If you’re Singaporean, chances are you have a bank account with the Development Bank of Singapore. More commonly known as DBS, this bank is considered the largest bank in the country and the entire Southeast Asian region.
Today, DBS has around 87 branches islandwide, making it an extremely convenient option for Singaporeans who are on-the-go. As the frontrunner for Singapore's favourite bank, DBS has remained one of the most popular banks due to its impressive digitisation and variety of financial products—including the DBS corporate account.
If you’re on the hunt for a business account for your company, DBS might have the product for you.
Opening a corporate bank account with DBS is relatively simple. Here's how you can get started.
Upon completion, a DBS representative will get in contact with your to verify your business details and submitted documents before opening the account. Afterwards, a DBS courier will collect the paperwork for verification purposes and have your DBS corporate account ready or use on the next business day.
Step 1: Head to the DBS SME portal
Step 2: Be sure to have your UEN or registered business name
Step 3: Apply to your preferred corporate DBS bank account一DBS Business Multi-Currency Account or DBS Corporate Multi-Currency Account
Step 4: After submitting, check your application status via the DBS SME portal
Step 5: Receive the SMS that will notify you once your application has been approved
If you’re all set on opening a DBS account for your business, it is worth noting that you would need to prepare several documents before you could successfully do so. Depending on your business type (eg. Sole Proprietor, Private Limited Company), the documents required could differ. To ensure that you’ve covered your bases, it is best to cross-check with the guides and forms provided by DBS below:
Fortunately, for businesses thinking of opening a DBS bank account, you'll be able to choose from two options according to what your organisation's preferences are. They both have multi-currency features, favourable for companies with a high volume of international transfers.
This is DBS's latest corporate account in Singapore. With an annual account fee of S$50 and 100 free local transfers monthly, this is suitable if you’re looking for a basic business account that can hold multiple currencies, including SGD, USD, EUR, HKD, JPY and more. Opening this DBS bank account gives you 50 free FAST and another 50 GIRO transfers on a monthly basis.
However, there’s a catch. This account charges a S$30 fee for outward TT, with S$10,000 minimum balance required. There's also a fall-below fee of S$40 to look out for. For those running a business with a high volume of transfers, the DBS Business Digital Account might not be the most ideal. This is where the next account comes in.
If you're a young business that's been incorporated for less than 3 years, you'll be eligible for DBS's Starter Bundle that's basically the DBS Business Multi-Currency Account with added perks. Under the Bundle, there's no minimum balance as well as an unlimited number of free FAST and GIRO transfers (albeit local). The main difference would be the account fees. You'll be charged a fee of $10 on a monthly basis instead of a yearly basis.
💡 Tips: Did you know that the Aspire Business Account allows you to transact in over 40 currencies? Get started today.
With this account, you’ll be able to manage your transactions in 13 different currencies. But again, this account does come with certain requirements. The minimum opening deposit is S$3,000, with a daily minimum balance of S$10,000 and a fall-below fee of S$40.
However, before opening this DBS account, do keep in mind that you need to be an existing DBS customer to open the DBS Corporate Multi-Currency Account.
If you’re just starting-out in the business world, the requirements for a DBS Corporate Multi-Currency Account might be pretty hard to keep up with.
What if we told you that there’s a corporate account with no minimum deposits or minimum balances?
At Aspire, creating a corporate account is absolutely value for money. Whether your company is under single or multiple directors, the process is the same.
• An Aspire Business Account can be opened, operated and managed fully online, anytime and anywhere.
• No minimum balances to maintain or fall below fees.
• Significantly lower foreign transfer fees than local banks offer through our partnership with Transferwise.
• Automated insights, integrated fully with Xero.
• The only business debit card in Singapore to offer 1% cashback on all online marketing and SaaS spend.
• 24/7 customer service provided through the app, Whatsapp, call, or email.
Slice through roadblocks when it comes to opening a business bank account in Singapore. Open an account for free and join Aspire today!