Banking · Retail bank
OCBC: Singaporean bank, remote account opening limited to a few nationalities
Singaporean bank that opens accounts for foreigners holding a residence permit and, remotely before arrival, only for holders of a biometric passport from Hong Kong, Malaysia, Indonesia or mainland China. Other non-residents have no described route for opening an account.
Please note
Characteristics
- Family
- Retail bank
- Regulator
- Monetary Authority of Singapore
- Regulator country
- Singapore
- Deposit guarantee
- Yes
- Remote opening
- Partly
- Currencies
- SGD
- Services
- Current account · Savings · Multi-currency account
- Accepted residencies
- Not provided
- Refused residencies
- Not provided
- Home country
- Singapore
The Statement Savings Account is open to citizens, permanent residents and foreigners holding a valid pass (an Employment Pass, S Pass or Student Pass, for example), on presentation of the passport and the pass. Opening through the OCBC Digital app, possible before arriving in Singapore and without an Employment Pass or Student Pass, is reserved for adults holding a biometric passport from Hong Kong, Malaysia, Indonesia or mainland China: the criterion is the nationality of the passport, not residence. There is no rule on "US persons" or on keeping the account after leaving.
Entities and regulatory status
| Entity | Jurisdiction | Status | Regulator | Protection of funds |
|---|---|---|---|---|
| OCBC Bank (Oversea-Chinese Banking Corporation Limited, dénomination complète à confirmer)holds the accountThe website footer states "OCBC Bank" and the registration number Co. Reg. No. 193200032W; the full corporate name does not appear on the pages reviewed. The MAS register entry was not consulted. The bank displays SDIC deposit insurance. | Singapore | Banks with their own licence | Monetary Authority of Singaporeregister · ocbc.com | Deposit Insurance Scheme (Singapore Deposit Insurance Corporation) |
Who can open or keep an account
| Country of residence | Case | Status | Conditions |
|---|---|---|---|
| Singapore | Opening | Conditions apply | Citizens, permanent residents or foreigners holding a valid pass (Employment Pass, S Pass, Student Pass, for example).ocbc.com |
| Any residence (general rule) | Opening | Conditions apply | Digital opening before arrival: biometric passport from Hong Kong, Malaysia, Indonesia or mainland China, minimum age, identity document.ocbc.com |
| Any residence (general rule) | Keeping after a move | Unknown | Not described on the pages reviewed.ocbc.com |
A country missing from this table is neither accepted nor refused: the information is not published.
Published figures
Which entity, what status
The website refers to the bank as OCBC Bank, with a Singapore registration number in the footer. OCBC is a Singaporean bank supervised by the Monetary Authority of Singapore; the name Oversea-Chinese Banking Corporation, of which OCBC is the abbreviation, does not appear in full on the pages reviewed.
The bank's entry in the Financial Institutions Directory of the Monetary Authority of Singapore could not be read (address rejected by the reading tool): the full corporate name, the type of licence and the licence reference remain to be confirmed.
Who can open an account
The Statement Savings Account is open to Singapore citizens, permanent residents and foreigners holding a valid pass, from figure being updated. Foreigners present their passport and a residence pass, for example an Employment Pass, an S Pass or a Student Pass.
According to a guide from the bank, an account can be opened before arriving in Singapore, without an Employment Pass or Student Pass, through the OCBC Digital app. This route is reserved for people aged at least figure being updated holding a biometric passport from Hong Kong, Malaysia, Indonesia or mainland China, with an identity document. A European national therefore cannot use it.
The page describes no route for other nationalities without a Singapore pass; nothing is published on "US persons" or on keeping the account after leaving. The guide is dated June 2023, with undated updates.
Offer, currencies and fees
The Statement Savings Account, in Singapore dollars, requires an initial deposit and an average daily balance of at least from SGD 1,0002; below that, a fee of SGD 21 applies. The bank also promotes a Global Savings Account for multi-currency transactions, presented as having no administrative fees.
The currencies of the Global Savings Account, international transfer fees and foreign exchange margins were not found on an official page; the frequency of the fee for an insufficient balance is not specified.
Deposit protection
The Statement Savings Account page states that deposits are insured by the Singapore Deposit Insurance Corporation. The Deposit Insurance Scheme protects Singapore dollar deposits up to figure being updated per depositor per bank; foreign currency deposits, notably those in a multi-currency account, are not insured (MoneySense).
Points to check
- The nationality of the passport or the holding of a Singapore residence pass, which determine the route for opening an account.
- Maintaining the minimum average balance, failing which fees apply.
- The absence of a guarantee on foreign currency holdings.
- What happens to the account after the residence pass ends, and the reporting obligations of the country of residence.
Sources and verification dates
- 1.
Account fee : SGD 2
« Fall below fee S$2 »
OCBC Bank, « Statement Savings Account »Verified on Nov 2, 2026Verified source
- 2.
Entry ticket : SGD 1,000
« Minimum average daily balance for the month S$1,000 »
OCBC Bank, « Statement Savings Account »Verified on Nov 2, 2026Verified source