How to open an account online at OCBC Bank in Singapore? A complete guide to the activation process!

OCBC Bank Introducer Code:XCJT37JB

Whether this is your first time using OCBC Bank or you want to know how to activate your account, this article will help you do it easily.

From account opening preparation, online operation steps, to all the information needed to activate the account, one article will answer all your questions and make account opening and activation simple and quick!

UncoverSingaporeThe mystery of opening an OCBC account

As a financial giant in Singapore, OCBC not only has a long history, having been rooted in this hot land since 1912, but is also a shining pearl in the Asian financial world and has won numerous awards.

Now, opening an OCBC account is within reach. Just tap the App to open an account at your fingertips. This is not only a convenient experience with zero cost, but also a financial journey without having to set foot in a foreign country. Don't forget that you have the opportunity to win SGD rewards when you open an account. This door to wealth has not yet closed. Hurry up and get on board!

In the past, the threshold for opening a bank account in Singapore was out of reach. You either had to have a decent job or seek help from an agent, which could cost you thousands of dollars.

Now, OCBC's online application door is open, which saves not only money but also time. It also accepts a full set of domestic information, making your account opening process smoother.

What are the advantages of an OCBC Bank account?

The easiest offshore bank account to open

• OCBC Bank provides extremely convenient offshore account services. You can open an account online through the APP. It is also the second largest bank in Singapore, and the reliability of a physical bank makes you feel at ease.

Ideal choice for stock investment

• You can use your OCBC Bank account to easily invest in US stocks, Hong Kong stocks, and Singapore stocks, and you can smoothly deposit funds into platforms such as LongBridge, Futu, Interactive Brokers, and Charles Schwab. This is really good news for investors.

Full Chinese online banking client

• OCBC Bank's online banking client is designed entirely in Chinese, which is particularly friendly to Chinese users. It is easy to operate and as easy and enjoyable as chatting with an old friend.

Singapore local currency account and multi-currency cooperation

• The account has Singapore local currency function and cooperates with up to nine major currency partners. What's even better is that these accounts are free of management fees, making your fund management stress-free.

Open overseas accounts easily

• You can also open some overseas accounts through OCBC Bank, such as Wise, to make your international financial operations more convenient.

Overseas consumption is free

• Whether it is subscriptionChatGPT Whether you are a Plus member or a Midjourney member, OCBC Bank accounts can meet your overseas spending needs and make your digitalLifeMore colorful.

Security and freedom of use

• Singapore's financial environment is one of the best in the world. It has been ranked in the top ten of the Global Finance rankings for 11 consecutive years and ranked fifth in 2019.
• OCBC can be used freely around the world, whether it is transferring money, withdrawing cash or spending, it can meet your needs. Some banks even offer free cross-border withdrawals.

Asset allocation, risk diversification

• Don’t put all your eggs in one basket. Even if you already have a Hong Kong bank account, it’s always good to have another option.

Account privacy

• Singapore banks are role models in the industry for the importance they place on customer privacy, and the strict supervision of the Monetary Authority of Singapore ensures the security of customer information.

OCBC account opening conditions: extremely simple

You may ask, is it difficult to open an OCBC bank account? It is very simple, but some basic preparation is still necessary.

4 magic weapons

1. passport: You only need a normal passport, no visa is required. If you don't have a passport yet, go get one now, it is available nationwide. Also, make sure your passport has a chip, because you need to scan the chip on your passport with your mobile phone during the account opening process.

2. ID card:This is a basic identification document, needless to say.

3. Mobile phone with NFC function: When opening an account, you need to use the NFC function to scan the chip in your passport. This step is critical.

4. cellphone numberreceive SMS : Chinese mobile numberYou can also use it, you can directly register with a number starting with 86.

OCBC account opening process demonstration

Step 1:Download OCBC Digital App

Download the OCBC Digital App from the app store and get ready to register your OCBC bank account.

• Search “OCBC” in the Apple App Store, Google Play or Huawei App Gallery to find and download the OCBC Digital app.
• This app provides secure and convenient online banking services, through which you can manage your accounts, pay bills, transfer money, scan to pay, etc.
• If you are using the China versionAndroidFor mobile phones, you need to install the "Google Apps" first before you can download and use the OCBC APP Android version on Google Play.

Step 2:Open the OCBC Digital App and select your language▼

Step 3:Click "Register as a new customer" ▼

Step 4:Select "Foreigners with electronic passports" ▼

Then start applying

• OCBC supports online account opening in Malaysia, Indonesia, mainland China and Hong Kong. You can connect directly to the domestic network. If you are lucky, it can be done in minutes.

OCBC Bank Introducer Code (Invitation Code): XCJT37JB

Step 5: Fill in the “Introducer Code”: XCJT37JB

Step 6: Fill in contact information

Enter the country code, mobile phone number for SMS verification, and fill in your email address ▼

Step 7: Scan your passport barcode

Open your passport's personal information page and scan it according to the prompts. Make sure there is enough light.▼

• Please place your mobile phone on the cover of your passport:We will retrieve your personal details from the barcode at the bottom of your profile page and from the chip embedded in the cover page.

Step 8: Use NFC on your phone to verify your passport

Turn on the NFC function on your phone, place the phone close to the passport cover, follow the prompts, and continue after successful recognition▼

If it is not recognized immediately, please move your phone slightly to find the best recognition position, and you can successfully scan the passport chip ▼

• Difficulty breakthrough:I failed to scan the passport chip many times. Finally, I took off my passport cover and phone case, and found that this made it easier to successfully scan the passport chip.

Step 9: Scan your ID card and take a selfie

Scan your ID card and selfie, the system will generate your detailed information, and continue after confirmation▼

• Difficulty breakthrough:Scanning the ID card failed many times because the shooting light was uneven. In the end, I sat on a chair, holding the phone in one hand (in a selfie pose) and the ID card in the other hand to scan the ID card through the phone's rear camera.
• The scan failed many times before it succeeded, and when it was done, you would feel a sense of accomplishment, haha!

Step 10: Fill in your job information

Fill in your employment information truthfully, employed people have a greater chance of passing the review ▼

Step 11: Provide tax residency information

If you do not have a tax identification number, you can fill in your ID number as your tax identification number.

For example: Select China as the country, check "Yes, I have" for the tax identification option, and enter the ID number▼

Step 12: Choose whether to be a political publicperson

Please choose according to your actual situation. Most people choose "No, I haven't" ▼

Step 13:Final confirmation and submission

Confirm your personal information and choose the marketing method you want to accept. Generally, choose the first "electronic channel". After confirming that you understand English, submit your application. If you are lucky, it may be approved in seconds, but in most cases it will take several days to review▼

Regarding the account opening review, most people's applications will be approved immediately.But some people need to wait 3-7 working days for review▼

Open an OCBC account after approval

Once the review is passed, the account is successfully registered.

Step 14:Set up account and OneToken

Set up a digital token: The registered mobile phone will become a security authenticator, avoiding troublesome SMS verification. Make sure all mobile phone permissions are turned on and click Enable▼

Step 15:Set username and password, and enable OneToken (mobile APP dynamic password)▼

• Here, the term “USERNAME"with"6-digit password";
• In fact, in subsequent logins, they are called "Access Code"with"PIN. "
• Don’t confuse these two nouns when you see them!

Step 16:OCBC Digital Security Token Enabled

• This step may fail repeatedly because it cannot be skipped. Be patient and just click it again and again.
• The OneLook feature is less reliable because facial recognition can be fooled by using photos or masks, so it is not recommended to enable facial recognition.
• The account opening and initialization settings on the mobile phone are now completed.

OCBC will open two accounts for you by default:

1. Statement Saving Account (Singapore Dollar SSA Account)
2. Global Saving Account (USD GSA account)

OCBC Account Types

• Singapore Dollar Account (SSA Account)
• Global Savings Account (GSA Account)
• 360 account: It is strongly recommended to apply, the threshold is very low.

Management costs

• All accounts are free of management fees in the first year.
• Starting from the second year, the management fee will be determined based on the account type and deposit amount: 360 accounts are exempt from management fees if the deposit is 3000 SGD; SSA accounts require 20000 SGD, otherwise a management fee of 10 SGD will be charged per month; GSA accounts do not require management fees.

Apply for a debit card

After opening a 360 account, it will take about 10 days to receive the physical debit card.

Open a 360 account

After logging into the OCBC Digital App, click on the menu in the upper left corner, select "Apply", then click "Account" ▼

Select "360 Account" and click "Apply Now" to complete the debit card application▼

• The address and occupation category are pre-filled. If you are self-employed, select "No" to automatically import the previously filled tax information country.

You can take a screenshot to save your debit card number, expiration date, and CVV (security code).

• This information is particularly important when you are abroad, and it is recommended not to store it in Android phones.
• China's domestic hooliganssoftwareYou know, it always asks to open all permissions and read all the photos in the phone.
• Don't be afraid of the unexpected, but be prepared for the unexpected.

After the application is successful, your account information will be displayed ▼

• Once your account is activated, OCBC will automatically send you a physical debit card via registered mail, which will take about 2-3 weeks.

Activate physical card

There are two ways: you can activate directly on the app, or send a text message to activate.

Here is how to activate it on the app: Menu bar – Card Services – Activate Credit/Debit Card ▼

Enter the validity period on the card, check the card, click Agree and Submit ▼

• After successful activation, you will receive a text message notification.
• At this point, the OCBC Singapore account opening and physical bank card application is complete.
• The next task is to deposit funds to activate your OCBC bank account.

Activate OCBC account

Requirements: Account activation can be completed by transferring more than 1000 SGD to a newly opened OCBC SGD account through a bank account with the same name (domestic bank, Hong Kong bank).

able to pass"Domestic foreign exchange purchasesor"territoryForexpayment"carry out.

1. Domestic foreign exchange purchase

1. Search for "foreign exchange" on the domestic Chinese bank app, select "foreign exchange purchase", then select Singapore dollar and click "purchase foreign exchange".
2. Select Singapore Dollar as the currency and select Cash (Cash means withdrawing cash at the counter)
3. Enter the amount of foreign exchange to be purchased (although the minimum deposit is 1000 SGD, it is recommended to purchase at least 1050 SGD to cover the intermediary bank fees)
4. Select “Private travel” for purpose.

2. Overseas Remittance

① Search for "Overseas" on the domestic bank app, select "Overseas Remittance", and then select "General Overseas Remittance" ▼

② Fill in the amount in Singapore dollars, select cash, and select "SHA" as the party responsible for the cost (this method is the most cost-effective, the cost is approximately "125CNY+20SGD").

③ The remitter’s information (name and phone number) will be automatically brought over, and the address can be changed to pinyin or English.

④ Select Singapore as the recipient bank’s location and fill in the recipient bank address:63 Chulia Street #10-00, OCBC Centre East, Singapore 049514, select Singapore as the region. Enter the SWIFT code OCBCSGSGXXX, after the code is entered, the bank name, address and city information will be automatically loaded.

⑤ Select "Other personal travel" as the transaction code, and "Personal personal overseas travel expenses" as the purpose of remittance. The date of birth and remittance remarks below can be left blank. Submit after confirming that the information is correct. The money will be credited in about 1-3 working days ▼

OCBC Telegraphic Transfer Fees

The following table is for reference only ▼

• Recommended UseMerchant BankRemittance (low exchange rate, smooth transfer), the Big Four Banks are not recommended (bank transfers of larger amounts require explanations and submission of supporting documents) 

Overseas Remittance Process of China Merchants Bank

When making a wire transfer, please use the following information:

• Receiving bank address: 63 Chulia Street #10-00, OCBC Centre East, Singapore 049514
• SWIFT code: OCBCSGSGXXX
• Bank Name: Oversea-Chinese Banking Corporation Limited

Frequently Asked Questions

OCBC Bank Singapore Telegraphic Transfer Information

prompt
Your STS account or 360 account (do not have a “-” in the middle. You can check the account number in “Your Assets” on the homepage of the application. The account number is 12 digits. Note that it is not the card number, which is 16 digits).

The above is a detailed guide to opening an OCBC Bank account. It is easy to open an account and enjoy financial convenience. If you find it useful, don’t forget to like and share it!

Conclusion

This is the complete guide to opening and activating an OCBC Bank account in Singapore. From account opening preparation to account activation, one article can answer all your questions.

If you have any questions or suggestions, feel free to leave a message in the comment section.

If you like it, don’t forget to like and forward it!

I wish you all a smooth account opening!