Business Banking – What Businesses Need
Top Business Banking Needs for SMEs, Corporate in Singapore
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. Here are some of the most common banking services used by businesses 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$50,000. 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 your Internet banking platform. The beneficiary will then receive an email alert once the funds are credited successfully. You can also request for an email alert confirming the payment. FAST is offered by 14 participating banks in Singapore.
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.
The DBS Account Transfer service is the easiest way to move money between DBS and POSB accounts. Funds can be transferred same-day in SGD and all major currencies. All you need to do is provide the beneficiary name and account number in order to complete the transfer. Just make sure that you provide accurate details to ensure a quick and successful payment.
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 on 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.
Beneficiaries will usually receive the funds within one to four days, although this may vary depending on the country or bank to which you are sending money. 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? Enjoy IDEALTM set-up and monthly fee waivers* by starting your DBS Business Account application online. This service is available to Sole Proprietorships, Partnerships, Limited Liability Partnerships and Private/Limited Companies.
*Terms & Conditions apply
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