How to open a bank account in Oversea-Chinese Banking Corp Ltd (OCBC Bank)

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2013

Last contact

April, 2024

Last update

October, 2023

the bank opens checking and savings accounts;
visiting the bank is required, however, when opening a Bank of Singapore account, it is possible to open an account with OCBC Bank without leaving Singapore;
the minimum account balance is EUR 30 000;
the term for opening an account – case by case (check with the consultant);
the requirements for each client (possible turnovers, areas of activity) are considered by the Bank individually, in a case by case mode;
the bank is interested in working with large clients and / or holdings with various lines of business

GSL rating

Beginning of cooperation

May, 2013

Last contact

April, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

108

Global rating

2

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1932

History

Established in October 1932, being a merger of Oversea-Chinese Bank Limited, Ho Hong Bank Limited and Chinese Commercial Bank Limited. In February 1997 acquired the banking business of Bank of Singapore (Australia) Limited (known as BOSA Limited with effect from February 25, 1997). On July 1, 1998 absorbed Four Seas Bank Limited. In August 2001 absorbed Keppel TatLee Bank Ltd. On November 1, 2003 OCBC Finance Limited merged into the above. OCBC Bank operates its commercial banking business in 15 countries and territories including Singapore, Malaysia, Indonesia, China, Hong Kong SAR, Vietnam, Brunei, Japan, Australia, the United Kingdom and the United States

Personnel

Number of employees -10 000

Bank’s shareholders

Citibank Nominees Singapore Pte Ltd (Singapore) - 13,11%; Selat (Pte) Ltd - 11,45%; DBS Nominees Pte Ltd (Singapore) - 10,58%; DBSN Services Pte Ltd (Singapore) - 5,39%; HSBC (Singapore) Nominees Pte Ltd (Singapore) - 4,54%; Singapore Investments (Pte) Ltd (Singapore) - 3,68%; Lee Foundation - 3,64%; Lee Rubber Company (Pte) Ltd - 3,04%; BNP Paribas Securities Services Singapore (Singapore) -2,84%; United Overseas Bank Nominees (Pte) Limited (Singapore) - 2,19%; Lee Latex Private Ltd - 1,41%; Raffles Nominees Pte Ltd (Singapore) - 1,14%; Kallang Development (Pte) Limited - 0,95%; Lee Pineapple Co (Pte) Limited (Singapore) - 0,66%; Kew Estate Limited (Singapore) -0,64%; DB Nominees (S) Pte Ltd (Singapore) - 0,56%; Lee Brothers (Wee Kee) Private Limited (Singapore) - 0,52%; Tropical Produce Company Pte Ltd (Singapore) - 0,48%; Kota Trading Company Sendirian Berhad (Singapore) -0,48%; Island Investment Company (Private) Limited (Singapore) - 0,47%

Confidentiality

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

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Minimum requirements

30 000

Minimum balance, €

100

Transactions permitted per month

500

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

The minimum account balance is EUR / USD 30 000. If the minimum balance is reduced within a month, the bank will write off a commission in the amount of EUR / USD 100

Transactions permitted per month

Expected number of transfers for successful account opening: 100 transactions per month with an annual turnover of EUR 50 000 000. The stated figures are subject to change, for example, 200 transactions per month with an annual turnover of EUR 25 000 000

Initial deposit of funds, €

The minimum deposit (for a EUR account) is EUR 500

Minimum turnover, €/year

The bank gives preference to large clients with an annual turnover of EUR 50 000 000

How fast payments are executed

Cut-off time for wire transfers is 17.00 Singapore time (+ 5 hours to Moscow)

Tariffs and services

35

Outcoming transfer, €

6

Incoming transfer, €

0

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

he fee for outgoing payments in the first two years of account maintenance is EUR 35 (for payments in EUR); USD 43 (for payments in USD). In the future, rates for transfers will depend on the size of the transaction (0,125%)

Incoming transfer, €

Any incoming payment is SGD 10

Account maintenance, €/year

Account maintenance is free. For opening an account for one company, the Bank charges a commission of SGD 250. If the company closes the account during the first year of service, the bank will charge a commission of EUR / USD 1 000

Distant access to the account

Possible round-the-clock service by phone, e-mail, as well as through Internet-banking (Velocity @ ocbc). Token issuance is free. For the issue of subsequent tokens, the Bank charges a commission of SGD 20 for each

Financial products

The bank offers a great variety of specialized financial and asset management services, including deposits and personal loans, credit cards, money management, international trade financing, investments, private banking, funds, insurance and asset management

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

A visit to the bank is obligatory. However, when opening an account at the Bank of Singapore, it is possible to open an account at OCBC Bank without travelling to Singapore

Required

Standard set of corporate documents, copy of passport

Types of accounts

Savings; Current

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, biography and contact details of the beneficial owner of the account

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