Complete guide and comparisons to DBS Business Account

In the dynamic and competitive business landscape of Singapore, DBS emerges as a beacon of trust and reliability for enterprises spanning a diverse range of scales and sectors. Recognising the distinct financial necessities of each business, from fledgling startups taking their first steps to seasoned corporations charting new territories, DBS offers an extensive suite of banking solutions.

These are ingeniously crafted to merge the convenience of traditional banking with the advantages of modern-day innovations. As we embark on this exploration, we’ll uncover the myriad ways DBS champions businesses, ensuring their financial journeys are both smooth and progressive.

Different Business Products Offered at DBS

DBS offers a few different corporate accounts. The DBS Digital Account for SMEs does not have an ongoing minimum balance – although there is a S$1,000 minimum opening balance requirement. The DBS Corporate Multi-Currency account is aimed at more established businesses which may hold higher balance amounts – here there’s a S$10,000 minimum balance required to avoid a fairly steep fall-below fee.

Business Multi-Currency Account

The DBS Business Multi-Currency Account is crafted with smaller businesses, startups, and entrepreneurs in mind. Providing the foundational multi-currency functionalities, this account enables businesses to hold, pay, and receive Singapore dollars and 12 other main currencies including AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD seamlessly. There are two different accounts for different stages of a business.

DBS Business Multi-Currency Account (for scale-up businesses)

Features:

• 50 free FAST and 50 free GIRO per month for payments made via DBS IDEAL (Includes bulk transactions and payroll)
• S$30 flat fee for outward telegraphic transfers, excluding agent bank fees
• Competitive FX rates

DBS Business Multi-Currency Account – Starter Bundle

Opens only to businesses incorporated for less than 3 years

Features:

• No monthly service charge
• Unlimited free FAST and GIRO for payments made via DBS IDEAL. (Excludes bulk transactions and payroll from Q4 2022)
• S$30 flat fee for outward telegraphic transfers, excluding agent bank fees
• Competitive FX rates

Corporate Multi-Currency Account

Catering to businesses with a global outlook, the DBS Corporate Multi-Currency Account offers the versatility of managing Singapore Dollars and 12 major currencies including SGD, USD, AUD, CAD, CNH, HKD, NZD, GBP, NOK, SEK, CHF, EUR, JPY seamlessly. To get started, there’s a modest initial deposit requirement of S$3,000 or its equivalent in other currencies. However, to steer clear of the S$40/month fall-below fee, maintaining a balance of at least S$10,000 or its equivalent is essential.

Fixed Deposit Account

DBS’s Business Fixed Deposit Account is designed to optimise the returns on your surplus capital. By investing in this Corporate Fixed Deposit, businesses can enjoy a better yield, turning idle funds into profitable assets. The entire process is streamlined for modern businesses; with the DBS IDEAL platform, companies can effortlessly place multi-currency Fixed Deposits online, bypassing traditional queues.

A distinct advantage of this account is its liquidity. DBS offers access to a broad spectrum of currencies including SGD, AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NZD, and USD. Moreover, businesses can tailor their fixed deposits based on their timelines, with flexible tenures ranging from 1 month up to a year.

DBS stands out as a bastion of trust, being the only bank in Asia with an AA- and Aa1 rating, ensuring enhanced security for your invested funds. When placing Fixed Deposits at a DBS branch, the minimum deposit starts at S$5,000 for SGD and its foreign currency counterparts, with tenures available from 1 to 12 months. For those opting for online placements via DBS IDEAL, they can place deposits ranging from SGD 5,000 to SGD 50,000,000 for Singapore dollars, and from FCY5,000 to FCY20,000,000 for the various foreign currencies, again with flexible tenures between 1 week and 12 months.

DBS business cards

Financial flexibility goes beyond just bank accounts. DBS offers an assortment of business cards tailored for diverse operational needs.

DBS Business Advance Debit Card

DBS’s Business Advance Debit Card is an essential financial tool designed for businesses, offering both savings and security. By using this card, businesses can receive a 0.3% cash rebate on all Visa transactions, credited quarterly to their account. For those with employees on the go, the card provides added peace of mind with complimentary Travel Accident Insurance, covering up to S$ 350,000 per cardholder when the full airfare is charged to the card. Additionally, businesses benefit from coverage against employee misuse, up to US$ 25,000 per cardholder, with an extensive coverage of US$ 1.65 million for companies holding multiple cards.

The card also ensures worldwide convenience, allowing cardholders to withdraw foreign currencies from ATMs with the Plus logo overseas. And with no annual fee, eligibility simply hinges on possessing a DBS Business Account, making it an efficient and cost-effective choice for businesses.

DBS World Business Card

The DBS World Business Card is tailor-made for business professionals who frequently travel, seamlessly combining luxury with financial prudence. Whether you’re venturing for work or relaxation, the card introduces you to a world of benefits, from opulent airport lounges to attractive cash rebates.

Key Features and Benefits:

• Cash Rebates and Rewards: Earn up to a 2% cash rebate on foreign currency transactions. Local dining, entertainment, and travel fetch a 1% rebate, while other transactions yield a 0.3% rebate. Accumulated as DBS Rewards Points, these can be redeemed for cash rebates, shopping vouchers, or even air miles.
• Global Lounge Access: Elevate your travel experience with up to 10 complimentary visits annually to over 1,000 airport lounges worldwide. Enrol in the Priority Pass program to avail of this exclusive benefit.
• Comprehensive Insurance: Secure peace of mind with up to S$1 million in travel insurance coverage when the full travel fare is charged to your card.
• Mastercard Easy Savings®: Receive automatic rebates on expenses with selected merchants, a pioneering feature in ASEAN.
• Exclusive Business Benefits: Elevate your business experience with offers related to dining, entertainment, transport, and other essential services.
• Employee Misuse Coverage: Safeguard your business with up to US$1.65 million coverage against employee card misuse.
• Online Reporting and Expense Management: With the 24/7 online reporting tool, gain insights into card expenses, allowing for prudent financial decision-making.
• Dedicated Customer Service: Any concerns or queries? The 24-hour DBS BusinessCare ensures you’re always taken care of.
• Recurring Bill Payment: Streamline your monthly payments – from utilities to telephone bills – with the DBS Recurring Bill Payment feature.

Eligibility and Fees:

• Age Requirement: 21 years and above.
• Income Threshold: S$80,000 annually.
• Annual Fee: S$410.40 (inclusive of 8% GST), with a waiver for the first year.
• Late Payment Fee: S$45 per card account.

DBS Platinum Business Card

The DBS Platinum Business Card serves as a gateway to streamlined financial management, offering businesses the flexibility to optimise cash flows and consolidate expenses. As enterprises navigate the challenges of the modern commercial landscape, this card emerges as a pivotal tool, transforming every transaction into an opportunity for rewards and ensuring enhanced protection in diverse scenarios. It’s a strategic ally in every business journey.

Key Features:

• Recurring Bill Payments: Combine multiple supplier payments into one credit card statement for easier tracking and management.
• Improved Cash Flow: Ensure timely payments to suppliers and enjoy credit terms up to 55 days with no added financing cost.
• Reward System: For every $5 spent, earn 1 DBS point, which can be redeemed for vouchers, air miles, or a 0.4% cash rebate.

Added Benefits:

• Comprehensive Travel Insurance: Charge the full airfare to the card and receive complimentary travel accident coverage of up to S$1 million.
• Employee Misuse Coverage: Safeguard your business with coverage against employee card misuse, amounting to US$25,000 per cardholder and up to US$1.65 million for companies with at least two DBS Platinum Business Cards.

Eligibility and Fees:

• Age Requirement: 21 years and above.
• Income Threshold: S$30,000 annually.
• Annual Fee: S$194.40 (inclusive of 8% GST), with a waiver for the first year.
• Late Payment Fee: S$45 per card account.

The Different DBS Business Account Fees

Account Fees

Service Charge

Incidental Overdraft (OD) Charge (without limits)

Other Account Service Fees

Local Remittances (Manual instructions)

Local Remittances (Electronic Banking)

Cross Border Remittances

Inward telegraphic transfer of handling fee is the same across all account types at S$10 per transaction.

How to Open an DBS Business Account

Eligibility

DBS extends its business banking services to a diverse range of business entities. This includes:

• Private Limited Companies
• Sole Proprietors
• Various forms of Partnerships such as standard Partnerships, Limited Partnerships, and Limited Liability Partnerships
• Official entities like Clubs, Associations, and Charities

Both locally registered businesses in Singapore and foreign-incorporated enterprises can apply, though the availability of specific account types might vary based on the business structure and DBS’s approval.

Steps to Open Business Account

Opening a business account with DBS is not only designed for local companies but also accommodates foreign entities. While companies incorporated in Singapore and fully owned by Singaporeans or PRs can enjoy the perks of instant account activation upon DBS’s approval, foreign entities and certain specific business types are provided with specialised assistance through the process.

For Local Companies:

• Preparation: Have your company’s UEN and the contact details of all associated account users ready. This enables a swift application process that can be completed in just about 5 minutes.
• Online Application: Fill out the application form on the DBS website. Should you find any information missing, the platform permits saving the form as a draft to continue later.
• Confirmation: Post-application, DBS will notify you via email, sharing the account access details upon successful verification.

For Specific Business Types and Foreign Entities

For the below categories, DBS ensures they are catered to by assigning a dedicated Relationship Manager to guide them through the account opening process, ensuring all unique requirements are met.

• Fund (e.g., Hedge Fund/Unit Trust Fund etc)
• Payment Services (MSB)
• Companies owned by foreign corporate shareholders
• Companies owned by foreigners with non-local residency status
• Foreign Incorporated Companies

Reaching Out to DBS

Check out the broad range of ways you can contact DBS banking services, over on the DBS business help page. You can chat with the DBS virtual assistant, call, email or visit a DBS branch.

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All details are accurate at the time of publishing. Instarem has no direct relationship with the products or vendors mentioned. Pricings are taken from the relevant website on 11 October 2023.