Here, there or anywhere: Get it all done with DBS IDEAL, no matter where you are. Photo credit: Unsplash
Banking is not the way it used to be. Gone are the days when one had to queue for hours to get anything done at the bank.
These days, you can bank anywhere at any time by using any device with an Internet connection.
Banks are also finding themselves under pressure to offer more than just banking services – they now help you manage your money through robo investing and run your business – through the power of digitalization and technology.
This pressure only looks set to increase, with the advent of digital banks next year, as well as various trends emerging.
Case in point: Major local bank DBS now helps SME owners run their businesses digitally. Indeed, the bank strives to live up to its “Live more, bank less” mantra with DBS IDEAL, its digital business-centric mobile platform.
In the bank’s words, it makes “banking faster, simpler and smarter”. Let’s take a look at what DBS IDEAL does, and how. Here are some of its features:
If you don’t have a DBS corporate account, apply here to get a Digital Account or Multi-Currency Account for $216 and $40 respectively per year. Only then can you sign up for DBS IDEAL.
Sole proprietors and private companies with a DBS business account can apply here. Other corporation types can get the IDEAL application form here. After signing up, you can download DBS IDEAL app from the App Store or Google Play Store.
Once you’re all set up, you can use a physical (one-time charge of $50 applies) or digital token+ to access DBS IDEAL. Connect your DBS IDEAL account to your ERP or accounting system for easier payment and bank feed access.
DBS IDEAL comes with cutting-edge security features such as secure log-in with 2FA biometric security via your fingerprint or facial recognition. Once you’re in, just tap and swipe to login and approve transactions.
The customized security mechanism can also allow for the set-up of multiple signatory groups and approval layers to suit your business operations.
Not only can you add and manage users easily, but you will be freed from annoying piles of paperwork, thanks to the notifications that are sent automatically to your device.
With DBS IDEAL, you can see incoming payments, view remittance advices, access statements and make payments – no matter where you are.
The platform also supports multiple languages and currencies, and can be accessed from anywhere in the world that has an Internet connection.
You can initiate and approve transactions on any mobile device, and receive instant notifications upon approval. Cash management services, trade and supply chain finance services, and foreign exchange (FX) and treasury services are also available.
Be updated on the status of your outstanding loan facilities, submit new loan requests, and receive loan-related notifications via email or SMS – just by using DBS IDEAL. In addition, you can:
• Enquire about outstanding loan amounts, interest rate, upcoming payments, due dates and amounts;
• Access past transactions and the repayment history of principal and interest amounts paid;
• Get new loan drawdowns (with the exception of syndicated loans, property loans and equipment financing) – within the pre-approved limit;
• Be updated on loan rollovers and interest rate fixing;
• Keep track of scheduled payments;
• Make partial or full loan settlements; and
• Manage and control user access for DBS IDEAL to your company’s loan accounts and online banking functions through the Customer Self Administration module.
Whether you access DBS IDEAL through the mobile app, digital token or physical token, the platform’s ease of use is the same; as are the real-time alerts and notifications that you will receive for incoming funds, payment statuses and account balance information.
Submit and approve the following forms digitally using the File Exchange module on DBS IDEAL:
• Change of profile (e.g. mailing address)
• Change of account mandate (i.e. change of account signatories and/or signing requirements for your company's account(s)
• IDEAL Maintenance (updating of your company's IDEAL access)
Receive eStatements for the Current Account, DBS Business Account, DBS Autosave Account, DBS Multi-Currency Account, and DBS Digital Account; as well as the DBS Risk Free Rate (RFR) Loan, and DBS Non-Risk Free Rate (Non-RFR) Loan.
Meanwhile, eAdvices are also available for the DBS Risk Free Rate (RFR) Loan, and DBS Non-Risk Free Rate (Non-RFR) Loan.
These can be accessed securely by authorized users via DBS IDEAL. Emails or SMSes will be sent when your monthly eStatement or eAdvice is ready.
Those who sign up for DBS IDEAL from August 2020 or June 2021 onwards can have their eStatements and eAdvices respectively stored online for up to 7 years.
The Audit Confirmation feature on DBS IDEAL allows you to automatically provide your authorization for DBS to confirm your positions and balances to your auditors through DBS IDEAL, without face-to-face interaction.
Depending on the request, the turnaround time can be as quick as 24 hours, with the exception of some services. You can track the audit process digitally. Do note that sending a hardcopy document to auditors will cost S$50 per audit request.
Taking into account what you can do on DBS IDEAL – tracking incoming payments, making payments, accessing advices and statements, plus adding and managing users – it sounds like a pretty all-in-one platform.
DBS IDEAL even offers help with loan services and the dreaded yearly audit. You are also kept updated via emails, SMSes, eAdvices and eStatements, which makes it easier to reconcile your accounts.
But here’s the catch: If you are new to DBS, you need to have a DBS Digital Account or Multi-Currency Account for $216 and $40 respectively per year. Only then can you sign up for DBS IDEAL.
The Digital Account and Multi-Currency Account require an initial deposit of $1,000 and $3,000 respectively. There is no minimum balance for the Digital Account, but the latter requires a $10,000 minimum balance, and has a $40 fall-below fee. There are no fall-below fees for the Digital Account.
Those who already have a DBS business account can sign up using the respective forms. For DBS IDEAL, the set-up and maintenance fees are waived and there is no charge for recurring subscription fees. The digital token+ entitles you to unlimited free users, but a one-time fee of S$50 will apply for each physical token.
All in all, DBS IDEAL is a good platform to try if you are already banking with DBS and looking for a platform to manage your business needs while on the go.
Sign up here or read the frequently asked questions here.
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Belinda loves thinking about random stuff, and collecting useless bits of facts and trivia. She often roots for the underdog, and believes the world needs more happy endings.
