Previously, I shared a tutorial on opening a bank account in Hong Kong: Hong Kong Bank of China Account Opening Guide: No Appointment Required Hong Kong Bank of China Account Opening Strategy. In fact, I had already registered an OCBC account before this tutorial, but since I hadn't received the physical card, I didn't share it. Today, I received the card and reorganized the account opening process.
Friends who understand overseas bank account openings should know that for users from mainland China, the threshold for having an overseas bank account is not low; you need to personally travel to Hong Kong or Singapore, or meet high capital requirements.
If you find this article helpful, feel free to use my [referral code] during the registration process: SOOU37JB, so both you and I can receive a S$15 account opening reward.
Reminder: The S$15 account opening reward activity is about to end, so friends who need to open an account should hurry.
The original article can be found at: https://chuhaime.com/shoukuan/ocbc-bank-account, you can check it out directly here.
Why Choose OCBC#
- Reliable Large Bank
OCBC, short for Oversea-Chinese Banking Corporation, is Singapore's second-largest bank. It has been ranked among the top three "safest banks in the world" for several consecutive years.
- Zero-Cost Account Opening
The biggest feature of opening an OCBC account this time is zero-cost account opening, which does not require a personal trip to Hong Kong or Singapore, nor does it require a deposit or high capital requirements.
- Simple and Convenient
You just need to download the APP 【OCBC Digital - Mobile】 on your phone and follow the process to complete the account opening.
It can be said to be the easiest offshore account to open, without going to Hong Kong or Singapore, no need for advance appointments, no need to find an agent, and you can open an account directly online through the APP, saving a lot of time and effort.
- Account Opening Rewards
Now there are rewards for opening an account, referral code: SOOU37JB, you can receive S$15, approximately 80 RMB.
- Fully Chinese Client
The OCBC client supports Simplified Chinese, which is very friendly for friends who do not speak English.
Benefits of Opening an OCBC Account#
- You can obtain more than two Singapore bank accounts (Singapore local currency account, multi-currency foreign exchange account)
- More convenient for cross-border payments and receipts
- Convenient for entering and exiting US stocks and Hong Kong stocks
- You can apply for a debit card for online and global consumption for free, and the debit card supports Apple Pay/Google Pay mobile payments
- Supports Apple ID Singapore region (including iOS ChatGPT subscriptions) payments
- OCBC can be used to activate Wise, and Wise deposits to OCBC can be credited instantly
- Pay for ChatGPT, Midjourney, OnlyFans
- Now there is a S$15 reward for opening an account, approximately 80 RMB
- ...
This article will introduce the account opening conditions, process, fees, etc. for OCBC.
Materials Required for Opening an Account with OCBC#
- A passport with more than 6 months of validity, no visa required, a blank passport is fine
- A mobile phone with NFC function (used to scan the built-in chip in the passport; if some new phones do not work, you may try an older phone)
- A valid ID card (need to take a photo of the front of the ID card)
- Mobile number (any domestic mobile number is fine, used to receive verification codes)
- Email (both domestic and overseas are acceptable)
OCBC Account Opening Process#
- Download the APP
Before starting, prepare to download the OCBC APP and register an email.
If the built-in app store on Android phones does not have it, you need to use Google Play to search for OCBC and download OCBC Digital - Mobile.
https://play.google.com/store/apps/details?id=com.ocbc.mobile
For iOS, just search for OCBC Digital in the store.
https://apps.apple.com/sg/app/ocbc-digital-mobile-banking/id292506828
- Enter the Account Opening Process
After opening the APP, select Simplified Chinese. If it does not pop up, you can click the upper right corner to select the language. Then, click 【Register as a New Customer】.
Select the second option 【Foreigners with Electronic Passports】, then click 【Start Application】 and follow the prompts to apply.
Enter the referral code SOOU37JB, as referrals have a higher approval rate and you can receive S$15, approximately 80 RMB. If you do not enter it, there will be no reward.
Enter the information filling page, click on the country code to select mainland China +86, and enter your mobile number and email.
Click on the country code to select mainland China +86, and enter your mobile number and email. Then, receive the verification code and fill it in.
Click next, scan the passport barcode. For this step, open the passport to the page with the photo, and scan it with your phone in a well-lit area. It requires some patience; scanning may not be quick, so hold your hand steady and try again.
Note: If the passport chip fails to read at this step, you can try closing the passport and placing the back of the phone against the front of the passport to start reading. I tried with iPhone 15 Pro and Huawei Mate 60 Pro but failed, while iPhone 11 Pro could read normally.
When the APP reads successfully, a detection prompt will pop up, at which point do not move and wait for the reading to complete.
The subsequent steps are straightforward; follow the prompts to upload photos of the front and back of your ID card and fill in your country, occupation, company, and other detailed information.
There are a few points to note when filling in this information:
- For occupation, choose 【Employed】 or 【Self-Employed】; it is recommended to choose employed. If you are currently unemployed, it is advisable to use information from your last job for occupation and job type. If you are unemployed or have a stable income, the approval rate may be lower. No proof of employment is required.
- It is not advisable to select too low or too high for annual income; choose a middle value, such as around 200,000 to 400,000.
- For account opening purpose, simply select investment.
- Tax information: The taxpayer identification number is your ID card number. Be sure to fill this in; incorrect or missing information may lead to application failure.
- For political public figures, it is recommended to select 【No】.
Once the information is filled out, wait for approval. Some are approved instantly online (likely machine-reviewed), while others may take some time. My account was approved instantly, and if you fill it out as I mentioned above, yours should also be approved quickly.
At this point, the registration is complete. Then set up the account, including login name and password.
Account Setup#
After successfully applying, enter the APP to create a login account; remember this information. You will rely on this for future logins. Here, it is worth mentioning that the login username corresponds to Access Code in English and 访问代码 in Chinese, while the login password corresponds to PIN in English and PIN 码 in Chinese.
Once the setup is complete, your two accounts will be displayed. They are:
- Global Savings Account (GSA): This account is a multi-currency account, initially only in USD, and can also be used to receive currencies globally, including USD, EUR, GBP, etc.
- Singapore Local Currency Account STS (also called SSA): This account is a local currency account in Singapore and can only be used to receive Singapore dollars.
Both accounts do not have physical cards. The following image shows the 360 account, which will be discussed later. I have already transferred over 1,000 Singapore dollars into the STS account.
Deposit Verification#
If the account is opened and there is no deposit for more than a few months, the account will be closed. Therefore, it is necessary to deposit as soon as possible after opening the account to activate it. Additionally, complete the verification within 30 days to receive the S$15 reward.
The official website states that accounts will be closed if there is no deposit for 6 months, but I have seen others say that accounts may also be closed if there is no deposit for 3 months. So for safety, it is still advisable to deposit as soon as possible after opening the account.
Deposits need to be made through cross-border remittances from domestic banks. The general process is to purchase foreign exchange and then make a cross-border remittance (transfer). Here, I recommend using Industrial and Commercial Bank of China (note that it should be a first-class card; if it is not, you can upgrade it at the counter), as the handling fees are relatively low.
Foreign exchange purchase process:
- Log in to the ICBC APP, search for foreign exchange purchase
- Select currency exchange
- Choose Singapore dollars
- Follow the prompts to enter the amount and confirm the purchase (it is recommended to purchase a minimum of 1,030 Singapore dollars, otherwise you may not receive the S$15 reward)
After completing the foreign exchange purchase, open the APP, click 【Account Recharge】, select 【Cross-Border Remittance】, and then follow the prompts.
I remitted 1,050 Singapore dollars through ICBC, with a handling fee of 40 RMB, and the actual amount credited was 1,042 Singapore dollars, with 8 Singapore dollars deducted in between, which means I spent a total of 80 RMB. The information needed for the wire transfer is as follows:
- STS (also called SSA) account: You can find it on the APP home page account, without the hyphen in the middle
- Bank Name: Oversea-Chinese Banking Corporation Limited Singapore
- Receiving Bank Address: 63 Chulia Street #10-00, OCBC Centre East, Singapore 049514
- SWIFT Code: OCBCSGSG (if you need the 11-digit SWIFT, it is OCBCSGSGXXX)
After the wire transfer is completed, wait for the funds to be credited. Once credited, you can click 【Account Verification】 and follow the prompts.
Activate the 360 Account and Obtain a Physical VISA Card#
The 360 account can be activated on the mobile APP, and after activation, you can apply for a debit card. The main purpose of opening this account is for overseas consumption, such as paying for ChatGPT, Midjourney, etc. If you do not need it, you can choose not to activate it.
It is said online that you can use a virtual card for payments before receiving the physical card, but I tried it myself and the payment failed. So it is still recommended to use the physical card.
After successfully applying for the 360 account, a physical card will be sent automatically by registered mail, usually arriving within two weeks. Here’s a small suggestion: when filling in the default address, do not leave out the mobile number; you can add your mobile number on the first line of the mailing address, so it’s easier for the delivery person to contact you. I waited a long time without experience and checked my mailbox several times thinking it was lost. Later, I saw online that you can create a ticket to inquire about the tracking number: open the App, click the upper left corner - Security Mailbox - the plus sign in the lower right corner ➕, create a new ticket with the content:
"Please give me my physical card’s email tracking number, I still not receive my card until now."
I received a reply 4 days later, and then I could check the delivery information. My card had already arrived but was still at the post office. They told me that if it exceeded a month, it would be sent back. The tracking number format is similar to: RA74XXXXXXXSG.
Management Fees#
The current policy is: for non-Singapore residents, all accounts are exempt from management fees for the first year. Accounts that have no balance and are inactive for more than 6 months will be automatically closed, and you can also request account closure from customer service. If you close the account within 6 months of opening, a closure fee of S$30 will be charged.
- STS Account: Foreigners with an average daily deposit of no more than S$20,000 will be charged S$10/month.
- GSA Account: No management fee required.
- 360 Account: Foreigners with an average daily deposit of no more than S$3,000 will be charged S$2/month.
- MSA Account (Monthly Savings Account): An average daily deposit of no more than S$500 will be charged S$2/month.
Currently, most netizens recommend the account retention plan of keeping the GSA account + 360 account or MSA account. The MSA account needs to be applied for on the OCBC web version, as there is no entry in the App.