Opening a personal account with a Singapore bank Standard Chartered

Why do we recommend opening an account with SCB Singapore?

Historical background

Standard Chartered Singapore (officially Standard Charted (Singapore) Limited) is the Singapore subsidiary of Standard Chartered, a UK banking and financial services company.

The bank has a history of over 160 years in Singapore. In the same country, the first branch was opened in 1859, making it one of the oldest permanent banks in Singapore.

In October 1999, SCB became one of the first international banks to receive a Qualified Complete Bank (QFB) license.

Since becoming Standard Chartered after the merger of Standard Bank and Chartered Bank in 1969, it has developed a widespread network that spans major emerging markets in Asia, Africa, the Middle East and beyond.

Bank scale

SCB Singapore's network of banks has 85,000 employees and serves clients in nearly 150 markets around the world. The bank is listed on the London and Hong Kong stock exchanges.

Internationality

Due to the fact that the bank employs employees from more than 120 countries, this allows it to find an approach to each of its clients. The diversity of people and cultures generates simple, fast and convenient banking and personalized service.

Loyalty

Singapore SCB does not have a black list of countries, or vice versa - a specific list of countries whose citizens have the opportunity to open a bank account.

The bank's management is based not on the client's nationality, but on his motivation to open an account in this particular bank, and not in any other bank.

Each case is considered individually.

Worldwide recognition

According to Global Finance, SCB Singapore was named the Best Consumer Digital Bank in 2017.

In 2018, in the Retail Banking category, the bank took the Retail Banker International Asia Trailblazer award for Best Multi-Channel Offer, Best Credit Offer and Superior Internet Banking.

The 2019 Global Retail Banking Innovation Awards gave SCB Singapore the Debit Card of the Year award.

Singapore bank SCB is among the top 100 largest companies listed on the London and two largest Asian stock exchanges.

Bank's partnership

The bank has sponsored Liverpool FC since 2010. Their partnership will last until the end of the 2022-2023 season and will be the second longest sponsorship deal in Red history.

The Bank is actively promoting and supporting the Goals program, which aims to empower young girls in Africa. The bank opens up opportunities for them in sports and provides financial education.

Which documents are required to open a personal account with SCB Singapore?

To open an account, an individual with SCB Bank in Singapore must provide the following documents:

A clear copy of your passport;
A document confirming the place of residence (bank statement / utility bill / official letters from government agencies sent to the address of residence);
Business card (if any);
A completed application form from the bank.

The minimum investment in an account must be at least 200,000 Singapore dollars.

How to open a Singapore bank account remotely?

Trust Taxters and we will guide you through this thorny path of opening a personal account in Singapore without wasting energy and effort.

Remote opening is possible subject to the provision of all of the above documents to the bank and confirmation of identity.

The Bank, at its discretion, may allow verification of identity using a video or phone call. Such a procedure can be considered by the manager, provided that:

There is no SCB branch in your city;
During a pandemic, there is no way to visit Singapore.

Opening an account with SCB Priority Banking provides access to the following bank services:

Consulting and analytics

Meetings with an insurance specialist and a personal manager in a virtual format;

Electronic transactions: from filing documents to making payments. No need for paper copies and wet signatures;

Access to market analysis, webinars and tools for managing your assets;

You will be able to invest, trade, convert currencies and purchase insurance online yourself. Everything is at your fingertips, wherever you are.

The bank's specialists will be happy to share ideas on buying and selling assets and advise on the best step.

Investments

The manager will help you draw up a personal investment plan;

You will have access to the LiveFX real-time currency conversion platform, which will allow you to take advantage of market opportunities anytime, anywhere;

Access to the SC Online Trading platform will allow you to trade worldwide with access to 15 major exchanges;

You can easily and conveniently invest on the Unit Trust online platform. You will have open access to more than 300 stock offers;

You will also have unlimited access to Individual Investment Ideas. It is a smart tool that allows your account manager to offer up-to-date buy and sell investment ideas, scalable to suit your investment needs;

The ability to trade with over 60 currency pairs;

As a gift you get an annual subscription to the Wall Street Journal and one of the most popular financial magazines Barron’s.

Insurance

Your manager will help you create an insurance savings plan;

You will be covered by full health insurance or accident insurance;

Your manager will help you with preparing all the necessary travel, house and car insurance;

A multiplying advantage is available to the bank's client. This is a service that provides a higher percentage of the amount guaranteed in case of death before the age of 85 or from an incurable disease / complete and permanent disability up to 65 years;

It is possible to create a single insurance plan for participation for life, which provides life-long financial protection in the event of death and up to 65 years from an incurable illness;

The manager will also help you choose the right retirement service.

Privilege

360 ° open access to the program. Rewards Standard Chartered rewards the customer for all banking transactions, from credit card expenses to mortgages, investments, deposits and online transactions. For every dollar spent, you can receive up to 2.5 bonus points.

Global Banking

Remote access to all investment platforms of the bank;

SC Mobile Banking, which makes it easier to conduct transactions, manage funds, transfer funds online to selected countries and take forex courses with SC Remit;

With a deposit of at least 1.5 million Singapore dollars, you get access to the Priority Private program and a reward of up to 8,000 Singapore dollars will be transferred to your account;

24 hour concierge service;

Free travel insurance up to 50,000 Singapore dollars;

Priority Pass also gives you access to the airport business lounge.

Terms and Conditions for obtaining SCB Priority Banking privileges

To become a Priority Banking customer, you must meet the criteria and admission to Priority Banking membership is at the discretion of the bank. SCB reserves the right to terminate Priority Banking membership at any time without giving any reason, but with prior notice.

To enjoy an exclusive Priority Banking membership and all the benefits and privileges that come with it, you need to keep a minimum of 200,000 Singapore dollars as a deposit and / or investment.

Priority Banking fees may apply. The fees listed in the Priority Banking Pricing Guide may change from time to time, so we recommend that you check with your account manager for the latest amounts.

The amount of the loan available on your account depends on the size of the deposit / investment:

Total value of Fresh Funds placed and maintained in Eligible Deposits and/or Eligible Investments within three calendar months of month of account opening	Account Credit
From 200.000 to 499.999.99 Singapore dollars	800 Singapore dollars
From 500.000 to 799.999.99 Singapore dollars	2000 Singapore dollars
From 800.000 Singapore dollars	3000 Singapore dollars
From 1.5 million Singapore dollars	8000 Singapore dollars

* Fresh funds must be kept until the last day of the sixth calendar month after the month of establishing contact with the bank (meaning registration of Priority Banking or Priority Private).

Where Referred Individual placed and maintained in Eligible Deposits and/or Eligible Investments within three calendar months of month of account opening	Reward for Existing Customer:
From 200.000 to 799.999.99 Singapore dollars	400 Singapore dollars (worth of Account Credit)
From 800.000 Singapore dollars	800 Singapore dollars (worth of Account Credit)
From 1.5 million Singapore dollars	1500 Singapore dollars (worth of Account Credit)

* The maximum amount of remuneration per referral client for this offer cannot exceed 1650 Singapore dollars, regardless of the number of open accounts.

** Cash reward in the amount of 8000 Singapore dollars for a bank client who will bring a min. 1.5 million Singapore dollars in eligible deposits / investments and which will be formalized as a Priority Private client.

*** A term deposit is not considered an eligible deposit.

**** Maintaining funds is 6 months after one month of establishing relationship with Priority Banking or Priority Private.