Who they are
OCBC Bank is an acronym which means Oversea-Chinese Banking Corporation. The head office is located in Singapore. OCBC came about after the merger of three local banks and currently has Great Eastern Holdings as its insurance group which is the largest insurance group in Singapore and Malaysia.
Main Corporate Services
An entrepreneur will require a business account which can be used by start-ups and large corporates. The accounts you can get will depend on whether you will get Singapore dollar accounts, Foreign currency accounts, Business Foreign Account, Time deposits and Conveyancing account. All these have corresponding plans which are dependent on your banking needs.
- Singapore dollar accounts
1. Business Growth Account – designed for new businesses;
2. Business Entrepreneur Account- perform more transactions;
3. Business Entrepreneur Account Plus – expanding and established businesses
- Foreign Currency Accounts
1. Business Smart Account – US $500 initial deposit; flat telegraphic,transfer fees
2. Foreign Currency Call Account- 8 different currencies; interest if minimum balance maintained
3. Renminbi Business Account- no initial deposit; no minimum balance (both onshore RMB)
- Business Foreign Account
> Low minimum balance requirement
> different currencies allowed
> Instant [email protected] token issuance at account application
> All companies incorporated outside of Singapore
|Business Growth Account||Business Entrepreneur Account||Business Entrepreneur Account Plus|
|Low Initial Deposit: S$500||No monthly account fee for the first 3 months, thereafter S$38 per month|
|No monthly account fee||No annual fee on your personalised OCBC Business Debit Card||Minimum monthly average balance: S$30,000 otherwise monthly service gee of S$50 applies|
|Annual fee of $38||
|Free first 50 cheques monthly|
|No minimum balance for first 6 months||
|No monthly/annual fee|
|Thereafter, monthly average balance of S$3,000||
OCBC Bank Summary Review
As a business, you want to know the flow of money coming in and out. You want to monitor your transactions and see if everything is on the right track. OCBC has different ways of tracking your transactions. [email protected] is their business internet banking, Business Mobile Banking, [email protected] (sms/email alerts) and Phone Banking. You can also transfer your payment in your preferred currency within an OCBC Singapore or other banks in Singapore and even transfer in foreign currencies overseas. Plus, you can get your business debit card and make all the transactions using that. If you are new to all the banking terms, getting help is not such a bad idea. OCBC can arrange a meeting with your Relationship Manager for your documents needs since you will be required to fill in a lot of forms in opening a bank account. Indeed, OCBC Bank is one of the banks where you can entrust your money. After all, being awarded as the Best SME Bank and Best Private Bank for different awarding bodies throughout the years tells a lot about what can they offer to us.
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