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Features of Comparison of local banks in Singapore – DBS, OCBC, UOB
This chart provides a side-by-side comparison of the features of the Singapore Company bank account with the three local banks (DBS, OCBC, UOB) in Singapore.
| Feature | OCBC | DBS | UOB |
| Can the account be opened without being physically present in Singapore? | Yes, subject to the following: – A phone interview, for KYC purposes. – Signature & Passport verification will need to be done at an overseas OCBC branch or witnessed by a notary public and legalize at Singapore Embassy (if no branch is available in your country) |
Yes, subject to the following: – A written confirmation on the information of the Company, for KYC purposes. – Signature & Passport verification will need to be done at an overseas DBS branch or witnessed by a notary public and legalize at Singapore Embassy (if no branch is available in your country) |
Physical presence in Singapore is required. |
| Setup fee | No | No | No |
| Singapore Dollar Current Account | |||
| Initial Deposit for SGD account | $3,000 | $3,000 | $1,000 |
| Minimum balance required | For first 6 months, no minimum balance is required. Subsequently, $35 service fee is chargeable if average monthly balance falls below SGD 5,000. | $25 service fee is chargeable if average monthly balance falls below SGD 8,000. | $35 service fee is chargeable if average monthly balance falls below SGD 10,000. |
| Cheque book | $0.50 per cheque. First 30 cheques is free for each month. | $0.50 per cheque. First 30 cheques is free for each month. | $0.50 per cheque. First 30 cheques is free for each month. |
| Internet banking & Monthly Account Fee | Monthly account fee is S$38 per month. Waived for first 3 months.
Free bundled package via Velocity@ocbc Looking for account with no monthly account fee, please see pricing guide for the details. |
Free 5 token upon account signup. $30 per setup. Additional token(s) is chargeable at S$20 each.
S$30 per month For transaction & enquiry with DBS IDEAL™ ELECTRONIC BANKING |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit (customer set a lower limit is allowed). Service charges is at $20 per month |
| Foreign Currency Account – USD account | |||
| Initial deposit | US$500 | US$1,000 | US$1,000 |
| Minimum balance | Waived for 1st 6 months. Thereafter, US$15 per month if monthly average balance falls below US$1,000. | US$10 service fee is chargeable if average monthly balance falls below US$1,000. | US$15 service fee is chargeable if average monthly balance falls below US$1,000. |
| Cheque book | Available | Available | Available |
| Internet banking | Yes. Enquiries, local payments, overseas payments. No max transaction amount limit (customer set a lower limit is allowed). | Yes. Enquiries, local payments, overseas payments. No max transaction amount limit (customer set a lower limit is allowed). | Yes. Enquiries, local payments, overseas payments. No max transaction amount limit (customer set a lower limit is allowed). |
| OTHER INFORMATION | |||
| Foreign currency account availability | Both current account and fixed deposit account available in major currencies | Both current account and fixed deposit account available in major currencies | Both current account and fixed deposit account available in major currencies |
| Business Insurance | Yes | Yes | Yes |
| Other facilities such as
Future contract, currency swap, business loan, Account payable services, Account receivable services, Trade finance services |
Yes | Yes | Yes |
