Banks of Singapore: account opening procedure

Banks of Singapore: account opening procedure

Many businesspeople seek to open an account in Singapore, since this jurisdiction is the financial capital of the world. In this country, there are branches of many international organizations and major financial institutions. Most banks offer to open an account for a company or offshore in Singapore, as well as create personal accounts and obtain credit or debit cards.

What banks to choose

Before buying an account in Singapore, it is recommended to look at the offers of various banks. One well-known financial institution where you can create an account is Standard Chartered Bank. This institution was established in the late 60s. It offers many financial services for individuals and legal entities, as well as Private Banking. For companies it offers services such as government lending schemes, insurance, investment, and many other services. The bank has many representative offices around the world and offers tools for quality financial management.

Another well-known bank where you can open an account is the Bank of Singapore. It is a subsidiary bank of OCBC, the leading financial organization. Holders of accounts in this institution have access to different tools and services that are provided by the OCBC group.

To open an account you can contact the OCBC financial institution. This bank was the first one to open a branch in China in the mid-20s. In Singapore bank clients can open accounts in different currencies - US dollars, Singapore dollars, Austrian dollars, Francs, etc. This bank has many offices around the globe.

HSBC Bank is one of the world's largest financial institutions, serving almost 40 million customers and covering over 60 countries. It provides services to both small businesses and large corporations and provides a wide range of financial products.

Why open an account in Singapore

The main advantage of opening an account in a foreign banking institution is confidentiality. Having an account in Singapore allows you to pay for educational and medical services, as well as purchase and buy real estate.

Singapore Banking Center works in conditions of stability, both financial and economic. Financial institutions of the jurisdiction are considered the most reliable in the world, offering a wide range of high-quality services.

Account opening procedure

To open a personal account, you will need to collect a number of documents. You will need a foreign passport, data that confirms your place of residence and a statement salary. If you open an account, you will need to deposit funds into it - in cash, via ATM or cheque, by transfer.

It is also possible to open a corporate account with the company. To do this, you need to submit basic documents for the company, the statutory agreement, and a foreign passport. The presence of a local company director is required.

Practically all local banks provide an online bank, which allows you to check your balance, transfer funds at any time. In the local market, a checkbook is often used for certain deals between legal entities. To open an account with a local bank in Singapore, please contact our experts at IT-OFFSHORE.

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