DBS to help businesses save on foreign exchange costs
Singapore, 17 Oct 2017 - DBS Bank today announced the launch of the DBS Corporate Multi-Currency Account (Corporate MCA) to help businesses transact and manage up to 13 currencies
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in separate e-wallets all maintained in one single account.
The Corporate MCA enables businesses to send and receive cross-border payments in different currencies and manage their foreign exchange costs more efficiently as incoming currencies are stored in respective e-wallets until exchange rates are in the business’ favour
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.
In addition, the Corporate MCA does away with the need to maintain a minimum balance in different currency accounts. Instead, all a business has to do, is to maintain a minimum balance of SGD 10,000 in the account.
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According to an International Enterprise Internationalisation Survey
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conducted in 2016, overseas revenue for companies based in Singapore grew by 4.2 per cent year-on-year, of which 53 per cent of total revenue for Singapore-based SMEs came from overseas.
Joyce Tee, Group Head of SME Banking, DBS Bank said, “DBS’ SME customers are constantly thinking about how they can expand their business overseas with greater cost efficiencies. Whether it is paying their suppliers and vendors globally or receiving payments from their customers, we hope that the DBS Corporate MCA will help to alleviate some of the administrative and cost commitments in dealing with foreign currencies This is part of our continuous drive to make banking simpler and more convenient for our customers.”
With more businesses making and collecting payments in different currencies, the corporate MCA will especially benefit SMEs who previously did not have access to such multi-currency accounts to manage cross-border payments and transactions. It is also ideal for the growing number of Singapore-based companies with overseas suppliers and vendors as they can save on administration and foreign exchanges costs from DBS’ corporate internet banking platform, DBS IDEAL.
Tat Hui Foods Pte Ltd, a leading manufacturer of the popular KOKA Noodles which exports their products to over 40 countries, is one example.
Mr. James Lim, Executive Director of Tat Hui Foods said, “The DBS Corporate MCA has helped Tat Hui Foods save on foreign exchange costs when receiving funds in foreign currencies as incoming currencies are stored in separate e-wallets until exchange rates are in our favour. With one multi-currency account to maintain, it is easier and more efficient to send and receive money in a few different currencies. This means that we get to focus more time on tasks and initiatives that matter for our business.”
With DBS’ established presence in China, India, Indonesia, Hong Kong and Taiwan, businesses with a Corporate MCA can also enjoy a waiver of cable charges for overseas telegraphic transfers to DBS accounts in these countries, and receive or make payments in 10 minutes.
Customers can find out more about the Corporate MCA at
go.dbs.com/smemca.
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Singapore Dollar, Australian Dollar, Canadian Dollar, Swiss Franc, Renminbi, Euro, British Pound, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Krone, Swedish Krona and US Dollar.
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Each currency e-wallet is automatically created when a transaction is made. Additional currency e-wallets can be activated online immediately, without any documentation.
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SMEs who trade only in SGD can open a digital account with no minimum balance required.
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International Enterprise Internationalisation Survey 2016
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About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “
World’s Best Digital Bank
” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “
Safest Bank in Asia
” by Global Finance for nine consecutive years from 2009 to 2017.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit
www.dbs.com
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
