In Singapore, the DBS multicurrency account is a popular choice for businesses, with DBS being a household name and a go-to bank. But the catch is, the DBS Corporate Multi-currency Account may not be the best direct fit if your business requires a service that specialises in international support, dedicated account servicing and flexibility on FX rates.
Wallex serves as a good alternative for these reasons, serving as an international payments provider focused on the needs of small-medium businesses. Majority of Wallex customers testify to getting faster delivery of funds and better cost savings with the fully online platform.
So if you are curious about how a Wallex account fares compared to a DBS multicurrency account, read on.
1. With Wallex, you don’t need a maintenance fee
Like a DBS multi currency account, Wallex has a multicurrency wallet which allows you to hold and convert 13 currencies. Nonetheless we understand that you may wish to primarily use a bank account to make overseas business transactions instead of store money.
DBS and other banks have a minimum balance, which can cause a lot of stress when it comes to making sure you leave enough in your account to escape being penalised. At Wallex, we want to ease such stresses and ensure you can place your utmost focus on your business.
This is why Wallex does not require a minimum balance. There is neither a setup fee, monthly administration fee, annual maintenance fee nor fall-below fee. For instance, the annual account fee and fall-below fee for DBS are $40 respectively. With Wallex, there is no need to worry about additional charges.
2. Wallex is prime for doing business in Asia
Wallex is made in Asia, for businesses in Asia. This is reflected by our strength in Asian currencies. DBS tends to price their FX rates far higher than the real-mid market rate. At Wallex, we keep our Asian currency exchange rates competitive and customisable to your needs.
While DBS may send international payments in popular Asian currencies such as SGD, HKD, JPY and CNH, Wallex not only has great service for those, but also offers competitive rates and unparalleled speed for other Asian currencies like THB, IDR, MYR and VND.
Better exchange rates and speeds can improve your cash flow. For payments from Singapore to Indonesia, we even send real-time payments, 24x7.
3. With Wallex, you get a dedicated Account Manager
Regardless of your business size or transaction volume, every business registered on Wallex will get a dedicated Account Manager. For those businesses in Singapore, your Account Manager will be in Singapore as well. This makes it convenient for you to communicate your needs and requests. We often hear from customers that this makes a huge difference, having the same reliable person and phone number to directly reach.
On the other hand, it is commonly known that only high net worth clients get dedicated Account Managers, while other small-medium businesses would have to call a hotline. The hotline ends up redirected to several different representatives.
With local banks like DBS, little expertise and support is offered to help you in managing your finances and transaction-related matters. You often have to wait a long while before getting hold of a representative.
4. Wallex can offer a better FX rate than DBS
DBS, like other banks, tend to use their own FX rates that are usually much higher than the prevailing market rate. This results in your business paying more when collecting in a different currency or transferring overseas payments through a bank.
On the other hand, Wallex always strives to provide a customised and competitive package to businesses, understanding the nature of business transactions. Wallex does this by first sourcing rates from multiple banks, and then prepares the most competitive package to your business. Be it for sending or receiving international payments, you may be assured that you can save a significant amount from lower FX rates!