Special purpose accounts

RMB Trade Settlement Account

Strengthen business relationships with your Chinese trading partners

Strengthen business relationships with your Chinese trading partners by settling your cross-border transactions quickly and easily. Our RMB Trade Settlement Account helps you efficiently manage remittances, foreign exchange and finance your trade. Through this account, you can save on foreign exchange conversion charges, mitigate your FX risk and gain a competitive edge by paying in RMB.

 

Why choose DBS RMB Trade Settlement Account?

  • Improve your supplier relationships in China through faster RMB payments, which means they receive tax rebates quicker and can reduce their supply chain costs
  • Save on FX conversion charges and avoid exchange risk where your company has both RMB inflows and outflows
  • Save money when you open an RMB Trade Settlement Account, which comes with no initial deposit or minimum monthly balance requirements

FAQs

My company has already opened an RMB Trade Settlement Account with another bank. Can I still open an RMB Trade Settlement Account with DBS?

Yes, companies are allowed to open RMB Trade Settlement Accounts with different banks.

Will I receive an RMB chequebook with my RMB Trade Settlement Account?

No. RMB chequebooks are not offered.

What is the SWIFT-/ currency-code for an RMB Trade Settlement Account?

The SWIFT-/ currency code for an RMB Trade Settlement Account is CNY.

Are there any limitations on the number of RMB remittance transactions I can make with an RMB Trade Settlement Account?

There are no limitations as long as the transactions are for trade settlement.

Can RMB Fixed Deposits be placed?

Yes, you can open a DBS Foreign Currency Fixed Deposit Account for the placement of RMB Fixed Deposits. However, the funds placed must be received from trade transactions that meet regulatory requirements

What services does DBS provide under the RMB Trade Settlement Account?

We offer the following services under our RMB Trade Settlement Account: remittances,
trade services, foreign exchange and fixed deposits.

 

How do I apply?

Simply call us at 1800 222 2200, or +65 6222 2200 if you are calling from overseas to apply. Alternatively, please speak with your relationship manager.

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