How to open a bank account in DBS Singapore

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September, 2016 December, 2021 April, 2021

GSL reference about the bank

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

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated AA-
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    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; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    800 1 No restrictions
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    Transactions permitted per month The number of transfers is not limited
    Initial deposit of funds, € The minimum initial payment is 3,000 SGD (SGD Business Account), 800 EUR (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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    5 N/A 26 N/A N/A
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    Outcoming transfer, € Online banking transfer fee is 30 GSD monthly. Additional payments are possible
    Account maintenance, €/year Account maintenance fee is 40 SGD per year. Account closing fee is 50 SGD. There is also mobile banking
    Distant access to the account There is Internet Banking with an English interface (free). Security device fee - 20 SGD
    Financial products The bank offers a wide range of financial services
    Credit/debit cards DBS Visa Business Advance Debit Card

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Necessary Detailed Current
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    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 Personal; Corporate; Savings; 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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