DBS Bank
Don’t Forget to check ASPIRE BANK, voted #1 in Singapore for Corporate Bank this year from our community and expert panel
Who they are
Founded in 1968 and headquartered in Singapore, DBS is one of the top banks in all of Asia with more than 250 branches in China, Southeast Asia and South Asia. The Singaporean favourite bank has stayed at the forefront of financial services digitization and continued to make banking simpler for over four million customers. The bank is innovative and progressive; and places strong focus on the customers – hear it straight from its CEO Piyush Gupta on how DBS puts its customers first. By curating a suits of services fit to support any personal and business venture, DBS has become the largest bank in South East Asia that promises members to “Live more, Bank less”.
Main Corporate Services
There are 2 different types of accounts that you might be interested in, and we’ve summarised the key points of consideration for you in the table below:
| Business Digital Account | Corporate Multi-Currency Account | ||
| Minimum Balance | None | S$10,000 | |
| Initial Deposit | S$1,000 | $3,000 | |
| Fall-Off Below Fee | None | $35 | |
| Online Banking | Free | Free | |
| Currency | SGD Only | 13 currencies (eg. SGD, USD & AUD) | |
| Account Fee | $18/month | $40/year | |
| Cheque Book | $25 per book | Free |
Read more about these business accounts here.
Customer Target
Both the Business Digital Account and the Corporate Multi-Currency Account target all types of customers. The application process is split into 2 categories based on the customer profile:
For a single director or sole proprietor with a DBS/POSB account:
Take 5 minutes to apply online and the account will be ready to use by the next business day. No physical document is required to open the account. You are only required to provide these information online:
- ACRA Business Registration Number
- Personal DSB/POSB iBanking Login or Debit/ATM Card and Pin details.
For multiple directors or partners in a company:
Take 5 minutes to apply online with these information:
- ACRA Business Registration Number
- Contact details of all account users
Wait for a call from DBS within 1 business day to verify your identity. Then, a DBS courier will collect documents from you. The account will be ready by the next business day.
Find out more about the process here.
DBS Bank Summary Review
The hassle of opening a traditional business account is now replaced with digital process online. In fact, opening a digital business account with DBS takes only as little as 5 minutes to apply and up to a day to open (whereas for Singapore-registered companies fully-owned by Singaporean Citizens, the account opening is instant), which is really impressive. The only drawbacks to bear in mind is that DBS charges $18 monthly account fees and $20 per over-the-counter transaction (which can quickly add up to your business expenses). To avoid racking up recurring transaction fees, try to keep all your transactions online – access to the DBS online banking platform IDEAL is free.
If you have had business banking experience with DBS, let us know of your positive (or negative) experience in the comment section below.
Don’t Forget to check ASPIRE BANK, voted #1 in Singapore for Corporate Bank this year from our community and expert panel
Speed
1
Price
7.5
Products Offering
9
Quality of Service
2.5
Price Transparency
9.5
Having been a longtime private customer, I made the mistake of placing my business transactions with DBS. Six weeks on a simple application to open accounts and all they have managed is to come back three weeks in to tell me the form they filled out was incorrect.
Horrible