DBS business banking: Overview of corporate bank accounts

Elle Kasser

If you’re thinking of using DBS business banking for your company, this guide is for you. We’ll look at the DBS corporate account options, features and fees - as well as the account opening processes you should know about.

To help you compare your business account options we’ll also touch on the Wise business account as a great online alternative for businesses making frequent cross border payments, expanding internationally, or working with suppliers, contractors and staff based overseas.

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📝Table of contents:

DBS Corporate Account opening: What is the process?

DBS business banking services cover a range of business and organisation types including:

  • Private Limited Companies
  • Sole Proprietors
  • Partnerships, Limited Partnerships and Limited Liability Partnerships
  • Official organisations like Clubs, Associations and Charities

If you have a business registered in Singapore, or a foreign incorporated business, there’s probably a DBS corporate account for you. Applications are subject to approval by DBS, and not all account types may be available to all companies.

You can start your application for a DBS business account online, and you’ll quickly see if you’re eligible for a business product. In fact, if you’re a single director of a company, or a sole proprietor and you already have a DBS or POSB personal account, you can usually complete your entire application online in just a few minutes. You’ll just need to add some information about your business - including your ACRA registration number - to get started.

If you have a more complex business structure with multiple partners or directors you’ll be able to start your application online and then wait for a call from a member of the DBS business banking team to discuss your application. You should still be able to get your application sorted without needing to visit a DBS branch though - collect the required paperwork according to your company type, and DBS will send a courier over to collect everything. Wait a few days for verification and you should be good to go.

Check the documents needed based on your company type with the handy DBS corporate account opening checklist¹.

Do DBS corporate accounts have a minimum balance?

DBS offers a few different corporate accounts. The DBS Digital Account for SMEs does not have an ongoing minimum balance - although there is a 1,000 SGD minimum opening balance requirement. The DBS Corporate Multi-Currency account is aimed at more established businesses which may hold higher balance amounts - here there’s a 10,000 SGD minimum balance required to avoid a fairly steep fall-below fee. More on DBS business account features and fees coming up later.

DBS bank charges for corporate account: Typical DBS business account fees

Let’s take a look at some key costs to consider when choosing a DBS business account - full details available online.

Service/fee type DBS business banking fee²
Minimum opening balance DBS Business Digital Account - 1,000 SGD DBS Corporate Multi-Currency Account - 3,000 SGD or equivalent
Minimum ongoing balance DBS Business Digital Account - N/A DBS Corporate Multi-Currency Account - 10,000 SGD minimum balance to avoid a 40 SGD/month fall below fee
Fixed account service fees DBS Business Digital Account - 18 SGD/month DBS Corporate Multi-Currency Account - 40 SGD/year
Send international payments $10-$120 commission + $20-$35 cable charges + fee in lieu of exchange if relevant
Receive international payments 10 SGD
Account closure 50 SGD (payable when closing within 6 months of opening account)

DBS business account offerings

Let’s take a deeper dive into the account options available from DBS business banking.

DBS Business Digital Account

The DBS Business Digital Account³ has a low initial deposit of 1,000 SGD, with no minimum ongoing balance. You’ll pay a monthly fee of 18 SGD to get full account access including online and mobile banking. This account is available in SGD only, making it a good choice for newer businesses in Singapore which will mainly need digital transactions. If you’re a Singapore citizen or permanent resident with a DBS or POSB personal account you may be able to open your account online in just a few minutes.

Corporate Multi-Currency Account

If you already trade internationally - or if you plan to expand outside of Singapore in future, a multi-currency business account can help. The DBS Corporate Multi-Currency Account⁴ lets you hold and manage Singapore dollars, and 12 foreign currencies all in one account. That means you can pay and get paid in SGD, AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK and USD all from the same place.

There’s a minimum opening deposit of 3,000 SGD or the currency equivalent, and you’ll then need to hold a balance of at least 10,000 SGD or the currency equivalent to avoid a 40 SGD/month fall below fee.

If you need a multi-currency business account but don’t want to worry about minimum balances and fall below charges, you could be better off with the Wise business account. Hold and manage 50+ currencies, send to 70+ countries and get a linked debit card to spend easily wherever you are in the world. All currency exchange uses the real exchange rate and there’s just a one off 54 SGD fee to set up your account. No ongoing fees, just great value currency exchange and low, transparent transaction charges.

Read more about the DBS multi-currency account here.

Fixed Deposit Account

If you have funds you don’t need immediately, you may be able to get a better rate of return by using a fixed deposit account. DBS has business fixed deposit products in SGD and some foreign currencies⁵, with deposits from 5,000 SGD to 50,000 SGD or currency equivalent on offer. At the time of writing you can make a fixed term deposit for up to 12 months.

DBS business cards

Your regular DBS business account may come with linked debit card options for you and your employees. However, sometimes a credit card can offer more flexibility, or ways to save. DBS commercial and corporate cards⁶ are available, including a specialist card for logistics purchases, and one for world travellers. Check the features and fees carefully to make sure the card you’re picking is the best for your business.

Save money on international business payments. Use Wise.

You may be able to save when you send, spend or transact in foreign currencies, with a Wise business account. For a 54 SGD one off fee you can get full business account access including the option to hold and manage 50+ currencies, exchange between them using the mid-market exchange rate, spend using linked debit cards for you and your team, and manage everything online and on the go with the Wise app.

Business friendly perks like batch payment tools, account integrations, direct debits and compatibility with third party platforms like Stripe and Shopify can mean you save time as well as money.

Manage your money your way with the Wise business account - save on foreign transaction fees compared to your regular bank, and send and receive international business payments up to 6x cheaper than an alternative like PayPal.

How can you contact the DBS business banking support team?

Check out the broad range of ways you can contact DBS banking services, over on the DBS business help page⁷. You can chat with the DBS virtual assistant, call, email or visit a DBS branch.

With several different DBS corporate account options to pick from, you may well find the right match for your business right here. Compare a few account products before you make your final choice, and don’t forget to also look at alternatives like the Wise business account to see if you can save time and money.


  1. DBS Singapore - Document Checklist
  2. DBS Pricing Guide
  3. DBS Digital Account
  4. DBS Multi-Curreny Account
  5. DBS Business Fixed Deposit Account
  6. DBS Business Cards
  7. DBS BusinessCare

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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