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Account opening guide: How fast is it to open a personal account with RHB Malaysia Bank?

Choosing the proper overseas bank account is the first step in investing overseas.

The main factors for enterprises to choose overseas banks are the multi-currency support, regional supports, payment conveniences, low commission fee, account securities, etc. Today, we would like to introduce a bank to you, which will be the best choice for your enterprise to expand overseas – the Rashid Hussein Bank (RHB).

Rashid Hussain Bank Berhad

The bank is part of the RHB Banking Group. Domestic bankers refer to it as the “Industrial Bank of Malaysia,” but it has nothing to do with the Industrial Banks, which originated in China’s Fujian province.

RHB Banking Group is a prestigious banking group in Malaysia and the third-largest financial institution in the country. RHB employs more than 14,000 people across the group and operates in eight countries in the ASEAN region.

RHB Bank personal account has the following features: no payment fee, low transfer fee, able to operate Letter of Credit (L/C) business transactions, and does not have the requirement of a domestic affiliated company.

Picture from RHB Bank official website

Why do more companies choose Singapore?

In recent years, the global economic situation has become more complicated. Under the influence of the Common Reporting Standards (CRS), banks in different countries and regions have strengthened the control of the bank accounts. It is more difficult for enterprises involved in international trade and overseas investment needs to apply for opening overseas bank accounts. Many enterprises have begun to look for new areas to open accounts, and Singapore has gradually become a popular choice for overseas banks to open accounts because of its unique advantages.

Singapore is a multicultural elite country with a developed economy and a well-off life for its people. After decades of rapid development, Singapore has become a global metropolitan country of “trade center + financial center + headquarters economy + investment center“.

1. High credibility

Singapore’s highly developed banking industry enjoys a high reputation in the world. It is more secure to realize the internationalization of assets, more convenient for financing, deposit and loan, and easier to obtain international capital support.

2. Security and confidentiality

Banks in Singapore attach great importance to the privacy of customers. The Monetary Authority of Singapore (MAS) has set up strict supervision and punishment mechanisms to ensure the security and confidentiality of customers’ accounts.

3. Global Configuration

With a bank account in Singapore, cardholders can choose to invest in a single or multi-currency account, with a wide range of currencies and products covering the world.

4. Perfect tax system

Singapore is one of the developed countries with a low tax rate globally. Its tax system is simple and efficient. The corporate income tax rate is 17%, and the personal income tax rate is much lower than that of other countries.

5. No foreign exchange controls

Singapore has established an independent financial market management system, which is not subject to exchange controls and funds can be transferred freely.

6. High freedom of trade

Singapore has a higher threshold in terms of information connectivity as an independent sovereign state. In addition, Singapore is a member of the Association of Southeast Asian Nations and has a free trade agreement with China. Most importantly, Singapore is one of the world’s top four financial centers and a foreign trade center.

Therefore, many companies choose Singapore first when they are going overseas. There are many overseas accounts to choose from when opening an overseas account. The following is mainly to introduce RHB bank account opening guidelines and advantages.

Picture from RHB Bank official website

Five documents to open an RHB account

RHB Bank has a reputation for efficiency and convenience in opening accounts. To open an account, you only need to prepare the following 5 documents:

1. Account opening documents

① Original valid identity card + copy;
② Original passport + copy, passport must be valid for at least 6 months;
③ Proof of residential address (e.g. bank/credit card statements, government letters, utility bills, telecommunications bills, tenancy agreements and stamp certificates for IRAS);
④ Full set of company registration documents (bonus points) : if you have a company in Singapore, you can provide a full set of company registration documents; Directors and shareholders only need to provide ID passports (which must be valid for at least 6 months);
⑤ Work permit (bonus point) : copy of Singapore WP Permit /EP Permit (both sides).

Note: the ④ and ⑤ are helpful for your application for RHB account opening review.

Picture from RHB Bank official website

2、开户方式

Visa interview in Singapore: Fly to Singapore and sign face-to-face with the appointed bank manager at the designated bank site; The cost is relatively high, and the process is more complicated.

Domestic account opening witness: No need to travel abroad and sign the account opening agreement directly with the bank manager face to face in the designated domestic city. The whole process is simple, effortless, time and cost-saving.

Note: leave a comment or a private massage for the complete RHB account application form.

Picture: RHB Bank Account Opening Application Form (part), stolen of the picture will be investigated!

RHB Bank Singapore’s customer service is meticulous, as evidenced by the fact that it won the Customer Experience Management of the Year Award from the Asia Pacific Customer Service Association (APCSC). It is the first and only bank in Singapore and Malaysia to receive this honor. RHB also scored 4.8 points on Banks in Singapore, a website that publishes bank information. Therefore, the quality and service of RHB Bank are guaranteed for enterprises to explore the market and choose RHB Bank as an opening bank in Singapore.

Picture from RHB Bank official website


What else would you like to know about opening an account at RHB? Don’t hesitate to leave us a comment!

Note: Some of the information is from the official website of RHB Bank.

If you have any questions, please feel free to contact:Ho Kah Chuan
Email: kahchuanho@goglobalgem.com