BOC current accounts
Opening an account with one of Sino-Singapore's biggest banks.
If you’re looking for a current account to meet your daily transaction needs, the Bank of China (BOC) has a few options to choose from – be it a SGD/RMB denominated or multi-currency accounts.
In this guide, we’ll cover the various current accounts offered by BOC, their benefits and fees, as well as how to sign up for them.
Minimum Initial Deposit
Fall below monthly fees
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.
About Bank of China Singapore
Established on 15 June 1936, Bank of China Singapore Branch holds a qualifying full bank license (QFB) and has a large network of branches and ATMs in Singapore. Its offers a full suite of banking services, including corporate banking, personal banking and investment banking.
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.
Key featuresBOC 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
Fees and limitsAlthough 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 to sign upSingaporeans 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.
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.
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)
The verdictBOC 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.
However, make sure that you take the time to shop around and compare options from other banks before signing up.