How to open a bank account in DBS Singapore

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

September, 2016

Last contact

April, 2024

Last update

October, 2023

the bank opens current accounts;
travel to Singapore is a prerequisite for opening an account;
the minimum initial payment is SGD 3 000 (SGD Business Account), EUR 800 (Foreign Currency Current Account);
the term for opening an account – case by case (check with the consultant)

GSL rating

Beginning of cooperation

September, 2016

Last contact

April, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1968

History

DBS Bank began operations in Singapore in 1968 as The Development Bank of Singapore Limited. The bank has received its current name since the end of 1975. In 1994, the first PRC branch was opened in Shanghai. DBS Bank is the leading banking group in Asia, with over 280 branches in the leading countries in the region. The bank operates in Singapore, Hong Kong, mainland China, Taiwan, India and Indonesia

Personnel

The banking group has over 18 000 employees. The staff speaks English

Bank’s shareholders

Among the bank's largest shareholders: MAJU HOLDINGS PTE. LTD. - 18,32%, CITIBANK NOMINEES SINGAPORE PTE LTD - 17,68%, DBS NOMINEES PTE LTD - 14,94%, TEMASEK HOLDINGS (PRIVATE) LIMITED - 11,34%, DBSN SERVICES PTE LTD - 7,59%, HSBC (SINGAPORE) NOMINEES PTE LTD - 6,55%, UNITED OVERSEAS BANK NOMINEES PTE LTD - 3,12% and others

Confidentiality

Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

—

Minimum balance, €

—

Transactions permitted per month

800

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Transactions permitted per month

The number of transfers is not limited

Initial deposit of funds, €

The minimum initial payment is SGD 3 000 (SGD Business Account), EUR 800 (Foreign Currency Current Account)

Deadline for the initial deposit, month

Initial deposit is made when opening an account

How fast payments are executed

Singapore time + 5 hours with Moscow

Tariffs and services

5

Outcoming transfer, €

N/A

Incoming transfer, €

26

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Online banking transfer fee is SGD 30 monthly. Additional payments are possible

Account maintenance, €/year

Account maintenance fee is SGD 40 per year. Account closing fee is SGD 50. There is also mobile banking

Distant access to the account

There is Internet Banking with an English interface (free). Security device fee - SGD 20

Financial products

The bank offers a wide range of financial services

Credit/debit cards

DBS Visa Business Advance Debit Card

Account opening procedure

Days to open for incoming transfers

case by case

Days to open for outcoming transfers

case by case

References

Necessary

Purpose of the account

Current

Visit to the bank

A visit to the bank is required

Required

Standard set of corporate documents, copy of passport, utility bill. A reference letter from DBS overseas branches or any reputable bank is required. FATCA form

Types of accounts

Current

Chances to open an account

Predictable

Business description

Requirements for the description of activities are standard: a story about the current state of the business and its formation, disclosure of the source of origin of funds, biography of the beneficiary of the account and contact information

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