OCBC business account - Everything you need to know

Whether you’re just starting out as a sole proprietor, or already run a thriving company, you need a great business account to make managing your finances easier.

This article covers all you need to know about OCBC corporate account products including:

• The account types available from OCBC
• OCBC business account opening processes and the paperwork you’ll need
• OCBC corporate account minimum balance information, as well as fees

We’ll also look at an alternative for comparison. The Wise borderless account for business is a modern account which you can run online, use to make low cost international payments, and manage your money across multiple currencies. But more about this later. Read on.

OCBC business account offerings

OCBC has a number of different account options, which are suited to everything from startups and sole proprietors, through to growing international business customers. Here are the options available.

Singapore dollar accounts ¹

The Singapore dollar accounts available from OCBC include the Business Growth Account, Business Entrepreneur Account and the Business Entrepreneur Account Plus.

A Business Growth Account is perfect for new businesses, with instant online opening, the lowest available minimum deposit, and a relatively low annual fee of SGD38.

The Business Entrepreneur Account is for companies with a higher number of transactions included in the monthly service fee of SGD38.

Finally, you have the Business Entrepreneur Account Plus which is aimed at expanding businesses. This account has a SGD30,000 minimum balance and a different fee structure to serve larger business customers.

Foreign currency accounts ²

Foreign currency accounts on offer from OCBC include the Business Smart Account, Foreign Currency Call Account, and a Renminbi Business Account.

You can open a Business Smart Account in either euros or US dollars, with a minimum deposit of USD500 for the USD offering, and get flat fee wire transfers for your company.

The Foreign Currency Call Account is an interest bearing account best suited to companies which maintain the minimum balance most of the time. For example, the minimum daily balance for AUD is 10,000.

The Renminbi Business Account is aimed at companies with a presence in Singapore, who actively trade in China. There are strict eligibility requirements, but this account can help manage currency exchange fluctuations for companies doing a lot of their business with Chinese suppliers or customers.

Business accounts for companies based outside of Singapore ³

If your company is not incorporated in Singapore you might need a specific account product to meet your needs - like the OCBC Business Foreign Account. There are accounts in a range of foreign currencies, with low minimum balances.

Specialist account products ⁴

OCBC also offer a few specialist account products, such as conveyancing accounts for Singapore based law firms.³ Full details of these are available on the OCBC website.

The process of opening a OCBC business account

Each of the different OCBC business banking account products has a slightly different process for opening. The type of company you run might also change the documents and evidence you must present to get your account up and running.

Most customers will be able to open the Business Growth Account and Business Entrepreneur Account online instantly, and without needing to provide any extra paperwork. You’ll just need to log in using your existing OCBC personal banking details, or if you log into MyInfo via SingPass.

Other account types will need you to collect some paperwork and visit your local branch. It’s a smart idea to call OCBC in advance to make sure you have everything you need. That’s because the documents and signatures required vary based on the business type you have.

The things you may be asked for can include: ⁵

• Account application form
• Certified true copies of either the NRIC or passport of all owners, partners or other relevant parties
• Minimum deposit amount
• Board resolution
• Certified copy of Memorandum and Articles of Association

What are the OCBC business account fees?

The OCBC business account fees you need to know about are set out below and online, over at the OCBC business banking website. Check out the different limits and costs by account type, and some of the transaction fees you should know about before you start to manage your money with OCBC.

Singapore dollar accounts ⁶

	Business Growth Account	Business Entrepreneur Account	Business Entrepreneur Account Plus
Minimum balance	SGD500	SGD3,000	SGD30,000
Account fee	SGD38/year	SGD38/month Waived for first 3 months	Free
Service fee if min. balance is not met	SGD35 Waived for first 6 months	SGD35 Waived for first 6 months	SGD50/month
Early closure fee	SGD50	SGD50	SGD50

Foreign currency accounts ⁶

	Foreign Currency call Account	Business Smart USD Account	Business Smart EUR Account
Minimum initial deposit	Set according to the currency of the account For example: AUD10,000 or GBP5,000	USD500	Not Applicable
Service fee	Varies according to currency and balance held	USD15/month if average balance is below USD1,000 Waived for first 6 months	A fee of 0.5% p.a. is payable for balances over EUR25,000
Early closure fee	USD20 or equivalent	USD50	EUR50

OCBC business transaction charges ⁶

	OCBC business account charge
Inward remittances	SGD10
Outward remittances	Commission or commission in lieu of exchange + agent fees + cable charges Commission or commission in lieu of exchange ranges from SGD10-SGD120 depending on the transaction Agent fees are fixed based on the remitting currency Cable charges SGD25-SGD30
Other fees and charges	There are other charges for transactions such as cheque clearing, cheque returns, or replacement of lost cheque books

OCBC business account closure

If you need to close your OCBC corporate account, you can do so in branch or by completing the ocbc corporate account closure form and mailing it back.

It’s important to note that some accounts charge a penalty for early account closure, so you will have to pay a fee if you shut your account within 6 or 12 months of opening.

OCBC business cards

Depending on the account type you choose, you may be able to get an OCBC business debit card or business deposit card. In some cases these cards can be personalised, and you may also be eligible for cashback on spending, as well as access to a wide range of ATMs. ³

Save money on international business payments. Use Wise.

Choosing a business account which suits your needs can be tricky. You’ll need to think about both the services you use now, and the sort of transactions you may want to make as your business expands and grows. It’s a smart idea to research all your options - including modern alternatives to more traditional business banking products, such as Wise Business.

Wise Business is a great option for companies which have - or aspire to have - a global footprint. You can hold your money in +40 different currencies, as well as making and receiving payments all over the world, using the mid-market exchange rate for currency conversion. There’s just a small transparent fee to pay, which can make Wise much cheaper than your bank for international transfers.

You can open your account online in just a few steps, and then get access to time saving tools such as Xero integration, batch payments and the Wise API for automated business payments.

OCBC corporate account hotline: how can you contact the business support team?

OCBC offers a help centre online which includes an extensive list of FAQs and tools. You can also call into your local branch, or call the service centre: ⁷

• Call for help, Monday to Friday 09:00 - 18:00 on 6318 7777

OCBC has a large range of business account options for all types of business. When you’re researching the best business accounts for your company, it’s a smart plan to look at traditional account types from familiar banks, alongside new alternatives like Wise, to see which could serve you best. That way you’ll get the best mix of convenience and cost - and can get back to focusing on growing your business.

Sources used in the article:

1. Information about the Singapore Dollar Business account and its options.
2. Information about the Foreign currency accounts and its options (a popup window appears as soon as you click on this account option)
3. Information about the OCBC Business Foreign Account
4. Conveyancing Account info
5. Documents needed to open an account
6. Business accounts fees
7. OCBC customer support details

Sources were checked on 6th of June 2019.