GSL / Offshore and International Law / Offshore Banking / Oversea-Chinese Banking Corp Ltd (OCBC Bank)

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

August, 2022

Last update

August, 2022
  • 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;
  • Currently, the Bank has special increased conditions for Russian residents.

OSVS Bank is the oldest Singaporean bank, the second largest in Southeast Asia. The bank does not impose any special requirements for the documents provided.

ОСВС Bank is the oldest Singapore bank, second largest in South-Eastern Asia. The bank has no specific requirements for the documents to be provided.

It is only possible to open an account at OCBC Bank without a visit to Singapore in the case of opening one more account (an investment one) with the Bank of Singapore. In all other cases travelling to Singapore is obligatory

GSL rating
Beginning of cooperation
May, 2013
Last contact
August, 2022
Last update
August, 2022
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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; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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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 30,000 EUR / USD. If the minimum balance is reduced within a month, the bank will write off a commission in the amount of 100 EUR / USD
    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 35 EUR (for payments in EUR); 43 USD (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 10 SGD
    Account maintenance, €/year
    Account maintenance is free. For opening an account for one company, the Bank charges a commission of 250 SGD. If the company closes the account during the first year of service, the bank will charge a commission of 1,000 EUR / USD
    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 20 SGD 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
    Personal; Corporate; 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

    Banks of Singapore

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