My DBS Online Internet Banking and Mobile Bank Review
Intro & History
DBS was established in 1968. It was previously known as The Development Bank of Singapore Limited. The current DBS’ name has been used since July 2003 in order to reflect its changing role as a regional bank. DBS headquarter is located in Singapore. As one of the largest financial services groups in Asia, DBS provides full range of services in consumer, corporate, SME (Small & Medium Enterprise) and wholesale banking throughout Asia.
DBS also has dominated the positions in Singapore and Hong Kong for consumer banking markets, asset management, securities brokerage, equity and debt fund-raising, treasury and markets. As one of the well known Singapore banks, DBS has one of the highest credit ratings in the region. The customers are spread worldwide in 15 markets such as China, Dubai, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Thailand, Philippines, Singapore, Taiwan, Vietnam, United Kingdom and USA. It is a well-capitalized bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region. DBS has a regional network covering more than 200 branch offices and over 1,000 ATMs across 50 cities.
Products and services
Main products / services for personal account offered by DBS may have slightly difference within every country but overall it includes:
1. Current and savings accounts
The main banking services include auto-save account, current account, foreign currency current account, mysaving account, and saving plus account.
2. Fixed deposits
It offers fixed deposit in local currency, premier income account deposit and foreign currency fixed deposits.
3. Loan and Home Finance
The loan services include personal loan with DBS Cashline, auto loan, share financing, tuition fee loan, home loan (mortgage loan), bridging loan, renovation loan and POSB loan.
4. Cards and Unsecured Lending
DBS offered both credit and debit cards.
The most popular DBS credit cards are:
- DBS Black American Express Card (for the one that enjoy sophisticated life),
- Live Fresh by DBS (suitable for mobile trendsetter),
- DBS MasterCard Platinum Card (special health protection offered),
- DBS Altitute American Express Card (jetsetter privilege and more mileage earned while travel),
- DBS Takasimaya Platinum American Express® Card (VIP privilege for shopping),
- DBS Esso Platinum MasterCard (smart saving on fuels),
- DBS Visa Platinum Card (more privileged lifestyle).
The most popular DBS debit cards are:
- Visa Debit Card (with cash back program),
- Takasimaya Visa Debit Card (with 3% voucher rebates) and
- CapitaCard MasterCard Platinum Debit Card (with up to 20% rebate on vouchers).
The investment scheme provides by DBS consists of Unit Trust, CPF Investment Account and Retirement Scheme Account. DBS is as well associated with the fund partners whose products garnered awards at the prestigious 'The Edge-Lipper Fund Awards 2010' and the 'Morningstar Fund Awards 2009'. It provides various mutual funds.
Various kinds of insurance are available, such as whole life/ term life insurance, mortage insurance, personal accident insurance (Junior Care, Pro Care, 50-Plus Care) and other insurance such as Traveller Shield, Drive Shield, Home Shield).
Advantages & Disadvantages
Pros of DBS
- Website with customer’s assistance and up-date current promotions
- Complimentary Antivirus for iBanking customers
- Is awarded as the Best Bank in Asia Region
Cons of DBS
- Only serve regional region and currently there is only one DBS branch in the United States.
- Not all phones are compatible for using the Mbanking, Mobile Banking services.
DBS Online Internet Banking
The internet banking is limited only to DBS customers and is free of charge. To access the Internet Banking of DBS, you will need:
- Laptop or desktop computer or smart phones or Tablet with online capability
- The supported Operating System (OS) are: Windows 98, NT, 2000, ME, XP, Vista or Win 7 system and Macintosh using OS 10.x.
- The supported web browsers are: Microsoft Internet Explorer 7.0 and higher, Firefox 3 and higher, and Chrome 3.0 and higher.
- Support 128 bit ssl security encryption protection
- DBS iBanking Secure Device (Token)
- You have registered for the iBanking at the ATM or mail-in to DBS
- Access to the DBS website through www.DBS.com
Type of Financial Transactions
With the internet banking, you are definitely will save much more time and energy in completing all of your financial transaction. Here is list of what is possible to be done with the iBanking at DBS:
1. Online Application
The online application includes new account opening, debit card application, credit card application, cars/ home/ renovation loan application, secured overdraft application, cashline application, ATM card request as well request for ATM Card Limit changes.
2. Online Saving
The Save Online feature allows you to place deposit either in local currency or foreign currency, request the change local/foreign currency fixed deposits maturity instruction, request for statement, setup/update as well view/terminate your regular savings plan and you will be able to view the online rates.
3. Online Investment
With the Online Investment, you can fill in the electronic security application directly, check the results or withdraw it. You can purchase the Unit Trust online, do electronic payment for Shares, request to purchase/ cancel Structured Deposit, and do the Online Trading Services.
4. Online Transfer
DBS allows you to set up standing instruction (transaction to be done on regular basis), order a cheque or demand draft and as well delete or add new request for it online. Overseas Telegraphic Transfer, Bill Payment, Top Up PayPal, Add/Change Interbank GIRO arrangement can be done via iBanking as well.
5. Online Tracking and Managing
The iBanking at DBS provides the convenience for you to do all your financial transactions such as:
- Check your account summary
- Check your saving or checking accounts transaction history
- Get credit or charge verified
- Obtain and request your new debit card through customer service
- Obtain your electronic statement or e-statement
- View and print account statements
- Execute standing instruction inquiry or schedule future transfer from one account to another
- Get your Interbank GIRO inquiry
- Update your address or personal details and change PIN
- Pay your bill online using Bil Payment feature
- Add new Bill Payee Information
- Contact bank customer service or representative
- Access account at anytime and anywhere
- Access your investment account
- Buy various unit trust or mutual funds using cash or CPF
- Setup or update regular savings plan
DBS Internet Banking Promotions
If you are banking with DBS, you can get various rewards or bonus such as:
- iBanking Money Safe Guarantee. DBS guarantees your money is safe during the online banking transaction and will repay the money taken from your account should there is any unauthorized transaction.
- S$30,000 worth of Tiger Airways vouchers to be won with iBanking! DBS is currently having a program for the new iBanking registration client, to stand a chance to win S$ 30.000 worth of Tiger Airways Voucher. Five lucky winners will be picked on monthly basis, and the promotion valid until March 2011.
- Free 60 days Norton Internet Security! Exclusively for iBanking customers. Free or Lower Rate for the certain banking services compared if it is being done in DBS branches or other banks.
Note: These promotions may run for limited time only, please check with DBS for details.
DBS Mobile Banking
The mobile banking by DBS allows you to manage your financial transaction quicker and it is free. You will need the following:
- An iBanking ID
- A downloaded M-Banking application from browser
- DBS iBanking Secure Device (Token)
What Can be Done on the Mobile Banking
- Check your account balance
- Verify your recent transaction
- Execute transfer funds between accounts
- Pay bills instantly such as phone bill, utility bill etc.
If you live in Asia Region such as Singapore or Hong Kong, DBS should be one of your banking choices to save your money. DBS bank provides complete one stop shop for your financial needs with Checking account, Saving account, Debit cards or Credit cards, Insurance as well as investment account. With various internet banking features as well as mobile bank services, DBS bank provides unlimited features for its customers.
1. The swift code for DBS in Singapore is 'DBSSSGSG'.
2. Contact of DBS – USA
DBS Bank - Los Angeles Agency
725 South Figueroa Street
Suite 2000, Los Angeles
CA 90017, USA
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