DBS Business Bank Account vs. Aspire Business Account

By
Writers@Aspire
Published
May 14, 2021

One of the most common questions we received is: What is the difference between a DBS 'Business Bank Account' and your 'Aspire Business Account'?

Regardless of your chosen business structure, a business account allows for clear and accurate bookkeeping and an added degree of professionalism in your respective industry. 


As we continue to explore the various choices for businesses in Singapore, let’s deep dive into the difference between DBS 'Business Bank Account' and 'Aspire Business Account'.

What are the different DBS Business Bank Accounts Available? 

From bank account and card openings, financial loans, to insurance plans, DBS has a wide variety of banking services tailored to meet their customers’ needs. But we’ll be exploring two of their best bank accounts for business in greater detail: 

  • DBS Business Digital Account 
  • DBS Corporate Multi-Currency Account 

The Similarities: DBS Business Bank Account vs. Aspire Business Account

  1. Types of user — Mostly business owners looking for accessibility
  2. Account opening process — Online account opening option available
  3. Avoiding OTP woes — DBS user receive unlimited free tokens while Aspire users get unlimited corporate card

The Differences: DBS Business Bank Account DBS vs. Aspire Business Account

  1. Physical branches — While DBS still has physical branches, while Aspire as a digital payment service provider operates completely online 
  2. Cost and fees — DBS will tend to charge for account fees, transactions fees, and FX transfers while Aspire charges $0 across all transactions 
  3. Integrations — DBS only has a few integrations while Aspire has a handful including GooglePay, TransferWise, QuickBooks ad Xero 


Now that we’ve laid down the fundamentals, it’s time to dive deeper into DBS Business Bank Accounts and all that they have to offer. 


1. DBS Business Digital Account

DBS Business Account vs Aspire
Source: DBS


From their wide range of product offerings and services, the Business Digital Account is one of DBS Bank’s most popular business accounts. With low minimum balances, a low initial deposit of S$1,000, and no fall-below fees, it’s no question why that is so. 


Some of the account’s most sought-after features include unlimited free digital tokens, which can be a great help for teams who want to eliminate the tiresome process of seeking OTP approvals; and free access to their online banking platform IDEAL, to transact online and via mobile. Given its benefits and features, it’s safe to say that the DBS Business Digital Account is most ideal for small businesses or start-ups that are just getting started.

How to open a DBS Business Digital Account: 

For a single director or sole proprietor with a DBS/POSB account: 
  1. Apply online through the DBS website with your 1) ACRA Business Registration number and 2) Personal DBS/POSB iBanking login or Debit/ATM Card and PIN details
  2. Wait for your account to be successfully opened in 1 day. 


For multiple directors or partners in a company: 
  1. Apply online through the DBS website with your 1) ACRA Business Registration number and 2) the contact details of all account users in the company 
  2. Wait for a DBS customer representative to get in touch with you in 1 business day to verify your identity. 
  3. Upon verification, prepare the necessary documents for pickup. The DBS team will send a courier to collect your documents. 
  4. Wait for your account to be successfully opened on the following business day. 

How to close a DBS Digital Business Account:

  1. Log in to the digibank Online portal with your User ID and PIN.
  2. Under the Request tab, click on More Requests and log in with your 6-Digit iB Secure PIN.
  3. On the Other Services tab, select Close Deposit Account.
  4. Select DBS Business Digital Account followed by the Net Balance Payment Mode if any, and click Next.
  5. Verify the details of the termination and click Submit to complete the closure of the account.

6 things you need to know about the DBS Business Digital Account:

  1. Minimum balance fee: No minimum balance required
  2. Account fees: S$18 monthly fee 
  3. FX fees: A minimum fee of S$30 for any foreign currency transactions
  4. Initial Deposit: Initial deposit of $1,000 is required
  5. Token: Unlimited free digital tokens for teams
  6. Other features: Free access to the DBS online banking platform IDEAL


2. Corporate Multi-Currency Account

Source: DBS


Want to manage both local and international currencies seamlessly? Consider the DBS Corporate Multi-Currency Account. Unlike the Business Digital Account that only allows users to transact in Singapore Dollars, the Multi-Currency Account allows for transactions in both our local currency and 12 other foreign currencies including US dollars, British Pounds, and Euros. 


The multi-currency account is also more ideal for growing businesses as opposed to smaller companies due to higher fees. An initial deposit of S$3,000 required as well as a S$10,000 minimum balance. If you are unable to maintain your balance, a fall-below fee of S$35 will be charged. If your finances allow for it, you should give this account a try for your business. 

How to open a DBS Corporate Multi-Currency account: 

For a single director or sole proprietor with a DBS/POSB account: 
  1. Apply online through the DBS website with your 1) ACRA Business Registration number and 2) Personal DBS/POSB iBanking login or Debit/ATM Card and PIN details
  2. Wait for your account to be successfully opened in 1 day. 


For multiple directors or partners in a company: 
  1. Apply online through the DBS website with your 1) ACRA Business Registration number and 2) the contact details of all account users in the company 
  2. Wait for a DBS customer representative to get in touch with you in 1 business day to verify your identity. 
  3. Upon verification, prepare the necessary documents for pickup. The DBS team will send a courier to collect your documents. 
  4. Wait for your account to be successfully opened on the following business day. 

How to close a DBS Multi-Currency Account account:

  1. Log in to the digibank Online portal with your User ID and PIN.
  2. Under the Request tab, click on More Requests and log in with your 6-Digit iB Secure PIN.
  3. On the Other Services tab, select Close Deposit Account.
  4. Select DBS Corporate Multi-Currency Account followed by the Net Balance Payment Mode if any, and click Next.
  5. Verify the details of the termination and click Submit to complete the closure of the account.

6 things you need to know about the DBS Corporate Multi-Currency Account:

  1. Minimum balance fee: S$10,000 or equivalent
  2. Account fees: No fees 
  3. Local transaction fees: $5 for each over-the-counter transaction 
  4. FX fees: 1/8% + $25 cable charges 
  5. FX currencies: Up to 12 foreign currencies available under one account
  6. Initial deposit: Minimum of S$3,000 or equivalent required
  7. Tokens: unlimited free digital tokens for teams

How does the Aspire Business Account compare to DBS Business Bank Accounts? 


Despite having been founded only three years ago, the Business Account from Aspire, a payment service provider, has become the preferred choice for over 10,000 businesses. In just a matter of minutes, users can open a Business Account for free completely online with minimal documentation required. 


On top of its 100% digital application and onboarding process, some of its top benefits also include low international transaction fees, integrations and smart features, multi-user access for teams, as well as cashback on qualified marketing spend—and that’s just the tip of the iceberg. 

6 things you need to know about the Aspire Business Account:

  1. Minimum balance fee: $0
  2. Account fees: $0
  3. Local transaction fees: $0
  4. FX fees: 1/8% + $25 cable charges 
  5. FX currencies: Send and receive international payments in 50+ currencies with low, transparent fees
  6. Initial deposit: $0

Aspire: Your Trusted Business Partner 

Our goal here at Aspire is to equip modern business founders with modern solutions to help them take their business to the next level. With a business account that encompasses a wide range of features and business needs from low fees, smart integrations, and cashback on all qualified marketing and SaaS spend, what more could you ask for? 


Ready to experience the all in one finance operating platform? Choose Aspire as your trusted partner today!

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