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 Opening a Bank Account in Singapore

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rjb123
post Aug 9 2014, 10:36 PM

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I tried to open SG account - initially was planning on DBS Bank, however they outright rejected due to me not having a work permit (more than 1 branch)

OCBC also rejected, but when I mentioned I was interested in buying Unit Trusts they quickly changed their tone whistling.gif (although not interesting, 5% sales charge!!). So I went into another branch and mentioned I wanted to open a OCBC Securities trading account, then they gave me a savings account / debit card on the spot - took less than 30 minutes thumbup.gif

If balance drops below 1k, 2sgd/month charge. Otherwise free

(BTW, not Malaysian - holding European passport)

This post has been edited by rjb123: Aug 9 2014, 10:37 PM
rjb123
post Dec 31 2014, 02:34 PM

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QUOTE(kaiserwulf @ Dec 31 2014, 01:37 PM)
Just open one for my wife last month. Hai getting harder now. I also dare not give specific tip sked to spoil market.

The tips for opening with no pass non resident is you must be perfectly prepared before even step in the bank. Read from website of your target bank, contact customer service to find out requirements and prepare all documents then go the bank.

This tips only for kecik molek ppl like us. Rich guys anytime can open private accounts... millions of sgd one la.

Upper class but not that rich can open via international banks such as hsbc. Can say the rates are suitable for 5 digit sgd and above.

Good luck.
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Every branch I visited initially rejected me (European, living in Malaysia) until I expressed interest in Unit Trust to OCBC. Then suddenly this became a "good reason" to open an account to them.

So I went along to another branch and started with "I want to open an OCBC securities account" (didn't want to buy UT through OCBC, high charges) and no problem, account opened and online banking, VISA debit card within 30 minutes smile.gif

Haven't actually used the OCBC securities account yet biggrin.gif

Edit : Ooops, didn't realise I posted above in this thread already ..

This post has been edited by rjb123: Dec 31 2014, 02:34 PM
rjb123
post Aug 12 2015, 12:45 AM

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QUOTE(dreamer101 @ Aug 12 2015, 12:08 AM)
Folks,

Bump!!

Anyone successfully open Singapore Bank A/C without living or working in Singapore??

Thanks

Dreamer
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QUOTE(tohff7 @ Aug 12 2015, 12:14 AM)
Just open a securities trading account. They will give u a saving account also to deposit and withdraw money
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Same method I used - didn't take long, was just over a year ago now. Never used OCBC securities and savings account is functioning as it should smile.gif
rjb123
post Mar 16 2017, 11:36 PM

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QUOTE(jack2 @ Mar 16 2017, 11:27 PM)
Any banks in Malaysia able to perform  TT transactions via online from USD account?
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Possible with Citibank

Maybank can do USD TT online but not from FCA, only from RM account.
rjb123
post Nov 25 2017, 08:28 AM

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Looks like OCBC makes accounts inactive after 1 year of no activity.

Was in SG last week and wasn’t able to withdraw from my account (opened and last time used in 2014) - but luckily easily to re-activate online.
rjb123
post Feb 21 2018, 04:57 AM

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QUOTE(physdude @ Feb 20 2018, 06:12 PM)
My recent experience in Singapore banking - I opened a HSBC offshore account from the Orchard road branch quite easily though they did take about a week or so after sending them the required documents. Oddly enough, they did not want to open a local account for me even though I have a personalized employment pass in Singapore which I am not currently using as they wanted a rental contract as proof of address (friend's address on pass not enough apparently).

Their service has been pretty good so far. They responded very quickly to my initial funding from IB and they were very nice and polite at the branch (HUGE change in attitude from HSBC Malaysia).
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Who’s the account with in that case - HSBC Singapore or HSBC International / Expat?
rjb123
post Feb 21 2018, 02:02 PM

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QUOTE(physdude @ Feb 21 2018, 01:34 PM)
HSBC Singapore.

When I finally went to close my foreign currency accounts in the premier centre at the Leboh Ampang branch day before yesterday after transferring all the balances to other HSBC foreign currency accounts in HK/Singapore, I got a lot of attitude from the relationship manager who apparently thought that getting me to open an account with fees and lack of basic services like depositing checks in foreign currency, foreign currency cash withdrawals was a major favor rather than clearly unprofessional when he should have known that the foreign currency accounts elsewhere have all that without fees. Even though I tried to just keep it business like and just close the account and get a refund of the fees, I got all snort of snarky statements about please go to Singapore for every transaction, did you need to fly here when I asked why I was being served after many others who came in before me etc. accompanied by what I call the "Malaysian bank employee" sneer. Again, all this is similar to other's experiences in Malaysia and so different from banking in the US/Singapore/HK etc. even without any sort of premier status,  leave alone the highly professional service I receive from IB or TD Ameritrade. OCBC Malaysia seems an exception (no trademark sneer there unlike Maybank, CIMB etc.) and their foreign currency account does accept cheque deposit so maybe there is hope to get okay local banking experiences and maybe my wife might even be able to open a local account here (gave up after trying 6 banks as she couldn't take the aggravation and insults - again a big contrast from the US where they used to call her and plead to open accounts with free bonus money etc.).

I have to wonder if they specially recruit people without manners or specifically train them to be rude in the Malaysian banks here. I understand that the pay etc. is crap here but even the mamak shop employees who are paid even less seem to be able to behave quite pleasantly and reasonably. The govt employees here have been amazingly pleasant and helpful too and people here are also socially nice so there is something definitely odd about the whole bank employee culture here.
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Having it based in Singapore is logical - as I’m assuming you can fund IB now viable FAST rather than international TT and save some fees that way. Their SGD > USD spread is nearly nothing too.

Yeah HSBC Malaysia service (or other local banks) isn’t the best!

 

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