You can easily get connected with people around the world today in one way or the other. Advancements in technology have helped us source products like luxurious bathroom accessories from Germany, chandeliers from Venice, and vintage clothing from England and pay in foreign currencies. You can also transfer funds to your relatives and friends abroad in the currencies of the countries they live.
Almost all countries have their currencies and when your SME pays foreign suppliers or receives money from customers abroad, you have to undergo currency conversions. With a business multi-currency account, you can hold and manage foreign currencies in one place. Being the best business bank account, it helps you switch between currencies, reduce currency exchange costs, and manage cross-border payments.
What is a Business Multi-Currency Account?
A Business Multi-Currency Account lets to receive, hold, and send more than one currency in one account. Most SMEs and large businesses have this type of account, for it is flexible and convenient. A multi-currency account should not be confused with an international bank account. The purpose of opening a multi-currency account is to deal with multiple currencies in one place and with one account. Your one multi-currency account is equal to several international bank accounts.
DBS offers a Business Multi-Currency Account to SMEs to manage 13 currencies like SGD, AUD, CHF, CAD, EUR, CNH, GBP, JPY, HKD, NZD, NOK, SEK, and USD. You have to maintain a minimum balance of 10,000 SGD to transact in any of the 13 currencies mentioned earlier.
How to open a Business Multi-Currency Account?
If you are an existing customer of a bank, having a digital or business account, you can upgrade this account to a business multi-currency account. For a new account, you have to provide your business information and UEN or registered business name. To open a multi-currency account, you need to:
- Log on to the official website of your bank and choose the type of account, which in this case is the Business Multi-Currency Account.
- On clicking the ‘Apply now’ tab, you will be taken to the page, on which you have entered your UEN or registered business name.
- Next, verify your registered mobile number and email address
- Fill in the application form providing your business details
- Wait for the email confirming the opening of your business multi-currency account and providing the details to access the account.
Various benefits of opening a multi-currency account
Having a business multi-currency account is to manage your foreign exchange volatility or it may be a part of your digital marketing strategy to expand your e-commerce business. Here are some benefits of having the best business bank account like a Business Multi-Currency Account.
- You can open an account online instantly
If your company is incorporated in Singapore or owned by permanent residents in the country, you can open a Business Multi-Currency Account with DBS instantly. However, you need to provide your business details and registered business name or UEN to start the account.
- Easy management of foreign exchange (FX)
A multi-currency account helps you hold multiple currencies and manage FX volatility using one account. You can receive payments in USD, AUD, JPY, or EUR, and make payments in SGD by converting them into particular foreign currencies of countries.
Further, you don’t have to convert the currencies instead, keep them in your account until you have a favourable exchange rate.
- Lower conversion fees
With a multi-currency account, you can receive and send payments in different currencies. Some payment methods like GIRO and FAST offer free money transfers. When receiving payments from customers abroad, you can have them in their choice of currencies, which can be converted at competitive FX rates. With a single multi-currency account, you can save a considerable amount of FX fees or commissions.
To conclude, a Business Multi-Currency Account is the best business bank account that helps expand your business to new international markets and grow it to a global company.