Large remittances to Singapore through DBS Bank, easy and simple

In today’s increasingly integrated global economy, large remittances to Singapore have become a key demand for many individuals and businesses. Whether purchasing real estate, investing in the Singaporean market, or conducting large-scale fund transfers, choosing a reliable banking partner is crucial to ensuring the safety, efficiency, and cost-effectiveness of large remittances.

Among many banking options, DBS has become the preferred choice for large remittances to Singapore due to its excellent service and strong local network. By linking the DBS account with BiyaPay, customers can use BiyaPay’s local transfer function to achieve zero-cost intermediate bank remittance, which can further reduce remittance costs.

Why choose DBS Bank for large remittances?

Local network advantages of DBS Bank

DBS Bank is the largest bank in Singapore, with an extensive network of branches and ATMs across the country.

This coverage not only makes fund management more convenient, but also ensures that any financial needs within Singapore can be quickly met. Whether it is individual customers or corporate customers, DBS Bank’s local advantages can provide seamless services for large remittances.

Competitive exchange rates and low fees

In large remittances, exchange rates and fees are key factors that directly affect the cost of remittances.

With its dominant position in the Singapore market, DBS Bank is able to offer more competitive exchange rates and relatively lower fees. This means that customers can save more costs for the same remittance amount, thereby optimizing the efficiency of fund utilization.

Convenient digital banking services

DBS Bank’s online banking and mobile applications make the process of transferring large amounts of money easier and more convenient.

Customers can remit money anytime, anywhere through digital platforms without having to go to a bank branch in person. Real-time viewing of remittance status, account management, exchange rate inquiry and other functions can be easily achieved through DBS Bank’s digital services, greatly improving the efficiency of fund management.

Customized Client Server

For high net worth clients and corporate clients, DBS Bank provides professional Customer Manager services to ensure personalized advice and support for every large remittance.

Whether it’s developing the best remittance strategy or optimizing exchange rates and fees, DBS Bank’s Customer Manager can provide tailored solutions based on customers’ specific needs to ensure a smooth and worry-free fund transfer process.

More convenient option

In addition to directly opening a DBS Bank account in Singapore, you can also use some third-party platforms to optimize the process of large remittances.

For example, BiyaPay is a popular remittance tool that supports real-time exchange rate queries and exchanges for more than 20 legal currencies and more than 200 digital currencies.

By binding the Xingzhan Bank account with BiyaPay, customers can use BiyaPay’s local transfer function to achieve zero-cost intermediate bank remittance, which can further reduce remittance fees. In addition, BiyaPay also supports local remittance services in most countries or regions around the world, with fast arrival speed and unlimited amount, which is particularly important for users who need to efficiently and quickly complete large remittances.

Process and preparation materials for opening a DBS Bank (DBS) account in Singapore

After fully understanding the advantages of DBS Bank, the next step is the practical operation - how to open a DBS Bank account suitable for large remittances.

Select account type

First, choose the appropriate account type according to your needs. DBS Bank offers a variety of account options, including personal accounts and business accounts. For cross-border transfers, business accounts are usually more suitable.

Multi-currency accounts are an indispensable tool for large remittances. The multi-currency account provided by DBS Bank allows customers to hold multiple currencies in one account, reducing the cost of multiple currency exchanges. This is particularly convenient for customers who frequently make international remittances, especially when frequent currency conversions are required.

Account opening threshold

Personal account

• Regular savings account: There is usually no minimum deposit requirement, but to avoid account maintenance fees, it is recommended to maintain a certain balance.
• DBS iSaver: Generally, there is no minimum deposit requirement, but maintaining a certain balance can enjoy higher interest rates.
• DBS Multiplier Account: Usually, a minimum deposit amount is required to enjoy the benefits of the account, such as free maintenance fees. The minimum deposit amount may be SGD $1,000, but this varies depending on the specific account type.

Business account

Minimum deposit requirements :

• DBS Business Account: The minimum deposit requirement for a business account is relatively high, usually ranging from SGD $1,000 to SGD $5,000. The specific amount may vary depending on the account type and bank policies.
• DBS Corporate Account: Some premium accounts or specific business accounts may have higher minimum deposit requirements.

Prepare the required information

Personal account:

• Valid passport or identification
• Proof of address (e.g. utility bills, bank statements, etc.)
• Tax identification (such as tax documents or income proof)

Enterprise account:

• Business registration certificate (such as business registration certificate)
• Articles of Association and Board Resolutions
• Proof of identity and address of directors and shareowners
• Enterprise tax registration certificate
• Other documents required by the bank, such as business licenses, contracts, etc

Submit an application

Visit the official website of DBS Bank or go to its branch to apply for an account. You can submit the application online or directly go to the bank branch for face-to-face application.

During the application process, you need to fill out the relevant forms and submit all the prepared materials.

Account review

The bank will review the submitted materials. The review process includes identity verification, risk assessment, etc.

Depending on the bank’s requirements, an interview or additional information may also be required.

Open an account

After approval, the bank will open an account for you and provide relevant information.

After the account is opened, you can start using a Singapore bank account for cross-border transfers and other banking transactions.

With its strong local network, convenient digital services, competitive exchange rates, and excellent customer support, DBS Bank has become an ideal choice for large remittances to Singapore. Whether you are an individual customer or a corporate customer, DBS Bank can provide you with efficient and secure large remittance solutions. In the process of large remittances, choosing a reliable banking partner is crucial, and DBS Bank is undoubtedly a trustworthy choice.