OCBC (Oversea-Chinese Banking Corporation) in Singapore allows for direct online account opening through the OCBC Digital app. The account opening process is simple and requires only a passport, identification card, and a mobile phone with NFC capability to read the passport chip. Applicants from both domestic and international addresses, as well as those with local phone numbers, can apply. By following the steps outlined in the app, many people are able to pass the verification process quickly. When opening an account, you can enter the invitation code: [code]. By depositing SGD 1,000 within 30 days of opening the account, you will receive a bonus of SGD 15.
After successfully opening a basic savings account with OCBC, you can proceed to apply for a 360 account. Once your 360 account is approved, you will receive a virtual OCBC debit card. You can then activate the card directly through the card services section of the app. The debit card information, such as the expiration date and CCV, can be viewed on the official website on the PC by using the debit card code received via email. After activation, you can proceed to link your card with Apple Pay and Google Pay.
(Note: If you receive a message stating that there are no cards to activate, please try again after a day.)
During the application process, some users have encountered issues with the camera being unable to scan the barcode on their passport or NFC failing to read the passport. It is recommended to try again multiple times if you encounter such issues.
By default, after opening an account, you will have two accounts: SSA (Statement Savings Account) and GSA (General Savings Account), and there will be no physical cards issued. To avoid management fees for the SSA account, a minimum balance of SGD 20,000 is required. It is recommended to open a 360 account, as it comes with a card, and a minimum balance of SGD 3,000 is sufficient to waive the management fees. It is advisable not to deposit any money into the SSA account and let it remain inactive for 6 months, after which it will be automatically closed.
- OCBC Digital app on Google Play Store: [link]
- OCBC Digital Mobile Banking app on Apple App Store: [link]
Regarding the 360 Account: The 360 Account has a minimum balance requirement of SGD 3,000, which is lower than the requirement for the Statement Savings Account (SGD 20,000). By default, the account application does not come with a physical card, but it can be added through the app. After one year, the 360 Account requires a minimum daily balance of SGD 3,000; otherwise, there will be a management fee of SGD 2.
360 Account details:
- Minimum Initial Deposit: SGD 1,000
- Service Fee: SGD 2 per month if the average daily balance for the month falls below SGD 3,000. The fee is waived for the first year.
- Cheque Book Fee: Issued upon request, SGD 10 per cheque book.
Regarding card information [DP]:
- After applying for a card with the 360 Account, use the reference code provided in the email (valid for 7 days) to retrieve the 360 card information.
- The access code needed for login is the username you created, and the PIN is the 6-digit password you set up. You can find or change the access code in the app’s profile settings under “Online Banking.”
- The card can be activated through the web banking portal, and you can also change the card’s binding account and password online.
- BIN (Bank Identification Number): Physical card – 421808, Virtual card – 481816.
About mailing and address details:
- The address for receiving the debit card can be modified in internet banking before the email is sent. It may not necessarily be the same as the address pulled from the identity card when opening the 360 Account. Please contact customer service to inquire about the dispatch time.
- The mailing method is regular mail. If you do not receive it, you can contact customer service for a free reissue. The card number will change, so you can first update the mailing address in internet banking and then request a reissue to the new address.
- If regular mail delivery is not successful, you can contact customer service to request express delivery. They will provide a tracking number. However, there will be a fee of SGD 15 for express delivery, and it is not provided by DHL.
After activating OCBC, it is recommended not to uninstall and reinstall the app, as the system will prompt you to enter the One Token key. You can reactivate One Token by using your card PIN and SMS.
In summary, if you do not plan on keeping money in the account for a long time, it may not be worth going through the hassle just for the account opening reward. Additionally, it seems that OCBC is not very friendly towards virtual currency funds.