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BOC current accounts

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Opening an account with one of Sino-Singapore's biggest banks.

Bank of China (BOC) current accounts come with a huge range of features and fees — which should you choose from? This guide will help you answer that, by exploring the accounts offered by BOC and how to sign up for them.

S$0

Monthly fee

S$10,000

Minimum Initial Deposit

Details

What features come with BOC current accounts?

BOC offers accounts come with a variety of features, often specific to the account type. However, you may generally expect these traits.

  • Preferential interest rates
  • Quick sign-up processes
  • Reward schemes
  • Strong customer service support

    What current accounts does BOC offer?

    • Multi-currency account. This BOC account covers both SGD and nine foreign currencies.
    • Current account. This is a non-interest bearing statement-based chequing account.
    • RMB current account. This is a non-interest bearing, Renminbi-denominated current account. It allows for RMB remittance, RMB exchange, cash deposits and withdrawals.

    What other personal accounts are available with BOC?

    • SmartSaver. This savings plan allows BOC Multi-Currency Savings account holders to earn bonus interests. Earn up to 3% p.a. on the first S$80,000 of your account balance and up to 0.60% p.a. for account balance above S$80,000 to S$1,000,000.
    • Gold Savings Account. Buy and sell gold seamlessly without actually keeping physical gold.
    • SGD Savings Account. This interest-bearing SGD passbook savings account gives account holders the flexibility of making withdrawals at any time.
    • Time Deposit Account. Enjoy a wide range of currencies and earn higher interest rates than a regular savings account.
    • RMB Time Deposit Account. A fixed-deposit tenure-earning account that offers higher interest rates than a regular savings account.

    Compare a range of current accounts in Singapore

    Data indicated here is updated regularly
    Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
    POSB current account
    S$2
    S$0
    S$2
    CIMB StarSaver Account
    S$1
    S$5,000
    S$0
    OCBC Frank Account
    S$2
    S$0
    S$2
    UOB Current Account
    S$0
    S$1,000
    S$7.50
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    Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

    What’s unique about BOC accounts?

    BOC offers plenty of accounts specifically catering to SGD-RMB transaction needs. It’s therefore especially useful if you regularly make payments in RMB, pay bills in RMB, receive your salary in RMB or wish to remit money in RMB. If you’re a Chinese expatriate in Singapore or a Singaporean residing in China, BOC may be perfect for your overall banking needs.

    What fees could I be charged with BOC current accounts?

    Although the fees differ across accounts, you may encounter the following costs.

    • Fall-below fee. This type of fee is charged when your monthly account balance falls below a certain amount. For example, the Singapore Dollar Savings Account charges $2 if your monthly average balance falls below $2,000.
    • Early account closure fee. You may be charged a fee if your account is closed before a set time period has passed. In general, the early closure fee for BOC accounts is $30.
    • Commission in-lieu of exchange for foreign currency cash deposits (RMB). You may be subject to a 0.8% fee when exchanging foreign currency cash deposits in RMB, with a minimum fee of RMB 100.
    • Miscellaneous fees. Such fees could be due to costs related to replacing a lost card, returning a cheque due to technical reasons and losing your passbook.

    How do I open an account?

    Singaporeans and PRs applicants can apply online with their SingPass, a simple and secure application process that speeds up the process by retrieving your personal details and income information directly from MyInfo. Alternatively, you can also fill up an online application form listed on BOC website if you don’t have a SingPass account.

    If you’re a foreigner, you’ll need to apply in-person at any BOC branches.

    Like any other bank accounts in Singapore, make sure that you meet the eligibility criteria for the specific account that you’re interested in and have all the relevant documents you need on hand.

    Eligibility criteria

    The specific eligibility criteria may vary depending on the specific BOC account you’re applying for, but you’d typically need to meet these requirements:

    • Age. You must be at least 18 years of age
    • Residency. Singapore citizen, permanent resident or foreigner.

    Required documents

    Make sure you have the following information and documents ready when you apply:

    • Singapore citizens and permanent residents. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement) for in-branch application.
    • Foreigners with a valid permit. Original passport, Employment Pass/ S Pass/ Student Pass/ Long-term Social Visit Pass, proof of address (bank statement/ utility bills/ mobile bill/ tenancy agreement within 3 months)

    Compare a range of BOC current accounts in Singapore

    Data indicated here is updated regularly
    Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
    BOC Current Account
    S$0
    S$1,000
    S$7.50
    BOC RMB Current Account
    S$0
    S$10,000
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    Frequently asked questions

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