Your business in Singapore is growing, taking advantage of the benefits of a globalized economy. Expanding to new international markets, your business will have contractors or staff across geographically distant locations or source raw materials or products from international suppliers. Like many businesses in Singapore, you don’t want your business to limit itself to the domestic market; instead, capitalize on global digital trends.
Of course, pursuing international opportunities is decisive, but it comes with some challenges, especially when you make international payments. A recent study revealed that the CAGR or compound annual growth rate of global cross-border payments would reach 5 percent in 2022. It is expected to grow even further with the increase in eCommerce, international trade, and production.
Nevertheless, there are some problems like high transaction fees, multiple intermediaries, long transaction times, and country-specific regulations that hamper the payments landscape. Your business, which is expanding to various countries, needs to make and receive international payments. Having several bank accounts to keep track of multiple currencies will result in high transaction fees and foreign exchange commissions. With a corporate account, you can simplify your expense processes.
By starting a Corporate Multi-Currency Account, you can hold and manage different currencies in one account at a low fee. You can keep them without converting them or use them interchangeably.
What Is A Corporate Multi-Currency Account?
A Corporate Multi-Currency Account is a type of corporate account that permits you to receive, hold, and send money in multiple currencies. If your business is engaged in an eCommerce business or international trade, having a business multi-currency account will help you manage multi-currencies in a single account easily. For example, you can open a Business Multi-Currency Account with DBS in Singapore and transact in 13 currencies, which include SGD, CHF, AUD, CAD, CNH, EUR, JPY, GBP, HKD, NOK, SEK, NZD, and USD.
A multi-currency account with DBS is easy to maintain and is cost-effective. When transacting, you can avoid currency conversions and save on FX commissions and fees. Nonetheless, you need to maintain a minimum balance of 10,000 SGD and pay an annual fee of 50 SGD.
What Are The Benefits Of A Corporate Multi-Currency Account?
A multi-currency account helps you conduct transactions in foreign currencies. Your business can benefit from it in a number of ways.
1. Helps manage your account with ease
You can receive payments from your customers in their choice of currencies and make payments to suppliers in SGD, without any need to convert them into their currencies. Using the bank’s mobile application, you carry out financial transactions quickly from any place.
2. Offers digital business solutions
With a business multi-currency account, you can have free access to various digital solutions that suit your business needs. For instance, DBS offers its customers a free digital pack to help digitize their business’ key functions like HR, accounting, cybersecurity, and digital marketing.
3. Faster FX
You can make cross-border payments faster through online transfers in around 65 currency pairs. The corporate account in Singapore offers instant exchange rates to make automated invoice payments quickly and transparently. With your diverse FX payment methods reconciled on a single bank account, you can save much on foreign exchange commissions and fees.
4. Zero cable charges
Transferring funds from your account in Singapore to other accounts in foreign countries of the same bank attracts no cable charges. For instance, DBS offers free transfer of funds to DBS business accounts in countries like India, mainland China, Indonesia, Singapore, Hong Kong, or Taiwan.
5. Free debit card
You can have a debit card with cash rebates on purchases and no annual fee.
To conclude, if you want to expand your business globally, getting a corporate multi-currency account is not difficult. You can open it with DBS in a few minutes.