Singapore OCBC detailed fee and FAQ explanation. This article is a supplement to OCBC Singapore Overseas Chinese Bank Remote Account Opening Tutorial. Includes content related to SGD account management fees, deposit channel losses, remittance fees, and Singapore local transfer cycles and limits.
OCBC Singapore has closed its doors to non-Singapore residents. In November 2024, applying for OCBC Singapore through the app requires long-term visa information. Existing users who do not submit long-term visa information will also have their accounts closed unless they deposit 350,000 Singapore dollars for an upgrade.
December 11, 2024 Update: Information on OCBC Singapore’s user cleanup
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Account Opening Avoidance Items
- Download the mobile app (OCBC digital): You must download it from the official app store. (1) Apple Store can be directly retrieved; (2) Huawei phones need to modify the “Country/Region” of the app store to Hong Kong or Singapore to download this app.
- Register for a card: Prepare your passport and ID card, and enter your information step by step according to the APP instructions. However, it should be noted that the passport chip of some people is set on the last page, so scanning the passport cover with the mobile phone NFC cannot sense it, so you should use the mobile phone to scan the last page of the passport to try.
- Successful registration: After successful registration, you will receive an email “Welcome to Overseas Chinese Bank”
- Activate OneToken: After registration, OCBC will also guide you to activate OneToken, which is equivalent to an account “security verification”, which is used to replace the mobile phone SMS service (SMS) to send one-time passwords (OTP) to verify online banking transactions. Example: When logging into online banking on a computer, the OCBC app will pop up a “verification message”. At this time, you need to click “verification message” to agree before the online banking can log in successfully.
- Verify new account: Within 30 days of successful registration, you must verify by remittance from an account with the same name. You only need to remit once, but it must be in the same name. wise, ICBC, Wing Lung and HSBC are not strictly the same name, there are problems with the order of names, more than three Chinese characters have spaces and more Mr. and Ms. titles, these will not pass the verification. Note that the rules have been changed since October, and it may be mandatory to remit money from mainland China (if opening an account with a mainland passport). If you fail the account opening verification, your account will be closed, and a plain letter will be sent to tell you that your account has been closed, without any other prompts. The account will be closed thirty days after the letter is sent. After the account is closed, you will not be able to see any accounts or transfer money. The balance is sent to you in a plain letter with a ticket.
Note that verifying a new account is very important!
Note that verifying a new account is very important!
Note that verifying a new account is very important!
SGD Account Management Fee
| Account Type | Deposit Requirement | Management Fee |
|---|---|---|
| 360 Account | 3000 | 2/month(extended for one year) |
| Basic Bank account | 500 | 2/month |
| Bonus+ Account | 3000 | 2/month |
| EasiSave Account-with_debit_card | 3000 | 10/month |
| EasiSave Account-without_debit_card | 3000 | 7.5/month |
| FRANK Account | 1000 | 2/month(waived under 26) |
| Mighty Savers Account | None | 0 |
| Monthly Savings Account | 500 | 2/month(extended for one year) |
| Passbook savings account | 1000 | 2/month |
| Personal Current Account | 3000 | 7.5/month |
| Statement Saving Account | 1000 | 2/month |
| Statement Saving Account(Non-Resident) | 20000 | 10/month(extended for one year) |
- Choose the right account
- Tricky “Statement Saving Account”: The account we opened online as non-Singapore residents is this one, and the deposit requirement is the highest (20000 SGD ≈100,000 RMB). If the account balance does not reach this amount, a bank service fee of 10 SGD per month will be charged. Fortunately, it only starts charging according to this requirement one year after opening the account. It is recommended that you take advantage of the first year of free annual fee to quickly cancel this account. Looking at all OCBC SGD accounts, there is really no one more tricky than it! ! !
- Low-cost “Monthly Saving Account”: It is more recommended to open this account. The minimum deposit requirement is only 500 SGD. If the account balance does not reach 500 SGD, a service fee of 2 SGD per month will be charged, and this fee is waived in the first year of opening the account. This account can be applied for through OCBC online banking. Note that although the fee is very low, if there is a transfer-out transaction within a month, this account will not earn interest for that month.
- High-welfare “360 Account”: This is an account for Singaporean workers. A first deposit of 1,800 SGD+, and maintaining a monthly increase of at least 500 SGD or more through the GIRO system, etc., can achieve an annualized return of 3.2% or 4.4% (belonging to current deposit), and the interest rate is even higher if you have OCBC credit card spending and investment product purchases. And this account has a physical card, which will be mailed to your home by registered mail after filling in the address. Disadvantage: A deposit requirement of 3,000 SGD is required to waive the monthly service fee of 2 SGD, but this fee is waived in the first year of opening the account. OCBC mobile banking and online banking can both apply.
Summary: You can stop using the Statement Saving Account after half a year and switch to opening a Monthly Saving Account or a 360 account. Although the 360 account is very attractive, it is difficult to get benefits if there is no GIRO to continuously add funds to it.
- Ensure fund security
For partners who only want to save their overseas assets through OCBC and are more concerned about security, it is recommended to buy Singapore dollar fixed deposits. Each Singapore dollar deposit is insured, but foreign currency deposits are not.
Of course, the Singapore dollar does not have as high interest rates as the US dollar, so it is a trade-off.
- Close the account (3 ways) (1) Empty the account balance —> Maintain no deposit for 6 consecutive months (2) Fill in the account_closure_form (available for download on the OCBC official website) and give feedback to OCBC through the “secure mailbox” (3) Go to the OCBC bank counter to close the account Note: Closing an account within 6 months of opening an account requires a handling fee: SGD 30 for a Singapore dollar account and USD 20 for a foreign currency account (method 1 for closing an account mentioned above has already met the 6-month requirement, so it is not included in the charging regulations)
Summary of Deposit Channel Losses
Bank information required for correct remittance:
- Beneficiary Bank: Oversea-Chinese Banking Corporation Limited Singapore
- Bank Address: CHULIA STREET, 63, OCBC CENTRE, FLOOR 10
- SWIFT code: OCBCSGSG
- Bank code: 7339
Remember to fill in the account number to be transferred into. Fill in the SGD account for SGD, and fill in the foreign currency account for other currencies. Do not fill in the bank card number.
For cross-border remittances to Overseas Chinese Bank Singapore, see the table below for deposit losses through different channels:
(The currencies not written are RMB, SGD/RMB = 5.3, HKD/RMB = 0.93)
| Outgoing Currency | Handling Fee | Telegraphic Fee | Correspondent Bank | OCBC Deposit Fee | Total Loss | Remarks | |
|---|---|---|---|---|---|---|---|
| Industrial Bank Global Life Card | SGD | 0 | 0 | SGD 20 | 0 | 106 | |
| Industrial and Commercial Bank of China | SGD | 40 | 0 | SGD 8 | 0 | 82 | Non-same-name deposit (name with extra spaces) |
| China Construction Bank | SGD | 0.1%,min 20 | 80 | SGD 20 | 0 | 200 or more | |
| Bank of China | SGD | 50 | 150 | 159 | 0 | 359 | Note: Use “Bank of China Cross-border GO” to receive coupons, or VIPs can deduct “handling fee + telegraphic fee” |
| Bank of China Hong Kong | SGD | 60 | 93 | 0 | SGD 10 | 206 | Telegraphic fee can be “saved” for the first cross-border remittance after opening an account |
| HSBC Hong Kong (Global Transfer) | SGD | 0 | 0 | 0 | 0 | 0 | Remitting Singapore dollars, the exchange rate is very unfavorable in HSBC, and a fee is actually paid, which is not recommended for large amounts. Non-same-name deposit |
| Hong Kong Overseas Chinese | SGD | HKD 115 | 0 | 0 | SGD 10 | 159.95 | VIPs with 1 million deposits are exempt from the 115 handling fee |
| China Overseas Chinese | SGD | 0.1%,min 100 | 140 | 0 | SGD 10 | 293 | |
| Wise | SGD | 0 | 0 | 0 | 0 | 0 | Wise Singapore account directly deposited, non-same-name deposit |
| ZA Bank | HKD | 51 | 0 | 0 | 0 | 51 | Essence: HKD goes through Wise to exchange and deposit OCBC Singapore dollars |
| Panda Remit | RMB | 80 | 0 | 0 | 0 | 80 | Non-same-name deposit, there is a risk of account closure |
| Citibank Hong Kong | SGD | 0 | 0 | 0 | 0 | 0 | Exchange rate actually paid fee |
Accounts will be closed for non-same-name deposits. It is necessary to deposit in the same name once, which is a requirement for opening an account. wise, ICBC and HSBC are not strictly the same name, there are problems with the order of names, more than three Chinese characters have spaces and more Mr. and Ms. titles.
Remittances from Industrial Bank and Bank of China may be audited and require proof of materials before being allowed to be remitted. The audit may take several weeks.
Remittances from HSBC Hong Kong may be audited, asking about remittances and future remittance frequency. The audit takes more than a week to remit.
Do not transfer out too many times in a month, otherwise the remittance will be rejected.
Remittance Fee
I. Outward Remittance
- Avoid remitting Japanese Yen: The fee for outward remittance consists of 4 parts, among which the commission fee and cable charge are similar to those of domestic Chinese banks. The Agent fee will charge a certain fee for parts exceeding 100 million Japanese Yen.
- Outward remittance from foreign currency account - try to use the receiving bank’s local currency: If the foreign currency account is not exchanged into the corresponding foreign currency when remitting money, a Commission-in-liue of exchange (a commission fee in lieu of exchange) will be charged. II. Inward Remittance
- OCBC cross-border inward remittance fee: Both SGD accounts and foreign currency accounts charge 10 SGD/transaction, and fixed deposit accounts are free (I haven’t tried it, partners who have tried it can add group comments)
III. Singapore Bank Account Transfer There is no handling fee for transferring from a Singapore bank account to an OCBC account (unlike cross-border inward remittances, which require 10 SGD),
-
Deposit: If you want to deposit 1,000 SGD to get a bonus, it is recommended that you use “scan code payment” to scan the “payment code” of the wise Singapore account, and the deposit is 0 handling fee (you can also transfer from other Singapore bank accounts)
-
Withdrawal: It is recommended that you use PayNow (how to activate: OCBC digital: above, personal information and settings–>manage PayNow). When withdrawing money, open the app in the lower left corner, and you can generate a QR code, which can be scanned by wise or other Singapore bank apps to transfer out funds from OCBC (0 handling fee).
You can also use OCBC digital’s “scan code payment” to directly scan the UnionPay code of domestic accounts to directly remit money back to China, and the rate is quite favorable.
IV. Account Closing Fee If you don’t want to use it after opening an account, you have to wait 6 months before closing the account, and a handling fee will be charged for closing the account in advance: SGD 30 for a Singapore dollar account and USD 20 for a foreign currency account. Singapore Overseas Chinese Bank will also charge you a fee if they close your account.
Outward Remittance
| Outgoing Account | Outward Remittance | |||
| commission | commission-in-lieu of exchange | Cable Charge | Agent Fee | |
| SGD Accounts | 1/8% of the remittance amount (min S$10, max S$100) | Not applicable | Online Banking (S$25) or Bank Branch (S$35) | Currently only charged for telegraphic transfers exceeding 100 million Japanese Yen, the third-party bank fee and fixed agency fee are charged according to the amount exceeding |
| Foreign Currency Account (Without Foreign Exchange) | 1/8% of the remittance amount (min S$10, max S$120) | 1/8% of the remittance amount (min S$25, max S$120) | ||
| Foreign Currency Account (With Foreign Exchange) | 1/8% of the remittance amount (min S$10, max S$100) | Not applicable | ||
| Foreign Currency Time Deposits | 1/8% of the remittance amount (min S$10, max S$100) | 1/8% of the remittance amount (min S$25, max S$120) | ||
Remarks: personal-banking-pricing-guide.pdf and the official website page are inconsistent, here the official website page shall prevail
Inward Remittance
| Inward Account | Inward Remittance |
|---|---|
| Inward SGD Account | S$10 |
| Inward Foreign Currency Account | S$10 |
| Inward Fixed Deposit Account | Free |
Local Transfer Cycle and Limit
| Transfer System | Singapore Bank Account (Transfer) | |
| Transfer Cycle | Transfer Limit/Day | |
| GIRO | 2-3 working days | min S$1, max S$100,000 |
| MEPS | If transferred before 3 pm, it will be received on the same day | |
| FAST | Immediately | |
| PayNow | Immediately | max S$ 5000 |
Remittance to Mainland China
Summary of Cross-border Remittance Platform Channels
Remit to China through cross-border remittance platforms:
- wise (optimal limit, lowest loss)
- Panda Remit (only cost-effective when using “exclusive exchange rate”)
- OCBC-Scan Code Payment (not recommended for large amounts)
See the table below for losses:
| Remittance Platform | Deposit Platform | Daily Limit (sgd) | Exchange Rate Loss | 1000sgd-Loss back to China | 6000sgd-Loss back to China | 8000sgd-Loss back to China | Remarks |
|---|---|---|---|---|---|---|---|
| wise | Alipay | 9,434 | 0.00% | 10.8 sgd | 49 sgd | 64.29 sgd | Also supports UnionPay card and WeChat |
| Panda Remit | Alipay | 6000 | 0.72% | 17.2 sgd (including exchange loss 7.2) | 53.2 sgd (including exchange loss 43.2) | Exceeds the limit | flat_rate(10sgd) |
| OCBC-Scan Code Payment | Alipay | 1,000 | 1.80% | 18 sgd (including exchange loss 18) | Exceeds the limit | Exceeds the limit | Only suitable for small consumption |
Remarks:
- SGD:CNY=5.3
Exchange Loss = (Platform Exchange Rate - Real-time Exchange Rate) / Real-time Exchange Rate * 100%- The value of the exchange loss will fluctuate slightly over time;
- The exchange loss data of Panda Remit comes from the “ordinary exchange rate” on December 3. If you can use Panda’s “exclusive exchange rate”, it is still very favorable;
- The above 3 methods are all the fees for RMB to directly reach Alipay, and do not occupy the foreign exchange quota
Bank Telegraphic Transfer
Looking at the fees introduced above in Outward Remittance, taking a telegraphic transfer of 8000sgd as an example, outward remittance: within 8000 SGD (10 SGD handling fee + 25 SGD telegraphic fee), if no other remittance fees are charged, such as transit fees and landing fees, and the domestic bank’s “Singapore Dollar/RMB” exchange loss is within 0.366% (this is a bit difficult for the bank), it will be more cost-effective than wise.
Carrying out foreign exchange settlement and sale in domestic banks will also occupy the convenient exchange quota of 50,000 US dollars/year