No. 304, 3rd Floor, Building B5, New Guo Da Zhou Innovation Research Institute, Zhongxin Wisdom Third Street 10, Huangpu District, Guangzhou City, China

EN   |   中文
新企点

Account Opening Guide: How to Open a Personal Account with DBS Bank in Singapore?

According to Global Finance magazine's 2021 ranking of the 50 safest commercial banks in the world, DBS Bank of Singapore ranked first!

Singapore's safe and stable financial environment attracts many high-net-worth individuals to open bank accounts here. Today, we will provide you with a detailed guide on how to open a personal account at DBS Bank.

Image/Source: DBS Bank official website

① DBS Bank, Singapore

DBS Bank, formerly known as the Development Bank of Singapore , is the largest commercial bank in Singapore.

DBS Bank is one of Asia's largest financial services groups, operating in 18 markets. Headquartered in Singapore, it is a locally listed company. DBS Bank is well-capitalized and boasts top-tier global credit ratings of AA- and Aa1.

DBS Bank holds a significant position in the global financial industry, having been repeatedly recognized as one of the "Best Global Banks" by Euromoney, The Banker, and Global Finance. DBS has also been selected as the "Best Digital Bank in the World" and was named "Asia's Safest Bank" by Global Finance for 12 consecutive years from 2009 to 2021.

② Advantages of DBS Bank

  1. Singapore boasts an extremely high level of security, with its financial environment ranking among the best in the world. DBS Bank is one of the three largest local banks in Singapore and has been ranked among the top ten safest banks in the world by Global Finance for many consecutive years, ranking first in 2021.

  2. DBS Bank's personal accounts support multiple currencies, including Singapore Dollar, US Dollar, New Zealand Dollar, Australian Dollar, Japanese Yen, Hong Kong Dollar, Euro, and British Pound, which can basically meet the needs of different customers .

  3. DBS Bank offers a wide range of investment and wealth management products, including funds, stocks, foreign exchange, fixed-income products, and other alternative investments, to suit the needs of different investors .

  4. With flexible fund transfers in and out , you can easily transfer funds in and out after successfully opening an account. It supports various methods such as offshore banking, online banking, and wire transfer, and the explanation of the source of funds is relatively simple.

  5. DBS Bank offers a convenient user experience with Chinese online banking and a Chinese mobile app. Services such as counter services, cash withdrawals, card payments, online banking, and wire transfers are very convenient, making it especially suitable for Chinese-speaking users.

Image/Source: DBS Bank official website

③ Suitable for

  1. Individuals who wish to conduct asset planning and ensure the safety of their funds;

  2. Investors engaged in Hong Kong and US stock investments;

  3. People who live, work, or study abroad;

  4. Business people engaged in cross-border trade or capital flows;

  5. Immigrants with immigration plans involving cross-border investment and capital transfers;

  6. Investors who engage in cross-border investment and global asset planning.

Image/Source: DBS Bank official website

④ Account opening documents and procedures

1. Account opening documents

① Fill out the form and provide a photocopy of your passport, ID card, bank statement or transaction record, etc.;

② Have the document notarized at a notary public office, or authenticated by a law firm or accountant. Send a scanned copy first, and then send the original to Singapore.

③ You must meet with the account manager within 120 days after the account is opened (the Singapore manager will come to the mainland after the epidemic control measures are lifted).

Note: The 120-day period involves video meetings; additionally, Turkish passport holders opening a DBS Bank personal account in China require a work permit and tax identification number.

Image/Source: pexels.com

2. Account Opening Process

How can high-net-worth individuals in China open a personal VIP account with DBS Bank in Singapore?

  1. DBS Bank in China offers VIP accounts : Applicants must provide identification and meet a minimum deposit requirement of RMB 1 million. Funds can be deposited or invested in wealth management products, with no restrictions on the type.

  2. After becoming a VIP customer : The bank will provide DBS Bank Singapore account opening services. Customers only need to bring their ID card and passport (passport must be valid for at least 6 months) to a law firm to complete the overseas account opening witnessing process; no proof of address or visa is required.

  3. After submission of materials : The Singapore local account will be opened within 2 to 3 weeks after the lawyer submits the materials. The client will receive account registration information via email and can activate the account through DBS Bank's online banking platform. The bank card will then be mailed to the client (there may be a slight delay due to the pandemic, but this will not affect account usage).

Image/Source: pexels.com