Important Message for Non-Singapore residents

What are the restrictions I face as a Retail Client in Australia?
As a Retail Client, there will be limitation on our ability to offer you certain products and services including but not limited to the following:
  • Deposits
  • Unsecured Credit Facilities
  • Loans
  • Investments: Unit Trusts/ Equities/ Currency Linked Investments/ Structured Deposits/ Bonds/ Structured Notes/ Singapore Savings Bonds/ Supplementary Retirement Scheme (SRS)/ Central Provident Fund Investment Scheme (CPFIS)/ Margin Lending - Investment Financing/ Shares Financing
  • Insurance policies
Why are there such restrictions?
In compliance with the Australia’s Corporation Act, DBS Bank Ltd. may provide certain financial products and services only to Wholesale Client in Australia.
How do I/We qualify for Wholesale Client status?
Due to Australia’s regulatory requirements, DBS Bank Ltd1 may only offer certain products and services to Australia residents who are Wholesale Clients.

A valid certification by a qualified accountant certifying you qualify for wholesale client status as follows:

Qualification for Wholesale Client Status
(a) net assets of at least A$2.5 million, or
(b) a gross income for each of the last two financial years of at least A$250,000 per year.

For entities incorporated in Australia, DBS Bank Ltd may only offer certain products and services if the entity qualifies as a Wholesale Client or Professional Investor2 .

1We would like to inform you that where DBS Bank Ltd. (the “Bank”) provides financial services in Australia to wholesale clients, the Bank will be acting from its Head Office in Singapore (“DBS Bank Singapore”) which is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 of Australia.
DBS Bank Singapore is regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. DBS Bank Singapore holds a banking licence and is an Exempt Capital Market Service License holder as defined in the Securities & Futures Act (Chapter 289 of Singapore) and an Exempt Financial Adviser as defined in the Financial Advisers Act (Chapter 110 of Singapore). 

2 Professional Investor is defined in Section 9 of the Corporations Act as a person who has or controls gross assets of at least AUD$10m (including any assets held by an associate or under a trust that the person manages. For assessment of professional investor, Company will be required to provide proof of assets.

What supporting documents should I/We submit to be eligible as a Wholesale Client?
A qualified accountant’s certificate stating either;

(a) net assets of at least A$2.5million or
(b) a gross income for each of the last two financial years of at least A$250,000 per year.

The certificate is valid for two years from the date of the certification.

How will this impact my account(s) held with DBS Bank?

Without the Wholesale Client Certification, there will be limitations on our ability to offer you certain products and services including but not limited to the following:

  • Deposits
  • Unsecured Credit Facilities
  • Loans
  • Investments: Unit Trusts/ Equities/ Currency Linked Investments/ Structured Deposits/ Bonds/ Structured Notes/ Singapore Savings Bonds/ Supplementary Retirement Scheme (SRS)/ Central Provident Fund Investment Scheme (CPFIS)/ Margin Lending - Investment Financing/ Shares Financing
  • Insurance policies
What happens if I/We do not submit the Wholesale Client Certificate?
DBS Bank Ltd will not be able to make available new or additional products/services to you. However, we shall continue to provide services to you for the existing product holdings.
If I have a joint account, do all my joint account holders need to complete/submit the Wholesale Client Certificate?
Yes, each individual client who resides in Australia will be required to complete and submit the Wholesale Client Certificate.
Will the product restrictions apply to joint account holder who resides in Singapore?
No, the joint account holder who is residing in Singapore may continue to transact in any products.
How will I know if my request has been processed?
DBS may take approximately 3-5 days to process your request. We will notify you once your request has been processed and your status has been updated in our records.

Frequently Asked Questions

Why am I being notified?

Our Bank records show that your residential address is an Australian address. If you are no longer residing in Australia, you may wish to update your residential address with us (which may differ from your mailing address) as follows:

  1. To update via digibank online banking (before 6 February 2023) – After login, select Request Statements or Services > More Request > Other Services > Update Mailing Address > select and update My Residential Address
  2. To update via DBS digibank mobile app – After login, select the MORE icon located at the bottom of the screen > scroll down to ‘Your Profile’ section > select Update Particulars > Address Details > Update Mailing Address
  3. For other channels please visit https://go.dbs.com/sg-update-address.
How will my accounts be affected?

With effect from 6 February 2023, limitations (see table) have been imposed on the following banking services and investment offerings that DBS avails to any client without a valid Wholesale Client Certification, and whose registered residential address is an Australian address. Only DBS Private Bank clients (PB) and Treasures Private Clients (TPC) with a valid Wholesale Client Certification are not affected by these limitations. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.

No.Banking Services /
Investment Offerings
Limitations
1Deposits
  • Account transactions such as incoming and outgoing transfers may continue
  • No new account may be opened
  • No top-up of existing fixed deposits
  • Rollover of fixed deposits at prevailing rates before maturity is permitted
  • Funds may not be used to purchase new investment products
2Investments
  • Clients may continue to hold existing investment holdings
  • Subscription pursuant to a corporate action arising from existing holdings is permitted
  • Redemption or sale of existing investment is permitted
  • No new holdings or transfer-in of investment products
  • Existing Regular Savings Plan account will be terminated.
3Singapore Government Schemes
  • Supplementary Retirement Scheme (SRS)
  • Central Provident Fund Investment Scheme (CPFIS)
  • Clients may continue with existing holdings in SRS/CPFIS accounts
  • No opening of new SRS/CPFIS accounts
  • No top up for existing accounts
  • No new application on existing accounts
4Others
  • Credit Facilities for investments or trading
  • DBS digibank Online
  • Online Alerts and Notification Set-Up
  • Clients may continue with existing credit facilities
  • No refinancing or increase in credit limits
  • No new credit facilities for investment or trading purposes
  • DBS digibank Online (Internet Banking) will be discontinued (Only DBS digibank mobile banking on our DBS digibank app will be available)
  • Alerts and notifications are set-up via DBS digibank Online (Internet Banking) only. (Please set-up your preferred transaction alerts and notifications via DBS digibank Online before 6 February 2023.)

1 Retail Clients residing in Australia are persons who do not maintain a valid Wholesale Client Certification
*Wholesale Client Certification
(a) Net assets of at least A$2.5 million OR
(b) a gross income for each of the last two financial years of at least A$250,000 per year.
AND certified by a qualified accountant.

I have a Wholesale Client Certification. Will I be subjected to the limitations?

If you are a DBS Private Bank client (PB) or a DBS Treasures Private Client (TPC) with a valid Wholesale Client Certification, you are not affected by the limitations, even if your registered residential address is an Australian address. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.

I have a valid Wholesale Client Certification. Can I continue to purchase new investments?

If you are a DBS Private Bank client (PB) or a DBS Treasures Private Client (TPC) with a valid Wholesale Client Certification, you may continue to trade using your Wealth account. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.

Will the limitations affect joint account holder(s) whose registered residential address is outside Australia?

No. The limitations only apply to account holder(s) whose registered residential address is in Australia.

Will these limitations affect corporate accounts?

Entities which are incorporated in Australia will be affected by the limitations abovementioned, even if the instructions/orders are given by an authorized signatory who resides outside Australia.

For entities which are not incorporated in Australia, the limitations only apply to instructions/orders given by an authorized signatory who resides outside Australia.

What should I do with my existing investments if I do not hold a valid Wholesale Client Certification?

You may hold or liquidate your existing investment. However, you will not be able to purchase any new investments.

Will dividends and coupons received from my existing investment(s) be credited to my account?

Yes, all dividends and coupons will be credited to your existing account.

I am a Singapore Citizen / Permanent Resident whose residential address is in Australia. Can I open an SRS account or trade using my CPF Investment Scheme/SRS Account funds?

You will be able to maintain your existing CPFIS/SRS accounts. However, no top up and no new application will be permitted.

Will I be able to perform Foreign Exchange (FX) transactions?

FX spot transactions, for the purpose of online purchases and remittances will not be affected by the limitations abovementioned. However, FX contracts for investment or trading purposes are affected by these limitations.

Will I be able to use DBS digibank Online and DBS digibank Mobile after 5 February 2023?

With effect from 6 February 2023, clients with a registered residential address in Australia will only be able to access our DBS digibank Mobile. Access to DBS digibank Online (Internet Banking) will be discontinued. To ensure seamless mobile banking convenience for the limited offerings, please download the DBS digibank Mobile app.

All existing account alerts and notifications remain unchanged.

If you wish to edit your alerts / notifications preferences, please do so before 6 February 2023 as these can only be done via DBS digibank Online (Internet Banking).

How do I apply for the DBS digibank Mobile?

To set up your digibank mobile account, visit https://go.dbs.com/sg-digibanksetup

Wealth Management clients please visit https://www.dbs.com.sg/personal/support/wealth-iwealth-application.html

How do I sell or redeem my Singapore Government Securities?

Sale/Redemption of:

Cash

SRS

SGS Bonds

Via any DBS/POSB Branch/Relationship Manager 

T-bills

SSB

Via ATM

Via any DBS/POSB Branch/Relationship Manager

Please contact our Customer Service Centre or your Relationship Manager and we will assist you with the sale of SGS Bonds / T-bills and redemption of SSB using SRS.

If you prefer to sell or redeem Singapore Savings Bonds in cash, this option is only available via digibank Mobile in the second half of 2023. We seek your patience and understanding while we expedite the introduction of this feature in our app.