photo source: shopinsg.com
If you’re Singaporean, chances are you have a bank account with the Development Bank of Singapore. Affectionately known as DBS, this bank is considered the largest bank in Singapore and the region.
Today, DBS has over 100 branches islandwide, making it an extremely convenient option for Singaporeans who are on the go.
As the frontrunner for Singaporean's favourite bank, DBS has remained one of the most popular banks. This is due to its impressive digitization and variety of financial products—including the DBS corporate account.
If you’re on the hunt for a business account for your company, DBS might have the product for you.
Open a corporate account with DBS online! It’s simple. For Singapore-based single director/ sole-proprietor companies with an existing DBS account, you’ll need:
For companies with multiple directors or partners, you’ll need:
Once you’ve registered online, a DBS relationship manager will give you a call to verify your business details and the documents required to open a corporate account.
Afterwards, a DBS courier will collect the paperwork for verification purposes. Once your documents are verified, your DBS corporate account will be ready for use the next business day.
DBS offers two types of corporate accounts: The DBS Digital Account and Corporate Multi-Currency Account. Both accounts are tailored to helping not only local, but also foreign companies to expand into the region.
With a low monthly fee of S$18 and no minimum balance required, this is suitable if you’re looking for a basic business account.
However, there’s a catch. This account only operates in Singapore dollars. For those running a business with a high volume of international transfers, the DBS Business Digital Account might not be the most ideal.
With this account, you’ll be able to manage your transactions in 13 different currencies. But again, this account does come with certain requirements. The minimum opening deposit is S$3,000, with a daily minimum balance of S$10,000 and a fall-below fee of S$35.
If you’re just starting-out in the business world, the requirements for a Corporate Multi-Currency Account might be pretty hard to keep up with.
Well what if we told you that there’s a corporate account with no monthly fees, minimum deposits, or minimum balances? At Aspire, creating a corporate account is free. Whether your company is under a single or multiple directors, the process is the same. We’ve come up with a table summarising the different costs of opening a corporate account with DBS and Aspire:
Business banking doesn’t have to be complicated. Learn more about Aspire Business Account.