OCBC Bank holds a full banking licence, which means it can offer ample opportunities for banking in Singapore. OCBC has had the longest presence in Singapore since 1932 and has an extensive network of overseas branches in Asia.
If you are in the process of opening a corporate bank account in Singapore, OCBC might be a good fit for you. Firstly, in 2021, OCBC was recognised as the best SME bank in Asia. While some banks in Singapore are not willing to deal with small entrepreneurs, OCBC may still offer a bank account in Singapore for your business. Secondly, OCBC has top-notch digital support for its clients and is hitherto the friendliest online banking in Singapore. Finally, OCBC takes on board both locally registered and foreign companies looking to set up an offshore bank account.
As for personal banking, many people wonder if it’s possible to open a bank account in Singapore for non-residents. OCBC offers individual bank accounts for Singapore citizens, foreigners with permanent residence permits or expats with an employment pass, which is issued based on their employment agreement. However, if you are a foreigner without a permanent residence permit and employment in Singapore, OCBC will not open a bank account in Singapore without an employment pass.
Aspire is an electronic monetary institution (EMI) that opens virtual bank accounts in Singapore for its clients. With Aspire, you can only open a business bank account in Singapore as personal banking is not currently available.
This EMI is an ideal solution for growing start-ups or established digital businesses looking to open a bank account in Singapore. Aspire provides fast, straightforward and reliable fintech solutions for your business, with low transaction fees.
Moreover, Aspire is an excellent solution for opening an offshore merchant account as it provides modern payment gateways and fast integration with PayPal, Google Pay and other platforms.
Aspire is officially exempt from licensing by the Monetary Authority of Singapore. However, when opening a corporate bank account with Aspire, you can rest assured that your funds are safeguarded by Aspire’s partners – top-tier reputable banking institutions in Singapore.
Since HSBC holds a full services licence, having a bank account in Singapore gives you access to a variety of banking services, including loans, guarantees and investment products such as forex exchange and precious metals.
If you are interested in opening a corporate bank account in Singapore for your foreign or domestically registered company, it is worth pursuing your options with HSBC.
When it comes to personal banking, HSBC only opens accounts for Singapore nationals or foreigners who legally reside in Singapore. Therefore, a personal offshore bank account in Singapore isn’t available to foreigners from abroad.
Opening an offshore bank account in Singapore with HSBC provides your business with a versatile tool to boost its capacity. Smart high-tech solutions for merchant accounts, fast and friendly online banking 24/7, and support from a qualified personal manager are just some of the many other benefits on offer.
Before 2019, opening a corporate bank or personal account required one to be physically present at a branch. But due to the pandemic, it is now possible to open a bank account online at Singapore HSBC.