Business Bank accounts

Is the DBS Multi Currency Account not available in Canada? Here’s an alternative

Piyush Singh

17.04.24

Read time 2 minutes

The DBS Business Multi-Currency Account® is currently unavailable for Canadian residents. However, we have an alternative: The Wise Business Multi-Currency Account.

You could spend your money with ease, thanks to secure, hassle-free international payments and convenient integration solutions. You can also us Wise to send, receive and spend your money abroad in over 40 currencies – all at the standard mid-market exchange rate. Let’s take a closer look at the Wise Business account.

Is the Wise Business Multi-Currency Account the alternative your business needs?

Wise could be the new multi-currency account you’ve been looking for! Here are the key features of this account.

The Wise Business Account provides you with…
40+ currencies in 160+ countries
Mid-market exchange rate for all international transactions
No minimum balance or monthly fees
Transparent pay-as-you-go pricing
Automatic invoicing made easy
Batch payments – up to 1000 per lot
API and App Integration
Wise Business Card for your business and your employees

Get your Wise Business Account in a few clicks

Make transfers in multiple currencies with Wise Business, including CAD, INR, SGD, EUR, USD and GBP. Whether you’re paying an invoice in New Zealand or paying contractors in the Philippines, Wise has got you covered. Whle the DBS Multi currency account would help you send money to 13 countries, Wise could take you to more places!

At DBS Bank, you would need to maintain a minimum balance of 10,000 SGD² – and you’ll need to make an initial deposit of at least 3000 SGD when you open your account, too.³

Wise, however, doesn’t restrict how you use your account, with no minimum balance or initial deposit limitations. After all, it’s your account – you should be able to do what you want with it.

Access a valuable app marketplace with software solutions like Xero® and Quickbooks®and seamless API Integration. You can even use your Wise Business Account to pay up to 1000 people at once or collect money from Amazon® payments.

Everything you need to run your business, all in one place!

International payments

If you send regular international transfers, you need a business account with a favourable exchange rate and foreign transaction charges. Some banks add a markup to global transfers – meaning you may end up spending more than expected.

At Wise, you only pay for what you spend!

Wise Business uses the mid-market exchange rate – the only fair, ‘real’ exchange rate out there. Convert, send and spend in multiple currencies without hefty currency conversion charges.

Wise gives you everything you need to manage finances globally, including local account details for currencies such as CAD, SGD, USD, EUR, GBP and more!

Fees and charges

It’s also important to think about any additional fees you would pay for using your DBS Business Multi-Currency Account or Wise Business Account.

There are many fees that DBS currently charges, which you won’t be needing to pay with Wise. These include

annual account fees
‘fall - below fees’ for funds less than the minimum balance
account closure fees
overdraft fees

Let’s take a closer look at the fees you’d pay for the Wise Business Account vs the DBS Business Multi-Currency Account.

Fees	Wise Account for businesses	DBS Business Multi-Currency Account⁴
Outgoing International Transfers	From 0.43% of transaction amount	30 SGD plus agent bank charges
Incoming international transfers	Free except for CAD SWIFT payments at 10 CAD per transfer and USD wire payments at 4.14 USD per transfer	10 SGD per transaction
Account opening fees	42 CAD – one-off fee	50 SGD – annual fee
Closure fees	No fees	50 SGD
Fall-below fee	No fees	35 SGD when your balance falls below 10,000 SGD
Monthly/Annual fees	No fees	50 SGD annual fee
Overdraft fees	No fees	Prime Lending Rate + 5% p.a. on the overdrawn amount
Currency conversion	Mid-market exchange rate	30 SGD flat rate per outward transfer or 1/8% commission

With the Wise Business Account, your fees may differ depending on when you send your transfer – and which currency you want to convert. However, you’ll always send your money at the standard mid-market rate.

You can use Wise’s Currency Converter to check the exact, real-time exchange rate and transaction fees before sending your international transfer.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Conclusion

You could use Wise Business to track your spending, pay business expenses and manage your money in multiple currencies, including CAD, USD, EUR and GBP.

You can even integrate helpful software solutions like QuickBooks and send stress-free international payments without paying fall-below, closure or annual fees for your account.

To start spending and sending your money across the globe, check out the Wise Business Account.

Sources

Sources verified on: 17 April 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.