Virtual Account

Virtual Account

Assign a virtual account to each of your customers for easy reconciliation of your collections

Collect payments from a large number of your customers with DBS Virtual Account (VA). By creating and assigning a VA to each of your payer, you can now easily identify the paying customer and the purpose of payments. All VAs that you create and assign to are electronically linked to your account registered for the VA. You may check your daily account activity via IDEAL™, our online banking platform. If you have a business in Singapore that receives regular incoming payments from a large number of different customers, you may want to consider using VAs for better accounts reconciliation.

 

Why choose DBS Virtual Account?

  • Save time and lower your administrative costs by assigning a VA number to each of your paying customer, for example, a main distributor or buyer, to help you keep track of all the payments from one paying customer
  • Create instant VAs to suit your business needs. You are free to create and change the VA numbers assigned to your payers at any time.
  • Gain better control and insights of your day-to-day incoming funds from your key customers
  • Check your summary and account activity for each VA via IDEAL™ (our online banking platform) or Ideal Connect (our host to host solution), which is easy to use and can be accessed in PDF, Excel and CSV formats

FAQs

What is a Virtual Account?

VA is an account created and assigned to each of your paying customer, for example, a main distributor or buyer, so that your company will be able to differentiate each payment from the payment source. The payments made to the different VA will be automatically directed into your account registered for the VA.

Do I need to have a DBS Bank (Singapore) Ltd Business Account to use VA?

Yes, you will need to have a Business Account with us in order to use this service. Your business account will act as your Master Account that gets credited when your payers pay into a Virtual Account.

Can Virtual Accounts be used to collect other currencies other than in SGD?

Yes, Virtual Accounts can be used for any of the other major currencies.

How many Virtual Account numbers can I create?

You can create as many Virtual Account numbers required for your business. Each Virtual Account number has 31 digits and you can customise the last 25 digits.

When my customer pays me through my Virtual Account number, do the funds go directly to my master account?

The funds will go directly to the master account, since the Virtual Account serves only as a mirror account for the actual master account. The purpose for a Virtual Account is to help your business accounting with a better process for consolidation and tracking of receivables.

 

How do I apply?

Simply call us at 1800 222 2200, or +65 6222 2200 if you are calling from overseas to apply. Alternatively, please speak with your relationship manager.

Not a DBS SME Banking customer? Enjoy IDEAL™ set-up and monthly fee waivers* by starting your DBSBusiness Account application online. This service is available to Sole Proprietorships, Partnerships, Limited Liability Partnerships and Private/Limited Companies.
*Terms & Conditions apply