Singapore-based DBS Bank has launched Corporate Multi-Currency Account (Corporate MCA) to assist businesses save on foreign exchange costs.
The new offering will allow merchants to transfer and receive cross-border payments in different currencies and better manage their foreign exchange costs.
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It will support transaction in 13 different types of currencies in separate e-wallets all maintained in one single account.
The bank said that customers will not have to maintain minimum balance in different currency accounts. Instead, they just have maintain a minimum balance of SGD10,000 ($7350.78) in their account.
DBS bank group head of SME banking Joyce Tee 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.”
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