Guide for opening an OCBC bank account

OCBC is one of the largest and longest established banks in Singapore - and the second largest financial services group in Southeast Asia. If you want to open a bank account in Singapore, the chances are that you’ve come across OCBC.

To help you get started with OCBC we’ll cover how to open a bank account online or in a branch, as well as some popular account options you might consider. We’ll also touch on Wise and the Wise multi-currency account as an alternative to a bank account with OCBC if you want a low cost, flexible way to manage your money across currencies.

Table of contents

Ways to open a bank account with OCBC Opening a bank account online Internet banking Physical branch How do I open a OCBC bank account? OCBC 360 Account FRANK Account OCBC Time Deposit account Bonus+ Savings Account Monthly Savings Account Passbook Savings Account Statement Savings Account Current and foreign currency accounts Eligibility requirements Opening a OCBC bank account in Singapore as a foreigner A smart alternative to OCBC

Ways to open a bank account with OCBC

Let’s start out with a look at how you can open an OCBC account.

Opening a bank account online

If you’re Singaporean or a Permanent Resident of Singapore you can open any of the following OCBC accounts online:

• OCBC 360
• FRANK
• Monthly Savings
• Bonus+ Savings
• Statement Savings Account

If you have MyInfo or Singpass you can easily create an account as - with your permission - OCBC can pull your personal info from these tools to prepopulate your account application form. If you don’t have MyInfo or Singpass set up you can still create an account online as long as you have:

• Your NRIC Card
• Either a half yearly CPF statement, a phone bill or a bank statement in your name

Here are the steps to take:

1. Open the OCBC website homepage and select the account you’re interested in
2. Click Apply online and select Apply with MyInfo, or the option to apply with your documents if you don’t have MyInfo or Singpass available
3. Check your personal details if using MyInfo, or complete the application form if not
4. Follow the onscreen prompts to complete your application
5. Submit an image of your signature
6. You’ll be notified onscreen that your account is open, and will receive a written confirmation in the post a few days later

Internet banking

If you’re an existing OCBC customer you can choose to open a new account through the OCBC internet banking portal. The steps you’ll follow will be similar to customers opening an account online, which we set out above. You’ll need to log into your existing OCBC account’s online banking service, and follow the onscreen prompts to apply for the new account you’re looking for.

Physical branch

OCBC has 34 branches around Singapore, so opening an account in person can also be relatively simple. Find the closest branch to you using a Google search or the OCBC branch locator which is available on their desktop site¹.

Don’t forget you’ll need to take along some paperwork to get your account up and running. We’ll cover that in more detail later.

How do I open a OCBC bank account?

Here’s how to open OCBC’s most popular accounts, including a summary of the key fees you should know about.

OCBC 360 Account²

Ways to open the account:

• Online
• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$1000
Monthly minimum average daily balance	S$3000
Fall below fee	S$2/month - waived for first year
Additional costs	Optional S$10 fee for a cheque book

FRANK Account³

Ways to open the account:

• Online
• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$0
Monthly minimum average daily balance	Customers aged under 26 - no minimum balance requirement S$1000 minimum balance applies to customers aged over 26
Fall below fee	No fall below fee applies to customers aged under 26 Customers aged over 26 - S$2/month if your account balance falls under S$1,000
Additional costs	Optional S$10 fee for a cheque book

Quick note, here's a review of OCBC FRANK debit card if you're interested.

OCBC Time Deposit account (fixed deposit)⁴

Ways to open the account:

• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Minimum placement amount	Varies by currency: SGD 5000 AUD 5000 CAD 5000 EUR 5000 GBP 5000 NZD 5000 USD 5000 HKD 50,000 CNH 250,000
Additional costs	If you withdraw your funds early you may lose your accrued interest and be subject to penalty charges

Bonus+ Savings Account⁵

Ways to open the account:

• Online
• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$5000 in fresh funds
Monthly minimum average daily balance	S$3000
Fall below fee	S$2/month

Monthly Savings Account⁶

Ways to open the account:

• Online
• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$0
Monthly minimum average daily balance	S500
Fall below fee	S$2/month - waived for first year

Passbook Savings Account⁷

Ways to open the account:

• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$1000 For Basic Banking Account, a S$1 initial deposit applies
Monthly minimum average daily balance	S$1000 For Basic Banking Account, a S$500 minimum deposit applies
Fall below fee	S$2/month
Additional costs	S$15 fee for replacement pass book

Statement Savings Account⁸

Ways to open the account:

• Online
• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$1000
Monthly minimum average daily balance	S$1000
Fall below fee	S$2/month

Current and foreign currency accounts

Ways to open an OCBC current account⁹:

• Internet banking
• Visiting a physical branch

Requirements	Fees/requirements in S$
Initial Deposit	S$1000
Monthly minimum average daily balance	S$3000
Fall below fee	S$7.50/month
Additional costs	S$10 fee for a cheque book

If you’re interested in opening a foreign currency account you can get the full lowdown on the options in this OCBC foreign currency account guide. Or, read on for more on a flexible, low cost alternative - the Wise multi-currency account.

Eligibility requirements for opening an account with OCBC

Different accounts with OCBC have different eligibility requirements. Usually accounts are open to Singaporeans, PRs and foreigners in Singapore with a valid pass. Age restrictions also apply which typically mean you need to be 16 or 18 years old or over to open your OCBC account.

You may also need to provide documents when you open your account. These are always required if you open your account in a OCBC branch, although some customers opening accounts online may be able to use their MyInfo or Singpass to skip this step.

If you’re Singaporean or a PR you’ll need:

• Your NRIC Card
• Either a half yearly CPF statement, a phone bill or a bank statement in your name

If you’re a foreigner you’ll have to bring along:

• Your passport
• Your valid employment or student pass
• Either a half yearly CPF statement, a phone bill or a bank statement in your name

Opening a OCBC bank account in Singapore as a foreigner

Most OCBC accounts are available for foreigners who have legal resident status in Singapore. That means you must hold a valid pass like an Employment Pass or Student Pass - and you’ll need to visit a branch to present your paperwork in person and get your account up and running. If you're interested, you can read more about opening a bank account in Singapore as a foreigner here.

---

A smart alternative for Singaporeans and non-residents - Wise multi-currency account

If you’re looking for a SGD account you can open without needing to be a full time resident in Singapore - or if you want to hold and manage multiple currencies more easily - you need Wise and the Wise multi-currency account.

The Wise multi-currency account is opened online or in the Wise app, with no minimum deposit, no monthly charges, and no fall below fees to worry about. You’ll be able to hold and exchange 50+ currencies with the mid-market exchange rate, and get local bank details for 10 currencies including SGD. That means you can get paid like a local from 30+ countries - including Singapore.

You can also send payments to 80+ countries, and get a linked debit card to spend and make withdrawals globally. Making international transfers with Wise is up to 6x cheaper than regular banks.

See how much you can save with the Wise multi-currency account today!

Open a free Wise account

Sources:

1. OCBC contact page
2. 360 Savings Account
3. Frank Account
4. https://www.ocbc.com/personal-banking/deposits/fixed-deposit-account
5. Bonus Plus Savings Account
6. Monthly Savings Account
7. Passbook Savings Account
8. Statement Savings Account
9. Basic Current Account

Sources checked on 31/03/2022