DBS IDEAL business account: Everything you need to know

Aman Saxena

DBS Ideal is a digital banking platform that lets you take care of, monitor, and secure your business transactions, plus it can work for multiple currencies too. So read on to learn more about how a DBS Ideal business account can work for you and your company, especially if you are on the go. But keep in mind, you need a DBS business account with them to sign up for DBS Ideal.

If you want a business account that lets you work in over 40 currencies and is free and easy to use online, check out Wise Business. You can receive money, or pay salaries and make deposits in local currencies at the real exchange rate and with one low upfront fee. It is that easy.

Open your free business account now

Table of contents

How to open a DBS IDEAL business account

DBS Ideal is easy to sign up for and can be started online. But to be clear, it is a digital banking platform that you opt for when you are opening your corporate bank account with DBS. So if you don’t have one or haven’t applied for a DBS corporate account, you can apply online for a corporate account and sign up for DBS Ideal at the same time. Existing corporate account holders at DBS that haven’t signed up for DBS Ideal access and just simply fill out the DBS Ideal application.¹

You can apply online or download the application form from the DBS Ideal website where it says ‘Ideal Application Pack’. The application form will require a few documents and needs to be signed by whoever is an authorised signatory. If there are more than one, then it is whoever is ranked highest. You will also need to provide a certified true copy of an NRIC document for Singaporeans or Permanent Residents, or a certified true national ID or passport copy if you are a foreigner. These are especially mandatory for the Transaction Authoriser and Customer Self Administrator. But more on that later.

For the application you will also need to designate who will fill the roles DBS Ideal requires. The first is a Transaction Maker who is the designated user who creates the transactions, second is a Transaction Authoriser who approves them, and lastly is the Contact person the bank will deal with directly. And there are 2 required Customer Authorisers on the account. Your Board of Directors will also need to sign off on the Electronic Banking Board Resolution (EBBR) form found at the end of the application form.²

Once you have everything completed and the correct documents, you can submit online, or the paperwork to a local DBS branch, or mail at the specified address.

When your application is being processed you will receive an email and then a Welcome Pack after 7 business days upon the application successfully being processed. Online applications can be turned around almost instantly if it is submitted during working hours.

What is the DBS IDEAL business account pricing?

To start, you would have all the same fees for a DBS corporate account- whether it is a SGD Business or SGD digital account. But once you sign up with DBS Ideal there are some additional costs. Let’s take a look:

DBS IdealFees
Set up feeWaived
Monthly maintenance feeWaived
Payment, collection, and Payroll locallyS$0.20 per transaction
DBS physical tokenS$ 50
DBS IDEAL digital token+ on IDEAL mobileFree
Cross border remittances with a telegraphic transfer or demand draft1/8% (min S$10,max S$120)

The schedule of fees includes the S$ 40 annual fee for a multi-currency account and the S$35 currency equivalent for the fall below fee. Plus it has a S$10,000 minimum initial deposit and average currency balance for the 13 currencies they have on offer. ³

Doing business overseas and need to make international business payments? Wise could save you money versus your bank

With clients, colleagues, and teammates all over the world, it might be time to get a truly global business account. Wise is a free business account that lets you send, spend, and pay in over 40 currencies. And for each global transaction, you will always get the mid-market exchange rate, that is the same rate you see on Google. You will only have to pay one low fee per transaction,

Wise is 19x cheaper when it comes to international transactions, and is even cheaper than PayPal. Plus you can get bank details with a Wise account which lets you receive money in a number of currencies locally as well. Better yet, you can get a Wise Platinum Business Mastercard, where you can hold different currencies and swipe and spend as you like. The card will then draw down from the respective currency in your account.

And Wise seamlessly integrates with Xero, can do batch payments, and has an open API to make integrations a breeze. So try the easy, fast, and cheap way to do business digitally and globally, check out Wise.

Open your free business account now

DBS IDEAL business account offerings

Here are some of the benefits of using the DBS Ideal business account.⁴

Online & Mobile access

DBS Ideal lets authorised users access the platform from their mobile and with a digital token so you can bank with just a tap. And you can use it from anywhere across the world, as long as there is internet access. So whether it is payment approvals, checking your accounts or managing currencies, you can do it from wherever you are.

Security

You can log into the platform right from your smartphone and with biometric security built-in. You can also approve transactions from your phone with your digital token. Plus you get instant notifications of approval of transactions with the mobile app.

Systems

DBS Ideal offers cash management solutions and supports 50+ unique payment and collection services. It can also easily integrate into your existing ERP and accounting systems. You can also use it for trade and finance supply chain finance services. Plus foreign exchange services- but keep in mind that the currency options are low and come with additional fees.

How can you contact DBS IDEAL business banking support team?

DBS offers two main options for help and support. First, you can always reach their business help centre at 1800 222 2200 Monday through Friday, 8:30 AM-8:30 PM. DBS also offers classroom training sessions for DBS Ideal that you can easily sign up for.⁵

DBS Ideal lets you manage, approve, and keep track of your business with the help of a digital platform, token, and integration into your business. The mobility that it provides makes it easy for those who are constantly traveling or on-the-go to keep on top of what is happening at work.

That being said, if you are looking for a truly global way to do business with more access to currencies and without annual fees, take a look at Wise Business.

Sources used for this article:

  1. DBS Ideal
  2. Ideal Application Pack
  3. Ideal Charges & Fees
  4. Benefits of DBS Ideal
  5. Contact DBS Ideal

All sources checked as of 2 July, 2020


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.

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