Effective financial management helps you grow in your personal and professional lives. With a multi-currency account in Singapore, you can easily manage different currencies and save on foreign exchange fees when making international transactions. It can lead to increased savings and better financial planning for your goals. “My Account” is a digital bank account that supports many currencies and simplifies banking. You can customize, save, spend, and invest in various banking services to suit your requirements.
A multi-currency bank account can help you grow and go digital by enabling electronic fund transfer, managing cash flow, generating electronic invoices, enabling quick payments, accounting, obtaining business finance, and tax reporting.
What Should You Know About Your DBS Personal Multi-Currency Account?
The expense and inconvenience of buying currency in person or online can be reduced or eliminated with a multi-currency account. It is beneficial to individuals, entrepreneurs, frequent travellers, independent contractors, and anybody leading an international lifestyle.
There are many different types of multi-currency accounts. Traditional bank accounts require a branch visit to open an account, while digital alternatives move your money using apps and online help.
For Singaporean private clients, DBS offers two well-liked multi-currency account options: the DBS Multiplier Account and the DBS My Account. The services you need and the kinds of transactions you’ll do often will determine the best option suitable for you.
This tutorial provides an overview of the multi-currency accounts that DBS offers, and a comparison of the two DBS account offerings, exchange and interest rate information, and application instructions to aid in your decision.
Advantages of utilizing a DBS multicurrency account
The DBS Multiplier Account and DBS My Account are the two most important DBS account products to be aware of if you live in Singapore and require a multi-currency account for daily expenses.
Knowing that DBS accounts based on client status and need is helpful. Thus, certain accounts are only accessible to PRs and citizens of Singapore, while others are intended for foreign clients. When selecting a product, thoroughly review its eligibility to ensure that it meets your needs.
Different accounts have various fees, such as overdraft, fall-below, and service fees. This is to be expected. All account types usually incur the same fees, though, when it comes to foreign money services like sending international transfers or using your card abroad.
My Account
A flexible and user-friendly multi-currency account option is DBS My Account. Depending on your demands, you can attach any of the staggering 150 distinct banking services to your account to personalize its functionality.
You can use the digital banking capability to retain and exchange up to 13 different currencies for your foreign currency requirements. Additionally, you can link your account to a MasterCard, debit card, which enables access to travel wallets for foreign currencies when you make purchases abroad.
Account Multiplier
The more you use DBS services, the more interest you will earn on your balance as you hold, conduct business, and save up to thirteen different currencies. Depending on many variables, like your age and how you utilize your account, the interest you receive could reach 3.5%.
Eligibility and prerequisites to open a multicurrency account with DBS
As long as you live in Singapore, you can register a My Account. Children are eligible to open an account as joint holders with their parents or guardians. Only citizens of Singapore who are 18 years or older are eligible to open a Multiplier Account.
Whether you’re applying through SingPass or manually uploading information depends on which documents you require, but generally speaking, you’ll need to provide:
- Your details for communication
- Evidence of Identity
- Verification of the home’s address
- Evidence that the phone number you linked to your account is yours.
- Evidence of tax residency
If you want to travel or buy from companies based abroad, getting the correct my account multi-currency account can make your life easier. DBS, a prestigious bank in Singapore with a global reach, offers user-friendly, high-quality multi-currency account options.
