DBS Bank has launched the DBS Corporate Multi-Currency Account (Corporate MCA) to help businesses transact and manage up to 13 currencies in separate e-wallets all maintained in one single account. The bank claims the Corporate MCA will especially benefit SMEs who previously did not have access to such multi-currency accounts to manage cross-border payments and transactions. The product 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’ favor. In addition, it does away with the need to maintain a minimum balance in different currency accounts. Instead, all a business has to do, is to maintain a minimum balance of S$10,000 in the account.
