DBS Bank: online transfer, handling fees and processing time

When evaluating options for a small and medium-sized enterprise (SME), many new entrepreneurs often consider DBS Bank as a viable choice. DBS Bank, headquartered in Singapore, operates in 19 markets worldwide, and currently has 18 branches in Hong Kong. This article tells you the benefits and limitations of opening an account with DBS, and compares the bank with Airwallex.

What are the benefits of opening a business account with DBS Bank?

Security

DBS Bank holds “AA-” and “Aa1” ratings and has been recognised as “Asia’s Safest Bank” by Global Finance Magazine for 15 consecutive years. This could provide a certain level of confidence for those looking to open accounts with DBS.

Multi-currency savings accounts: convenient international transactions

After establishing a business account with DBS, you will gain access to “Multi-Currency Savings Accounts” which supports foreign currency exchanges and transactions. Available currencies include HKD, RMB, AUD, CAD, EUR, GBP, USD, NZD, JPY, SGD, CHF, DKK, NOK, and SEK.

Comprehensive business banking solutions

Companies that open a business account with DBS can benefit from a wide array of banking services, including bulk salary payments, accounting support, business loan applications, insurance, and corporate debit cards, etc.

Online transfer and account opening steps with DBS Bank

You can apply for an account with DBS Bank via their website or the DBS IDEAL mobile app. The process involves the following steps:

1. Fill out the company information form, which includes the following items:

   1. Business registration number;

   2. Registered company address;

   3. Details of company members;

   4. Financial information.

2. Upload required documents, such as invoices or orders (local registered are exempt from submitting company registration documents).

3. You should receive an email from the bank within two days. Follow the instructions to verify your identity. (Scan your ID, take a selfie, and upload your signature).

4. You can expect verification results within 1 working day if all shareholders and partners hold Hong Kong Permanent Resident Identity Cards. It will take a minimum of 5 days if at least 1 shareholder or partner possesses a People’s Republic of China Resident Identity Card.

5. Deposit funds within 30 days of account opening to activate your account.

Once your account is activated, you can immediately start making international transfers. You may send funds to any DBS account through “DBS PriorityPay”, with transfers arriving as fast as 10 minutes. 

The traditional SWIFT method is required for transfers to other banks. However, you can still monitor the real-time status of your cross-border transfer using the SWIFT gpi platform. You can receive instant notifications upon fund arrival, and view the actual received amount, as well as the exchange rates applied by the bank.

Note: The SWIFT gpi tracking service is only available for Singapore, Hong Kong, Mainland China, Taiwan, Indonesia, and India.

Overview of DBS remittance fees and processing times

DBS offers remittance services that are generally similar to those of traditional banking institutions. Below are the most recent fees published by DBS Bank, effective from June 2024.

Telegraphic transfer

Local bank transfer in HKD/USD/CNY through RTGS system

Additional Fees

Please note that the processing times and fees mentioned above are subject to change and should be confirmed directly with DBS Bank.

Comparison of remittance services between DBS Bank and Airwallex

Although Airwallex is not a bank entity, it provides a wider range of financial services that can effectively enhance financial operations and assist small and medium-sized companies in expanding their business. Below is a detailed comparison of the services and corresponding fees between DBS Bank and Airwallex.

Comparison of additional features and services

Airwallex: all-in-one financial and remittance platform designed for global businesses 

By opening a global account with Airwallex, you can establish accounts in more than 23+ currencies, transfer in 60+ currencies, and allow payments from over 180 countries. You can easily manage your global income and expenses. This streamlines your financial operations, and hence, lets you focus on business growth and expansion into international markets.

Create an account now to unleash your potential for global growth.

Sources: 

Information on DBS Bank was retrieved as of December 2024, from below sources. Information provided is for reference only. Please refer to the official website of DBS Bank for the most up-to-date details.

1. https://www.dbs.com.hk/sme-zh/day-to-day/accounts/business-account

2. https://www.dbs.com.hk/sme-zh/day-to-day/payments/swift-gpi-ott

3. https://www.dbs.com.hk/sme/Bank_Charges_Schedule_Chinese_HKL_1_Jun_2024.pdf 

Disclaimer: We wrote this article in December 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. This publication does not constitute legal, tax, or professional advice from Airwallex nor 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 (Hong Kong) Limited is regulated by the Customs & Excise Department and holds a Money Service Operator license (MSO License No. 16-09-01929).