How to open a bank account in 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

June, 2024

Last update

March, 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
June, 2024
Last update
March, 2024
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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.
Personnel
There are English-speaking staff
Bank’s shareholders
OCBC Wing Hang Bank (China) Limited is a wholly-owned subsidiary of OCBC Bank
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

    Banks of China

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