Essential Reasons Why You Do Need Digital Business Accounts for Your Business

Small and medium-based enterprises (SMEs) have several things, like payments, salaries, cash flow, and accounting, to manage every day. How essential is it to manage your business’ financial needs? You can manage your finance and grow your business with a digital account. Whether your business is a startup or medium-based, it needs the right digital business account to facilitate easy financial operations and accounting for a long period.

Your business grows when you expand your operations into new markets. Having the right business account will add value to your growth and have a positive impact on your financial operations. For instance, DBS offers Business Multi-Currency Account for SMEs to grow their business. A Starter Bundle helps startup companies ready themselves for global operations immediately. 

If your startup business is in Singapore, you can start a zero-minimum-balance Business Multi-Currency Account to manage foreign exchange (FX) transactions efficiently and save money.

Know More About DBS Business Multi-Currency Account

As a small business owner, you want to take your business to the next level. Having it ready for it is what every owner would like to do from the beginning. With a business multi-currency account, you can conduct business transactions in different currencies from one account and save on FX fees.

The DBS Business Multi-Currency Account helps businesses registered for less than three years to conduct financial transactions in 13 currencies. You can receive, hold and pay money in multiple currencies from one account. Some distinctive features of a business multi-currency account are:

• Minimum or no initial deposit

The DBS multi-currency account for SMEs requires an initial deposit of only S$1000. If you are applying for a Starter Bundle, you do not need any initial deposit. Thus, it enables any type of small and medium-based enterprise to start a multi-currency digital account easily and affordably.

• Minimum or no service charges for fall-below minimum balance

A business multi-currency account with DBS requires you to have a minimum balance of S$ 10,000, except for the Starter Bundle. If your account falls below the minimum balance, you will have to incur a minimum service charge.

• Low telegraphic transfer fees

Telegraphic or electronic transfer of funds has a cost. When it comes to a business multi-currency account with DBS, you need to pay only a flat fee of S$30.

• Competitive FX rates

You may have to make payments in foreign currencies, and when making payments or fund transfers in the clients’ desired currencies, you have to check the exchange rates, for they keep changing. With the DBS multi-currency account, you can get the exchange rates immediately to make overseas fund transfers online whenever you want to.

The DBS IDEAL platform facilitates easy FX payments at competitive fees, which DBS offers through its interbank relationships, global network, and high purchasing power.

• Payments through FAST and GIRO are free

Having a DBS Multi-Currency Account, you can enjoy free payments made using GIRO (General Interbank Recurring Order) and FAST (Fast And Secure Transfers) methods on the DBS IDEAL mobile banking app. It does not include bulk payments and payroll transactions, which are chargeable at standard rates. 

You can transfer funds in multiple currencies like SGD, EUR, USD, AUD, CAD, JPY, GBP, CNH, HKD, SEK, CH, and NZD free of charge for the first 50 transactions. You can save considerable money on bank fees and have quick access to funds anytime. 

A business multi-currency digital account will help grow your business with a minimum initial deposit, free fund transfers, competitive interest rates, and low service charges.