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Offshore Banking - OCBC Singapore Online Account Opening Guide

15 SGD Referral Code: Z3U9FDOS Video Tutorial: https://www.youtube.com/watch?v=XmZRl8Lp9YY

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I. OCBC Singapore Online Account Opening Requirements:​

  1. Must be at least 18 years old

  2. Possess an electronic passport from Mainland China or Hong Kong

II. Uses of Offshore Banking:​

  1. Open ChatGPT Plus, purchase OpenAI API credits

  2. Investment in Hong Kong and US stocks, funds transfer channels for Futu accounts

  3. KDP publishing, Stripe payment collection, etc.

  4. An additional channel for financial management

III. Advantages of OCBC Singapore:​

  1. Convenient, the only offshore bank that can be handled online

  2. Low requirements, no need for deposits, just a passport

  3. Low cost, no management fee for the first year, management fee can be waived from the second year

  4. With the "OCBC Bonus Saver" account, earn a SGD 15 bonus when you deposit SGD 1,000 in your first month.

IV. Preparations for Opening an OCBC Account in Singapore:​

  1. Download the OCBC Digital app
  2. Prepare your passport and identification card
  3. Ensure you have a mobile phone with NFC capability (most modern phones have this)

V. Information Regarding Deposits and Transfers After Activation:​

Bank Name: OCBC Swift Code: OCBCSGSGXXX Account Number: Find it in your account, a 12-digit number Beneficiary Address: 63 Chulia Street 10-00, OCBC Centre East, Singapore 049514

VI. Important Notes During the Registration Process:​

  1. Employment information is crucial. Regardless of your current status, always select "Employed". Choosing "Self-employed" may lead to rejection.

  2. Select your occupation based on your actual situation. If there isn't an exact match, choosing "Engineer" is generally safe.

  3. For income, avoid selecting either the highest or lowest bracket. Opt for a moderate option.

  4. Choose a degree level or higher for education, as it usually won't be verified.

  5. The purpose of opening the account can be for investment, and the source of funds can also be employment + investment.

  6. For the section on Tax Residency Information, if you hold a Chinese passport, select China, and make sure to fill in the Tax Identification Number, which should be your ID card number.

  7. For the Politically Exposed Person Declaration, you must select "No."

Notes​

If you need to use this for purchasing a ChatGPT Plus membership or for online transactions, you will need to apply for a "360 Account" within your account after opening it, to obtain both a physical and virtual debit card.