Singapore OCBC Account Closures: What You Need to Know

OCBC Singapore Tightens Regulations for Non-Residents

Last Month:

OCBC Singapore closed its application channel for non-residents, preventing new account openings for individuals without local residency.

Today:

OCBC Singapore has started closing accounts for Chinese users who cannot provide the necessary documentation.

How Is OCBC Closing Accounts?

The bank is now requiring customers to provide proof of address/residence or payroll statements. This appears to be a measure to limit account access for mainland Chinese users.

❌ Failure to provide the required documents will result in account closure.

No Need to Panic

🔹 This policy mainly affects the “360 Digital Account”, which is the standard account users open via the app.🔹 Premier Banking Accounts (VIP accounts) remain unaffected. If you opened your account through One Stop Pro, it is likely a Premier Banking Account, and you can continue using it as usual.

What to Do If Your Account Is Closed

If your account is affected, act quickly and transfer your funds elsewhere.

For Small Balances:

✅ Use Alipay QR code payments at supermarkets or other merchants.

For Large Balances, Consider These Six Options:

1️⃣ Transfer to another overseas bank account

2️⃣ Transfer back to a mainland China bank account

3️⃣ Withdraw via WeChat Pay (WX) or Alipay (ZFB)

4️⃣ Deposit into a brokerage account

5️⃣ Transfer to Wise (a global money transfer service)

6️⃣ Request a check and mail it back to China

📩 Need step-by-step guidance? Message us for assistance!

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