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"An Xin Account" Opening Witness Service for Studying in Singapore


 

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"An Xin Account" opening witness service for studying in Singapore

Introduction

"An Xin Account" Opening Witness is a service jointly provided by Bank of China Singapore Branch and relevant domestic branches of Bank of China, which can help international students who are going to Singapore to apply for accounts of the Singapore Branch. With the service, the relevant domestic branches of Bank of China will witness the process of opening accounts with Singapore Branch.

Most Chinese international students who go abroad for the first time have to carry with them too much cash. They will face language barrier and difficulties in account opening such as waiting in the queue for a long time. Bank of China Singapore Branch can provide comprehensive financial services for Chinese international students in Singapore, offering more convenience and ease to the students and their parents. “An Xin Account” is a SGD saving account similar to current account in China with a passbook and a Bank ATM withdrawal card. Through the account, you can deposit and withdraw cash any time at our outlets. As the account application is approved, you can make remittance by submitting customer reference number as provided by Singapore Branch, which can avoid such risks of losing cash and breaking the cash-carrying limit stimulated by the Customs.

Target Customers

1. Applicants shall hold valid passports.

2. Applicants shal have acquired admission letter of any university (college) of Singapore.

3. 14 years old and above.

Process

Documents to be submitted to the relevant domestic branches of Bank of China for application of An Xin account for studying in Singapore include:

1. Passport

2. ID card or Hukou book (proof of residential address)

3. Enrollment letter (or admission letter)

The documents mentioned above shall all be original.

Material that needs to be filled out for application of An Xin account for studying in Singapore: the Account Opening Application Form

Kind Reminder

1. Preferential treatment for An Xin account owners for studying in Singapore:

There are no handling fees for opening An Xin accounts; Compared with regular account, the An Xin account for studying in Singapore has favorable minimum deposit limit of only SGD 500. If your account maintains an average balance of over SGD 500, the bank will exempt you from paying low-balance management fees; and bilingual services are also provided to international students;

With An Xin account, you can apply for RMB remittance by converting SGD into RMB for remittance to a designated account in China. In addition, Singapore Branch provides international students with withdrawal card, phone banking and many other deposit account services. Deposit accounts include: personal saving account, current account (providing cheque service to account holders who are 21 years old and above), Chu Xu Tong Account (a multi-currency savings account for holders who are 21 years old and above) and personal term deposit accounts. There are many options of terms of regular SGD term deposit accounts, including one month, two months, three months, six months, nine months, one year, two years and three years.

Singapore Branch also provides comprehensive RMB service, where you can convert SGD cash into RMB for use in China. You can deposit extra RMB cash brought from China into RMB term deposit account, keeping yourself away from the worry of carrying lots of cash. Certainly, you can deposit SGD or other currencies cash by converting them into RMB. As a result, handling fees for RMB cash deposit and withdrawal will be waived.

Remittances made through relevant domestic departments of Bank of China to Bank of China Singapore Branch, are not only quick and convenient, but also save you remittance fees. (Please consult Bank of China's branches in China about charge rates of outward remittance).

2. How to apply for withdrawal card?

When activating the account with Singapore Branch, you will submit your personal passport. As we verify that the materials you provide can check with the certificates and application documents sent from China, we will open the account and issue passbook, bank withdrawal card and password to you.

3. What is "to start an account"?

It is a method to ensure your fund security. By making a remittance, you can only obtain a customer reference number. After arriving in Singapore, you will personally bring your passport and student's pass to Bank of China Singapore Branch to confirm your address in Singapore. Our bank staff will check your passport and signature and update the information you have registered with us to provide an account number. After the opening procedures are fulfilled, the account can be fully put to use. (Since April 1, 2006, SGD deposit of individuals or charities that meet conditions of Singapore deposit insurance has been insured under the Deposit Insurance Scheme according to amount limit regulated by Singapore Deposit Insurance Act. The insurance limit may change based on any amendment, modification and/or revision of the abovementioned Act. Please visit http://www.sdic.org.sg, for more details. (Deposit insurance is a kind of mechanism of Singapore Government for protecting depositors. If the bank goes bankrupt, qualified depositors will gain some compensation through deposit insurance.)

4. What should I do if I cancel plan of studying abroad for any reason after the remittance is done?

Please notify us by writing to:

Bank of China Singapore Branch

Bank of China Building

4 Battery Road

Singapore  049908

Upon receiving your letter, we will process refund. No matter how large or small the amount is, we charge no handling fees for refunding. It will be noted that you may have either profit or loss caused by changes of foreign exchange rate. We suggest that before making remittance to the account with Singapore Branch, you should open an SGD account with any domestic outlets of Bank of China and remit through that account, to which we can return the funds more easily.

In the event that you fail to activate the account in Singapore within required time, the bank is entitled to cancel customer reference number arranged beforehand and return the funds to the customer's account after deducting relevant charges.

5. Domestic branches of Bank of China provide account opening witness service for studying in Singapore are as follows:

Beijing Branch, Shanghai Branch, Guangdong Branch, Shenzhen Branch, Jiangsu Branch, Zhejiang Branch, Shandong Branch, Liaoning Branch, Shenyang Branch, Fujian Branch and Tianjin Branch as well as the designated sub-branches of the above branches. Other branches will start to offer the service.

Contact Us

Contact information of Bank of China Singapore Branch, where witness service for studying in Singapore is conducted:

Branch Name Address Tel
Bank of China Singapore Branch 4 Battery Road, Bank of China Building,Singapore 049908 Tel: 0065-64128616
 0065-64128766
Fax:0065- 65343401

Promotion Program 2010

From now on till December 31, 2010, Bank of China will push forwards the account opening witness service promotion program to Chinese international students to study in Singapore. During the promotion period, customers will enjoy value-added services as follows:

Customers will obtain international long-distance phone cards, provided that they apply for account opening witness service with domestic branches of Bank of China during the promotion period, successfully activate the account in Singapore and keep the account by the end of 2010.

Customers under 21 years old will be exempt from the minimum limit of deposit balance, provided that they apply for account opening witness service to domestic branches of Bank of China during promotion and successfully activate the accounts in Singapore.

Overseas institutions of Bank of China involved in promotion activities reserve the rights of final interpretation.

Notes:

1. The above contents are only provided for your convenience in understanding relevant information, and any unmentioned issues shall be subject to specific regulations of Bank of China Singapore Branch;

2. Bank of China Singapore Branch reserves the rights of final interpretation and may update relevant information at any time without further notice.

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