Starting from December 2024, customers who opened accounts through the OCBC APP and are not eligible will have their accounts closed, even if they have been using the accounts for a long time. The closure process will be completed by April 2025.
Original text: https://finvoke.0xv9.com/posts/ocbc-sg-app-account-closure-for-visa-less-users/
Reason for Closure
According to confirmation from OCBC Singapore customer service, the main reason for account closures is due to the impact of domestic policies in Singapore. The requirements for new account openings have changed to necessitate the submission of a "local compliance residency proof in Singapore."
Targeted Customers for Closure
Customers who opened accounts through the OCBC APP and agreed to the terms at the time of account opening, claiming they would soon be living in Singapore, but who are unable to submit the relevant documentation after November 2024.
Customers will receive the following email (the version dated December 15, 2024, and another version dated December 31, 2024):
When you opened an account with us, you indicated that these accounts would be used for your work, study, or residence in Singapore.
To allow us to retain your account, please confirm your residency in Singapore by December 15, 2024. Here’s how:
If you wish to continue banking with us, please take the following steps by December 15, 2024:
a) Visit any OCBC branch in Singapore and provide us with your current Singapore address;
or
b) Designate any of your OCBC accounts as the account for your salary deposits in Singapore.
If we do not receive your response by December 15, 2024, we regret to inform you that we will have to impose certain restrictions on your account (for example, you will only be able to withdraw but not deposit), and then close the account. Once the account is closed, any financial arrangements related to the account will also be canceled.
If you have already confirmed your residency in Singapore, please disregard this email.
End of Email
According to an announcement by OCBC Singapore on June 22, 2023, online account openings are only available to biometric passport holders from Malaysia, Indonesia, Mainland China, and Hong Kong who plan to relocate to Singapore.
Methods to Retain Accounts
There are two types of methods.
- Users holding valid work, education visas, or residency status can continue to retain their accounts.
- Users can also retain their accounts by upgrading to a "privileged account," which requires a deposit of SGD 350,000 (approximately CNY 1.89 million).
Impact on Customers Unable to Retain Accounts
It is expected that all accounts being closed will be shut down by April 2025. After the closure, funds in the accounts will be mailed to the user's registered correspondence address in the form of a check. It is important to note that account balances below SGD 15 (approximately CNY 81) will not receive a check, and unclaimed funds after the deadline will be considered forfeited.
Funds can also be withdrawn in advance in Singapore.
A fee will be charged for accounts closed within six months of opening: SGD 30 for SGD accounts and USD 20 for foreign currency accounts.
For funds such as fixed deposits that cannot be withdrawn immediately, OCBC will mail a check after maturity. If you wish to withdraw early, a fee may be charged. The official statement is that accounts will not be extended for these customers.
If you are also using brokers in Singapore, please transfer your funds out. However, if you are using brokers like Interactive Brokers, Long Bridge Singapore, USMART Singapore, etc., there is no need to rush to transfer out, as they can easily transfer to banks in other regions.
How to Handle Checks
You can process the check collection at any bank. If in Mainland China, it is recommended to go to Bank of China or Industrial and Commercial Bank of China. A certain fee will be charged.
Bank of China check collection
Industrial and Commercial Bank of China check collection
If you do not receive the check, you can go to Singapore to withdraw or apply for a reissue of the check.
How to Transfer Funds Without Checks
For customers unable to retain accounts, it is advisable to transfer funds promptly. Consider the following channels:
- Not transferring back to the home country: Transfer to a Wise Singapore account or Long Bridge broker (such as Long Bridge Singapore).
- Transferring back to the home country: You can use wire transfers, Alipay, Panda Express, etc., to transfer back to the home country, but be aware that each transaction incurs approximately 3.6% in losses; this method is not recommended.
If the foreign currency amount is too low, please convert it to Singapore dollars before transferring out.
Please transfer your funds to other accounts or banks that you have successfully opened as soon as possible, as it may not be possible to transfer back in after transferring out, so be sure to choose a secure method.
Do not create trouble for the sake of saving costs.
Contact OCBC Singapore
If you have any questions, you can contact OCBC SG official customer service.
If you can still log into online banking, you can contact us via the email in online banking or the APP. This may take a few working days for a response.
If urgent, please call.
Phone: +65 6363 3333 or 1800 363 3333 in Singapore
In Mainland China, please dial: 006563633333
Additionally, users should pay attention to email notifications to stay updated on the closure progress and related information.
Alternative Banks
You can witness the opening of accounts at major banks in Singapore, such as HSBC, Standard Chartered Bank, DBS Bank, and UOB. The entry threshold is relatively high.
You can go to Hong Kong or witness the opening of accounts at HSBC, Standard Chartered Bank, DBS Bank, etc. If you go in person, the entry threshold is lower.