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DBS launches corporate multi-currency account
DBS Bank said on Tuesday that it has launched a corporate multi-currency account to help businesses transact and manage up to 13 currencies in separate e-wallets, all maintained in one single account.
The currencies are the Singapore dollar, Australian dollar, Canadian dollar, Swiss franc, Chinese renminbi, euro, British pound, Hong Kong dollar, Japanese yen, New Zealand dollar, Norwegian krone, Swedish krona and the US dollar.
The account "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", DBS said.
There is no need for a minimum balance in different currency accounts. The minimum balance needed in the entire account is S$10,000.