Singapore Expats

Hi all

I am a foreigner but for work purpose, expect to visit Singapore quite often and would like to open a bank account in Singapore. I do not have a relationship manager contacts for now. Can anyone share RMB conacts of DBS or OCBC for me so I can contact them for such purpose?

Many thanks!

You can direct call POSB/DBS customer service, they will also be able to advise you further on that I guess. (:

Trying to get your assets out of Hong Kong? There is a Bank of China here.

Because of 1MDB scandal it is now very hard for a foreigner to open a bank account in Singapore without a work permit etc. You could try transferwise as an option - their borderless accounts are free.

PNGMK wrote: ↑

Wed, 16 Oct 2019 4:21 pm

Because of 1MDB scandal it is now very hard for a foreigner to open a bank account in Singapore without a work permit etc. You could try transferwise as an option - their borderless accounts are free.

would IPA for EP be enough or the physical permit itself is still required?

stephanruhl wrote: ↑

Wed, 06 Nov 2019 8:32 pm

PNGMK wrote: ↑

Wed, 16 Oct 2019 4:21 pm

Because of 1MDB scandal it is now very hard for a foreigner to open a bank account in Singapore without a work permit etc. You could try transferwise as an option - their borderless accounts are free.

would IPA for EP be enough or the physical permit itself is still required?

I believe an IPA is enough but it may depend on the bank. Also if you're a US citizen only Standard and Citibank will accept your custom I believe.

ppwong wrote: ↑

Wed, 16 Oct 2019 10:15 am

Hi all

I am a foreigner but for work purpose, expect to visit Singapore quite often and would like to open a bank account in Singapore. I do not have a relationship manager contacts for now. Can anyone share RMB conacts of DBS or OCBC for me so I can contact them for such purpose?

Many thanks!

In case your money is taxed, then you can actually use Transferwise as @PNGMK mentioned. I was working in China for the last 9 years and used transferwise to move money out. They do require bunch of papers from the tax office and from the company who pays you, but once they are all okay, transfer is smooth. Then you can transfer your money to any local bank account in Singapore (your friends, colleagues etc etc)

PNGMK wrote: ↑

Wed, 06 Nov 2019 8:35 pm

stephanruhl wrote: ↑

Wed, 06 Nov 2019 8:32 pm

PNGMK wrote: ↑

Wed, 16 Oct 2019 4:21 pm

Because of 1MDB scandal it is now very hard for a foreigner to open a bank account in Singapore without a work permit etc. You could try transferwise as an option - their borderless accounts are free.

would IPA for EP be enough or the physical permit itself is still required?

I believe an IPA is enough but it may depend on the bank. Also if you're a US citizen only Standard and Citibank will accept your custom I believe.

I am not a US citizen and am thinking about using DBS, as their site mentions IPA would be accepted, but not fully sure as banks tend to ask further docs during the process.

stephanruhl wrote: ↑

Wed, 06 Nov 2019 8:39 pm

PNGMK wrote: ↑

Wed, 06 Nov 2019 8:35 pm

stephanruhl wrote: ↑

Wed, 06 Nov 2019 8:32 pm

would IPA for EP be enough or the physical permit itself is still required?

I believe an IPA is enough but it may depend on the bank. Also if you're a US citizen only Standard and Citibank will accept your custom I believe.

I am not a US citizen and am thinking about using DBS, as their site mentions IPA would be accepted, but not fully sure as banks tend to ask further docs during the process.

Updating this so it can be a reference for others...

I have talked to DBS and they require these for opening an account with IPA:
- Passport
- IPA
- Letter of Employment (Not the offer letter) with your SG address on it.

The lady in the branch recommended me to use the online account opening, and in case it is refused with any reason, she said they could deal with it in the branch.

If you have HSBC Premier you can open an account here from HK. But they don't have too many branches here.

sundaymorningstaple wrote: ↑

Wed, 16 Oct 2019 2:27 pm

Trying to get your assets out of Hong Kong? There is a Bank of China here.

There is also ICBC.