Complete Guide to Opening an OCBC Digital Bank Account and Applying for a Debit Card in Singapore

OCBC DigitalSingapore bank accountOCBC debit cardOCBC 360 AccountOCBC deposit guide

Published·Jul 16, 2023Modified·Jul 21, 2024

Recently, Oversea-Chinese Banking Corporation (OCBC) in Singapore has allowed foreign customers from China, Hong Kong, Malaysia, and Indonesia to open full digital bank accounts locally. If you need a Singapore bank account and debit card, you can apply. Since the author encountered some pitfalls during the application process, this article was written. Please note: This article is for reference only and does not assume any risk. If you cannot bear the corresponding risk, please stop reading immediately.

What is the use of applying for an OCBC account?

Obtain more than two Singapore bank accounts
Facilitate cross-border receipts and payments
Purchase HK stocks and US stocks (Reference: Longbridge Securities, Interactive Brokers)
Apply for a debit card for online and global consumption
Debit card supports Apple Pay/Google Pay mobile payments
OCBC deposits to WSIE are credited instantly

If you do not have the above needs or do not understand the purpose of this account, I suggest you do not apply. If you have the above needs or understand the purpose of this account, please continue reading.

About Oversea-Chinese Banking Corporation (OCBC)

OCBC is one of the three major local banks in Singapore, headquartered in Singapore, established in 1932. It is one of the oldest banks in Singapore. The website and app support Chinese, and there is Chinese customer service.

How to Apply for an OCBC Account

First, you need to prepare the following documents/files:

Android or iPhone with NFC support
Passport
ID Card
Mainland China mobile phone number
Prepare 1000 SGD for deposit verification

Search for "OCBC Digital" in the Apple App Store or Google Play Store to install, or visit the following addresses directly:

Google Play: https://play.google.com/store/apps/details?id=com.ocbc.mobile
App Store: https://apps.apple.com/app/ocbc-digital-mobile-banking/id292506828

Open "OCBC Digital" and fill in the information truthfully according to the interface requirements. Enter the referral code: UZ48FDOS. If you use the referral code and deposit 1000 SGD within 1 month, you can get an extra 15 SGD bonus. If the app crashes or shows a black screen, try closing it completely and reopening it. Additionally, the network in China may load slowly. Since the author has already completed the account opening, screenshots were forgotten, but the general steps are as follows:

Required to fill in a phone number (a domestic number is fine)
Required to use the phone's NFC function to scan the passport
Required to take a photo of the passport
Required to take a photo of the ID card
Required for video verification

Information must be filled in truthfully, otherwise, it may affect the account opening. The entire application process takes about a few minutes. Users with good luck may open the account instantly, while those with bad luck may trigger manual review, with a review cycle of 7 working days. Also, please remember the following information during the account opening process:

You will be required to set a username, which is used to log in to the web version. Please remember it.
You will be required to set a 6-digit PIN (used to log in to the web version). Please remember it.
You will be required to bind the phone to OneToken (which can be understood as a secure two-factor authentication tool).

Note: Do not exit the current user status of "OCBC Digital" during the verification process. Otherwise, after the review is passed, you may not be able to log in, falling into a deadlock.

After the review is passed, two Singapore bank accounts are opened by default:

Statement Savings Account (STS)
Global Savings Account (GSA)

These two accounts can be used for receiving money or making outgoing transfers.

Fund and Activate OCBC

After successful account opening, you need to deposit funds from an account with the same name to activate OCBC. As of October 2023, according to user feedback, OCBC has strengthened verification and no longer supports WISE for the first deposit activation. If the account is not activated, all deposits will be rejected. The available activation methods collected so far are as follows:

Bank of China

Download "BOC Cross-Border GO"; new users will receive cross-border remittance coupons.
Operate RMB to SGD exchange through the app.
Make a cross-border remittance to OCBC's STS account. Coupons can offset handling fees and telegraph fees, but there is a 30 SGD intermediary bank fee.

Reminder: If OCBC was registered using the referral code (UZ48FDOS), depositing 1000 SGD into OCBC within 30 days will yield a 15 SGD reward (the reward usually arrives within 24H after the remittance is successful). Therefore, when remitting via Bank of China, considering the intermediary bank fee, it is recommended to remit 1050 SGD.

Industrial and Commercial Bank of China (ICBC)

When making a cross-border remittance from ICBC to OCBC, a space will be automatically added to the middle of the name, causing OCBC to not recognize it. Therefore, ICBC is only suitable for users with two-character Chinese names; users with more than two Chinese characters are not recommended to try.

For specific operation methods, please refer to: Real Experience Sharing of Cross-Border Remittance from ICBC to Singapore OCBC

Other Explanations

If the account is not activated by transferring funds from the same-name account within one month, you may receive an OCBC email reminder for pending activation. Long-term non-activation may result in the account being closed.

Deposit Funds into OCBC Account

If you have already activated the account via same-name deposit in the previous step, subsequent deposits into OCBC no longer require a same-name account. You can use the following methods to deposit funds into OCBC.

Panda Remit

The author used Panda Remit to remit funds to the OCBC STS account (Note: Panda Remit deposits are not from a same-name account). Operations on working days are credited within minutes.

Panda Remit registration address (Referral Code: 10947138): https://pandaremit.kcbebank.com.cn/h5activity/jcRemit?invtCode=10947138&targetLocation=ip

Panda Remit registration and verification process:

Required to fill in a phone number; this number should match the phone number of your domestic bank card.
Required ID card and video verification.
Need to bind a domestic bank card for cross-border remittance.

Next, use Panda Remit to deposit funds into the OCBC STS account. You need to fill in the following information for the recipient account:

First Name: Your name in Pinyin (e.g., if your name is Zhang San, fill in: SAN; note: use the name used when opening the OCBC account)
Last Name: e.g., if your name is Zhang San, fill in: ZHANG (note: use the surname used when opening the OCBC account)
Nationality: China
Receiving Bank: OVERSEA-CHINESE BANKING CORPORATION LIMITED
Bank Account Number: The number you see on the "STS account" in "OCBC Digital" (Note: no hyphen needed)
Street and House Number: 63 Chulia Street #10-00, OCBC Centre East, Singapore 049514
Purpose of Remittance: Other

Please ensure the recipient information matches the information provided by OCBC exactly. Triple-check before proceeding. Then enter the remittance amount (SGD) and complete the payment using your domestic bank card as prompted. For remittances on working days, it is basically credited to OCBC instantly. My fee information is as follows (for reference only):

Remittance Amount: 5292.73 CNY
Remittance Handling Fee: 80.00 CNY
Total Payment: 5572.73 CNY
Actual Amount Received in OCBC: 1020 SGD

Panda Remit charged a one-time handling fee of 80 CNY, which is acceptable, but Panda Remit also absorbed some exchange rate difference.

If you successfully deposit more than 1000 SGD into the OCBC account (must be from a same-name account), wait a few hours for the 15 SGD bonus to be sent to your account (this bonus is not credited in real-time).

WISE Deposit to OCBC

If the OCBC account is already activated, you can transfer SGD to the OCBC account via WISE, or use the Paynow payment method. The handling fee is 0, and it is basically credited instantly.

Modify Your OCBC Mailing Address (Optional)

When applying for an OCBC account, you have already filled in your residential address. The app will automatically translate the Chinese address into English. If the address is inaccurate, you can modify it using the method below. If the address is correct or you do not need to apply for a debit card, you can skip this step.

OCBC Web Version Login Address: https://internet.ocbc.com/internet-banking/

Logging into the web version requires you to fill in:

Access Code: The name you set when opening the account
PIN: The 6-digit PIN you set when opening the account

A "OneToken" two-factor authentication popup will appear. It is highly likely that you will not receive this reminder on the domestic network. You can click "Alternatively, you may generate an OTP manually on your mobile device."

Then open the "OCBC Digital" app. Do not immediately verify with fingerprint to enter the app. Click "More Services" at the bottom right, find "OneToken," get the 6-digit authentication code, and fill it into the web page to log in.

I changed the OCBC web version to Chinese language. Click "Customer Service - Change Mailing Address" in the navigation bar.

Directly check all your accounts, then go to the next page.

Then fill in the new address information:

Address Type: Overseas
Address Line 1: Fill in your mobile phone number, street address (use ChatGPT to help translate)
Address Line 2: Fill in your district, city (can use Pinyin)
Address Line 3: The postal code of your residence
Country/Region: China

Next page, save and confirm the address. The purpose of filling in your mobile phone number in Address Line 1 is that OCBC may not print your phone number on the logistics information, which may cause the courier to be unable to contact you normally.

Apply for OCBC 360 Account

Applying for an OCBC 360 Account can open an additional account, and a VISA debit card is assigned by default. This debit card can be used for overseas consumption (e.g., paying for ChatGPT Plus), ATM withdrawals, etc. If you do not need a debit card, you can skip this step.

Return to the "OCBC Digital" app, click "Apply - Account - 360 Account" in the left navigation bar, and fill in according to the step prompts.

Note:

When applying for a 360 Account, it is not recommended to choose "Self-Employed" (may trigger manual review)
It is recommended to keep the name as default (otherwise, it may trigger manual review)

If manual review is triggered, it may result in having an account but no card. In this case, refer to another method to solve it: https://blog.xiaoz.org/archives/20041

The debit card is sent by default via registered mail. You can request the tracking number by sending an English email via "APP Left Navigation - Secure Email - Send Email" and then query via the EMS tracking number.

Domestic Consumption

If you have applied for a 360 debit card, you can swipe or use ATM for consumption in China (there are handling fees, not recommended)
After updating "OCBC Digital" to the latest version, you can scan merchant UnionPay codes for consumption, or scan Alipay collection codes for consumption.

The author personally tested scanning Alipay collection codes for consumption. There are no handling fees, but there is a 2% exchange loss. It is suitable for temporary emergency use but not for large-amount consumption.

About Management Fees

Statement Savings Account: Free for the first year. In the second year, if the deposit is less than 20,000 SGD, a management fee of 10 SGD/month is charged.
360 Account: Free for the first year. In the second year, if the deposit is less than 3,000 SGD, a management fee of 2 SGD/month is charged.
MSA Account: Free for the first year. In the second year, if the deposit is less than 500 SGD, a management fee of 2 SGD/month is charged.
GSA Account: So far, no management fee has been learned.

Summary

Users in mainland China can use "OCBC Digital" to apply for a Singapore OCBC bank account. Using the referral code: UZ48FDOS can get a 15 SGD bonus (requires a single deposit greater than 1000 SGD within 30 days).
First-time activation must be from a same-name account. It is recommended to use Bank of China or ICBC (ICBC is only suitable for users with two-character Chinese names).
After OCBC account activation, you can use Panda Remit to deposit funds into the OCBC STS account. Panda Remit referral code: 10947138.
If you need to apply for an OCBC debit card, you must first modify the address on the web version, then apply for the 360 Account. When applying for the 360 Account, do not choose "Self-Employed" for occupation.
OCBC accounts are basically free of management fees in the first year. After 1 year, if the minimum deposit requirement is not met, a management fee will be charged.

If you have other questions, feel free to leave a comment and discuss to avoid pitfalls together.

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