Your banking partner: choosing the “right one” from day one
Selecting a banking partner for your business is one of the earliest - and most crucial - decisions every business owner has to make.
Your bank will be almost as close with you as your business partner, and play a key role in helping to drive the growth of your business.
The challenge is that you must make this decision right at the start - often before you’ve had the benefit of actually running your business and fully understanding what you need from your bank.
We can help
Each business has its own unique set of needs. But we’ve worked closely with enough business owners to recognise an unmistakable pattern: there are five key requirements that most of them will eventually come to expect from their banking partners during their businesses’ life cycle.
When choosing a banking partner for your business, we strongly recommend that you make sure it is able to deliver on all five.
1. Simplicity from the very start
Opening a business bank account is typically one of the first in a long list of tasks a founder needs to complete after incorporation.
A thoughtfully designed account opening experience that is fast, intuitive, and low-friction will go a long way towards freeing up time and mental bandwidth to focus on other pressing matters.
Opening a DBS Business Multi-Currency Account is just such an experience. It can be done without a branch visit and requires only two steps.
Step 1: Apply Online
You start at the DBS Business Multi-Currency Account webpage. All you’ll need to prepare is your business’ UEN, issued by ACRA when you register your company.
You’ll then provide a few basic business details - for example, authorised signatories, preferred transaction currency, and preferred place of operations. These are all answers a business owner would have on hand.
The entire process is designed to take a matter of minutes.
Once the application form is submitted, you will immediately receive an email with a copy for your records - providing assurance that all is in order.
Step 2: Account Activation
Within two working days, you will receive your account number via email.
Shortly after, you will receive the login details to your DBS IDEAL digital token+ and your DBS Business Advance+ Debit Card will arrive by mail.
With that, you’ll be ready to start transacting.
From start to finish, the application requires minimal effort. With clean, intuitive interfaces and helpful cues built into every step, you’ll enjoy not just speed - but clarity and assurance.
2. Fast access to working capital
Cash flow is the lifeblood of any business. A good banking partner should therefore be able to provide timely financing options should the need arise.
As a DBS account holder, you can access up to S$50,000 in working capital through DBS Quick Finance with no documentation required. This will enable you to respond quickly - whether it’s to cover an unexpected expense of short-term gap, or invest in a time-sensitive opportunity.
This kind of responsiveness can make a meaningful difference, particularly in the early stages of a business when agility is key.
3. Cost efficiency that scales with you
For all businesses, and particularly SMEs with limited resources, costs matter - especially recurring ones that quietly add up over time.
A strong banking partner should offer value not just at the point of account opening, but across everyday transactions. This includes transfers, foreign exchange, and commercial card usage.
You will find this in the DBS Business Multi-Currency Account. For businesses in their first three years, it offers unlimited free FAST and GIRO transfers. Beyond that, account holders continue to enjoy 50 free FAST and 50 free GIRO transactions every month.
On top of that, the DBS Business Advance+ Debit Card comes with:
- Zero foreign exchange charges
- Unlimited 1% cashback on B2B transactions
- Complimentary corporate liability insurance of up to US$1.65 million
Taken together, these features ensure that cost-efficiency isn’t just a short-term benefit - but something that grows with your business and provides meaningful savings over time.
4. Seamless local and global transactions
Now, let’s look further down the road.
Even if your business starts locally, there is a good chance it will eventually interact with international customers, suppliers, or platforms.
That’s why the ability to transact across currencies efficiently is essential.
With the DBS Business Multi-Currency Account, you can hold and transact directly in up to 13 major currencies.
For larger or scheduled overseas payments, DBS SecureFX enables you to lock in preferred exchange rates up to one month in advance across five key currency pairs: USD/SGD, EUR/SGD, EUR/USD, GBP/SGD, and JPY/SGD. This means you can plan ahead with greater certainty while still retaining access to your working capital until payment is due.
For longer-term planning, DBS FX Online allows you to book foreign exchange transactions across more than 100 currency pairs for up to a year in advance - supporting more sophisticated financial management as your business grows.
These features allow you to avoid unnecessary conversion fees with every transaction, and reduce your exposure to exchange rate fluctuations.
5. Beyond banking - a growth ecosystem
In addition to transactional support, modern business owners increasingly find value in being part of a broader ecosystem.
As a DBS customer, you will gain access to DBS BusinessClass - a platform that connects you to nearly 17,000 business owners and leaders across the region. Aside from networking, it offers insights, resources, and expert support to help businesses grow capabilities over time.
For first-time entrepreneurs especially, this kind of ecosystem can bridge knowledge gaps and accelerate learning in a practical, real-world way.
Can your bank deliver?
With these criteria in mind, choosing a banking partner at the start of your entrepreneurial journey will hopefully feel less like a leap of faith and more like a well-considered decision.
If your current banking partner does not quite measure up, it may be worth considering a switch to DBS - a business banking support structure that has been designed to not just meet your needs today, but grow with you over time.
