OCBC Bank is Singapore’s second-largest bank, renowned for its safety and extensive branch and ATM network. With 36 branches and over 1,000 shared ATMs nationwide, OCBC offers convenient access to banking services. This guide covers OCBC’s popular account types, eligibility, required documents, fees, and the step-by-step account opening process for both residents and foreigners.
We also highlight Wise’s multi-currency account as a flexible, low-cost alternative for managing multiple currencies and international transfers.
Popular OCBC Account Types and Features
OCBC offers various everyday and savings accounts, many with interest and the option to unlock higher rates by meeting certain criteria. Here’s a summary of four popular accounts:
| Account Name | Key Features | Minimum Deposit | Minimum Balance | Fees and Charges |
|---|---|---|---|---|
| 360 Account | Base interest 0.05%, up to 7.65% with salary, savings, spending, insurance, and investment tasks; up to S$180 cash bonus | S$1,000 | S$3,000 | S$2 monthly fee (waived first year); S$10 cheque book optional |
| FRANK Account | Interest 0.05%-0.2%, no annual fee on debit card, 1% cashback at selected merchants | None | S$1,000* | S$2 monthly fee if under balance (age 26+) |
| Bonus+ Savings | Base interest 0.05%, up to 2.80% with regular savings and no withdrawals | S$5,000 (new funds) | S$3,000 | S$2 monthly fee |
| Global Savings | Manage 10 currencies; interest on AUD, NZD, USD, CNH; no foreign currency transaction fees or overseas OCBC ATM fees | 5,000 in various currencies | Maintain minimum balance | No monthly or low balance fees |
*Note: Minimum balance applies to customers aged 26 and above for FRANK Account.
Eligibility to Open an OCBC Account
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Age: 18+ for 360 and Global Savings accounts; 16+ for FRANK and Bonus+
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Singapore citizens, permanent residents, and foreigners with valid passes (Employment, Student, etc.) can apply
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Some accounts require minimum deposits and balances
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Foreigners typically must visit a branch to submit documents
Documents Required
For Singapore Citizens or PRs:
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NRIC (Identity Card)
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Proof of address (utility bill, etc.)
For Foreigners:
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Valid passport
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Valid Singapore visa or pass
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Proof of address (rental agreement, utility bill)
How to Open an OCBC Account
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Online Application: Singapore citizens and PRs can apply online via OCBC internet banking or mobile app using SingPass/MyInfo for selected accounts.
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Branch Visit: Foreigners and certain account types require in-person application with document submission.
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Document Submission: Prepare identification, visa, and address proof.
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Approval: After verification, the bank will notify you and send your debit card.
OCBC Fees and International Transfer Costs
| Item | Fee (SGD) |
|---|---|
| Monthly low balance fee | S$2 (waived first year) |
| Cheque book fee | S$10 (optional) |
| Telegraphic transfer fee | 0.125% (min S$10, max S$100 or S$120 depending on account) |
| Currency conversion fee | 0.125% (min S$25, max S$120) |
| Cable charge | S$20 |
| Exchange rate margin | Bank’s marked-up rate, usually above mid-market rate |
Wise Multi-Currency Account: A Flexible Alternative
Wise supports over 40 currencies with no minimum deposit or monthly fees. It offers local bank details in SGD and nine other currencies, uses the real mid-market exchange rate, and charges transparent low fees. Wise debit card enables easy spending and ATM withdrawals worldwide, ideal for frequent international transactions and travel.
Summary
OCBC is a solid choice for local and foreign residents in Singapore, offering a range of interest-bearing accounts and convenient online and branch opening options. For those needing multi-currency management and low-cost international transfers, Wise’s multi-currency account is a smart, cost-effective complement.
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