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.
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How do I apply?
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