Virtual Account

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 payer, 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?

  • Improve your turnaround time for accounts reconciliation, cashflow and working capital, as VA reports can be obtained automatically via IDEAL™, our online banking platform, and funds paid to VAs are transferred immediately to your master account
  • Customise each 16-digit VA number by changing the last nine digits, then assign one VA number to one paying customer
  • Stay informed with IDEAL™ eReports, our instant SMS and email alerts that notify you when the funds have been credited to your account through the online RMB payment system, managed by The People's Bank of China (PBOC), or through the paper-based payment instructions
  • Check your summary and account activity for each VA via IDEAL™, our online banking platform, which is easy to use and can be accessed in PDF and CSV formats


What is a VA?

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.

Do I need to have a DBS Business Account to use VA services?

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.

How many VA numbers can I create?

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.

How many days does it take to register for a new VA?

It takes one working days to register a new VA.

How soon can I obtain the VA reports via IDEAL™?

The reports are available via IDEAL™ at T+1.

When my customer pays me through the VA number, does the fund go directly to the VA or my master account?

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.

Is there a fee to use the Virtual Account services?

Yes, please refer to our pricing guide.


How do I apply?

Simply call us at 400 820 8988 (or +86 400 820 8988 if you're overseas) or visit any of our Branches. You may also email us and our Relationship Manager will contact you as soon as possible.



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Best SME Bank of the Year, China 2015

Best SME Bank of the Year, China 2015

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