Frequently Asked Questions

FAQs
How do I open a business account with DBS? What are the charges?

Opening a DBS Business Account can be done online in four simple steps:

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                                       Features of a DBS Business Account
Minimum initial deposit SGD 3,000
Minimum average balance per month SGD 10,000
Fall-below fee SGD 35
Annual Account fee SGD 40
Monthly Account fee NIL
Internet banking fee FREE!
Mobile banking app and desktop banking access Yes
Security Device

FREE digital tokens

DBS offers one of the most value-for-money business accounts with total fees as low as SGD 40 per year! Find out how we stack up against other business accounts in Singapore. Read more here.

How do I send a Telegraphic Transfer?

You will firstly require the following details:

 Payer's name, address and debit account number
 Payment currency and amount
 Beneficiary name
 Beneficiary bank's SWIFT code (Or IBAN for payment to Europe and the UAE)
 Beneficiary's account number
 Beneficiary bank's name and address
 Details of the intermediary bank, if available

You can then send a TT via IDEAL™ or submit the hard copy form to any of our DBS/POSB branches:

application via dbs ideal      or    application via dbs/posb branch

Fees & Cut-off time:

 

  IDEAL™ Branch
Telegraphic Transfer / Demand Draft* 
Commission
1/8% (min S$10, max S$120)
S$2 discount
1/8% (min S$10, max S$120)
In lieu of exchange
(not involving Foreign Exchange)
1/8% (min S$10, max S$120) 1/8% (min S$10, max S$120)
Cable Charge S$20 S$30
Submission Cut-off Time Mon - Fri 2:30 PM or Later** Mon - Fri 2 PM

Fee imposed by Agent Banks and Overseas Banks are not reflected above.
*Charges apply for each amendment (S$30), cancellation/recall (S$35), tracer (S$20).
**submission cut-off time via IDEAL™ varies with the currency of transaction. Please refer to IDEAL™ Cut-Off Times for details

Generally, the beneficiary would receive the funds between two to four working days. However, this may vary depending on the country or bank to which you are sending money.

What information will my remitting party need when paying me via Telegraphic Transfer?

If you are receiving a telegraphic transfer, your remitting party will require the following information:

  • Beneficiary name: Your company name as registered with DBS
  • Beneficiary's account number: The number of the account in which you would like to receive the funds
  • Bank Name: DBS Bank Ltd Singapore
  • DBS SWIFT Bank Identifier Code (BIC): DBSSSGSG

Please take note on the handling fee of S$ 10 for inward telegraphic transfer.

How do I update the signatories and/or signature requirements for my Business Account (Change of Mandate)?

Please click here to download and complete the Change of Account Signatories and Signing Requirements Smartform.

How do I update the signatories and/or signature requirements for my Business Account (Change of Mandate)?

Please click here to download and complete the Change of Account Signatories and Signing Requirements Smartform

My company recently updated our registered address. How do I inform the bank of this change?

Download the Change of Address Form, and have it signed by the authorised signatories of the highest signing mandate. You may mail in the completed form to:

DBS Bank Ltd – Account Services
2 Changi Business Park Crescent
#07-05 DBS Asia Hub
Singapore 486029

OR submit it at any DBS/POSB Branch

We will update you within 3 working days upon receipt of your request.

What is the bank and branch codes of DBS/POSB?

Bank Code: 7171
Branch Code: If there are 10 digits in your account number, the branch code is the first 3 digits of your account number. Example, if your account number is 0012345678, the branch code is "001". If there are 9 digits in your account number, the branch code is "081".

Click here for the full list of transaction codes.

What are the cut-off times for transactions done on IDEAL™?

When you transact on DBS IDEAL, you get to enjoy later cut-off times and better pricing. Click here for the cut-off times. You may also be interested in our pricing guide.

What is the bank and branch codes of DBS/POSB?

Bank Code: 7171
Branch Code: If there are 10 digits in your account number, the branch code is the first 3 digits of your account number. Example, if your account number is 0012345678, the branch code is "001". If there are 9 digits in your account number, the branch code is "081".

Click here for the full list of transaction codes.

I’ve forgotten my Phone Banking User ID and/or PIN. How do I request for a new one?

Download this form then mail the completed form to:

DBS Bank Ltd – Account Services
Simpang Bedok Post Office PO BOX 215
Singapore 914808

Or drop it off at any DBS/POSB branch.

A new User ID and/or PIN will be sent to you within 7 working days upon receipt of your form.