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Account Opening Guide: RHB Bank in Singapore, How to Open a Personal Account?

According to data from the UK's WealthWatch report, Singapore is currently the world's fourth-largest offshore wealth management center. Singaporean banks offer exceptional confidentiality in private wealth management, making a Singaporean bank account an ideal choice for high-net-worth individuals seeking asset allocation.

Therefore, many overseas individuals wish to open personal accounts in Singapore. Today, we will introduce RHB Bank, which is an excellent choice for your asset allocation.

Image/Source: RHB Official Website

① Advantages of RHB Bank

RHB Banking Group is a multinational financial services provider and the third largest financial institution in Malaysia. Its operations span multiple countries and regions, including Singapore, Cambodia, Indonesia, Laos, Thailand, Vietnam, and Hong Kong.

In China, RHB Bank is often referred to as "Industrial and Commercial Bank of Malaysia," but it's important to clarify that this has no connection whatsoever with China's Industrial Bank. RHB Bank, short for Rashid Hussein Bank, is one of Malaysia's top banks and holds a significant position in Southeast Asia.

RHB Bank, a fully integrated financial services group, primarily operates in five sectors: community banking, wholesale banking, Islamic finance, international business, and insurance. RHB Bank personal accounts offer advantages such as free incoming payments, low transfer fees, support for letters of credit, and no need for a domestic affiliate company.

Image/Source: RHB Official Website

② RHB Account Opening Guide

1. Account opening documents

The required documents for opening a personal account at RHB Bank are very simple, and include:

  1. Original and photocopy of your valid personal ID card;

  2. Original and photocopy of personal passport, and passport must be valid for at least 6 months;

  3. Proof of residence (such as bank statements, government letters, utility bills, telecommunications bills, lease agreements, or stamp duty certificates from the tax office);

  4. (Bonus points) Complete set of company registration documents: If you have a company in Singapore, you can provide a complete set of company registration documents; directors and shareholders only need to provide their identity cards or passports (passports must be valid for at least 6 months).

  5. (Bonus points) Work permit: If you have a copy of your Singapore WP or EP permit (both sides).

Tip : Having bonus points ④ and ⑤ above will help your account opening application pass the review.

2. Account opening method

  1. Singapore visa interview : You need to go to Singapore and have an in-person interview at a designated bank. Although this method can be used directly, it is more expensive and the procedures are relatively complicated.

  2. Domestic Witness Account Opening : No need to go abroad, you can sign the account opening agreement in person with a bank manager in a designated domestic city. The process is simple, time-saving, labor-saving, and low-cost.

Note : If you would like to obtain the complete application form for opening an RHB bank account, please send a private message or leave a comment.

③ Why are more people opening bank accounts in Singapore?

1. Safe and stable

As one of the countries with the most robust financial regulations in Asia, Singapore offers its investors a high level of protection. The Monetary Authority of Singapore (MAS) is responsible not only for implementing financial policies but also for monitoring currency issuance and payment systems to ensure national economic stability, prevent inflation, and maintain an efficient and continuously improving financial center.

2. International Financial Center

After decades of rapid development, Singapore has become a global center for trade, finance, headquarters economy, and investment. More and more companies are choosing to register in Singapore or establish their multinational headquarters there. Having a Singapore bank account is equivalent to obtaining one of the world's most competitive overseas accounts, serving as a crucial foundation for global asset planning.

3. RHB Singapore Wealth Management Centre

In 2021, RHB Bank opened its flagship branch in Singapore, offering comprehensive wealth management solutions to its high-net-worth clients. With the opening of the Orchard Premier Centre, RHB Bank's Premier service focuses on providing a full range of solutions including investment, insurance, and financing to meet the needs of its growing affluent clientele.

In response to the changes brought about by the COVID-19 pandemic, RHB Bank has completely reshaped its consumer business, committed to providing customers with comprehensive wealth planning services.

Image/Source: RHB Official Website

If you have any further questions about opening an account with RHB Bank in Singapore, or would like to learn more, please feel free to send us a private message or leave a comment. We will provide you with comprehensive overseas financial planning and asset allocation services.