SG bank account after renouncing SG-ship

[Danni12345]

Hi.

I am about to renounce SG citizenship. And withdraw CPF

Will CPF deposit in international account ?

Will I be able to use my SG account ? Bearing in mind that I would not have a pink IC anymore ? Would the bank accept foreign ID? There was a couple of occasions they refuse to entertain my transactions without showing my pink IC. So what happens now that I wouldn’t have pink ID ?

 

[Bobbyfoo]

Think carefully before renouncing SG citizenship. It is irreversible. Many wants the Pink IC badly, and you want to renounce. How big is your CPF amount? Is it worth withdrawing? Will CPF board TT to your foreign bank account in foreign currency? Will your SG bank allow you to keep your SG bank account despite no Pink IC?

 

[bobby]

Hi.

I am about to renounce SG citizenship. And withdraw CPF

Will CPF deposit in international account ?

Will I be able to use my SG account ? Bearing in mind that I would not have a pink IC anymore ? Would the bank accept foreign ID? There was a couple of occasions they refuse to entertain my transactions without showing my pink IC. So what happens now that I wouldn’t have pink ID ?

Think carefully before renouncing SG citizenship. It is irreversible. Many wants the Pink IC badly, and you want to renounce. How big is your CPF amount? Is it worth withdrawing? Will CPF board TT to your foreign bank account in foreign currency? Will your SG bank allow you to keep your SG bank account despite no Pink IC?

Liddat, then all foreigners cannot have bank accounts in Singapore ?

Of course you can still maintain the very same account you have in your Singapore bank. They will just update your details to state that you are no longer a Singaporean and you get to keep that very same bank account.

I have said it before....get your entire CPF to be paid into your Singapore bank account. Then from there you can arrange transfers to your account in another country...it is called overseas remittance!

All Singapore banks now provide you with tokens and you can do these transfers on-line in your new country and set your own parameters on limits and book exchange rates when you see it fit.

You do not even need to be present at the bank or queue at any counters.

 

[Danni12345]

Hello. Thanks for the all the replies.

I am leaving SG because as an older person who has lost his job, I found it very hard to be employable in a similar capacity again.

It was a very time losing my job. I just wanted to work and be financially reponsible. Try as I might, I could not find any suitable employment. It was a hard year mentally and finally that’s when I decide to leave SG; it was a fresh start for me. I am not saying that my situation is perfect but it is what I needed at this point in my life. I am thankful for those people who have helped me, offered a kind word and even on this forum , for your advice and information.

Some years back, I had trouble withdrawing some money at the counter without my IC. They would not accept my driving license. I had my passbook with me but the teller was adamant that I produce my IC.

I called the bank up and they kept “reading” from a script saying I needed to produce my IC when asked.

I don’t really want any problems accessing my funds.

Or has anyone deposited their CPF directly into their overseas account ?

And if you kept your SG account, what documentation did you produce for them to accept your alternative form of ID?

Any info appreciated.

 

[nayr69sg]

Change your ID to that of your new country passport.

 

[Asterix]

Sinkie banks and bank officers very idiot one.

I assume they already makan your pink IC and red passport when you renounced your SG citizenship. However, there must be some kind of documentary proof that you have renounced your SG citizenship. Show this to the bank officer and if they still ask for pink IC then make a big fuss at the teller counter and ask to see the branch manager. The more noise you make the teller counter the better.

 

[Danni12345]

I have not renounced yet. But yes , I assume they will take away the passport and IC when I do.

But I think they will give me a renunciation letter. Which I will use to change my form of ID identification at the bank. Hopefully , they will not give me any grief. Much

 

[Bobbyfoo]

When you renounced, you surrendered your S'pore passport and IC. I guess ICA will give you a renunciation receipt. You will onli get your renunciation letter 3 months after submission. Will your S'pore bank accepts your renunciation receipt and Aussie passport to change your bank particulars. If not, better empty your S'pore bank account before surrendering your Singapore passport and IC. Wait kena stuck cannot withdraw money.

 

[Danni12345]

Thanks Bobby,

That’s was my original concern. Hence I posted to ask the question.

Even if they don’t recognise my other passport, I still have my passbook and ATM card to withdraw funds.

 

[Bobbyfoo]

What will happen if ATM card damaged or retained by ATM?

 

[Danni12345]

Just called them, they have a procedure to change the form of IDs. Not sure how long or what, but CPF also remits to overseas account.

 

[nayr69sg]

Just called them, they have a procedure to change the form of IDs. Not sure how long or what, but CPF also remits to overseas account.

Yes best to go down to the office in person to change it. Show your passport and the IC with hole punched and the receipt of application for renunciation.

 

[Danni12345]

They let you retain the “hole-punched” IC?

 

[Danni12345]

Has anyone here not updated their SG bank details after all these years ?

 

[nayr69sg]

Has anyone here not updated their SG bank details after all these years ?

I use POSB/DBS. You can update your address and contact number online. Or using the app.

 

[Danni12345]

Thanks for your response.

Can’t oh make nationality changes online too? Or it it only for address changes? Do you need to attach any supporting documents for online submissions to make address changes ?

 

[eatshitndie]

i cleaned out my bank accounts before renunciation as it will take a while for all supporting documents to be assembled to liquidate bank accounts in sg once you are no longer a sinkie shitizen. as a foreigner i've also asked around with local banks whether i can open a basic savings account in sg to keep sin cash so that i don't need to carry or sexchange currencies on every visit to sg. don't know whether all sg banks have changed their policies but the last time i asked only uob allowed me to open an account from overseas with a minimum sum and bank referral letter. the cash transfer must be from the same bank that issues the referral letter. since i have usd in an american bank, the account will be opened with sgd, thus there is the minor inconvenience of some currency sexchange losses as banks don't give you the best sexchange rate. having a cash account in sg is sextremely convenient though if you visit often. advantages outweigh disadvantages if you have spare cash to stash. moreover, the sgd is strong. even though the interest earned is almost non-sexistent, similar to that of a checking account in the u.s., the strong sgd makes up for the 0.69% of interest earned as it appreciates against the usd for the last 6.9 years. all these thanks to the pap, and their fondness of foreigners. i find the pap best for foreigners. may all of them have more good years!

 

[Danni12345]

Thank you for sharing your experience.

Most of the banks provide for change of addresses, contact numbers via their online websites. But not for nationality.

Upon renunciation, ICA will keep the passport and NRIC, so as someone here suggested, it is best to keep photocopies of these documents. Also ICA will provide a confirmation of renunciation.

In the end, you opened the bank account using your SG credentials and your personal circumstances change. So as long as you can provide documentary evidence of who you are when asked for, I think it should be cut and dry.

 

[garlic]

Hello. Thanks for the all the replies.

I am leaving SG because as an older person who has lost his job, I found it very hard to be employable in a similar capacity again.

It was a very time losing my job. I just wanted to work and be financially reponsible. Try as I might, I could not find any suitable employment. It was a hard year mentally and finally that’s when I decide to leave SG; it was a fresh start for me. I am not saying that my situation is perfect but it is what I needed at this point in my life. I am thankful for those people who have helped me, offered a kind word and even on this forum , for your advice and information.

Some years back, I had trouble withdrawing some money at the counter without my IC. They would not accept my driving license. I had my passbook with me but the teller was adamant that I produce my IC.

I called the bank up and they kept “reading” from a script saying I needed to produce my IC when asked.

I don’t really want any problems accessing my funds.

Or has anyone deposited their CPF directly into their overseas account ?

And if you kept your SG account, what documentation did you produce for them to accept your alternative form of ID?

Any info appreciated.

Hope things are better for you at the other side now, wherever you are.. not easy phase, family support is important and simply drown out all negative energies and only entune yourself to positive energies.. As far as I know (with friends' experiences), letter of renunciation will suffice for anything that requires passport and NRIC, those who tell you cannot or no are those rookies who haven't encounter enough such cases to know that and if you have your old passports with hole punched (when you renew passport), that will also work as those have your NRIC number on it, and you 11B is as valid as an ID card.

 

[Danni12345]

Thank you for your kind wishes.

The bank online website allows change of contact address. But not for nationality. It would seem that nationality is not something you can update online. Is it important at all?