1% of transaction (minimum – USD 15, maximum – USD 150); monthly maintenance cost = USD 50 / month or free if the balance is more than USD 5 000;
individuals are NOT allowed to transfer from the account;
Internet-banking is available – USD 12 per month;
opportunity to get pre-approval;
account opening term – from 1,5 months

GSL rating

Beginning of cooperation

November, 2022

Last contact

November, 2024

Last update

August, 2024

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

2007

History

OCBC was founded in 1925. It is Singapore's oldest bank. The second largest in Southeast Asia. The bank's global network has expanded to more than 570 branches and representative offices in 18 countries and regions, including Singapore, Malaysia, Indonesia, China, Hong Kong, Vietnam, Brunei, Japan, Australia, Britain and the United States.
In the year of 2007, OCBC Bank incorporated its local entity OCBC Bank (China) Limited in Shanghai. In 2014, OCBC Bank completed acquisition of the former Wing Hang Bank. OCBC Bank (China) Limited and Wing Hang Bank (China) Limited, the wholly owned subsidiary of Wing Hang Bank, merged into OCBC Wing Hang China on 18th July 2016. In November 2023, the bank changed its name to OCBC Bank Limited

Personnel

There are English-speaking staff

Bank’s shareholders

OCBC Wing Hang Bank (China) Limited is directly owned by OCBC Wing Hang Bank Limited, a wholly owned subsidiary of OCBC Bank based in Singapore

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

0

Minimum balance, €

No restrictions

Transactions permitted per month

0

Initial deposit of funds, €

0

Deadline for the initial deposit, month

Minimum balance, €

No minimum account balance requirements

Transactions permitted per month

No restrictions on the number of transfers

Initial deposit of funds, €

No down payment requirements

Minimum turnover, €/year

No restrictions

How fast payments are executed

Payments - same day or next day

Tariffs and services

150

Outcoming transfer, €

150

Incoming transfer, €

600

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

The transfer fee is USD 25 + 0,1% of the transaction (minimum - USD 15, maximum - USD 150)

Incoming transfer, €

The deposit fee is USD 25 + 0,1% of the transaction (minimum - USD 15, maximum - USD 150)

Account maintenance, €/year

The account service fee is USD 50 per month. The bank does not charge for account maintenance if the account balance is more than USD 5 000

Distant access to the account

There is Internet Banking with a fee of USD 15 per month

Financial products

OCBC Wing Hang China offers a wide array of financial services, ranging from corporate banking, financial institutions services to global treasury and consumer financial services

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 & current

Visit to the bank

You do not need to go to the bank. Account opening is done remotely

Required

To legal entity: Standard set of corporate documents of the company; Completed questionnaires on the form of a bank for the company and the owner; Copies of current contracts / invoices with counterparties; Office lease, business plan, cash flow chart, ownership structure chart, website, etc.
On the natural person (director / shareholder / beneficiary / attorney): Passport; Confirmation of address (not older than 3 months); Summary.
This list is not exhaustive and the bank may request any other documents and information.
If the director of the company is NOT a citizen of China, then it will be necessary to independently notarize the passport in his country; legalization of documents in the consulate of Vietnam will also be required if an account is opened with the GC company

Types of accounts

Savings; Current

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

Moderately detailed: along with a description of the business, you must provide information about the sources of funds

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