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