hi all, im a malaysian, not studyin nor working in sg, can i open a bank account in singapore??

This post has been edited by MilesAndMore: Sep 11 2018, 06:19 PM

can.

Yes, you can. Some SG banks have tight account opening requirements. I think OCBC requires a referral from an existing customer to open an account.

This post has been edited by gilabola: May 30 2010, 11:51 PM

Try DBS/POSB. Or you can try with Maybank Singapore. Many Malaysians who do not study or work there have an account with them.

This post has been edited by MilesAndMore: May 30 2010, 11:57 PM

What are the pros and cons ?

Maybank singapore would be easier to transfer money to/out malaysia ?

I recently open bank with DBS/POSB. Took me less than 10 minutes. I don't even stay / work there. My main purpose is for online transactions only because I do not trust Maybank (yet) ^^;

I tried another bank, they say I have to work/resides in Singapore to be eligible. The bank is red in color, can't remember much.

how much is the TT charge to transfer money to malaysia ?

I do not have an account with Maybank Singapore. Therefore, i can't comment much. But i believe it is very easy for Malaysian to open an account with Maybank Singapore. As a matter of fact, i believe you can open a Maybank Singapore through any local Maybank branches here in Malaysia without you physically going to Singapore.



I would have preferred to open an account with DBS/POSB too due to their vast ATM network on the island. DBS also do not charge any fee when we use their Singapore issued ATM/VISA debit card to withdraw money through their ATM in DBS Hong Kong, DBS Taiwan and DBS Indonesia.


It probably is OCBC Bank.

How come there are no DBS Malaysia ?

Can we use DBS in Thailand too ?

DBS Bank wanted to apply for one of the two commercial banking licences which to be awarded this year but dropped out in the last minute. It is reported that they are more interested in venturing into the retail mass banking market and the commercial banking licences won't allow them to do that hence the last minute dropout.

Anyway, the owner of DBS Banking Group, Temasek Holdings is the single largest shareholder of Alliance Bank. Rumor is that they are waiting for Bank Negara to open up the local banking industry to foreign players and they will eventually merge Alliance Bank into DBS Banking Group.


DBS is not in the retail banking in Thailand. They are currently present only in Singapore (obviously), Hong Kong, Taiwan and Indonesia. Another rumor is that PT Bank Danamon Indonesia, one of the largest banks in Indonesia which is also majority owned by DBS Banking Group's parent, Temasek Holdings will eventually be merged into DBS Banking Group too.

This post has been edited by MilesAndMore: Jun 1 2010, 05:29 PM

I believe if you got UOB ATM card, you can withdraw from Malaysia ATM FOC.

Even if you have a UOB Singapore ATM card, you will still be charged for each cash withdrawal at any UOB Malaysia ATM. I am however not too sure what are the charges like though.

As for OCBC, if you have a OCBC/OCBC Al-Amin Malaysia ATM card, you will be charged RM2 each time you withdraw money at any OCBC Singapore/OCBC-NISP Indonesia ATM. Same goes to OCBC Singapore ATM/VISA debit cardholders. When they withdraw money at any OCBC/OCBC Al-Amin Malaysia ATM, they will be charged SGD2/withdrawal.

Can we open over Malaysia Bank here or have to go over Singapore to open account?

Recommend DBS bank for Malaysian to open bank account in Singapore. Easy to open, excellent service (much better than Malaysian banks ), just 10-15 minutes, they even fill in the bank opening form for you. Also instantly eligible for ATM/debit card, internet banking and secure device.

Requirements :

1. Malaysian IC
2. SGD 500 minimum deposit

Benefits:
1. Platinum ATM/VISA debit card, free of charge
2. Will send statement every month to your Malaysian home address, free of charge
3. Can use internet banking anywhere (using a secure device), free of charge
4. Can register your Malaysian HP no for internet banking message, free of charge
5. Online bank fraud refund guarantee.

Cons:
1. No Malaysian bank presence
2. SGD 2 fee per month of your account value falls below SGD 500

This post has been edited by gark: Jun 2 2010, 03:00 PM

How much do they charge for autobilling? can you pay your water and electricity, credit card bills through the website? what about Interbank transfer?


This post has been edited by wodenus: Jun 2 2010, 03:59 PM

How much does it cost to transfer money from Singapore to Malaysia over the internet ?

Are there anybody that is not studying/working in Singapork but purposely crossed the causeway carrying a bunch of Singapore Dollars in cash just to open a bank account there? (thinking of doing this)

What is the purpose of doing it? Is it a means to safe guard your money?

Can anybody share their experience to me. PM etc.

I did and opened an account with DBS bank, carried some SGD1k notes, for easy carrying . Anyway manage to lose some of 'deposit' at Marina Bay Sands. .

My main purpose is for easy credit to my singapore investment, diversify my cash and asset holdings, safeguard my money against sudden devaluation and also just in case this country tells me ' you tak suka, you keluar!'.



Good enough reason?

Appreciate it if you can tell us how best to invest in Singapore for low risk investment .

This post has been edited by jalsrix: Jun 19 2010, 12:10 AM

Just to share I went to SG & open Maybank account years ago. Very easy, passport, IC, SGD 200.00/500.00 (forgot)
The reason open a/c ... to transfer paypal funds, coz last time Malaysia no paypal.

There are no good low risk investment in Singapore, the interest rate and FD is very low. Even SG bonds are paying only about 1-2% yield. I invest in a higher risk instruments in SG, the low risk portion is in Malaysia.

regards,
LCM

Can we transfer money via internet TT from DBS bank, Singapore into Malaysia maybank account ?

How about from singapore maybank to malaysia maybank ?

not sure abt DBS but i have experience transferring money from a Singapore maybank account to a Malaysian maybank account (not the same person) and was charged SGD15 for the online transfer.

QQ... I though we (Malaysians) need Bank Negara approval to open an account overseas?

I'm thinking of opening an account in Singapore for stock trading.

No need , just bring IC & passport can d. DBS bank now min requrement is 1k Sing, and they pay 0.05% interest....

I also can confirm that you do not need a prior approval from BNM to open an account overseas.


S$1,000 is for S Pass and EP holders. For all other foreigners, you need S$5,000 of initial deposit as well as to maintain the account (to avoid the S$2 fall-below fee).

Anyway, UOB Bank is a better choice if one is looking for a more affordable Singapore based savings account as one only needs an initial deposit of S$1,000 to open a savings account as well as to maintain the account.


**post edited. S$2 mistakenly written as S$2,000.

This post has been edited by MilesAndMore: Jan 6 2012, 11:24 AM

FD also gives around 0.05% - which is way lower than the inflation rate of 3-4% (i think). There is no point saving your money in there. On the plus point, SGD has been steadily appreciating against MYR over the years. Just a few years ago, the exchange rate was 1SGD=2.2MYR. Now the SGD has gone up another 10%!!!

Just in case any existing DBS a/c holders wondering if the SGD5k applies to them. Not entirely.
If you open before 12 Sept 2011, your fall below rate is SGD500 and won't change.

You can call to confirm, I did and the CSO confirmed with me, she said my fall below rate will only change if I close the a/c and open again. She also reassured me that if I ever remove until SGD600 I still won't be 'taxed'. Anyway, for ease of mind, please call them, they pick the phone quite fast, but the menus are very long.

And also to check the fraud cases today from DBS/POSB (someone skim cards and go to JB to withdraw SGD200,000 total [SGD1k x 200 transactions] ) to make sure my money wasn't laundered away.

This post has been edited by MYstombox: Jan 6 2012, 12:13 AM

Thanks everyone for your helpful insights. Malaysian has strict currency controls. Singapore, while considered a very open economy, is also beginning to tighten their laws and enforcement (see Bloomberg article).

It helps knowing that there are others also have an SG account. I am just an ikan bilis investor (only 10-20k to start with), and I don't want to waste time getting hauled up by SG or MY authorities to explain such the small sums.

You do need to abide by malaysian regulations about currency removal. There's a max limit before you have to declare to customs.

10-20k is still a large sum to carry around.

Suggest you do so bit by bit.

Anyway, personally I do not see why you'd want a SG bank account, the interest rate is pathetic. Travelling into SG also takes up the interest earned, somehow if I didn't already have an account and I want SGD, I'd just change at money changer and keep at home or keep in forex FD, and even then the interest rate is pathetic because pegged to MAS rates.

Yes, I won't be carrying that kind of money in pocket. I'll be buying SGD over a period of time from Malaysian friends working there.
The purpose of the a/c is really for stock investment in SG over long term. Interest rates is a small matter. Even our 3% FD aren't that fantastic.

You are allowed to carry USD 10K equivalent of currency notes and do not have to declare at customs. Anything more than that you need to declare.

I view MY SG bank account and investment as a insurance in case of 'you tak suka you keluar' happening.

For DBS if you have the old account the min amount is SGD 500, for new account holders it is SGD 2K minimum.

This post has been edited by gark: Jan 6 2012, 11:01 AM

For new holder should be S$1,000 or S$5,000, depends on what kind of foreigner are you.

which broker are you looking at? most charge around SGD25 per trade - very high, when you consider in the US per trade is around USD10.

There's a few brokers mentioned here somewhere, so I'll probably check them all out. The minimum SGD25 per trade is expensive but I'm not doing high frequency trades.

we appreciate if u can check out the brokers fees and share with s....

I did exactly what you intended to do. Here are my steps:

1. Find out which bank offers the lowest MINIMUM req for your saving account. For me was UOB at SGD 500. Anything less nets that nasty charge. Also must have internet banking.
2. Find out which trading firm you'd like to buy stocks with. For me was one with internet trading.
3. Find out what you need for items 1 and 2. E.g. IC photocopy, proof of residence in Msia (e.g. utility bill with your name on it- Streamyx and Astro usually don't count), referral letter from an existing account holder (for bank and for trading account) and the minimum amount of cash needed to open the account (this is in SGD)
4. Prepare transport and accomodation (if any) to SG.
5. Go during working days to BANK first to open your savings account. They will do a background check and the referral letter comes in handy (go ask your SG friends who have existing accounts there). Give them the SGD to set up the bank account- usually 1k SGD.
6. Get your account set up. You will get the ATM card, bank no, PIN etc (biasa stuff). Also get the international transfer codes from them (IBAN, SWIFT) and internet login (important!).
7. Go to the TRADING FIRM next to open your trading account and your CDP account set up. Give them the paper requirements and also your bank account number to tie in to the trading account and to your CDP (important for dividend payouts). You also need to deposit the minimum cash to your trading wallet. This sum here is quite hefty (could be around 5k SGD)
8. Once all paperwork done, go back home and have a good rest. CDP and the trading firm will mail you the access codes for online trading.

Congratulations you can now trade like a Singaporean from Malaysia!

Ps. To top up your trading account with more money, do international TT (telegraphic transfer) using the banking codes you got for your bank account. Internet banking can transfer the funds from the SG banking account to your SG trading account.

I have 1k SGD carried by cash (for the bank) and 5k SGD carried in form of *banker's cheque (for the trading account). *Normal cheque will not work! Banker's cheque/draft is a legit form of real cash- no owe owe.

This post has been edited by kaiserwulf: Jan 6 2012, 10:57 PM

Kaiserwulf, it sounds like you've been doing SG stock trading for a while. Your detailed notes will prove very useful for first timers getting around and avoiding getting into problems. Thanks for your effort.



There's a broker named Phillip Capital (I think it is http://www.phillip.com.sg/). However, I'll most likely go for OCBC for a couple reasons
- one-stop solution (you can open bank and trading a/c from the bank branch)
- some branches are open even on Saturdays


This post has been edited by Eugenet: Jan 8 2012, 11:09 PM

For non-singaporeans, non-PR & jobless people, only DBS and UOB available? No standchart etc?

Got, HSBC also got. E.g. HSBC has a minimum balance requirement of SGD5k. Good luck with that!

Bank accounts
- Maybank SG is able to link with Maybank2u
- DBS bank is better for normal usage (as its more common for Singaporean, their TAC will be sent to our Malaysia phone without any charge) Free debit card (will mail to malaysia address without charge, no annual fee ) Just walk in to any branch with some money (double check on the minimal deposit)

Broker
- Philip Capital , last time manage to open an account with Malaysia IC in their shopping mall booth
- not sure about others..

anyway what is the saving and FD Interest rate in Singapore. ?

the rate is about 1:2.5 ?

I am a Malaysian and soon working in Singapore. Now think where should I open a bank account.

I have though of Maybank cause I have some commitment here that I need to settle every month, and give my mom pocket money too Does anybody know by chance if we could transfer money from mbb SG to mbb MY with no charge?

no such thing as NO CHARGE laa..

but I would be interested to know what is the charges applicable to transfer SGD from my SG_MBB back to MY_MBB in MYR. Anyone could share ?

Bro, some employer might give you referral letter for you to open account with specific bank.
Maybank SG and MY are different entity bro. Whatever transfer also have charge. Withdrawal from ATM in Ringgit after crossing into Johore will also be charged.

you can always check at their website. SGD15 if not mistaken.

Has anyone tried this "RegionLink" service from MBank_S'pore?

Is BNM able to check our bank account opened in oversea ?

Since DBS/POSB had changed their requirement, actually I opened long ago am I still entitle for the balance fall below RM500, a fee of SGD$2 will imposed or the follow the old rules?

Reviving old thread... can I open SG UOB bank account through MY UOB bank account?

bump^

Minimum deposit s$500 or they will charge maintainance fee

even in OUB?

You can search online for that info.

Yes. And it is one the lowest in Singapore already. The other two Singaporean banks require you to keep an average balance of S$1,000/month to avoid the account service fee. It used to be only S$500 only at DBS but foreigners are not allowed to open that account anymore.

Anyway, do bear in mind that if you do not work or live in Singapore, the bank reserves the rights to reject your application to open an account.

tried searching the info... apparently only high networth of individual are likely to get to open bank account? for non-resident, non-pr, non-permit?

This is the info i gather from internet:

Non-resident foreigners may also open personal bank accounts but banks are usually reluctant to do so, the processes/criteria being more stringent. High networth non-resident foreigners may also have access to banks in Singapore via private banking channels.

They will no doubt ask you why do you want to open a SG bank account when you do not work or live there.


Not necessarily must be a Private Banking customer. Mass Affluent Banking customers such as HSBC Premier, Citibank CitiGold or Standard Chartered Priority Banking is another alternative to open a SG account.

Is there any way I can open a SG UOB account in Malaysia? I gona call UOB later.

think all singapore banks

do double check

just for your info

---

Added on November 20, 2012, 12:53 pmNo...think u need to go singapore



This post has been edited by snowbreeze: Nov 20 2012, 12:53 PM

I know you can open a UOB Bank Singapore account without going to Singapore but i think it applies only to the UOB SG Privilege Account and UOB SG Private Banking Account. For normal account, you will still need to go to Singapore yourself but as i said earlier, there is no guarantee that they will open the account for you if it is a normal account. For UOB Privilege or UOB Private Banking Account, it usually is no problem and the opening of either of these two accounts can be done through email+DHL

This post has been edited by MilesAndMore: Nov 20 2012, 01:12 PM

lof courser cqn lq they have MAYBANK THERE TOO

Here is the information:

Privilege account:

2. MEMBERSHIP
To qualify as a UOB Privilege Banking customer, you must maintain at all times a minimum required monthly cash deposit and/or investment balance of S$350,000 (or its equivalent in a foreign currency) as the Bank may decide from time to time in any of your accounts.


Private account:

Duno

Do note that there is no fall below fee for this account.


SGB5 Million to qualify. It used to be only SGD2 Million last year.

whats the latest update on banking in singapore?

for malaysian just need a passport and NRIC to open with local singaporean bank. international banks such as hsbc and citibank has stricker rules

I currently use standard chartered for saving(higher interest) and trading(lowest commission), they claim can do internet transfer to msia sc account but I didn't try it.

what do you mean by can do internet transfer to Malaysia sc account? u mean we can't transfer to any other Malaysian bank other than sc?

I am not sure, you have to find out. I guess you save the TT cost, just pay the FX spread.
http://www.standardchartered.com.sg/person...ine-banking/en/

Hi guys,

To to share this comparison done on 22-jan-13.

I would say UOB would be a better choice, as it has a low min balance before the fees are applied.

To add on something which isn't listed. Opening of bank accounts in SG MUST have a working pass and subject to banks approval.




This post has been edited by jex-koi: Jan 22 2013, 10:39 AM

confused here. so is it can or cannot for foreigner with no PR/permit to open an account there?

That is not true.

then which bank in SG will allow you to open w/o working pass or other passes (e.g. S-pass) ?

Singapore has tighten the conditions for foreigner to open an account since last year. Now it is quite dfficult to open a savings account even you have a work permit. PR still ok.

Still not entirely true. Singapore after all, is still one of the biggest offshore banking centres in the world and it still aims to be the preferred offshore banking centre to foreigners. It is still very easy for foreigners with no work permit or right of abode to open an account. Just the the minimum deposit they may request from you is not just the usual $250, $1000 or $5000.

Then I should rephrase: Now It is only rich foreigner can open accounts

My friend wan to open the account with sgd 400k get rejected by the bank. He is neither work nor live in Singapore.the bank is DBS. could anyone let me know what is the reason ya?

Can't comment anything on why they turned your friend down. But there are many other banks he can try and Citibank Singapore is one of the many options available. They have a special division for offshore banking and the minimum deposit is only USD5,000. But since your friend has SGD400,000, they will most likely suggest him to open a Citibank IPB Singapore Citigold account instead. These giant international banks also prefer to open this kind of big account, hence the chance of your friend to be able to open this account is brighter as well.

i went to DBS for open account, i hv pass here.so no problem.
but i also see in the borchure, there is an option for foreigner who doesnt hold any visa to open an account there.

to share my personal exp.

Checked with hsbc, maybank, uob, and dbs. Only hsbc, maybank, and uob gave a consistent answer of needing some sort of work permit/passes or requirements listed on their website.

As for dbs, the requirements on the website seems to be a 'guideline' for dbs branches. Meaning the dbs branches will have their own requirements if foreigners want to open a bank acc.

I personally went to a few branches, and some needed work permit/passes, while some needed other bank statements. Finally, i found the MBFC branch which only needs the passport (like what is stated on the website) and does NOT need any work permit/passes.

This post has been edited by jex-koi: Feb 27 2013, 09:00 AM

There are forms to fill up to state the intent of opening the account, together with an 'interview'. Why not try HSBC SG premier account ? The HSBC staff told me that a min of SGD70k is needed to open the account, and no work permit/pass is needed. Or if your friend has a HSBC MY premier account, he/she can open an account with HSBC SG too. Not sure whether there is an 'interview' before one is allowed to open the bank acc.

Hi,
Wanna ask is the DBS need initial deposit?
The website is stated no need any...is it true?
http://www.dbs.com.sg/personal/deposit/esa...equirement.page

Thanks.

Yes, you are correct. No deposit is required when opening the account. Only deposit $ after acc is opened.

But you need to maintain a (average) balance of SGD 5k, else they will charge SGD2 per month (Translates to ~ RM 5 a month).

Is it a MUST to deposit $ after the acc is opened? Can I leave it empty now as i'll only start work from March. Probably will get salary on end of March.

Is it OK to open the account now?

Thanks.

To those interested, mark this down

And thanks for sharing your experience here


SGD70k ? I believe that is for a normal HSBC SG offshore account. For HSBC SG offshore Premier account, the minimum deposit is SGD200k.


No. There is no interview. One doesn't even have to go to Singapore personally just to open the account. Your Premier RM in Malaysia can get everything done for you from your home branch here in Malaysia.

How easy is it to TT money to your bank account in SG?
Has anyone tried? Are there any restrictions by Msia?

No restrictions, for transfer over RM 10K, need to declare purpose to BNM (at bottom of TT form).

Thanks mate

Gonna start a trading account over there with a bank........

Then declare the purpose as 'investment' and source as 'savings'. So far transfer lots of time no problem...

Please also note that some banks in SG will deduct a small amount as incoming TT 'fees'. Mine is SGD 12/TT.

Most of time I just bring cash across the causeway... (not more than SGD 20k, otherwise have to declare)

P/S what trading you doing?

This post has been edited by gark: Mar 21 2013, 11:21 AM

gark..........stocks ler.............

Hi,

How much is the charges if I transfer money to Malaysia bank with DBS iBanking ?

Bump...

I wanna open an account too in sg...


Posb,uob,ocbc rejected cause need work or student permit ..

You should be able to open a Singapore bank account without having to enter Singapore. maybe you want to read this:
http://www.entersingapore.info/relocation/banking.php

May I know what will happen to our bank accounts in Singapore upon death? Do the banks allow nomination of beneficiaries? Are wills drafted in Malaysia effective in Singapore?

all right
since non pr / work permit can get to open in DBS

are there DBS operating on saturday?

thinking to drive down to there and get the account done

Yes they opened on a Sat. I just opened my account at a POSB branch two weekends ago on a Saturday. I went there early at around 9am. It was easy to open, just produce Malaysian IC. They did not even ask for a passport. I opened with SGD500. If less than SGD5000, you will need to pay SGD2 per month or SGD24 per year.

They issued me a Debit card and also activate internet access. Very fast and done within 30 minutes.

This post has been edited by cynthusc: Apr 17 2014, 02:40 PM