From December 2024, ineligible customers who opened accounts through the OCBC APP, even if they have used the accounts for a long time, will have their accounts closed. The clean-up operation will be completed by April 2025.
Reason for Clean-up
According to confirmation from OCBC Singapore customer service, the main reason for the account clean-up is due to the influence of Singapore’s domestic policies. The new account opening requirements have been changed to require the submission of “Singapore local compliant proof of residence.”
Target of Clean-up
Ordinary account customers who opened accounts through the OCBC APP, agreed to the agreement when opening the account, claimed that they were about to live in Singapore, and were unable to submit relevant materials to prove it after November 2024.
Customers will receive the following email (December 15, 2024 version of the email, and December 31 version of the email):
When you opened your account with us, you indicated that these accounts would be used for your work, study or residence in Singapore.
To allow us to keep your account open, please confirm that you are residing in Singapore by December 15, 2024. Here’s how:
If you wish to continue banking with us, please take the following steps by December 15, 2024:
a) Visit any OCBC branch in Singapore and provide us with your current Singapore address;
Or
b) Designate any of your OCBC accounts as the account for your Singapore payroll deposits
If we do not receive your reply by December 15, 2024, we regret to inform you that we will have to impose certain restrictions on your account (e.g. you can only withdraw but not deposit funds) and then close the account. Once the account is closed, any Wealth arrangements associated with the account will also be cancelled.
If you have already confirmed that you are residing in Singapore, please disregard this email.
End of email
According to the announcement released by OCBC Singapore on June 22, 2023, online account opening is only available to biometric passport holders from Malaysia, Indonesia, mainland China and Hong Kong who are planning to move to Singapore.
Ways to Keep the Account
Two types of methods.
- Users holding valid work, education visas or residence status can continue to keep their accounts
- Users can also retain their accounts by upgrading to a “VIP account”, but need to deposit 350,000 Singapore dollars (approximately 1.89 million RMB)
Impact on Customers Who Cannot Keep Their Accounts
It is expected that all cleared accounts will be closed by April 2025. After the clean-up, the funds in the account will be mailed to the user’s reserved mailing address in the form of a check. It should be noted that account balances lower than 15 Singapore dollars (approximately 81 RMB) will not be sent by check, and funds not retrieved after the deadline will be deemed abandoned.
You can also go to Singapore in advance to withdraw funds.
A handling fee is required for accounts closed within 6 months of opening: S$ 30 for Singapore dollar accounts and US$ 20 for foreign currency accounts.
If there are fixed deposits or other funds that cannot be withdrawn immediately, OCBC official will mail a check after maturity. If you want to withdraw it in advance, you may be charged a handling fee. The official statement is that the account will not be extended for these customers. See the introduction below on how to apply for early withdrawal.
If you are also using Singaporean securities firms, please also transfer the funds out. However, if you are using securities firms such as Interactive Brokers, Futu SG, USMART SG, etc., there is no need to rush to transfer them out, because they can be easily transferred to banks in other regions.
What Customers Who Cannot Keep Their Accounts Should Do
- Transfer funds as soon as possible to other accounts or banks that you have successfully opened, because it may not be possible to transfer in again after transferring out, so be sure to choose a safe method. Don’t cause trouble in order to save money.
- Save evidence. All types of evidence, including downloading all statements.
How to Handle Checks
Handle the collection of clean bills at any bank. If in mainland China, it is recommended to find the Bank of China or the Industrial and Commercial Bank of China. A certain handling fee will be charged.
Bank of China Clean Bill Collection
Industrial and Commercial Bank of China Clean Bill Collection
If you do not receive the check, you can go to Singapore to withdraw it or apply for a reissue of the check.
How to Transfer Funds Out Without a Check
For customers who cannot keep their accounts, it is recommended to transfer funds in a timely manner. You can consider the following channels:
- Do not transfer back to China: Transfer to a Wise Singapore account or a Futu Securities broker (such as Futu SG).
- Transfer back to China: You can transfer back to China through telegraphic transfer, Alipay, Panda Remit, etc., but you should note that each transaction loses approximately 3.6%, and this method is not recommended.
If the foreign currency amount is too low, you can only use a debit card to spend, and at least 100 US dollars are required to convert to Singapore dollars before transferring out.
Please transfer funds as soon as possible to other accounts or banks that you have successfully opened, because it may not be possible to transfer in again after transferring out, so be sure to choose a safe method.
Don’t cause trouble in order to save money.
If you are unable to transfer out on your own, you can contact customer service to apply for a telegraphic transfer, which will incur a handling fee.
Print and fill out the Payment e-form (Telegraphic Transfer/MEPS/Internal Funds Transfer), call customer service, and upload it to the email in the APP or mail the application according to the requirements of customer service. The customer service phone number is below.
If You Want to Apply for Early Withdrawal of Fixed Deposit
These are the terms and conditions you agreed to: If a customer requests withdrawal of a fixed deposit placed with the Bank before its maturity date, the Bank may at its discretion permit withdrawal on such terms as it deems fit, but the customer shall pay such amount as the Bank deems fit and the Bank shall be entitled to withhold any interest accrued on the fixed deposit. The Bank shall be entitled to pay interest on any fixed deposit withdrawn prematurely at such rate and for such period as it may determine in its sole discretion. ——Terms and Conditions Governing Deposit Accounts | OCBC Bank
Print and fill out the OCBC Singapore Foreign Currency Time Deposit Instructions, call customer service, and upload it to the email in the APP or mail the application according to the requirements of customer service. The customer service phone number is below.
If You Want to Close Your Account Manually
OCBC accounts opened in non-compliance will be automatically closed, but if you want to close your account manually, you can print this form, handwrite it, take a photo and upload it to the Account Closure Application email. The app email has a special category for this. Each account must fill out an account closure form and upload it.
Contact OCBC Singapore
If you have any questions, you can contact OCBC SG official customer service.
If you can still log in to online banking, you can contact them in the email in online banking or the APP. It will take several working days to reply.
If you are in a hurry, please call.
Phone: +65 6363 3333 , in Singapore you can dial 1800 363 3333
In mainland China, please dial: 006563633333
International long distance charges apply.
In addition, users should pay attention to email notifications in order to keep up to date with the clean-up progress and related information.
Alternative Banks
You can open accounts with major Singaporean banks, such as HSBC, Standard Chartered Bank, DBS Bank, and UOB through attestation. The threshold is higher.
You can go to Hong Kong, or open through attestation: HSBC Bank, Standard Chartered Bank, DBS Bank, etc. If you go in person, the threshold is lower.
Apply for a Hong Kong bank card to open a bank account in Hong Kong
Basic Knowledge of Bank Accounts and Bank Cards in Hong Kong
Recommended Reading
Mainland China Financial Account Encyclopedia
Hong Kong Financial Account Encyclopedia
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