Bank of China Corporate Account Singapore: Fees, RMB Solutions & More

For many Singapore SMEs, the road to international expansion leads directly to mainland China. China has remained Singapore’s largest merchandise trading partner since 2013, with bilateral trade reaching significant milestones under the China-Singapore Free Trade Agreement (CSFTA)¹.

Whether you're sourcing supplies from Shenzhen or selling tech solutions in Shanghai, having a banking partner with deep roots in China is a strategic advantage. Bank of China (BOC) Singapore stands out as a regional specialist, particularly for its Renminbi (RMB) expertise.

In this article, we’ll review their features and fees to see if a BOC corporate account is the right fit for your business goals.

Overview of Bank of China Singapore Corporate Accounts

BOC Singapore offers different solutions tailored to various business sizes and transaction volumes. Here’s a quick overview of their two core corporate offerings which feature the RMB and multi-currency capabilities a typical Singapore company would be interested in.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

BOC Corporate Current Account Features

This is the workhorse of BOC’s corporate offering. It is a statement-based chequing account available in 11 major currencies, including SGD, RMB, USD, EUR, GBP, and JPY².

It is crucial to note that the minimum initial deposit and monthly average balance requirements vary across the 11 supported currencies. So, if your business operates primarily in SGD, USD or RMB, you will need to monitor these sub-accounts independently to avoid multiple fall-below charges.

• Currency Specific Requirements: For a Corporate SGD account, you must maintain a minimum monthly average balance of S$30,000 to avoid a S$30 monthly fee. The entry barriers for other currencies differ. For instance, a Corporate USD sub-account requires a USD 30,000 balance (with a USD 30 fee), whereas a Renminbi account requires RMB 10,000 (with a RMB 50 fee)³.
• RMB Trade Settlement: The account is useful for businesses dealing directly with Chinese partners, supporting direct RMB settlement² to bypass unnecessary conversion steps.
• Operational Ease: Full integration with BOC Internet Banking allows for real-time monitoring and transaction management.
• Cheque Note: While SGD and USD current accounts offer cheque books, they are not issued for Renminbi Corporate Current Accounts.
• Early Closure Penalty: If you find the requirements too taxing and decide to close the account within the first six months, a S$50 fee applies for corporate accounts.

BOC Business Smart Account Overview

For more established enterprises with high liquidity, the Business Smart Account acts as a bonus interest scheme linked to your SGD or USD Corporate Current Account.

• High-Tier Eligibility: To qualify, you must maintain a minimum monthly average effective balance of $500,000⁴.
• Tiered Bonus Interest: Interest is earned based on your balance tiers and active use of digital banking (at least 5 successful transactions per month). For example, the first S$500k and the next S$1.5m typically earn 0.01% p.a., while the next S$3m earns 0.05% p.a.

Digital Banking and cash management

BOC has significantly updated its digital infrastructure, moving from the older BOCNET to a more robust Corporate Online Banking platform designed for modern treasury needs⁵. Its capabilities include:

• Real-time Monitoring: Track balances across the BOC group and manage payees efficiently from a single dashboard.
• Global Remittance: Seamlessly transfer funds to over 100 countries and regions in more than 10 major currencies⁶.
• Security First: A comprehensive security control system, including e-tokens and multi-level authorisation, ensures the safety of your digital transactions.

Bank of China also offers Global Cash Management Services (GCMS), an integrated solution to help you streamline processes and optimise working capital.

The standout feature here is their Cross-border Two-Way RMB Cash Pooling. Unlike standard one-way payment services, this capability allows for a fluid, two-way exchange of RMB funds between your onshore (mainland China) and offshore (Singapore) entities⁶.

By leveraging BOC’s RMB capabilities, businesses can turn the complexity of China-Singapore trade into a distinct competitive advantage, effectively enhancing the efficiency of their treasury management.

BOC Corporate Account opening process and requirements

Opening a Bank of China business account involves distinct paths depending on whether you are registering locally or aiming for an account within mainland China.

Opening an account in Singapore

For most Singapore businesses managing regional operations from Singapore that need a gateway into China without a physical presence there, this is the typical process to follow.

1. Online Application: Start by submitting your business details through the BOC Singapore portal.
2. In-Person Verification: Like most corporate banks in Singapore, you will likely need to schedule an appointment at a BOC branch in Singapore to submit original documents and verify the identities of directors and shareholders⁷.
3. Required Docs: Typical documents include your ACRA Business Profile (which verifies your Unique Entity Number or UEN), Constitution, and identification (NRIC or Passport) for all directors and authorised signatories.

Considerations for Mainland China BOC corporate accounts

On the other hand, if your Singapore business has registered a legal entity in China (e.g., a Joint Venture) and has local operational needs, then you’ll likely need a direct BOC business account in a mainland China branch. In this scenario, you should prepare for a stricter regime.

• Timeframe: Opening can take up to four weeks⁸.
• Legal Representative: A company's legal representative must often visit the bank in China in person with original ID documents.
• Site Visits: Mainland banks may require a physical site visit to your business premises in China before approval to satisfy "Know Your Customer" (KYC) regulations.

Wise Business: Alternative solution for global business transactions

Wise Business serves as an alternative to traditional business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

Here's what you get with a Wise Business account:

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees.
• Seamless integrations with popular accounting software.
• Earn a variable return** on SGD, GBP, EUR, and USD through Wise Interest

➡️Get started with Wise Business today

** Growth is not guaranteed. Capital at risk.

Sources

1. China-Singapore Free Trade Agreement: Ministry of Trade and Industry Singapore
2. Corporate Current Account: Bank of China Singapore
3. Deposit and Account Services Pricing Guide: Bank of China Singapore
4. BOC Business Smart Account: Bank of China Singapore
5. Corporate Online Banking Service FAQ (Corporate): Bank of China Singapore
6. Corporate Banking: Bank of China Singapore
7. Terms and Conditions: Bank of China Singapore
8. Opening a Bank Account: China Briefing
9. Terms & Conditions for Corporate Accounts: Bank of China Singapore