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Opening a bank account with IPA

Posted: Sat, 21 Jun 2014 10:36 pm
by Hitoiro
Hi all! Any idea which bank opens accounts for foreigners with IPA only? My EP card will be issued in 2 weeks but I want to set up a bank account within next few days.
Thanks :D

Re: Opening a bank account with IPA

Posted: Sat, 21 Jun 2014 11:28 pm
by ComingSoon
Hitoiro wrote:Hi all! Any idea which bank opens accounts for foreigners with IPA only? My EP card will be issued in 2 weeks but I want to set up a bank account within next few days.
Thanks :D
I think most banks will allow you to open an account with just an IPA. You probably won't need to wait for the card.

For me the biggest problem was not having an address in Singapore. The banks I spoke with wouldn't open an account without a Singapore address, but I needed a local account to make transfers to the landlord. You might be able to use your office address to get started.

Also, Singapore has minimum amounts to open a new bank account. I think in most institutions it is $1000. I found it absurd that they wouldn't allow me to open an account and then transfer $1000 to the account. The lack of flexibility was mind boggling.

Good luck!

Posted: Sun, 22 Jun 2014 8:30 pm
by Hitoiro
I tried a few banks but they require EP card. Citibank and DBS are ok with IPA but their conditions aren't attractive. :(

Posted: Sun, 22 Jun 2014 9:38 pm
by nakatago
Hitoiro wrote:I tried a few banks but they require EP card. Citibank and DBS are ok with IPA but their conditions aren't attractive. :(
Nothing really stopping you from opening another account from other banks as soon as you get your card.

Re: Opening a bank account with IPA

Posted: Mon, 12 Jun 2017 2:53 pm
by Ellmeg
Hello!

I know this is old but was anyone successful to do this online with IPA before getting to Singapore?

I just tried DBS who are unable to deal with the German "ü" (ü=UE)

Thanks

E

Re: Opening a bank account with IPA

Posted: Mon, 12 Jun 2017 7:39 pm
by ecureilx
Ellmeg wrote:Hello!

I know this is old but was anyone successful to do this online with IPA before getting to Singapore?

I just tried DBS who are unable to deal with the German "ü" (ü=UE)

Thanks

E
Never know of Singapore banks who open accounts until you are there in person. And show your passport AND pass.

I maybe wrong.

Exceptions are Citi and HSBC who allow you to open offshore accounts in Singapore while in your own country.

IPA is not a pass, yet.

Re: Opening a bank account with IPA

Posted: Mon, 12 Jun 2017 8:56 pm
by Strong Eagle
You must always be present in Singapore, with proper identification, to sign your account cards in the presence of a bank officer. It has always been this way, even more so with all the money laundering scams that the banks have been caught up in.

Re: Opening a bank account with IPA

Posted: Sun, 02 Jul 2017 1:19 pm
by Ellmeg
Just to update this thread for anyone who may need it. I managed this with DBS with IPA. Now have a functioning bank account even with internet banking. They have an online process to follow and then best call them for the rest as it is not super clear for foreign addresses. They are helpful on the phone and understand the circumstances.

Hope this helps!

E

Re: Opening a bank account with IPA

Posted: Sun, 02 Jul 2017 10:06 pm
by ecureilx
Ellmeg wrote:Just to update this thread for anyone who may need it. I managed this with DBS with IPA. Now have a functioning bank account even with internet banking. They have an online process to follow and then best call them for the rest as it is not super clear for foreign addresses. They are helpful on the phone and understand the circumstances.

Hope this helps!

E
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