If you are a business owner operating a medium-sized or small business in Singapore, your company’s establishment, growth, and effectiveness depend on having a trustworthy and credible SME business account with a prestigious bank. As your company’s operations expand, effective management of the finances becomes more vital owing to their importance in business.
A viable business account will help you manage and grow your finances effectively. By opening a corporate bank account Singapore banks offer can help you develop your business by going digital. However, there are several factors to consider, including the first deposit, availability, ability to hold foreign currencies, backing networks, annual fees, usability, minimum balance, transfer restrictions, conversion fees, and flexibility.
If you are starting a business, you may want to consider the “Business Multi-Currency Account Starter Bundle with DBS, which enables financial transactions in various currencies, including Singapore dollars, to help you diversify and grow your enterprise.
Know More About a DBS Business Multi-Currency Account
Now, you can grow your company and engage with your clients and suppliers globally in beneficial and respectable ways.
A multi-currency business account enables you to transfer funds in the local currencies of the countries where your clients or distributors are located. Every country has its currency, so your business must perform currency conversions when paying foreign vendors or receiving money from customers abroad.
By enabling you to send, receive, and hold money in multiple currencies all in one location, the DBS Business Multi-Currency Account makes managing foreign currencies simple. With the SME business bank account, which offers a variety of choices and solutions, you can handle international payments, change currencies, and take advantage of competitive FX rates.
Why Prefer a DBS Business Multi-Currency Account?
An SME can start a business multi-currency account for multiple reasons. Maybe, you can use it as a component of your company’s strategy to diversify your operations, or you may be interested in having this business account to control currency fluctuations. You can activate a business multi-currency account with DBS for a few some reasons like:
Open a Bank Account Online Easily and Quickly
If your business is based in Singapore and is owned and controlled by Singaporean permanent residents or citizens, you can open a DBS Business Multi-Currency Account immediately. To open an account, you have to provide some necessary details, such as the registered name of your company or its unique entity number (UEN).
Lower Conversion Fees
You can carry out transactions in different currencies using a multi-currency account. Transactions involving money are cost-free when using specific payment options, like FAST GIRO. You can have payments from international clients in your currency of choice, and convert them at fair FX rates. You can save on FX commissions or expenses significantly by using a corporate multi-currency account.
FX Management is Easy
You can maintain multiple currencies while managing FX volatility with a multi-currency account. You can convert Singapore dollars or any other currency into particular foreign currencies of different nations to get payments in AUD, USD, EUR, or JPY and send money in SGD.
Besides, you can hold the local currencies of the relevant countries in your account until you find a preferable exchange rate to convert them into the currencies of your choice.
To conclude, you can have a corporate bank account in Singapore with a DBS business multi-currency account and expand your business in other countries.