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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
– 200 GIRO transactions
– 20 FAST transactions
– 2 outward telegraphic transfers

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