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SG bank account after renouncing SG-ship

Danni12345

Alfrescian
Loyal
#1
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

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#2
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

Alfrescian
Loyal
#3
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

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Loyal
#4
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.
 
Last edited:

Asterix

Alfrescian (Inf)
Asset
#6
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

Alfrescian
Loyal
#7
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

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Loyal
#8
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

Alfrescian
Loyal
#9
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.
 

nayr69sg

Alfrescian
Loyal
#12
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.
 
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