Assign a virtual account to each of your customers for easy payment collection
Collect payments from a large number of your customers with DBS Virtual Account (VA). By creating and assigning a VA to each of your payers, you can now easily identify the paying customer and the purpose of payments. All Virtual Accounts that you create and assign to are electronically linked to your master account. If you have a business in China that receives regular incoming payments from at least 50 different paying customers, then you may want to consider using VA for better accounts reconciliation.
Why choose DBS Virtual Account?
A virtual account is an account created and assigned to each of your paying customer, for example, a main distributor or buyer, so that your company will be able to differentiate each payment from the payment source. The payments made to the different Virtual Accounts will be automatically directed into your master account.
Yes, you will need to have a business account with us in order to use this service. Your business account will act as your master account when using VA. If you do not have a business account with us, please call us at 4008208988 and we will arrange for a relationship manager to assist you. You may also visit our Business Account page for more information.
You can create as many VA numbers as required for your business. Each VA number has 16 digits. All you have to do is to customise the last nine digits of your VA number and assign that VA number to one of your paying customers. You repeat the same process for other paying customers.
It takes one working day to register a new VA.
The reports are available via IDEAL™ at T+1.
The funds will go directly to the master account registered for the VA, since the VA serves only as a mirror account for the actual master account. The purpose for a VA is to help your business accounting with a better process for consolidation and tracking of payments from the same payer.
Star of Innovation in Payments – Global Banking Stars of China Awards
Best Bank for Cash Management, China
Best Service Provider – E-solutions Partner in China
Best Transaction Bank in Asia
How do I apply?
The information provided in this website is for general information only and nothing contained in this website constitutes an invitation, offer or solicitation with respect to the entry into transactions mentioned in this website or subscription, purchase or sale of any products, services, securities or other financial instruments mentioned in this website or the taking of any position or the adoption of trading strategy in respect of any asset class (eg. currency, interest rate, commodity, equity etc). The information provided in this website is not provided with regard to the specific investment objectives, financial situation and the particular needs of any particular person who accesses this website.
The information provided on this website is subject to change without notice, its accuracy is not guaranteed, and it may be incomplete or condensed. Accordingly, no representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information in this website. We are not acting as your advisor or agent when providing the information in this website. The information in this website does not purport to identify the risks (direct or indirect) or other material considerations which may be associated with you entering into a particular transaction, subscribing for a particular service or purchasing or selling a particular security or financial instrument. Prior to entering into any proposed transaction or entering into any subscription, purchase or sale of any security or financial instrument, you should determine (after consultation with your own advisors if you deem fit), without reliance upon us or our affiliates, the economic risks and merits, as well as the legal, tax, accounting or other material characterisations and consequences of the transaction, subscription, purchase or sale, as the case may be, and that you are able to assume these risks.
We, and/or our affiliates, may hold, or trade, or act as market-maker, in any securities or other financial instruments mentioned in this website or related derivatives or may take positions or use trading strategies in respect of any asset class similar to or which differ from or be contrary to those mentioned in this website. We, and/or our affiliates conduct many businesses and activities that may relate to issuers of third party securities mentioned in this website and may provide broking, banking and other financial services to such issuers.
Anyone receiving or accessing this website must make their own assessment of the materials herein and conduct such investigations and seek such professional advice as they think fit for such purpose. The information provided on this site should not be regarded by recipients as a substitute for the exercise of their own judgment.
© DBS BANK LTD, 2013. All rights reserved. Any unauthorized use, duplication or disclosure is prohibited by law and will result in prosecution.