Complete guide and comparisons to OCBC Business Account

Money know-how
11 Feb 2024
14 mins read
Written by Team Instarem

Oversea-Chinese Banking Corporation, or OCBC, stands proud as Southeast Asia’s second-largest bank. It’s not just a regional heavyweight; its influence stretches globally with over 570 branches worldwide.

 

Recognised as one of the World’s Safest Banks, OCBC’s appeal lies in its diverse financial services tailored for businesses, big and small. If you’re considering a trusted business account, OCBC might just be what you’re looking for.

Types of OCBC Business Accounts

Standard Business Accounts:
Singapore Dollar Business Accounts

1) Business Growth Account

 

OCBC Business Growth Account is tailored for start-ups or new businesses in Singapore. With the convenience of instant online account opening, it offers a suite of benefits, such as free unlimited FAST/GIRO transactions. The OCBC Business app further complements this by providing insights into business trends.

 

Businesses can also benefit from up to 1% cashback with their debit card transactions. The best part? There are no charges for the first two months. Given these advantages and a modest annual fee of SGD38, it’s a compelling option for SMEs in Singapore.

 

2) Business Entrepreneur Account Plus

 

The OCBC Business Entrepreneur Account Plus presents a straightforward solution tailored for businesses that are expanding or already well-established. This account offers a seamless experience for companies to efficiently handle both their payments and collections. A distinguishing feature of the Business Entrepreneur Account Plus is its zero monthly account fee, making it an economically sound choice for businesses.

 

It comes with a minimum deposit and balance requirement of S$30,000. Essentially, with no account fees, a clear focus on streamlining financial transactions, and a design catering to growing businesses, the OCBC Business Entrepreneur Account Plus stands as a solid banking option for entrepreneurs aiming for greater heights.

Foreign Currency Business Accounts

1) Multi Currency Business Account

 

For businesses that operate on an international scale or are eyeing global expansion, managing transactions in multiple currencies can be a challenge. OCBC’s Multi-Currency Business Account aims to simplify this process. One of its standout features is the ability to trade seamlessly in 13 major currencies which include USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, and NOK.

 

This account is not only designed to support the global ambitions of businesses, but it also ensures ease of setup. There’s no initial deposit required to start, nor is there a set-up fee involved. Furthermore, there’s no minimum balance to maintain and no associated fall-below fees, making it a cost-effective option for international commerce.

 

In terms of eligibility, all businesses that are registered in Singapore can apply for the OCBC Multi-Currency Business Account.

 

2) Renminbi Business Account

 

For businesses engaged in trade and transactions with China, managing finances in Renminbi can pose unique challenges. The OCBC Renminbi Business Account offers a targeted solution for such businesses. This account is designed to provide the convenience of managing Renminbi foreign exchange risk exposure from a single platform.

 

By using the Renminbi Business Account, businesses can significantly cut down on currency exchange costs, which in turn enhances the efficiency and profitability of trade operations with China. It’s tailored specifically for companies that have an active presence in Singapore and frequently trade with China.

 

The account is segregated into two categories: Onshore RMB (CNY) for businesses engaging in cross-border trade with China and Offshore RMB (CNH) which is open to all businesses. There’s an added advantage of no initial deposit requirement, making the initiation process hassle-free.

 

For businesses seeking to optimize their financial operations in the Chinese market, the OCBC Renminbi Business Account presents a viable solution.

Other Accounts

1) Business Foreign Account

 

For businesses that are incorporated outside of Singapore but require a reliable banking solution within the country, OCBC offers the Business Foreign Account. This account capitalizes on OCBC’s expertise to provide businesses with a platform that assures seamless banking operations.

 

One of the key features that makes the Business Foreign Account stand out is its low minimum balance requirement, which makes it accessible for businesses of all sizes. Recognizing the diverse currency needs of businesses operating on an international scale, the account offers options in multiple currencies. This flexibility ensures that companies can manage their finances in the currency that aligns best with their operations.

 

Another distinctive benefit of this account is the instant issuance of the OCBC Velocity token upon the account application. This token enhances the digital banking experience, ensuring secure and swift online transactions.

 

For account maintenance, there’s an initial set-up fee of US$2000 for the account. Additionally, there’s a monthly account fee of S$50 per month for an SGD Chequing Account and US$50 per month for a Multi-Currency Business Account. However, as a gesture of goodwill and to facilitate a smooth transition for businesses, OCBC waives these monthly fees for the first two months.

 

2) Conveyancing Account

 

The OCBC Conveyancing Account is specifically tailored for law firms in Singapore, catering to the distinct needs that come with managing clients’ conveyancing funds.

 

A Conveyancing Account is essentially a designated reservoir for solicitors to securely hold conveyancing money. The eligibility is clear-cut; only law firms registered to practice law in Singapore can avail of this account.

The Different OCBC Business Account Fees

Singapore Dollar Business Accounts Fees
 

Business Growth Account

Business Entrepreneur Account Plus

Min balance

S$1,000

S$30,000

Account fee

S$10 per month. Waived for the first 2 months.

NA

Fall below fee

S$15 per month if monthly average balance falls below S$1,000

S$50 per month if monthly average balance falls below S$30,000

Transaction fees

Unlimited free FAST & GIRO transactions

GIRO – S$0.10 per item via OCBC Velocity.

Early closure fee

S$50 for accounts closed within 12 months of opening

S$50 for accounts closed within 6 months of opening

Foreign Currency Business Accounts Fees
 

Multi Currency Business Account

USD Business Smart Account

Min balance

NA

US$500

Service fee

S$10 per month. Waived if your company has an OCBC SGD account

Waived for the 1st 6 months. Thereafter, US$15 per month if the monthly average balance falls below US$1,000.

Early closure fee

NA

US$50 for accounts closed within 1 year of opening.

Other business transaction charges
 

Transaction Charges

Inward Remittance

S$10

Outward Remittance

  • Commission from S$10-S$120

  • Agent fees (if applicable, based on remitting currency)

  • Commission-in-lieu of exchange from S$25 – S$120

  • Cable charge from S$25-S$35

Other fees and charges

Refer to OCBC business banking pricing guide for other charges for transactions such as cheques, GIRO, FAST, PayNow, Standing Instructions, and more.

How to Open an OCBC Business Account

To initiate the process of opening an OCBC business account, potential account holders must follow specific procedures based on the type of business account they’re looking to set up.

 

For Business Growth Account and Multi-Currency Business Account:

 

  • Start by submitting an online application through the OCBC portal.
  • Existing OCBC personal banking customers can conveniently log in using their Personal Internet Banking credentials, while others can use Singpass for authentication.
  • Ensure you have the registered company name and its Unique Entity Number (UEN) on hand when filling out the application.
  • The streamlined process means that most applicants won’t need to provide additional paperwork, simplifying the setup.

 

For Business Entrepreneur Account Plus:

 

Like other accounts, initiate the process with an online application.


After the online portion, it’s required to book an appointment and head over to an OCBC bank branch to complete the application in person.

 

Regardless of which account you’re interested in, it’s beneficial to get in touch with OCBC directly beforehand. This is to ascertain the exact documents required, which might vary based on the nature of your business. Typically, the bank requests the following:

 

  • A duly completed account application form.
  • Photocopies of NRIC or passports for all associated individuals.
  • An initial deposit to activate the account.
  • A board resolution from the company.
  • A copy of the company’s Memorandum and Articles of Association.

 

Procedure for OCBC Account Closure

 

Closing an OCBC business account is a systematic process that demands specific steps to ensure a seamless closure. Here’s a step-by-step guide based on the available data:

 

  • Branch Visit: Begin by visiting the OCBC branch where the business account was originally established. While some banking matters can be handled remotely, account closure, especially for business accounts, is often managed in person.
  • Account Closure Form: At the branch, customers will be handed an account closure form. This form must be duly filled, ensuring all the particulars are accurately provided.
  • Submission of Documents: Depending on the type of business entity, OCBC might request additional documentation. This can include items such as a board resolution or the company’s official stamp. It’s crucial to carry these with you to avoid multiple trips.
  • Clearance of Dues: Before proceeding, double-check the account to make certain there aren’t any lingering dues, fees, or charges. It’s crucial to settle these before requesting the account closure.
  • Account Scrutiny: After submitting the form and relevant documents, OCBC will undertake a review of the account. They’ll check for any pending transactions, unfulfilled obligations, or charges that need addressing.
  • Closure Confirmation: Once OCBC has thoroughly reviewed and is satisfied that all criteria are met, the account closure will be processed. Following this, customers will receive an official confirmation, signalling that the account has been successfully closed.
  • Awareness of Penalties: Notably, certain OCBC business accounts come with early closure fees. This is particularly true if the account is terminated within a few months after its initiation. It’s advisable to be informed about any such penalties that could apply to ensure there are no unexpected charges.

 

To ensure the most efficient account closure process, and to stay updated on any changes to the procedure, reaching out to OCBC directly or perusing their official website is highly recommended.

OCBC Business Card Offerings

Business Deposit Card

The OCBC Business Deposit Card offers a tailored solution for business owners and their authorised personnel, eliminating the need for traditional over-the-counter banking services. One of its primary benefits is the convenience of depositing daily business takings anytime at OCBC Deposit Machines, catering to businesses that operate outside standard banking hours.

 

Additionally, understanding the diverse roles within a business, the card can be issued to multiple users such as store managers or accountants. This allows them to facilitate deposits without revealing the main bank account details of the company. To ensure utmost security, the card is equipped with enhanced features to protect against unauthorised access, providing businesses with an added layer of financial security.

Business Debit Card

The OCBC Business Debit Card combines the functions of a standard debit card with specialised features designed to cater to the unique needs of businesses. By directly drawing funds from a company’s business account, it offers businesses a seamless method for transactions. Beyond the usual functionalities, the card also provides financial benefits like cashback on eligible business spending, which can be a boon for companies keen on maximizing their financial perks.

Business Credit Card

Business Credit Cards by OCBC are tailored to address the diverse financial requirements of companies. Unlike conventional credit cards, they come with features that resonate with business operations and financial strategies. One of the primary attractions of these cards is the opportunity to earn substantial rewards or cashbacks. Companies can benefit from cashbacks on typical business expenditures including travel, dining, and office essentials. This not only incentivizes business-related transactions but also ensures cost-saving benefits in the long run.

Virtual Purchasing Card

The OCBC Virtual Purchasing Card is a contemporary financial tool that marries the concepts of convenience and security, catering specifically to businesses aiming to refine their procurement and payment strategies. Differing from traditional cards, this virtual card does away with the physical format, focusing entirely on electronic transactions. This digital-first approach ensures secure and swift transactions, allowing businesses to quickly settle payments with their suppliers, making the procurement process more efficient and timely.

Digital Banking and Technological Integration with OCBC

Digital transformation has been at the forefront of OCBC’s strategy, as they continuously innovate to offer their customers an efficient and user-friendly banking experience. By harnessing technology, OCBC has streamlined various banking processes, ensuring businesses can manage their financials with ease and security.

OCBC Velocity

OCBC Velocity is the bank’s flagship digital business banking platform, designed to cater to the diverse needs of businesses. Some of the key features include:

 

  • Comprehensive Dashboard: Users have a consolidated view of their accounts, transactions, and financial performance metrics.
  • Transaction Capabilities: Enables funds transfers, forex trading, and other transactional capabilities with just a few clicks.
  • Payment Solutions: Facilitates bulk payments, payroll processing, and tax payments.
  • Security Measures: Enhanced with two-factor authentication, encryption, and other advanced security features to ensure the safety of transactions and data.
  • Customization: Businesses can customise the interface to prioritise features they use frequently.
  • Insights and Reports: Generate detailed financial reports and insights to aid in business decision-making.
OCBC Business App

The OCBC Business App is tailored for businesses on-the-go, ensuring banking services are accessible anytime, anywhere. Some of the key features include:

 

  • Mobile Transactions: Perform transfers, pay bills, and manage other transactions directly from the app.
  • Notifications: Real-time alerts for account activity, ensuring businesses are always updated.
  • Quick Balance View: Without logging in, users can have a glance at their account balances.
  • QR Payments: Make and receive payments using QR codes, simplifying the payment process.
  • Biometric Access: For enhanced security, users can access the app using biometrics, like facial recognition or fingerprints.
  • Feedback Loop: Businesses can provide feedback directly through the app, ensuring continuous improvement in the platform’s features.

OCBC Corporate Banking Solutions

In today’s rapidly evolving corporate landscape, OCBC emerges as a beacon for businesses seeking growth and stability with their corporate banking solutions.

 

With a presence spanning 19 countries, OCBC’s accolades, including being ranked among the World’s Top 50 Safest Banks by Global Finance, speak volumes. Whether you’re eyeing expansion in ASEAN, Greater China, or sectors like technology and real estate, OCBC’s blend of local insight and global expertise ensures your business is always positioned for success.

 

Transaction Banking Solution
  • Cash Management: Streamlines and optimises a company’s day-to-day monetary operations and transactions.
  • Liquidity Management: Tools and strategies to ensure efficient handling and utilization of available cash.
  • Host-to-Host: Direct electronic communication system for transaction exchanges between businesses and banks.
  • Application Programming Interface (API): Digital interfaces enabling integration of banking services into a business’s existing systems.
  • Trade and Supply Chain Finance: Financial solutions supporting trade operations, ensuring smooth cash flow throughout the supply chain.
Treasury Services
  • Hedging: Financial strategies to safeguard against potential losses from market fluctuations.
  • Investment: Opportunities and advisory for businesses to grow their capital through various financial instruments.
Investment Banking
  • Capital Markets: Services related to raising capital through public and private equity and debt markets.
  • Corporate Finance: Advisory and solutions catering to a company’s financial structure, mergers, and acquisitions.
  • Mezzanine Capital: A hybrid financing option combining both debt and equity elements, usually used for business expansion or acquisitions.

Reaching Out to OCBC

Reaching out to OCBC for business-related queries and support has never been easier. The bank offers round-the-clock assistance through their OCBC Business Banking Chatbot, ensuring immediate responses to any pressing questions.

 

For those preferring a more personal touch, you can contact their helpline at +6565381111; they are available from 8 am to 8 pm every Monday to Friday, excluding public holidays.

 

Additionally, OCBC has meticulously curated a comprehensive support page filled with frequently asked questions and essential business forms, serving as a handy resource for all your banking needs.

Maximise your global business potential with Instarem

Selecting the appropriate platform for international business transactions holds significant importance, particularly as companies seek to solidify their global presence.

 

Instarem shines as a leading solution, streamlining financial operations across multiple countries, including Singapore, Malaysia, Hong Kong, the United States, Indonesia, and Australia.

 

The platform empowers users to conduct a range of tasks on their mobile devices, encompassing transaction execution, payment setup, and a user-friendly interface optimized for single recipient payments and quick operations.

 

Furthermore, the platform facilitates the efficient handling of bulk payments, accommodating up to 1,000 transactions, and seamlessly integrates with QuickBooks to support accounting functions. For businesses with diverse stakeholders, the system offers a straightforward process for establishing an internal approval framework, reinforcing payment oversight.

 

Ultimately it boosts flexibility and convenience in managing financial transactions, allowing users to operate with enhanced mobility and efficiency. It also streamlines the payment process, simplifies accounting integration, and furnishes the necessary tools for improved oversight and streamlined approval processes within the organization.

Ready to make your business transaction with Instarem?

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All details are accurate at the time of publishing. Instarem has no direct relationship with the products or vendors mentioned. Pricings are taken from the relevant website on 11 October 2023. 

About Instarem

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