Things to Take Note When Opening a Business Account in Singapore

For an entrepreneur running a startup in Singapore, a good business account with a leading and reliable bank is essential for your enterprise to take off and succeed. Since finance plays a critical role in any business, its appropriate management is necessary as your business operations expand. Having an optimised start up business account will help you manage and grow your finance.

Business bank accounts can help your company grow and go digital by keeping track of cash flow, generating electronic invoicing, enabling quick payments, and obtaining business finance. Nevertheless, you need to consider the necessary fees, usability, accessibility, initial deposit, transfer limits, minimum balance, possible access to foreign currencies, scalability, conversion fees, and support networks.

Business owners in Singapore have an opportunity to open suitable business accounts. For instance, DBS offers its customers DBS Business Multi-Currency Account – Starter Bundle to help them expand their business, enabling transactions in Singapore dollars and international currencies.

DBS Business Multi-Currency Account

There are now convenient ways to grow your business and connect with people across the world. You can now buy quality products like opulent bathroom fittings or fixtures from Germany, export sophisticated machinery from Singapore, source Venetian chandeliers and pay and receive money in relevant countries’ currencies, which is possible due to technological advancements. The multi-currency business account thus helps you to make payments in the local currencies of the countries, where your customers or suppliers are located.

Every country has its own currency, and it necessitates your company to go through currency conversions when paying overseas suppliers or receiving money from clients abroad. DBS Business Multi-Currency Account facilitates easy management of foreign currencies by receiving, paying, and holding funds in different currencies in one location. With multiple solutions, the business bank account enables you to handle cross-border payments, shift from one currency to another, and save on FX rates.

Get to Know What Business Multi-Currency Account Is 

You can send, receive, and hold multiple currencies via a business multi-currency account. Due to the convenience and flexibility, it offers, a large number of business organisations, including large business enterprises and SMEs open and operates this account for expansions. Nevertheless, it is different from an international bank account, for starting a multi-currency account allows you to manage different currencies from one location and account.

You can have as many foreign bank accounts as you like with just one multi-currency account. SMEs can deal in 13 currencies such as SGD, EUR, CHF, AUD, CAD, GBP, HKD, NOK, JPY, NZD, SEK, USD, and CNH with a Business Multi-Currency Account from DBS. To transact in any of the 13 currencies indicated before, you need to keep at least SGD 10,000 as a minimum balance.

What Are the Benefits of Opening a DBS Business Multi-Currency Account?

You may have several reasons for starting a business multi-currency account. One of them may be as part of your online marketing strategy to grow your online business, and the other may be to handle the volatility of your foreign exchange. Some of the major advantages of having a startup business account, such as a Business Multi-Currency Account are:

• You can immediately have a bank account online

You can have a DBS Business Multi-Currency Account immediately if your startup business is owned and managed by permanent residents or citizens of Singapore or registered in Singapore. To open an account, you have to, however, enter the necessary details of your startup and unique entity number (UEN) or the registered name of your business.

• Easy FX management

You can keep various currencies and control FX volatility with a multi-currency account. By converting them into specific foreign currencies of different nations, you can accept payments in JPY, USD, EUR, or AUD and send payments in SGD.

Moreover, you can have the respective countries’ currencies in your account and hold them until you find a desirable exchange rate to convert them into your preferred currencies.

• Reduced conversion costs

You can transact in various currencies using a multi-currency account. Money transfers are free with some payment options, including FAST GIRO. Customers from other countries can pay you in the currency of their choice, which can be exchanged at fair FX rates. You can save a sizable sum on FX commissions or costs on a business multi-currency account.

Steps to Follow to Open a Business Multi-Currency Account Online

Customers holding a business or digital account with DBS can have a business multi-currency account by changing their existing account. Those who want to open a new business account should furnish their registered company name and unique identity number. The steps to follow to open a multi-currency account include:

• Get the necessary details like the name, contact number, and other details of the account users and the UEN of your startup business ready. 
• Next, go to DBS Bank’s related website and select the Business Multi-Currency Account from the “Type of account” option.
• After selecting the ‘Apply now’ tab, you will be directed to the page where you need to give your UEN or business name (registered).
• Next, you are required to validate your email address and mobile number.
• After that, fill out the application form with the information about your company. 
• Finally, you will receive an email, approving the opening of your business bank account and giving the details needed to access it.

In conclusion, your start-up business account, like a business multi-currency account with DBS, will help develop your business in various international markets and grow your company to a large business organisation.