How to Open a Bank Account and Get a Credit Card in HSBC Singapore

How to Open a Bank Account and Get a Credit Card in HSBC SingaporeExpatriates and travelers require banking and credit card services abroad, and HSBC Singapore has several options for credit card and bank account services.

HSBC Singapore Account Options

HSBC Singapore provides several varieties of banking accounts, including:
Savings Account
This account requires an initial deposit of S$1,000. It includes a debit card and account access via phone or Internet. A S$5 monthly fee is assessed if the average daily balance is less than S$2,000.
-Current Account – This checking account requires an initial deposit of S$2,000. It includes a checkbook, debit card, and account access via phone or the internet. A S$7.50 monthly fee is assessed if the average daily balance is less than S$3,000.

HSBC Flexi Account
This is a combined saving and checking account that requires an initial deposit of S$2,000. It includes check-writing and a higher rate of interest than a current account. This account also includes global ATM access and credit cards. A S$10 monthly fee is assessed if the average daily balance is less than S$5,000.

HSBC Advance Account
This is a high-investment account requiring a large initial deposit and monthly paycheck deposits. It includes the internet and mobile banking services as well as an associated credit card.

How to Open an Account

Opening an account with HSBC Singapore requires an identity card or passport plus proof of current address. This proof of address can be a Singapore address or, for travellers, an overseas residential address. Several forms of proof of address are accepted, including utility bills, work permits, and rental agreements. The document must be printed in English.

A customer applies for this account by calling the bank at 1-800-HSBC-NOW (in Singapore) or (65) 6-HSBC-NOW from overseas. It is also possible to request a call from the bank by submitting the online form online at https://www.hsbc.com.sg/1/2/personal/deposits.

HSBC Singapore Credit Cards

HSBC Singapore offers several types of credit cards, all of which include a rebate rewards program. Some credit cards include a cash rebate option. All the credit cards come with Visa PayWave, which allows payments to be made by waving the card in front of a secure reader. For purchases less than S$100, no signature is required.

The most elite credit card is the HSBC Visa Infinite Credit Card, which comes with extensive travel and luxury benefits. It is available by invitation only.

How to Apply for a Credit Card

HSBC Singapore credit card applicants must be 21 years old. Most credit cards have a minimum income requirement (S$30,000 for permanent residents of Singapore, S$40,000 for foreigners), but the HSBC Secured credit card is available with a S$10,000 deposit in an HSBC Time Deposit account.

Some credit cards are associated with specific types of HSBC accounts, such as the HSBC Advance Visa Platinum card, which is available to only to existing HSBC Advance account holders.

Online applications are available for most HSBC Singapore credit cards at https://www.hsbc.com.sg/1/2/personal/cards. This site shows the four primary types of credit cards available with an “Apply Now” or “Contact Me” button. The “Contact Me” button will bring up a form requesting basic personal information, then an HSBC Singapore employee calls to follow up.

Singapore is one of the largest and fastest growing financial centres in Asia

Today, there are 111 commercial banks, 49 merchant banks, and 45 banks with representative offices operate in Singapore, managing more than $350 billion of assets (2004). The banking industry in Singapore is regulated by the Monetary Authority of Singapore.

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