For safe and efficient capital management and smooth financial transactions, your business needs a bank account. Singapore, which is ranked third worldwide, is a major financial hub. Its integrated financial system and stable economy help businesses conduct their operations easily. If you are one of those who want to launch a business in Singapore, you need to open a business bank account. There are several full-service banks that provide financial services like payroll management, trade finance, quick money transfers, business loans, and online banking. Banks assist business enterprises in developing and expanding their markets through these services and by guiding them through the nation’s strong and dependable financial system. You can efficiently manage and expand your finances with the aid of a functional account. With a corporate bank account, Singapore banks can assist you in growing your business through flawless financial transactions. The accessibility, initial deposit, backing networks, capacity to keep foreign currencies, usability, transfer limitations, annual fees, flexibility, conversion costs, and minimum balance are a few of the aspects to think about when opening a bank account. For instance, DBS offers a “Business Multi-Currency Account – Starter Package to facilitate financial transactions in Singapore dollars and other currencies, which can help grow your business by expanding its operations. You can think about opening this bank account if you are going to set up a business in Singapore.

What Makes a DBS Business Multi-Currency Account Different?

You can now expand your business and interact in profitable; and reputable ways with your suppliers and customers throughout the world. You can send money to your distributors or suppliers in different countries in their currencies by using a multi-currency business account. If your business engaged in international trading, it will have to do currency conversions when receiving money from overseas customers or paying foreign suppliers. It is because you will receive or pay money in their country’s currency. With a DBS Business Multi-Currency Account, your business can handle foreign currencies easily and efficiently; for the bank account enables you to receive, transfer, and retain money in several currencies all in one place. Also, You can manage foreign payments, convert currencies; and benefit from favorable FX rates with the bank account, offering a range of options and solutions.

Reasons for Having a DBS Business Multi-Currency Account

An SME may open a multi-currency business account for a variety of reasons. It may think of using it as part of its business strategy to expand its activities or may want to have this account to manage foreign exchange rate swings. Also, You can decide to open a business multi-currency account with DBS Bank for several reasons.

It allows you to open a bank account quickly online

Also, Your company can have a DBS Business Multi-Currency Account right away if it is headquartered in Singapore; and operated and owned entirely by Singaporean citizens or permanent residents. You required to give some information in order to open an account; which includes your company’s UEN or unique entity number, or registered name.

You can manage FX easily

With a multi-currency account, you can maintain different currencies while controlling FX volatility. Also, You can receive payments in currencies like USD, AUD, JPY; or EUR and pay in Singapore dollars by converting SGDs or any other currency into a specific foreign currency of a different country. Furthermore, until you find a favourable FX rate to convert the local currencies of particular countries into your preferred currencies, you can keep the local currencies in your account.

Reduced conversion costs

A multi-currency account allows you to conduct transactions in many currencies. When certain payment methods, such as FAST GIRO, are used, financial transactions are free of charge. Also, You can accept payments in your preferred currency from customers overseas and change them at fair FX rates. To sum up, you can have a corporate bank account in Singapore with a business multi-currency account; and diversify your business, saving considerably on FX commissions or charges.