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

December, 2022

Last update

September, 2022
  • 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)
GSL rating
Beginning of cooperation
September, 2016
Last contact
December, 2022
Last update
September, 2022
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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 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

    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 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

    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

    Banks of Singapore

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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