One may face challenges when they are unable to personally manage their account or perform specific banking transactions, especially if they are stationed overseas. In such circumstances, creating a Power of Attorney (POA) to appoint another individual to act on their behalf for specific situations may be considered.
A POA is a legal document created by a person who appoints another person to act on his behalf in certain matters. The creator of the POA is called the donor, and the person appointed to act on the donor’s behalf is called the donee.
POAs can be used to grant the donee a wide range of powers, including operating the donor’s bank accounts, accessing their safe deposit boxes and buying or selling property. The exact scope and extent of powers granted to a donee depend on the terms of each POA.
Your donee will need to present the original copy of the POA together with their identification document (NRIC or Passport) for verification.
Please note that the bank may not allow the requested banking transaction to be performed by the donee if the terms of the POA does not grant such powers to the donee.
A POA executed in a foreign country will have to be valid in the jurisdiction in which it is to be used even if the requirements of the foreign country have been complied with. The bank may accept POAs executed overseas if the POA has been registered or deposited with the Singapore High Court. You may wish to obtain advice from a Singapore lawyer on the requirements for the application process in Singapore Court.
To register the foreign POA, which has been registered or deposited with the Singapore High Court, your donee will need to present the original copy of the POA together with their identification document (NRIC or Passport) for verification.
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