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 Opening a Bank Account in Singapore

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abcn1n
post Oct 23 2023, 12:14 AM

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QUOTE(604weekendwarrior @ Oct 22 2023, 11:53 PM)
Hi All.

For those who have been able to open a Maybank SG and CIMB SG account, has anyone been able to add a USD or any other foreign currency account with either of the banks?
I have successfully opened both Maybank/CIMB SGD accounts (And I'm a foreigner here in KL from Canada), but I'm looking to open up a USD account with either of the banks.
Just wondering if anyone has had any success.
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I think TOS and Ramjade has DBS Singapore multicurrency account and TOS has deposited USD in DBS Singapore. Maybe they can chip in. Not sure about Maybank and CIMB
abcn1n
post Oct 23 2023, 12:59 AM

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QUOTE(Ramjade @ Oct 23 2023, 12:36 AM)
For Malaysian side you can use rhb multicurrency acocunt. For sg side, DBS my account is the best multicurrency acocunt. This one you need to be there in person. Go to their MBFC HQ and tell them you want to open DBS Vickers and DBS multicurrency account (yes you need to apply for DBS Vickers or else they won't let you open).

Just take whatever multicurrency acocunt you can open. 6 months later, open DBS my account and close the multicurrency account that they give you.

Since you are a Canadian, can consider EQ bank. It's like a digital banks for Canadian without fees unlike your normal Canadian banks.

Forget Maybank/cimb sg for USD account. Not worth it.
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thumbsup.gif For me, I just have normal DBS account. Too lazy to change to DBS my account, open DBS Vickers etc.
abcn1n
post Oct 23 2023, 04:54 AM

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QUOTE(Ramjade @ Oct 23 2023, 01:45 AM)
If you have normal DBS account, you can open DBS my account. No need Vickers. Reason for opening a DBS my account:
1. No minimum amount. I keep only SGD0.10 inside. Most sg banks required you to keep min SGD500-3k inside.
2. It's a multucurrency account that can received other currency.
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Thanks. Yes, currently I have to keep minimum sgd2k

abcn1n
post Oct 23 2023, 10:46 PM

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QUOTE(Hansel @ Oct 23 2023, 10:28 PM)
Bro,... the CAD FD in DBS has a tenure of 2 weeks too,...  biggrin.gif  and the int rate is not too bad,......
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Ummm..no 2 weeks. But CAD is not doing well now and Canadian economy not good

https://www.dbs.com.sg/personal/rates-onlin...-fixed-deposits

This post has been edited by abcn1n: Oct 23 2023, 10:50 PM
abcn1n
post Oct 24 2023, 12:22 AM

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QUOTE(Hansel @ Oct 23 2023, 11:08 PM)
Thank you.

I was looking at the rates in the Wealth Mgmt / Private Banking platform. The rates are different there.
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Welcome. Rich person spotted. biggrin.gif

abcn1n
post Oct 24 2023, 05:24 PM

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QUOTE(Hansel @ Oct 24 2023, 03:36 PM)
Err no, bro,... anyone with SGD 5mil, I think,... to invest into DBS' financial instruments can get an id and passsword for this website, under DBS Private Banking, I think,... can't recall... emm,... quite a number of people have 5mil SGD,... BUT,.....

Not many have 5mil invested into DBS alone. That's just the difference.

Anyway, there are so many other banks in this world,... TD Bank, NAB, Sanwa Bank,... and DBS is not God's bank. So,... nothing to it-lar,...

I go with DBS because of my familiarity with DBS, and my love for the DBS Remit facility. Also, the DBS Debit Card is very flexible, allowing me to use respective currencies when buying things from many parts of the world. I could withdraw Euro cash (from my Euro Wallet) from Poland a few weeks ago (of course, that ATM could dispense Euro and Zloty notes) and I could withdraw Hrvynia from an ATM in Povrosk, Ukraine near the frontlines.
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Wow, you went to Poland and Ukraine during the war. Ukrainians have suffered a lot, not just this but also the Holodomor. Read there was 1 old lady who went through the world war, Holodomor and the Russian invasion. Her place is now destroyed. Really pity her have to suffer so much in her lifetime.
abcn1n
post Oct 29 2023, 11:14 PM

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QUOTE(Ramjade @ Oct 29 2023, 10:43 PM)
Open your DBS My account. Don't apply any other MCA. Once open, then only close your current DBS/Posb account.
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abcn1n
post Oct 31 2023, 04:58 PM

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QUOTE(Ramjade @ Oct 29 2023, 10:43 PM)
Open your DBS My account. Don't apply any other MCA. Once open, then only close your current DBS/Posb account.
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Opened DBS My account already. Unfortunately they require one to link to existing account. So guess can't close my DBS account
abcn1n
post Oct 31 2023, 05:52 PM

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QUOTE(Ramjade @ Oct 31 2023, 05:21 PM)
Can. Just don't close your current DBS/posb account until at least 6 months to avoid any fees.
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You mean after 6 months close my DBS account but my DBS My account will still be open? But my DBS My account is now linked to my DBS account debit card.

I know from experience if I ask the DBS officers personally in person, they will tell me everything can't but from lowyat forum, actually many things can be done
abcn1n
post Oct 31 2023, 11:41 PM

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QUOTE(Ramjade @ Oct 31 2023, 06:31 PM)
You can cancel your old debit card or have it link to your new account. I have it link to my new DBS my account when I dispose of my posb account.

My journey was DBS multiplier (need SG3k inside) -> posb everydsy savers (SGD500 inside) -> DBS my account (no min acocunt but I keep SGD0.10 inside). Each step I unlink my debit card from old acocunt and link it to new account.

Ask their robot how to do it. Very useful.
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Ramjade Thanks. Did you have to make a trip down to Singapore or could everything be done online?
abcn1n
post Oct 31 2023, 11:52 PM

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QUOTE(Ramjade @ Oct 31 2023, 11:48 PM)
No trip down. Can't remember if I need to post things down though. Well I will remain and maintain DBS my account unless they start charging fees. But unlikely cause they said have surplus cash. Don't know what to do with them.
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Ramjade Thanks. Forgot to ask does DBS My gives monthly e-statement? Some places want to see bank statement with the address. Just discovered some banks don't give out e-statements, neither do they post hardcopies of the statements

This post has been edited by abcn1n: Oct 31 2023, 11:56 PM
abcn1n
post Nov 1 2023, 12:25 AM

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QUOTE(Ramjade @ Nov 1 2023, 12:03 AM)
You can always download the e-statement. I don't remember seeing one in my email. But my account is kind of dormant and only use like once a year to received USD cashback from my shopping so I don't really care.
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Thanks. OCBC Singapore don't have any e-statement (nothing to download, nothing to see) and they don't send hardcopies. bangwall.gif
Just found out that this happens for those accounts that were opened with passbook. So basically if brokerage were to ask proof by showing statement, basically can't use the account. That's why I asked about DBS My
abcn1n
post Nov 1 2023, 01:03 AM

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QUOTE(!@#$%^ @ Nov 1 2023, 12:51 AM)
can open ocbc online accounts, it comes with e-statements
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Thanks. Might have to look at it. Any particular OCBC account or anyone will do?
abcn1n
post Nov 1 2023, 01:18 AM

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QUOTE(!@#$%^ @ Nov 1 2023, 01:12 AM)
I have these 2, both also have e-statements. will close the statement savings account after 6 months; it was opened by default for us malaysians who applied account opening via app. subsequently opened monthly savings account online for lower fall below fee requirement.

Statement Savings Account
Monthly Savings Account
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But they both require a valid pass (eg: employment pass/student pass) if foreigner. So can't qualify

Also curious, nobody tried to open UOB Singapore account or is it just not possible with Malaysians

This post has been edited by abcn1n: Nov 1 2023, 01:19 AM
abcn1n
post Nov 1 2023, 01:52 AM

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QUOTE(!@#$%^ @ Nov 1 2023, 01:28 AM)
u have missed out a lot i suppose. if u r new, then u can try this. if u already have an account, u can open other accounts via their online banking.

https://www.ocbc.com/personal-banking/artic...foreigners.page
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Wow. Thanks. Not too sure how to identify whether mine is an e-passport. I'm suspecting the image of a circle inside a divided rectangle is the sign its an e-passport.
abcn1n
post Nov 1 2023, 12:49 PM

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QUOTE(TOS @ Nov 1 2023, 07:17 AM)
Malaysia passports are definitely considered as e-passport. Just make sure your phone has NFC capabilities as the OCBC Digital Banking app will need to use it to read your passport's info. (Cheap phones don't have NFC...)
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Thanks
abcn1n
post Nov 1 2023, 05:45 PM

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TOS or anyone. Help. My existing OCBC account does not allow me to create any account. It keep saying my account don't exist when I am already looking at my account and have money inside. Don't know why.

Anyway, decided to download the app into another phone and sign up as a foreigner new account. But somehow the app unable to capture my NRIC. Anybody has any problem with capturing the NRIC image?

The front image successfully scanned once (IC placed in the rectangle) but then the rectangle now turns into an 'unusual rectangle' and when I place the back of the IC, it keep asking me to adjust phone or place the image in the rectangle. I kept adjusting phone etc but image not captured. Don't understand why the rectangle turn into a different rectangle and it cannot capture my ID

This post has been edited by abcn1n: Nov 1 2023, 05:53 PM
abcn1n
post Nov 1 2023, 06:03 PM

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QUOTE(TOS @ Nov 1 2023, 05:50 PM)
Have you tried to apply for new accounts from the web portal rather than the app?

» Click to show Spoiler - click again to hide... «

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If I log into my existing account, both web and app cannot open any account. I need to open an account in OCBC as my current account does not have any e-statement or hardcopy statement. Found out that OCBC accounts opened with passbooks not entitled to e-statements. I can't even change or request for statements anywhere in the app as its just not allowed for my case

This post has been edited by abcn1n: Nov 1 2023, 06:03 PM
abcn1n
post Nov 1 2023, 06:35 PM

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QUOTE(abcn1n @ Nov 1 2023, 06:03 PM)
If I log into my existing account, both web and app cannot open any account. I need to open an account in OCBC as my current account does not have any e-statement or hardcopy statement. Found out that OCBC accounts opened with passbooks not entitled to e-statements. I can't even change or request for statements anywhere in the app as its just not allowed for my case
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After 1st NRIC image (front image successful, it says to scan 'bottom front card'. Err, why bottom front card and not the back of the NRIC? Maybe I'm doing something wrong here?


QUOTE(Ramjade @ Nov 1 2023, 06:28 PM)
Since you already got ocbc account, try apply for new account like their ocbc global savings account.
https://www.ocbc.com/personal-banking/depos...savings-account

Kind of like DBS My acocunt.
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Cannot apply for anything if I log into my existing account id. Click on anything, it says 'your request is unsuccessful. You do not have an eligible reference account. You can apply for a new account at any of our OCBC branch'

That's why I am trying to open a new account as a foreigner using passport and NRIC (using a different phone number and email). But as stated above, when comes to NRIC, it can't capture. Keep saying--'scan bottom front card'. What does that mean???
abcn1n
post Nov 1 2023, 06:50 PM

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QUOTE(Ramjade @ Nov 1 2023, 06:41 PM)
Then easy solution is make a one day trip down and settle it. Go I. The morning, come back in the evening or night.
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I have talked in person to OCBC officer before. Even with an existing account, they will tell me everything cannot apply--and this happen a few times, latest being this year. I guess I will try again maybe next year.


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