How to Open A DBS Multi-Currency Account in Singapore
How to Open A DBS Multi-Currency Account in Singapore
As the world is becoming more and more connected, dealing with international currencies is now more essential than ever. You need to deal in international currencies whether you are buying something online from an international retailer when you are sending and receiving payments from other countries and even while trading in foreign currencies.
More importantly, as you travel across countries beyond the borders of Singapore, you will need international currencies. And if you try to spend money from your regular bank account there, that’s a whole new story. The exchange rates are terrible and the bank will also charge hidden fees. As evident, that’s a bummer.
So, is there a solution?
Yes, with the recently introduced DBS Multi-currency account, you can do a plethora of activities, avail endless banking services, and travel worry-free.
Let’s have a look.
Why should you Open A DBS Multi-Currency Account?
Whether you are a Singaporean who needs multiple foreign currencies or an expat living in Singapore, the exchange rates are a constant worry. You lose a lot of your hard-earned money in the foreign currency exchange process and if you try to spend directly from your usual bank credit card, there are always some hidden fees and outrageous exchange rate markups.
DBS Multi-Currency Account lets you hold multiple currencies in your account and spend the amount directly in that currency. That way, you can skip the entire exchange part and save a lot of exchange fees in the process. Moreover, you can earn interest on your savings and avail all kinds of regular banking services. Although there are a couple of independent third-party multi-currency service providers, the trust, security, and flexibility of a bank makes this DBS multi-currency account a must-have.
How many types of DBS Multi-Currency Accounts are there?
Both Singaporeans and Expats can open DBS multi-currency accounts, although there is a little bit of difference between the accounts. Depending upon your purpose and nationality, you can select an account among the two types of multi-currency accounts offered by DBS.
DBS My account
DBS Multiplier Account
The service charges and fees are a little different between the accounts, but the charges regarding the foreign currencies are relatively the same
DBS My Account
DBS My Account is the best option for your daily needs and expenditures when you are living in Singapore. You can save, spend as well as invest with your My Account without any minimum balance, initial deposit requirement, or service charge. Moreover, you can avail of 150 banking services tailor-made for you.
With My Account, you can use 13 different currencies without any Foreign Exchange Conversion fees making your international transactions easier than ever.
This account is more suited to your daily needs. You can pay your bills, track your budget, manage your personal finance and even plan for your retirement. You can even change the name of your account to your purpose like “Travel fund” or “Retirement Plan” and the same will be reflected everywhere in your account statements.
DBS Multiplier Account
With a DBS Multiplier account, you can also save and transact with 13 different currencies and earn as much as 3% in interest. The more you transact with your multiplier account, the more interest you get on your savings. You can also get additional benefits when you choose to credit salary and dividends in your account or even connect SGFinDex on your NAV planner to control all your money from a single window.
You will be charged a service fee of S$5 if the balance of your DBS Multiplier account falls below S$3000. This is waived for the account holders until the age of 29.
Requirements for Opening A DBS Multi-Currency Account
If you want to open a Multi-Currency Account in DBS, you need to fulfill some eligibility requirements.
You need to be 18 years or older for a Multiplier Account. There is no age limit for My Account.
You need to be a Singaporean or a Foreigner with a valid pass.
My account can also be opened as a joint account, which is particularly useful if you want to open an account with your child.
The Account Opening Process
If you are a Singaporean Citizen, Permanent Resident, or a foreigner with a valid pass, you can open your Multi-Currency Account online. You will need to upload all the relevant documents online depending on your residency status. If you don’t have every document in order, you may still open an account by visiting a DBS bank branch.
Fees and Charges
There are some minimal charges associated with your accounts.
For DBS My account, there is no service charge. However, there is a S$2 per month (with proper statement) account fee, which is waived for account holders up to 16 years of age or account on eStatement.
For a DBS Multiplier account, there is no monthly account fee or initial deposit. However, there is a S$5 service charge if your average daily balance falls below S$3000. This service charge is waived off for the account holders until the age of 29.
Cards associated With DBS Multi-Currency Account
Both Debit and Credit cards are offered with DBS Multi-Currency Accounts. My account comes with both PayLah! And a Visa Debit card. You can select from a range of Visa Debit Cards to link to your My Account depending on your requirement making your overseas card usage easier and less expensive.
Final Words
Getting the right kind of Bank account can make your life easier. With a DBS multi-currency account, you don’t have to constantly worry about your personal finances while you travel or shop. With this account, Singaporeans can be more in sync with the global transactions receiving money from anywhere. And with a lot of expat population in Singapore, this account strikes the right chord to become the preferred choice for both expats and locals alike in their financial planning.
For more help regarding financial planning as an expat in Singapore, get in touch and one of our Financial Advisers would be more than happy to assist. You will find all kinds of advice on how to better manage your finances and get the maximum return out of your money. Moreover, at TallRock, get access to the financial products, best suited to your requirements in investment, insurance, retirement, or any other kind of financial planning.