tbahder
3/21/2014 10:25 EST
I am currently living in the US and I want to open a savings account in DSB bank or OCBC bank in Singapore. Some of the bank web sites say that I must have the following:
Employment pass issued by the Ministry of Manpower (MOM) of Singapore
or
The In-Principle Approval Letter issued by the Ministry of Manpower (MOM) of Singapore.
I have neither of these documents. However, I plan to travel to Singapore in June 2014.
Any suggestions on how I can open my savings account?
Thanks.
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Jabx
3/24/2014 10:09 EST
Three years ago, while passing through Singapore, I sauntered into a DBS branch in one of the mega shopping malls and opened a savings account on the spot. It has been satisfactory to operate online as well.
I suggest you arm yourself on your trip with an original utility bill to prove your residence address.
Due to the capital inflows, they much prefer to open US$ accounts over SGD accounts.
They like to use SMS when doing online transactions (i.e. transfers) to send one-time-passwords, so there can be some to-and-fro to get that setup with your cell phone.
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tbahder
3/28/2014 16:10 EST
Jabx,
I was hearing so much negative stuff about opening an account.
Thank you for the encouragement---that you were able to open an account in Singapore without an Employment Pass. I am planning to take some utility bills and credit card statements to document my address.
Which branch did you go to open the account?
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Jabx
3/28/2014 20:59 EST
What Branch of DBS? If I recall correctly it was on the second level of Raffles City... walking distance from Marina Bay. My account number starts with 33, so you can look online for branch #33, but I think any downtown branch should do.
If you want to go the corporate account route, it may be easier - they like BVI and Marshall Islands, but do not like Belize... go figure.
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tbahder
3/31/2014 13:31 EST
Jabx,
Thank you for the information on the DBS bank branch. I found it on the map and I will definitely try that branch w hen I go in June 12. It will be interesting to see whether they will open an account for me.
Did they ask you for any specific documents beside a passport?
How much did they require as an initial deposit to open the account?
Depending on how much they want for an initial deposit, I may have to wire the money (from my bank in the states) rather than travel with a lot of cash.
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Jabx
3/31/2014 16:36 EST
I forget what the minimum deposit is to open a savings account - probably SGD 100 or 200. Perhaps their website will have the info.
I just hit their ATM with my US debit card and handed back the cash to make the initial deposit. I wired more $ later.
An original utility bill (water, power, not cable or phone) with your name on it is good to have in your kit.
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tbahder
4/4/2014 12:58 EST
Jabx,
Thank you for the great help with the info on opening an account. I will do as you suggested--bring some utility bills.
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