DBS Business Account 2026: Fees, features & alternatives

Key Takeaways:

• The DBS Business Multi-Currency Account is the core banking option for most Singapore SMEs. It lets you hold 13 currencies in a single account, with no minimum balance for new businesses under three years old.

• Fees depend on your account type and balance: the regular Business Multi-Currency Account carries a S$40 monthly service charge if your average daily balance falls below S$10,000.

• If international payments are a priority, Airwallex lets you send free transfers to 120+ countries via local payment rails, with no minimum balance and no account fees.

The DBS business account is one of the most widely used banking solutions for Singapore SMEs. DBS serves over 500,000 businesses¹ and offers a range of accounts, from straightforward SGD banking to multi-currency accounts built for cross-border trade.

This guide covers what DBS business banking offers, what you'll pay, and how to open an account. It also compares DBS against OCBC, UOB, Aspire, and Airwallex, so you can make an informed decision before you apply.

Overview of DBS business banking

DBS offers several business accounts and banking packages for Singapore SMEs. The right one depends on how long your business has been operating, whether you need multi-currency access, and what other services matter to your business.

Here is a summary of what DBS currently offers:

DBS Business Multi-Currency Account

This is the flagship product for most SMEs. It lets you hold and transact in SGD and 12 other currencies — including USD, EUR, GBP, JPY, HKD, AUD, CAD, CHF, CNH, NOK, NZD, and SEK — all in a single account.²

Businesses incorporated within the last three years can apply for the Starter Bundle, which has no monthly service charge and unlimited free FAST and GIRO payments via DBS IDEAL. Note that bulk payments and payroll transactions are excluded from the unlimited free transfers and are charged at standard rates.²

Established businesses (incorporated for more than three years) apply for the standard Business Multi-Currency Account, which has a S$50 annual account fee² and a S$40 monthly service charge if your average daily balance falls below S$10,000.²

Both account types come with the DBS Business Advance+ (BAC+) Debit Card at no annual fee — with 0 FX fees across 200+ countries and territories, and unlimited 1% cashback on eligible business spending.²

Corporate Fixed Deposit Account

This is for businesses with surplus cash. You can place deposits in SGD and 10 foreign currencies, starting from S$5,000, for a fixed tenor of 1 month to 12 months.³ Deposits can be placed and managed online via DBS IDEAL.

Business for Impact Banking Package

This package is designed for social enterprises and SMEs that drive environmental or social impact. It includes a multi-currency account with no account fees, no initial deposit, and no minimum monthly balance — as well as access to working capital loans at preferential interest rates with no processing fees.⁴

Account holders also get access to two support programmes:

• The ESG Ready Programme (a sustainability readiness programme run with Enterprise Singapore)

• The Skills Booster Programme (a workforce training initiative run with SkillsFuture Singapore).⁴

Heartland Merchant Banking Package

This package is tailored for businesses serving Singapore's heartland communities. It includes the DBS Business Multi-Currency Account, access to a working capital loan of up to S$50,000⁵, and the DBS Business Advance+ Card, which comes with complimentary corporate liability insurance of up to US$1.65M.⁵

Conveyancing Account

This is available to law firms only. DBS is appointed by the Ministry of Law to hold and manage client conveyancing funds, and to issue payouts on behalf of the firm.⁶ Applications must be made in person at selected DBS branches.

Which DBS business account is right for you?

The right account depends on how long your business has been running, what type of entity you are, and what you primarily need from a business account.

• New businesses (under 3 years old): Apply for the Business Multi-Currency Account — Starter Bundle. You get unlimited free FAST and GIRO payments, no monthly service charge, and 13-currency access. It's the most cost-effective entry point for early-stage SMEs.

• Established businesses (over 3 years old): Apply for the standard Business Multi-Currency Account. The fee structure is higher, but you get the same core features plus access to DBS's full suite of lending, FX, and payroll tools.

• Businesses with surplus cash: Add a Corporate Fixed Deposit Account alongside your main account. You can place deposits from S$5,000 in SGD or 10 foreign currencies for a fixed tenor of 1 to 12 months.

• Social enterprises and impact-driven SMEs: The Business for Impact Banking Package offers the most favourable terms — no account fees, no minimum balance, preferential transfer rates, and working capital loans with no processing fees. You need to qualify based on DBS Foundation or B Corporation criteria.

• Heartland businesses: The Heartland Merchant Banking Package bundles the Business Multi-Currency Account with a working capital loan of up to S$50,000 and the Business Advance+ Card.

• Law firms: The Conveyancing Account is the only option for holding client conveyancing money. It must be applied for in person at selected DBS branches.

DBS Business Multi-Currency Account: Features

The Business Multi-Currency Account is the account most Singapore SMEs open with DBS.

It is the one DBS positions as its core SME product, and the one most people are evaluating when they search for a DBS business account. With that in mind, we’ll focus on this account specifically for the rest of this article, starting with its features and what it includes.

DBS Business Advance+ Debit Card

Every account holder gets the DBS Business Advance+ (BAC+) Debit Card at no annual fee. It carries 0 FX fees across 200+ countries and territories, and offers unlimited 1% cashback on eligible business spending.²

Domestic payment services

The account gives you access to the following domestic payment tools:

• PayNow Corporate: Collect SGD payments from customers using your Unique Entity Number (UEN) or a PayNow QR code. Payments via FAST are processed in real time, 24 hours a day.⁸

• GIRO Payroll: Process your monthly payroll as a single debit transaction, with funds credited directly to your employees' accounts.⁹

• DBS MAX: DBS's cashless collection solution for merchants. Accepts PayNow, PayLah!, and card payments — both at a point-of-sale terminal and online.¹⁰

FX tools

You can book foreign exchange (FX) transactions across over 100 currency pairs up to a year in advance via DBS FX Online.⁷ The SecureFX feature lets you lock in rates on 5 key currency pairs — USD/SGD, EUR/SGD, EUR/USD, GBP/SGD, and JPY/SGD — for up to one month ahead.²

Accounting integrations and working capital

The account integrates with Xero, QuickBooks, and Financio, pulling daily bank transactions automatically into your accounting software.² If you need fast access to funds, DBS Quick Finance lets you borrow up to S$50,000 with no documents required, directly through DBS IDEAL.²

DBS Business Multi-Currency Account: Fees

Here are the fees you’ll pay to use the DBS Business Multi-Currency Account:

The information in this table has been reviewed to be accurate as of 21 April 2026.

Additional fees to be aware of:

DBS also charges for the following:²

• Amendments to a submitted transfer: S$30

• Cancellation or recall of a transfer: S$35

• Tracing or confirming a transfer: S$20

• Account closure within 6 months of opening: S$50

Worth knowing: The Starter Bundle's unlimited free FAST and GIRO transfers exclude bulk payments and payroll — these are charged at standard rates.

International transfer fees

For outward telegraphic transfers via DBS IDEAL, the Business Multi-Currency Account charges a flat rate of S$30 per transaction, plus applicable agent bank fees. SWIFT transfers carry additional cable charges on top of this flat fee.²

For businesses looking to reduce international transfer costs, it's worth comparing DBS against fintech platforms — which we do in the comparison section below.

How to open a DBS Business Multi-Currency Account

The DBS Business Multi-Currency Account is open to all Singapore-registered companies, including sole proprietors, partnerships, and private limited companies.²

Locally owned companies

If your company is incorporated in Singapore and fully owned by Singapore citizens or permanent residents, you can apply entirely online with no documents required in most cases.

DBS retrieves your company details automatically via MyInfo Business and ACRA.² Your account details are emailed to you upon successful application.²

Here’s how the process goes:

• Step 1: Prepare your details. Have your company's UEN and the contact details of all account users ready before you start.

• Step 2: Complete the online application. Fill in the form at the DBS website. You can save it as a draft if you need to return to it later.

• Step 3: Look out for your account confirmation. DBS will email your account access information once your application is approved.

Foreign-owned companies

If your company has foreign directors, foreign corporate shareholders, or is incorporated overseas, you cannot complete the application process fully online. You will need to be assisted by a DBS Relationship Manager.¹⁴

From July 2025, Corporate Account Opening services for foreign-owned companies are available at DBS office locations. You can pre-book an appointment via an interest form on the DBS website.¹⁴

The following business types must go through a Relationship Manager:¹⁴

• Companies owned by foreign corporate shareholders

• Companies owned by foreigners with non-local residency status

• Foreign-incorporated companies

• Funds (e.g. hedge funds, unit trust funds)

• Payment services businesses (MSB)

How to use DBS IDEAL

DBS IDEAL is DBS's digital banking platform for business account holders. It is available as both a desktop platform and a mobile app, and access is free for all DBS business account holders.²

Once your account is open, you can use DBS IDEAL to:

• Make payments — send FAST, GIRO, PayNow, and telegraphic transfers to local and overseas recipients

• Manage payroll — process bulk salary payments as a single debit transaction via GIRO Payroll

• Book FX — access DBS FX Online to book foreign currency transactions across over 100 currency pairs, up to a year in advance

• Apply for financing — submit loan applications and access DBS Quick Finance (up to S$50,000, no documents required) directly in the platform

• View and manage accounts — check balances, download eStatements going back up to 7 years, and manage user access for your team

• Register for PayNow — link your UEN to receive instant SGD payments from customers

• Access merchant services — sign up for and manage DBS MAX cashless collections via the Merchant Services tab

The mobile app supports most of the same functions, including Scan & Pay with PayNow, making it practical for business owners who need to approve transactions on the go.²

Why Singapore businesses choose Airwallex over DBS

DBS is a strong choice if you want a full-service bank with branch access, working capital loans, and a wide range of domestic banking tools under one roof. If your transactions are primarily local, it covers everything you need.

But most Singapore businesses today have some form of cross-border activity, whether that's paying suppliers in China, receiving payments from international customers, or managing overseas payroll.

That’s where Airwallex comes in. Here’s what you get with Airwallex:

• No minimum balance, no account fee, no monthly service charge

• Global Accounts in 20+ currencies — with local bank details, so overseas customers pay you as if you had a local account in their country

• Free transfers to 120+ countries via local payment rails

• Competitive FX rates that save you up to 80% on FX fees compared to banks

• Unlimited Corporate Cards with 0 FX fees 

Singapore businesses like Saturday Club, Igloohome, and EU Holidays already use Airwallex to manage international payments and protect their margins.

Frequently asked questions (FAQs)

What is the minimum balance for a DBS business account?

The DBS Business Multi-Currency Account has a minimum average daily balance of S$10,000. If your balance falls below this, a S$40 monthly service charge applies. Businesses on the Starter Bundle are not subject to a minimum balance requirement.

Can a foreigner open a DBS business account in Singapore?

Yes, but not entirely online. If your company has foreign directors, foreign corporate shareholders, or is incorporated overseas, you need to be assisted by a DBS Relationship Manager. From July 2025, appointments for foreign-owned companies can be pre-booked via an interest form on the DBS website.

How long does it take to open a DBS business account?

For Singapore-incorporated companies fully owned by Singapore citizens or permanent residents, the online application is straightforward and account details are emailed to you upon approval — typically within a few business days. Foreign-owned companies will need to go through a Relationship Manager, which may take longer depending on the documentation required.

What documents do I need to open a DBS business account?

Singapore-incorporated companies fully owned by Singapore citizens or permanent residents may not need to submit any documents — DBS retrieves your company details automatically via MyInfo Business and ACRA. Some businesses may be asked for additional documents, and a Relationship Manager will contact you if needed. Foreign-owned companies will need to provide supporting documentation as part of the assisted application process.

What happens to my Starter Bundle when my business turns three years old?

DBS will contact you proactively before your three-year anniversary to notify you of the switch. Your account will convert to the standard Business Multi-Currency Account, which carries a S$50 annual fee and a S$40 monthly service charge if your average daily balance falls below S$10,000.

Are there alternatives to the DBS business account for cross-border payments?

Yes. If international transfers are a core part of your business, platforms like Airwallex offer free transfers to 120+ countries via local payment rails, with no minimum balance and no monthly service charge. For businesses that primarily operate in Singapore, OCBC and UOB are the most common bank alternatives to DBS.

Sources:

1.  https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

2.  https://www.dbs.com.sg/sme/day-to-day/accounts/fixed-deposit-account

3.  https://www.dbs.com.sg/sme/day-to-day/accounts/business-for-impact-banking-package

4.  https://www.dbs.com.sg/sme/day-to-day/accounts/heartland-merchant-banking-package

5.  https://www.dbs.com.sg/sme/day-to-day/accounts/conveyancing-account

6.  https://www.dbs.com.sg/global-financial-markets/forex-and-commodities/fx-online

7.  https://www.dbs.com.sg/sme/paynow

8.  https://www.dbs.com.sg/sme/day-to-day/payments/domestic-funds-transfers/giro-payroll

9.  https://www.dbs.com.sg/sme/max

10. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

11.  https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page

12.  https://aspireapp.com/pricing

13.  https://www.dbs.com.sg/sme/day-to-day/accounts/foreign-owned-companies

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.