A first-of-its-kind savings account for kids aged 7 to 15, the OCBC MyOwn Account lets your child manage their own money while you stay in control.
T&Cs apply. Insured up to S$100k by SDIC.
New digital account opening service helps meet growing relocation needs
Launched by OCBC in June this year, it allows foreigners to open a Singapore bank account remotely and access the bank’s digital services, even before arrival.
RELOCATING for work often comes with an exhausting list of to-dos, from securing housing, to meeting visa requirements and sorting through stacks of paperwork. But for global citizen Jim Wei, who has lived in several countries including China and the US, his move to Singapore in March 2023 was a breeze.
As the head of IT solutions at a leading fintech provider, Wei’s latest assignment involved setting up an office here, due to Singapore’s strategic location as a business hub.
One pivotal task stood out – setting up a Singapore bank account to manage daily expenses and bills, which would pave the way for a more seamless transition for other aspects of the move.
Based on his past relocation experiences, Wei braced himself for the potential challenges of setting up an account in Singapore: “I expected that it would be a lengthy and complicated process, requiring multiple in-person visits and considerable documentation.”
Fortunately, a work-related connection led him to OCBC, which had launched a fully digital account opening service in June this year for foreigners moving to Singapore.
Despite an initial minor hiccup scanning his own passport, Wei opened his OCBC account in just minutes via the OCBC Digital app – all from the comfort of his home after work.
“As a foreigner, I've opened bank accounts in other countries before, and this was the fastest and most efficient process I've experienced. Getting administrative tasks done quickly during a relocation can really bring one peace of mind. The simplicity and clarity of the account opening process left a positive impression on me.”
– Jim Wei
Source: The Business Times © SPH Media Limited.
Permission required for reproduction.
A fully remote onboarding service
Indeed, opening a local bank account is often the linchpin in a smooth relocation process, serving multiple purposes from salary crediting to securing accommodation.
What makes the OCBC digital account opening service even more convenient is that it offers remote onboarding, so customers can open a new bank account from anywhere in the world before their move to Singapore.
“The simplicity and clarity of the account opening process left a positive impression on me.”
Since launching its 24/7 digital account opening service in June 2023, OCBC observed that the average monthly number of accounts opened by foreigners have grown eight times compared to the monthly average from January to June this year. The positive uptake is also testament to the hard work that the bank has put in to fully digitalise the process.
Says Sunny Quek, head of global consumer financial services at OCBC: “We wanted to simplify the account opening journey for our customers, so that they will be able to get settled and integrate into Singapore life more quickly.”
To do this, the team conducted market research to better understand the needs and expectations of foreigners relocating to Singapore. It also tested the technologies rigorously to ensure a smooth and intuitive user experience journey and a robust identity verification process, Quek says.
Leveraging technology from an associate company of financial services firm Ping An Group, OCBC is the first Singapore bank to provide a fully digital account opening service for foreigners moving to Singapore. Customers have to maintain a minimum balance of S$20,000 and will have access to the bank’s full suite of digital wealth management products and services, such as foreign exchange trading, RoboInvest and the multi-currency Global Savings Account.
According to OCBC, for nearly 60 per cent of new customers who have used the digital onboarding service to open an OCBC account, the OCBC 360 Account has been their go-to product. This is a high interest savings account that enables customers to earn bonus interest for performing everyday banking transactions – up to 4.65 per cent per annum for crediting a salary, spending S$500 on an OCBC credit card and saving S$500 or more a month.
Making daily life easier
“I’m glad the onboarding process was seamless and I can now easily facilitate my day-to-day payments and transactions to both local and international recipients without any hassle,” says Wei, who uses the OCBC app for his everyday transactions, from paying rent to settling bills and shopping online.
Having experienced the benefits of OCBC’s digital services, he has since recommended it to friends who are also considering relocating to Singapore.
Quek says that OCBC, riding on the success of its digital strategy, plans to further tailor its digital wealth management services, such as enabling foreign customers to obtain the insurance protection that they require in Singapore, within the necessary regulatory frameworks.
The bank also plans to increase the number of relationship managers to cater to the growth of its wealth management business.
Quek adds: “We are continually improving our customer experience – especially for those starting a relationship with OCBC by opening a bank account – to make it as frictionless and seamless as possible.”
With the OCBC digital app, customers will have access to the bank’s full range of digital products and services, including:
OCBC 360 Account: With various attractive reward interest rate categories such as salary deposit, this is the most favoured product by new remote account opening customers.
FX Trading: This service meets the needs of customers who frequently travel to multiple countries.
Precious Metals: Popular among customers who focus on investment and value preservation, this service enables investors to buy and sell gold and silver in real time.
OCBC RoboInvest: The bank’s intelligent 24/7 robo-investment service automatically adjusts customers’ investment portfolios at regular intervals to help grow investments – without the hassle of having to monitor them yourself.
Global Savings Account: Customers can deposit up to nine currencies with this multi-currency account. Whether doing online shopping or making cross-border transfers, customers can prioritise trading in local currency, thus avoiding high foreign exchange fees.
The OCBC digital account opening service is available for biometric passport holders from Malaysia, Indonesia, mainland China and Hong Kong SAR who are planning a move to Singapore.
Find out more about how to open a bank account in Singapore as a foreigner.
Available on the Apple App Store, Google Play Store and HuaWei AppGallery.
Available on the Apple App Store, Google Play Store and HuaWei AppGallery.
Available on the Apple App Store, Google Play Store and HuaWei AppGallery.
Available on the Apple App Store, Google Play Store and HuaWei AppGallery.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information presented as at 1 January 2024.
1Source: Singapore Ministry of Finance Budget Statement 2024, 16 February 2024
2The S$3,330 estimated monthly payout is based on the payouts of a male CPF member who sets aside the ERS of S$426,000 at age 55 in 2025 and starts payouts under the CPF LIFE Standard Plan at age 65.
3The estimated yield of 9.4% per annum is calculated from [(S$3,300 x 12 months) ÷ S$426,000] = 9.4%
4Source: Basic Financial Planning Guide, developed by the Monetary Authority of Singapore and MoneySense, together with the CPF Board, Association of Banks in Singapore, Association of Financial Advisers (Singapore) and Life Insurance Association
Scan the QR code to download the app on the Apple App Store, Google Play Store and HuaWei AppGallery.
