We would like to offer you the opportunity of opening a corporate account in Singapore with one of the world’s largest financial institutions. Opening of a corporate bank account in Singapore can be done both remotely and with a personal visit the bank. This depends on the country of your citizenship. Russian and Ukrainian nationals have to visit the bank in person. Citizens of other countries can enjoy the service of remote account opening.
The bank we are talking about was founded back in 1983 in Singapore. The purpose of this credit and financial institution at the time of its establishing in Singapore was meeting the needs of high net worth individuals for obtaining banking services. Initially, the main clients of the bank were residents of the Asian-Pacific region, but over time, the bank also started attracting clients from abroad.
A great advantage of the bank is not only its universal presence, but also the possibility to provide service in English. When opening a corporate account in Singapore, you can be sure to get a professional English-speaking banker.
In addition, at this bank you will get everything you need for your business. The bank offers a wide choice of banking products designed in accordance with each segment and line of business for the client.
The bank is especially proud of its Internet banking system, the Digital Bank. Thanks to the well-thought-out system of the online banking, you will be able to control your assets without any issues, as well as invest them, trade at the stock exchange, place deposits and much more. Digital Bank clients will also be granted certain exclusive privileges, bonuses and preferential rates for online transactions and investments.
Bank in Singapore
Initially, the bank was established in Singapore in 1902. The bank wished to become a bridge between Asia and the West, which allowed it to attract clients from all over the world further on.
The bank is represented in almost every banking segment, starting with institutional clients, retail banking, private banking and others. The bank employs almost 10,000 people which makes this bank the largest banking employer in Singapore.
International Corporate Bank Account in Singapore
The bank offers excellent conditions to those foreign clients who wish to open a corporate account. Under this account you can also open a savings account and a wealth management account.
Thanks to an international corporate account, you will have access to your assets from anywhere in the world, as well as high-speed Internet banking system to monitor your account and carry out the necessary business transactions.
The bank in Singapore accepts clients from the following countries: Azerbaijan, Bahrain, Brazil, British Virgin Islands, Brunei, Cameroon, China, Congo (Democratic), Cyprus, Egypt, Ghana, Germany, Greece, Hong Kong, India, Indonesia, Japan, Kazakhstan, Macao, Malaysia, Malta, Mauritius, Mexico, Monaco, Oman, Pakistan, Philippines, Poland, Qatar, Romania, Russia, Taiwan, Tanzania, Thailand, Turkey, UAE, Uzbekistan, Vietnam, Yemen, Zambia, Zimbabwe.
As for other countries, this has to be specified individually.
Minimum deposit for opening an account: SGD 100,000 (1 USD = 1.29 SGD)
Average monthly account balance: SGD 50,000. If the average balance falls below SGD 50,000, a penalty of SGD 100 per month will be imposed on the account. It is also necessary to operate with a minimum turnover of USD 2 million for subsequent 2 years. Exceptions to be determined individually.
In the case of a foreign company, the cost of opening and maintaining the account will be USD 5,000 per year.
Besides, the bank would like to see among its corporate clients such companies that have an annual turnover of 2 million; were established more than 2 years ago; and conduct their business within the target business market of the bank.
For more details about the bank’s rates and requirement, please, click here
International Corporate Bank Account Means Convenience and Flexibility of Operations
- Your international account will be opened in Singapore, therefore, you will enjoy the privileges of Singapore law, banking infrastructure, as well as global the aspects;
- You will get permanent access to your funds via more than 20 thousand ATMs of the bank and its partner banks worldwide;
- Savings and investment management will be effected via online access to online banking;
- Access to your assets 24/7 regardless of where you are.
Bank, Trading, Investments
- You will get the opportunity of investing in USD, SGD or 10 other currencies with attractive interest rates.
- Access to trading opportunities in the US, Hong Kong and Singapore;
- Trade via a convenient online platform;
- Use of market opportunities and online trading with the real-time news and quote updates;
- Investments in double currencies to generate potential profits;
- Access to a wide range of investment and financial products available on the international markets.
Savings Account in Singapore
You can be earning interest by placing your savings in a savings account. In this case, the bank will offer you to open a savings account in many currencies, including AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD and USD.
The savings account has all the features of a corporate account which also includes online access to your funds 24/7.
Interest-Bearing USD Check Account
If you need a transaction account for your daily operations with a frequent use of your check book, the bank is ready to open you an interest-bearing check account in US dollars.
This account will allow you to earn daily interest on the balance of the account, as well as use the flexibility of your checkbook. You can also attach a payment card to your account.
Privileges of the Interest-Bearing USD Check Account:
- The possibility to earn daily interest on the account;
- Interest is calculated daily and paid once a month;
- Currencies: US dollars;
- Free checkbook;
- Access to your funds 24/7 via ATMs, Internet banking and phone;
- Free payment card.
|Minimum down payment:||An individual||A company|
|Interest-bearing US dollar check account||USD 5,000||USD 30,000|
|Interest-bearing Singapore dollar check account||SGD 5,000||SGD 30,000|
Maxisave Savings Account in Singapore Dollars
The bank also offers a check account, similar to the interest-bearing account in dollars, but this time in Singapore currency.
Maxisave savings account can be a good option to receive interest from the account balance and write out checks. You will keep your access to cash at that.
|Minimum down payment:||A company|
|The bank pays higher interest at amounts over USD 30,000 and USD 50,000.||USD 100,000 (NGOs only)|
Advantages of Placing Your Money on the Maxisave Account
- the possibility to receive daily interest on the account balance;
- interest is calculated every day and accrued every month;
- Currency selection: SGD;
- Free checkbook;
- Access to your funds 24/7 via ATMs, Internet banking and phone;
- Free bank card;
- For your convenience, you can deposit money into your account at bank branches in SGD, USD, AUD, HKD or JPY;
- You can also deposit money into your account by checks, using bank checks, traveler’s checks, etc., bringing them to a branch or sending them by mail.
Bank Deposit in Singapore
The bank offers you the opportunity of placing deposits in different currencies, including USD, with attractive interest rates to make your money work for you, while providing flexibility in managing your funds.
Should you have an urgent need to withdraw funds from your deposit, the bank offers the possibility of partial withdrawal in installments of 5,000 USD (or the equivalent in another currency), without losing the earned interest.
Advantages of Placing Your Money on the Deposit
- The possibility of earning attractive interest, with a choice of currency: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD and USD.
- The possibility to choose the term: 1 week, 1 month, 2, 3, 4, 6, 9, 12 months.
- The minimum deposit amount is USD 50,000 or the equivalent in another currency.
- The possibility of partial withdrawal.
- Automated prolongation of your deposit.
- The possibility to exchange currency, without penalties **.
- The possibility of getting an overdraft using your deposit as collateral.
* The minimum amount to be withdrawn is USD 5,000 (or its equivalent), with a minimum of US 50,000 (or its equivalent) remaining on the deposit. In case of early termination, the bank reserves the right to levy a fine.
**The client has the right to exchange currency, choosing from 10 possible currencies without penalties provided that the term of the deposit is not changed or extended. This service is not available for deposits in SGD, Time Deposits.
For your convenience you can do the following:
- Replenish your deposit at the bank branches in SGD, USD, AUD, HKD or JPY.
- Replenish your deposit using checks, using bank checks, traveler’s checks, etc., bringing them to a branch or sending them by mail.
- Transfer funds via telegraphic transfer or via the bank’s internal system;
- Have online access 24/7.
- Automated prolongation of your deposit.
Offshore Yuan Deposit
The bank would like you to take advantage of China’s economic growth, and place a yuan deposit. The minimum deposit amount is USD 50,000 or its equivalent in another currency, with the term from 7 days to 1 month.
Using your offshore yuan deposit you will be able to:
- Reserve FX CNH deals against major currencies (XAU, EUR, GBP, AUD, NZD, CAD, CHF, SGD, HKD, JPY);
- Choose a deposit period from 7 days to 1 month.
*The deposit is not made or withdrawn in cash.
Online Banking in Singapore
The bank offers high-tech Internet banking with a user-friendly interface and high speed of operations. Via Online Banking, you will be able to check your balance, transfer funds between your accounts, pay bills and even manage your own investments.
Online banking is provided free of charge. In order to get online access, you need to have the bank’s plastic card, PIN code and an online security device.
Main features of the Online banking system:
Electronic statements and Recommendations Statements for up to 36 months;
Transfer of funds
- Transfer of funds between your own accounts with the bank in Singapore and other accounts in Singapore is free of charge;
- Transfers of up to USD 50,000 made instantly and efficiently, between your account with the bank via the Global Transfer system;
- Payment of bills and setting of regular payments;
- Manage your investment funds, deposits and premium accounts easily and independently;
- Get attractive interest rates on your premium account online;
- Access currency rates in the real time mode;
- Receive instant confirmation of your payments;
- Receive reminders in electronic format about market changes;
Brokerage services in Singapore
- Trade at any time on SGX, HKSE, NYSE, NASDAQ and AMEX;
- View your portfolio for investment control;
- Read the latest news and information by Reuters;
- Get email reminders about your operations and sales;
- Get instant access to the sales process to increase your purchase and so on.
The bank offers an abundant choice of cards for business and private purposes. These cards can be both debit and credit.
Credit cards are issued in USD and SGD. They are secured. Therefore, if you want to get a credit limit of USD 10,000, you must deposit this amount into your account. This deposit will remain untouched until you close your card.
The bank offers the following cards to its clients:
- Clear Card;
- Clear Platinum Card;
- Dividend Card;
- Esso Mobil Privilege Card;
- M1 Platinum Visa Card;
- Paragon Platinum MasterCard;
- Platinum Visa/ MasterCard;
- Premier Miles Card;
- Rewards Card;
- SMRT Platinum Visa Card;
- TANGS Platinum Visa Card;
- Business/Corporate Gold Card;
- Purchasing Card;
- Travel Account Management;
- Business Card.
Please see more detailed information about the cards in the bank’s official page.
Procedure of Opening a Corporate Bank Account in Singapore
- You would need to contact us by sending an email to firstname.lastname@example.org for a professional advice on opening your bank account.
- For our assistance with opening your corporate bank account in Singapore, you will need to pay a fee of 3999 EUR, which you can pay by card or transfer, via Money Gram, WesternUnion, WebMoney or a bank transaction.
- After that we will move on to collecting and preparing the information that is required for getting your account opened. The following documents will be required for all account holders and signatories:
- Filled out, printed and signed copies of the bank papers for opening an account;
- Notarized copy of a travel document (pages with photo and signature), as well as a second ID card, i.e. a driver’s license, a credit card issued by another bank.
- Proof of the address of residence;
Translated and notarized copy of a utility bill or a bank account statement to confirm your residence address.
Note: This document must be no older than 3 months by the time the account-opening package is submitted, and it must be translated into English and notarized.
As a rule, account opening procedures take from several days to 3 weeks. Mostly, it is 3 weeks.
- Detailed description of your company’s business operations. If you render consulting services or deal with investments, your company will not be approved;
- Industry or sector in which your company operates;
- Description of the source of your funds;
- Full package of corporate documents:
- Certificate of Incorporation;
- Memorandum and Articles of Association;
- Document on the company manager appointment (appointment of directors, power of attorney or other document)
- Certificate of Good Standing, if the company was registered more than one year ago.
- Additional documents may also be requested by the bank.
Note: All documents, if originally drawn in another language, must be translated into English and notarized.
Please feel free to contact us by email to email@example.com to start the procedure of opening your corporate bank account in Singapore.
I would like to open an account with a bank in Singapore, but my application has been considered for a very long time. What should I do?
Please be patient and wait, remembering to check your email for incoming messages. The reasons for the delay may vary, and most often you are not to blame for it. Here are the most common of them: 1. Incomplete set of your papers. 2. You have delayed it yourself. 3. The activation amount has not been paid (or has not been paid in full or was paid with a delay). 4. Internal or external inspection or audit. 5. Public holidays. 6. Vacation season. 7. Significant changes in legislation (most often unexpected). 8. Too many requests, which makes the compliance department unable to cope. It would be fair to note that the cases of delay with opening accounts in Singapore are quite rare, and almost never occur if the project is handled by our experts.
I used to have a bank account in Singapore, but it was closed. Should I apply again?
Yes, you should. But only after you understand the reasons. If this is not done, the second account will also be closed sooner or later. The main reasons may be as follows: 1. You business operations field or industry declared in the documents does not correspond to the actual ones. 2. There are no documents confirming the legality of certain transactions. 3. The Company conducts doubtful transactions and cannot document their legal status. 4. The Company ignores the questions submitted by the bank administration. 5. It has been noticed that some transactions are conducted with unscrupulous partners (for example, those from blacklists or sanction lists). 6. The number of lines of business exceeds the declared number of them. Please note that in case your account was blocked, it is best to resubmit the documents to another bank.
Can you open an account with the Citi IPB in Singapore, or are there other options?
Of course, our clients have many options. If you wish, we can open your account in Singapore not only with the Citi International Personal Bank, but also with other reputable financial institutions. The brief service terms are as follows (the amount of initial deposit is specified below, as well as the average daily balance, both values are in SGD, USD and EUR). 1. OCBC Bank: 3.000 – 500 – 500 / 10.000 – 10.000 – NA. 2. DBS Commercial Banking: 3.000 – 1.000 – 800 / 10.000 – 1.000 – 800. 3. MayBank: 1.000 – 1.000 – 1.000 / 10.000 – 1.000 – NA. 4. UOB Bank: 1.000 – 1.000 – 1.000 / 10.000 – 8.000 – NA. Also, at your request we can open your corporate account with the international payment systems, i.e. PayPal or SmoovPay. We will be able to give you a more specific recommendation after you provide us all the details.