According to the Global Financial Centres Index (GFCI), Singapore has risen to become the third-ranked global financial center and the top financial center in Asia. With favorable tax policies and a highly developed capital market, Singapore has become a popular destination for offshore banking. Many high-net-worth individuals, entrepreneurs, corporate executives, and clients with family office or trust structure needs choose to open offshore accounts in Singapore. In addition to DBS, OCBC, and Aspire Bank, Go Global Gem also recommends Standard Chartered Bank, a leading international banking group with over 1,200 branches worldwide.
Established in 1853, Standard Chartered Bank is a UK-based international banking group with a business network covering 59 of the world’s most dynamic markets. In 1859, Standard Chartered Bank opened its first branch in Singapore, and it now has over 160 years of history in the city-state. Standard Chartered Bank is the second foreign bank to operate in Singapore, with Citibank being the first.
Recently, Standard Chartered Bank Singapore has announced a series of promotions for personal banking customers. With this bank, customers can enjoy free local transfers and account management with low fees, making it a cost-effective option for those looking to open a personal bank account in Singapore.
Note: The above information is from Standard Chartered official website.
Standard Chartered Singapore 2023 preferential policy
- Under the current promotion, new customers who deposit SGD 500,000 within 3 months of opening an account will receive a cash reward of SGD 1,500. Customers who deposit SGD 1.5 million will receive a cash reward of SGD 9,000.
Please note that these reward amounts may vary depending on the prevailing incentive activities in Singapore.
- In addition, customers can enjoy the benefits of a low balance account with a minimum account balance of SGD 200,000 (or equivalent in USD).
Apart from these preferential policies, what are the advantages of Standard Chartered’s personal account?
Standard Chartered Singapore personal account advantage
- High Level of Security
Singapore’s financial system is well-regulated, providing robust protection for personal assets.
- High international rating
With a long-established history and a wide network of branches, Standard Chartered Bank has a strong international reputation.
- Convenient International Trade Settlement
Standard Chartered Bank offers multi-currency accounts in major currencies such as USD, SGD, GBP, JPY, HKD, EUR, allowing for easy currency exchange with lower exchange rates and fees.
- Convenient and Fast Account Opening Process
Standard Chartered Bank offers video witnessing for account opening, making it convenient for customers who are not located in Singapore or in non-central cities.
- Barrier-free communication
With a high percentage of bank managers who are Chinese-speaking, communication and interaction are made more convenient for customers.
After understanding the advantages, you may wonder what the account opening process entails. Here is a brief overview of the account opening process with Standard Chartered Bank in Singapore:
Standard Chartered Singapore individual account opening requirements and procedures
- Account opening conditions
- ID card + scanning copy of your Passport:
Passport must be valid for at least 3 months in Singapore, or 1 month for urgent cases. For customers from mainland China, the passport must be valid for at least 6 months.
- Proof of Singapore address:
For customers applying in China, the address on the identity card and the mobile number used for real-name authentication can be used as address proof.
- Proof of income:
Standard Chartered Bank’s appointed lawyer can provide a template for income proof.
For customers applying in China, a minimum of RMB 500,000 in assets in a Standard Chartered Bank account in China is required.
- Account opening method
The account opening process is conducted through online video witnessing by a lawyer.
- Account opening process
- Customer provides the required documents to the bank.
- After verification, the bank arranges for a lawyer to witness the process. The lawyer will send a Know Your Customer (KYC) questionnaire to the customer via private message or email.
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- Customer completes the KYC questionnaire and sends it back to the lawyer by mail. The lawyer signs and sends it to the Standard Chartered Bank account manager in Singapore for review.
- Based on the questionnaire, the bank account manager may request additional documents if necessary.
- Once the account opening documents are received and verified by the bank, the account opening process is expected to be completed within 15-20 working days. The bank will then send out the relevant documents, including the bank card, within approximately 3 working days. The customer can expect to receive them in 1 to 2 weeks.
- Account opening cycle
The entire account opening process takes approximately 4-6 weeks, and customers can start using internet banking immediately upon completion. The physical bank card can be used for withdrawals.
Standard Chartered Bank in Singapore has specific requirements and conditions for opening a personal account. It is important to take note of the following:
- Initial Deposit: The first deposit must be made from the applicant’s own account, and the cumulative amount must reach SGD 50,000 before third-party transfers are allowed. If the initial deposit is insufficient, it can be supplemented by transfers from immediate family members to meet the SGD 50,000 requirement before third-party transfers are permitted.
- Large Transactions: The personal account should not be used for large and frequent transactions.
- Account Balance: If the applicant’s China account already holds RMB 500,000, there is no need to maintain a minimum balance of SGD 200,000 in the Singapore account.
- Hong Kong Account: Applicants can also consider opening a backup account in Hong Kong with Standard Chartered Bank, as all three accounts in Singapore, China, and Hong Kong do not have account management fees.
- Account Downgrade: If the China account is unable to maintain RMB 500,000 in assets in the future, customers can call the respective customer service hotlines in Singapore, China, and Hong Kong to apply for an account downgrade and waive the account management fees.
- Transfer Fees: Local transfers within Singapore are free of charge.
For large transfers, customers can contact the Singapore Go Global Gem Consultant to facilitate communication and coordination with the bank.
If you have any questions or concerns about opening a personal account with Standard Chartered Bank in Singapore, you can send a private message or leave a comment. Go Global Gem Consultant has deep partnerships with Standard Chartered Bank, DBS Bank, United Overseas Bank, Citibank, and HSBC in Singapore, and can provide comprehensive financial planning and wealth management solutions.
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