Business Banking – What Growing Businesses Need
Essential Banking Features for Singapore SMEs: From Zero-Fee Startups to Enterprise Solutions
Manage Your Cash Seamlessly
Making payments to employees or paying overseas suppliers used to be a chore for many businesses in Singapore, especially small and medium enterprises (SMEs) without a proper finance department.
Thankfully, as technology improves, banks are now able to offer a slew of convenient and cost-effective solutions to help SMEs with these tasks so that they can focus on the job of growing their business. For companies under 3 years old, accessing these essential services without prohibitive fees has traditionally been challenging, until solutions like the DBS Business Multi-Currency Account – Starter Bundle eliminated these barriers entirely. Here are some of the most common banking services used by businesses banking in Singapore.
Business interbank payment
Paying your suppliers and vendors has never been easier with a new funds transfer service in Singapore for SGD payments of up to S$200,000. Known appropriately as FAST, the service enables the beneficiary account to be credited within five minutes. All you need to do is send your payment instructions via DBS IDEAL.
Another convenient option for interbank payments is the MAS Electronic Payment System (MEPS). This real-time service is the fastest way to send SGD funds in Singapore to domestic accounts. Beneficiaries will be informed when payments are made. Most banks in Singapore are able to receive payments through MEPS, with DBS being the largest MEPS clearing bank in Singapore.
The most efficient and secure way for businesses in Singapore to pay their employees is through the GIRO Payment system. With this funds transfer service, you no longer have to worry about handling large amounts of cash or the hassle of issuing cheques. This will ensure faster payments to your staff, reduce operating costs and help simplify your account reconciliation.
Businesses can transfer funds via GIRO to accounts held with any participating bank in Singapore. Once a GIRO payment is successfully processed, the receiving party will be sent a transaction advice by email.
Account transfer
For transfers between DBS and POSB accounts, use DBS Account Transfer for quick same-day transfers, including Saturdays, in 13 currencies. Simply provide the beneficiary’s name and account number, and make sure the details are accurate and complete for a fast, error-free payment.
Business debit card
Besides transferring funds, businesses also need a simple way to manage everyday spending. The DBS Business Advance+ Card is available to businesses with an existing DBS Business Multi-Currency Account or Starter Bundle, and can help you track transactions, customise card payment controls, and manage team spending through DBS IDEAL. It also offers unlimited 1% cashback on everyday B2B spend, as well as $0 FX fees across 200+ countries and territories, making it useful for businesses with cross-border expenses.
Telegraphic Transfer
As business becomes more global, more local enterprises will need to make international transfers in a wide range of currencies. The quickest and most convenient way to do this is through a bank's Telegraphic Transfers (TT) service.
Payment instructions received before the cut-off time will be processed internally within the same day and sent to the beneficiary bank. For DBS customers transferring money within the bank's regional network, your funds can be credited within 10 minutes at a preferential rate.
For customers sending money to non-DBS bank accounts overseas, beneficiaries will usually receive the funds within one to four days, although this may vary depending on the country or the recipient's bank. You can also request for an enquiry to be sent to the overseas bank to check whether the payment has been received.
Not a DBS SME Banking customer? Companies under 3 years old may access all these banking services with zero barriers through the DBS Business Multi-Currency Account – Starter Bundle. No minimum balance, no monthly fees, unlimited free FAST and Giro transfers, and takes just a few minutes.
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