Oversea-Chinese Banking Corporation, or OCBC, stands proud as Southeast Asia’s second-largest bank. It’s not just a regional heavyweight; its influence stretches globally with over 570 branches worldwide.
Recognised as one of the World’s Safest Banks, OCBC’s appeal lies in its diverse financial services tailored for businesses, big and small. If you’re considering a trusted business account, OCBC might just be what you’re looking for.
1) Business Growth Account
OCBC Business Growth Account is tailored for start-ups or new businesses in Singapore. With the convenience of instant online account opening, it offers a suite of benefits, such as free unlimited FAST/GIRO transactions. The OCBC Business app further complements this by providing insights into business trends.
Businesses can also benefit from up to 1% cashback with their debit card transactions. The best part? There are no charges for the first two months. Given these advantages and a modest annual fee of SGD38, it’s a compelling option for SMEs in Singapore.
2) Business Entrepreneur Account Plus
The OCBC Business Entrepreneur Account Plus presents a straightforward solution tailored for businesses that are expanding or already well-established. This account offers a seamless experience for companies to efficiently handle both their payments and collections. A distinguishing feature of the Business Entrepreneur Account Plus is its zero monthly account fee, making it an economically sound choice for businesses.
It comes with a minimum deposit and balance requirement of S$30,000. Essentially, with no account fees, a clear focus on streamlining financial transactions, and a design catering to growing businesses, the OCBC Business Entrepreneur Account Plus stands as a solid banking option for entrepreneurs aiming for greater heights.
1) Multi Currency Business Account
For businesses that operate on an international scale or are eyeing global expansion, managing transactions in multiple currencies can be a challenge. OCBC’s Multi-Currency Business Account aims to simplify this process. One of its standout features is the ability to trade seamlessly in 13 major currencies which include USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, and NOK.
This account is not only designed to support the global ambitions of businesses, but it also ensures ease of setup. There’s no initial deposit required to start, nor is there a set-up fee involved. Furthermore, there’s no minimum balance to maintain and no associated fall-below fees, making it a cost-effective option for international commerce.
In terms of eligibility, all businesses that are registered in Singapore can apply for the OCBC Multi-Currency Business Account.
2) Renminbi Business Account
For businesses engaged in trade and transactions with China, managing finances in Renminbi can pose unique challenges. The OCBC Renminbi Business Account offers a targeted solution for such businesses. This account is designed to provide the convenience of managing Renminbi foreign exchange risk exposure from a single platform.
By using the Renminbi Business Account, businesses can significantly cut down on currency exchange costs, which in turn enhances the efficiency and profitability of trade operations with China. It’s tailored specifically for companies that have an active presence in Singapore and frequently trade with China.
The account is segregated into two categories: Onshore RMB (CNY) for businesses engaging in cross-border trade with China and Offshore RMB (CNH) which is open to all businesses. There’s an added advantage of no initial deposit requirement, making the initiation process hassle-free.
For businesses seeking to optimize their financial operations in the Chinese market, the OCBC Renminbi Business Account presents a viable solution.
1) Business Foreign Account
For businesses that are incorporated outside of Singapore but require a reliable banking solution within the country, OCBC offers the Business Foreign Account. This account capitalizes on OCBC’s expertise to provide businesses with a platform that assures seamless banking operations.
One of the key features that makes the Business Foreign Account stand out is its low minimum balance requirement, which makes it accessible for businesses of all sizes. Recognizing the diverse currency needs of businesses operating on an international scale, the account offers options in multiple currencies. This flexibility ensures that companies can manage their finances in the currency that aligns best with their operations.
Another distinctive benefit of this account is the instant issuance of the OCBC Velocity token upon the account application. This token enhances the digital banking experience, ensuring secure and swift online transactions.
For account maintenance, there’s an initial set-up fee of US$2000 for the account. Additionally, there’s a monthly account fee of S$50 per month for an SGD Chequing Account and US$50 per month for a Multi-Currency Business Account. However, as a gesture of goodwill and to facilitate a smooth transition for businesses, OCBC waives these monthly fees for the first two months.
2) Conveyancing Account
The OCBC Conveyancing Account is specifically tailored for law firms in Singapore, catering to the distinct needs that come with managing clients’ conveyancing funds.
A Conveyancing Account is essentially a designated reservoir for solicitors to securely hold conveyancing money. The eligibility is clear-cut; only law firms registered to practice law in Singapore can avail of this account.
Business Growth Account
Business Entrepreneur Account Plus
S$10 per month. Waived for the first 2 months.
S$15 per month if monthly average balance falls below S$1,000
S$50 per month if monthly average balance falls below S$30,000
Unlimited free FAST & GIRO transactions
GIRO – S$0.10 per item via OCBC Velocity.
Early closure fee
S$50 for accounts closed within 12 months of opening
S$50 for accounts closed within 6 months of opening
Multi Currency Business Account
USD Business Smart Account
S$10 per month. Waived if your company has an OCBC SGD account
Waived for the 1st 6 months. Thereafter, US$15 per month if the monthly average balance falls below US$1,000.
Early closure fee
US$50 for accounts closed within 1 year of opening.
Other fees and charges
Refer to OCBC business banking pricing guide for other charges for transactions such as cheques, GIRO, FAST, PayNow, Standing Instructions, and more.
To initiate the process of opening an OCBC business account, potential account holders must follow specific procedures based on the type of business account they’re looking to set up.
For Business Growth Account and Multi-Currency Business Account:
For Business Entrepreneur Account Plus:
Like other accounts, initiate the process with an online application.
After the online portion, it’s required to book an appointment and head over to an OCBC bank branch to complete the application in person.
Regardless of which account you’re interested in, it’s beneficial to get in touch with OCBC directly beforehand. This is to ascertain the exact documents required, which might vary based on the nature of your business. Typically, the bank requests the following:
Procedure for OCBC Account Closure
Closing an OCBC business account is a systematic process that demands specific steps to ensure a seamless closure. Here’s a step-by-step guide based on the available data:
To ensure the most efficient account closure process, and to stay updated on any changes to the procedure, reaching out to OCBC directly or perusing their official website is highly recommended.
The OCBC Business Deposit Card offers a tailored solution for business owners and their authorised personnel, eliminating the need for traditional over-the-counter banking services. One of its primary benefits is the convenience of depositing daily business takings anytime at OCBC Deposit Machines, catering to businesses that operate outside standard banking hours.
Additionally, understanding the diverse roles within a business, the card can be issued to multiple users such as store managers or accountants. This allows them to facilitate deposits without revealing the main bank account details of the company. To ensure utmost security, the card is equipped with enhanced features to protect against unauthorised access, providing businesses with an added layer of financial security.
The OCBC Business Debit Card combines the functions of a standard debit card with specialised features designed to cater to the unique needs of businesses. By directly drawing funds from a company’s business account, it offers businesses a seamless method for transactions. Beyond the usual functionalities, the card also provides financial benefits like cashback on eligible business spending, which can be a boon for companies keen on maximizing their financial perks.
Business Credit Cards by OCBC are tailored to address the diverse financial requirements of companies. Unlike conventional credit cards, they come with features that resonate with business operations and financial strategies. One of the primary attractions of these cards is the opportunity to earn substantial rewards or cashbacks. Companies can benefit from cashbacks on typical business expenditures including travel, dining, and office essentials. This not only incentivizes business-related transactions but also ensures cost-saving benefits in the long run.
The OCBC Virtual Purchasing Card is a contemporary financial tool that marries the concepts of convenience and security, catering specifically to businesses aiming to refine their procurement and payment strategies. Differing from traditional cards, this virtual card does away with the physical format, focusing entirely on electronic transactions. This digital-first approach ensures secure and swift transactions, allowing businesses to quickly settle payments with their suppliers, making the procurement process more efficient and timely.
Digital transformation has been at the forefront of OCBC’s strategy, as they continuously innovate to offer their customers an efficient and user-friendly banking experience. By harnessing technology, OCBC has streamlined various banking processes, ensuring businesses can manage their financials with ease and security.
OCBC Velocity is the bank’s flagship digital business banking platform, designed to cater to the diverse needs of businesses. Some of the key features include:
The OCBC Business App is tailored for businesses on-the-go, ensuring banking services are accessible anytime, anywhere. Some of the key features include:
In today’s rapidly evolving corporate landscape, OCBC emerges as a beacon for businesses seeking growth and stability with their corporate banking solutions.
With a presence spanning 19 countries, OCBC’s accolades, including being ranked among the World’s Top 50 Safest Banks by Global Finance, speak volumes. Whether you’re eyeing expansion in ASEAN, Greater China, or sectors like technology and real estate, OCBC’s blend of local insight and global expertise ensures your business is always positioned for success.
Reaching out to OCBC for business-related queries and support has never been easier. The bank offers round-the-clock assistance through their OCBC Business Banking Chatbot, ensuring immediate responses to any pressing questions.
For those preferring a more personal touch, you can contact their helpline at +6565381111; they are available from 8 am to 8 pm every Monday to Friday, excluding public holidays.
Additionally, OCBC has meticulously curated a comprehensive support page filled with frequently asked questions and essential business forms, serving as a handy resource for all your banking needs.
Selecting the appropriate platform for international business transactions holds significant importance, particularly as companies seek to solidify their global presence.
Instarem shines as a leading solution, streamlining financial operations across multiple countries, including Singapore, Malaysia, Hong Kong, the United States, Indonesia, and Australia.
The platform empowers users to conduct a range of tasks on their mobile devices, encompassing transaction execution, payment setup, and a user-friendly interface optimized for single recipient payments and quick operations.
Furthermore, the platform facilitates the efficient handling of bulk payments, accommodating up to 1,000 transactions, and seamlessly integrates with QuickBooks to support accounting functions. For businesses with diverse stakeholders, the system offers a straightforward process for establishing an internal approval framework, reinforcing payment oversight.
Ultimately it boosts flexibility and convenience in managing financial transactions, allowing users to operate with enhanced mobility and efficiency. It also streamlines the payment process, simplifies accounting integration, and furnishes the necessary tools for improved oversight and streamlined approval processes within the organization.
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All details are accurate at the time of publishing. Instarem has no direct relationship with the products or vendors mentioned. Pricings are taken from the relevant website on 11 October 2023.
