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DBS Bank Account: Multi-Currency, Multi-Product, Video Witnessing for Account Opening – You Deserve It

With the continuous improvement of global financial markets, more and more investors are paying attention to overseas asset allocation, and the first step to owning overseas assets is to have an overseas bank account. In this issue, Go Global Gem introduces to you an expert in Asian banking – DBS Bank.

DBS Bank, established in 1968 and headquartered in Singapore, is the largest commercial bank in Singapore. Formerly known as Development Bank of Singapore, it acquired Kwong-Aik Bank in December 1998 and was renamed DBS Kwong-Aik Bank. It provides personal and corporate banking, as well as financial and treasury services, mainly engaged in short-term bank credit services including trade financing and working capital financing. It also offers investment banking services, portfolio management services, and custodian services. With its strong financial strength, extensive Asian network and connections, and robust product development capabilities in financial markets, cash, and trade, DBS Bank is a leading financial services group in Asia and a preferred choice for high-net-worth individuals.

So, what unique advantages does DBS Bank offer for opening an account, and what should individuals pay attention to when opening a personal account? Let’s take a closer look.

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Advantages of Opening an Account with DBS Bank:

1. High Security Level

DBS Bank operates in internationally renowned financial jurisdictions with a sound and comprehensive financial system, ensuring the security of your assets.

2. Diverse Investment and Wealth Management Products

DBS Bank offers a wide range of investment and wealth management products, including funds, stocks, foreign exchange, fixed income, and more.

3. Flexible Operations

DBS Bank allows offshore operations and online banking for transactions such as transfers, payments, and collections, providing flexibility in managing your finances.

4. Convenient Usage

DBS Bank provides Chinese-language online banking and mobile apps, making it easy to manage your accounts through multiple channels such as branches, ATMs, card payments, online banking, and telegraphic transfers.

5. Multi-Currency Accounts

DBS Bank offers accounts in multiple currencies, including USD, SGD, AUD, HKD, JPY, EUR, GBP, NZD, and more, allowing you to manage different currencies in a single account.

6. Flexible Fund Transfers

DBS Bank allows for easy and flexible fund transfers in and out of your account, with lenient policies and simple explanations for the source of funds.

With these advantages, opening an account with DBS Bank can provide you with a safe, convenient, and comprehensive banking experience, catering to your financial needs and goals.

Personal account opening information

The personal documentation required for opening an account may vary depending on the specific requirements of DBS Bank and the country or region where you are applying. However, based on the information provided, the following documents may be generally required

1. Identity Proof

  • Scanned copy of your passport
  • Chinese ID card or overseas residence permit

Note: For Chinese tax residents, you can use your Chinese ID card number as your tax identification number. For foreign tax residents, you may need to provide your foreign residence permit and tax identification number as part of CRS (Common Reporting Standard) information.

2. Address Proof

  • If residing in China: Chinese ID card
  • If residing overseas: Bank statement/phone bill/utility bill/tax bill showing your residential address

Note: If the address for receiving bank correspondence is different from your residential address, you may need to provide the mailing address as well (no need for proof of address).

3. Employment Proof

  • Name of your employer and job title, or name of your own company.

4. Proof of assets (choose one of the following)

  • Bank statements from the past 3 monthsshowing assets equivalent to RMB 5 million or above (or SGD 1 million or above).
  • Property ownership certificate showing property value equivalent to RMB 5 million or above (or SGD 1 million or above).
  • Payslips showing annual income equivalent to RMB 1.5 million or above (or SGD 300,000 or above) within the past 1 year.
  • Tax documents showing annual income equivalent to RMB 1.5 million or above (or SGD 300,000 or above) within the past 1 year.
  • Proof of investment assets equivalent to RMB 5 million or above (or SGD 1 million or above) (e.g., securities or other financial institution’s statement of holdings within the past 1 month,showing current net value, not initial investment amount).

Note: The above documents should contain your name and the corresponding amount.


Personal account opening procedure

DBS Bank in Singapore offers three ways for individuals to open an account: through domestic branch witness, in-person visit to Singapore (after the COVID-19 pandemic), or remote video witness. Currently, DBS Bank accepts the first and third methods of account opening. Witness account opening allows clients to simultaneously open accounts with DBS Bank in both Singapore and their home country, without the need to deposit any funds into the Singapore account at the moment. However, a deposit of 1 million RMB is required in the domestic account until the Singapore account is activated. In addition, clients are required to advance a lawyer witness fee of 500 RMB. The specific steps of the account opening process are as follows:

  • One-on-one clientservice to understand client needs.
  • Clients confirm the desired service products and submit KYC (Know Your Client) information and identity documents online.
  • Signing of the service agreement, which outlines the responsibilities of both parties. For example, the clientcommits to providing truthful information and not refusing or hiding information during KYC investigation, while the service provider ensures the security of client information, and so on.
  • After the preliminary review confirms that the clientmeets the account opening requirements, the client makes payment.
  • After the bank confirms the payment through phone verification, the account opening forms are sent out.
  • The bank account is typically received and activated within approximately 15 working days.
  • After becoming a VIP clientin China, the client can visit the local branch to provide identity proof and witness the overseas account opening at a law firm for DBS Bank in Singapore.
  • After the lawyer submits the required documents, the Singapore local account can be opened within 2-3 days.

For any inquiries or questions regarding personal account opening with DBS Bank in Singapore, feel free to send a private message or leave a comment. As a trusted partner with DBS Bank, OCBC Bank, Citibank, and other financial institutions, we at Go Global Gem can provide you with comprehensive financial planning and wealth management solutions in a one-stop manner.

For enquires please reach out to us:

Email: info@goglobalgem.com