Opening a business bank account? Read this first
Startups have unique banking needs. Here's how to choose the right account type for your new business.
1. There are different kinds of business bank accounts to suit your needs.
However, if your SME is fast-expanding and often transacts with overseas partners or customers, a DBS Business Multi-Currency Account might be a great choice as it allows you to make payments in up to 13 major currencies in one account - SGD, USD, EUR, GBP, JPY, HKD, AUD, CAD, CHF, CNH, NOK, NZD, and SEK. If your business is less than 3 years old, the DBS Business Multi-Currency Account – Starter Bundle might be a better fit. You get 13-currency support, unlimited free FAST and GIRO transactions, and native accounting integrations – all with zero monthly fees and no minimum balance requirements. If your priority, however, is to grow your bank account balance, consider a Fixed Deposit Account for your needs. If you have an existing DBS Business Multi-Currency Account, you can also use the DBS Business Advance+ Card to manage overseas spending more efficiently.
2. You don’t need a bank visit to open a business bank account.
Opening a DBS business bank account is easier than ever. You just have to make sure the following information is ready: your unique entity number (UEN) and registered business name (obtained from our ACRA report), the currency you want to operate in, and your business details. After you submit the form, you will receive an email with a copy of the completed form so you could double-check that the information we provided is accurate.
3. Some bank accounts require a minimum balance.
In the interest of cost, it’s important to be aware that certain bank accounts have minimum balance requirements. For example, both the DBS Business Multi-Currency Account and Starter Bundle do not require an initial deposit. The Starter Bundle also has no minimum balance requirement and no service charge.
4. You can link your business bank account with accounting platforms.
When you open a business bank account with DBS, you can enjoy greater convenience when managing your company’s accounts. DBS business bank accounts can easily be linked with accounting solutions such as Xero and Financio, facilitating real-time account updates and reconciliation through DBS IDEAL. You’ll also be able to set up payments through your accounting platform without having to enter the same information twice in your online banking platform, saving you loads of time.
For startups under 3 years old, you may sign up for the DBS Business Multi-Currency Account – Starter Bundle today with zero barriers and fees.
If your enterprise is more established, apply for the full DBS Business Multi-Currency Account. No supporting documents are required for Singapore-incorporated companies meeting instant opening criteria.
Open a DBS Business Multi-Currency Account in minutes today!
