Service Faq

A Business Account or a Business Current Account can only be opened by the chief executive officer (CEO) or the owners of a company. They will need to complete the identification procedure, required by DNBC Financial Group (""DNBC""), this process will include filling our application forms and a short remote interview. If you ever encounter any issues with the process, our Relationship Manager will be ready to support you, just give us a call. 

In the case where you are not the CEO of a company, but an authorized person, you also need to complete the identification procedure before the process to open the account. Afterward, you'll be required to submit a power of attorney or a permission with e-signature by the company CEO to complete the steps to open a Business account. Please don't feel disheartened with the list of required documents, we will provide you with a Relationship Manager to guide you through the process and tell you exactly which paper we would need from you.

Business accounts provided by DNBC only available for companies that are currently retaining active status. We will need additional information about your field of operation to complete the opening process. This can be a hassle at first but this process will assist us in providing you with the appropriate features according to your business.

See more: Open a business account with DNBC Financial Group

SWIFT - Society for Worldwide Interbank Financial Telecommunication.

Transaction orders are transmitted between members of this network.

Each member is identified with a unique SWIFT/ BIC code.

To this day, SWIFT is the biggest and most efficient tool for international money transfer, with over 11.000 member institutions in over 200 countries, sending over 5 billions financial messages globally every year.

A Business Account is made for commercial or business purposes. It can perform more transactions in one day with a higher transaction limit. A Business Account has all the functions of a Personal Account. In short, if you are interested in running your business effectively with the best possible support, you should choose to open a DNBC Financial Group Business Account.

At DNBC, business account opening is as easy as opening a personal account with a dedicated Relationship Manager to guide you through the process, which would make it as simple as it can be. So there is no reason to use a personal account if you want to startup or currently run a business yourself.

See more:

• Digital current account for better lifestyle
• Ideal Business Financial Solution with Business Account Opening
• Payment processing for businesses with Ecommerce Merchant Account

SWIFT works by assigning each member institution a unique ID code that identifies the bank name, country, city, and branch.

For example DNBC Financial Group BIC code is: DSFE LT 21 XXX

Here's an example BIC code: DEUTDEFFXXX. Let's break it down:

Bank code: DEUT - This represents the bank. In this case, it's Deutsche Bank. Country code: DE - This is the ISO 3166-1 alpha-2 country code representing the country where the bank is located. In this example, it is Germany.

Location code: FF - This code defines the location (city) of the bank's head office. Here, it is Frankfurt. Branch code (optional): XXX - This part is optional and used to identify a specific branch of the bank. In this example, the 'XXX' indicates that the code refers to the bank's head office.

So, the example BIC code DEUTDEFFXXX represents Deutsche Bank's head office in Frankfurt, Germany.

Difference between SEPA and SWIFT:

At this time, with SWIFT transfer, you can send money online from your Euro account to other accounts in any other currencies.

In general, if you are working as a freelancer, you can collect payment to your personal account without the need to open a business one. However, this may change according to the law and regulation of every country you are based on so we would review this on a case-by-case basis. Please contact our Relationship Manager for specific information regarding your circumstance and your country specifically.

Business account procedure requires our client to provide some legal entity documents that a freelancer is unable to submit. For example when a business client applies for a DNBC Financial Group business checking account, they are advised to submit some documents like Certificate of Incorporation/ Registration, Memorandum and Articles of Association, Register of Director & Shareholder, Company Extract ( for European companies only); and a freelancer cannot provide these papers to apply for DNBC business account.

On the other hand, a DNBC personal account is also an optimum choice for personal usages. You can execute wire transfer online, pay online with DNBC MasterCard, manage your finance effortlessly with payment platform and mobile payment free registration fees and monthly maintenance fee while you only need to provide your identification and address proof.

You would need to inform us if there are any changes to the structure of the company so we can make appropriate updates to your account, this would include the following situation: 

1. If your corporation change the chief executive officer (CEO) or the board of directors 
2. If your corporation change your company address 
3. If your corporation change beneficial owners of the corporation or shareholders of the company

For the security of your business account, you need to inform us as soon as these changes have been officially agreed on so we can prepare the relevant document to change the representative of the company accordingly. If there are change not related to CEO or board of directors, we can change it in the account details but if there is a CEO change, the process of changing would be a little complicated as below:

Your business needs to inform DNBC Financial Group of the new CEO information, we will then prepare an identification process for the new CEO, he or she will have to complete a short interview with us to complete this process. After the identification process, we would have all the necessary information of the new CEO in our system and we can proceed to change the authorised person of your company account to the new one, and remove the old CEO access to said account. This process may seem long and complicated but we only need information and a short interview from your CEO and we will get everything done for you.

However, we suggest that you should go through this process before the new CEO change is made official just in case there are any problems relating to this change.

Please check your business account after each change for any problems and notice us as soon as you encounter one so we can fix it immediately so you can continue to run your business smoothly

After logging into your DNBC Financial Group ( DNBCnet ) online payment, you will see your account details right at centre of the screen, here you can choose which account you want to view, it can either be your personal or business account.

Alternatively, you can choose the "Account list" option on the "Fast access" menu on the left side of the screen, then select your account and view details. You can view your available balance of your account on the screen. If you want to export account details in a PDF file, you can choose the "Export PDF" button on the right.

Here at DNBC, we believe that every transaction made using our services should be carried out with the best possible price we can provide.

At www.dnbcnet.com or our mobile payment applications, you can find both SWIFT and SEPA services. When you fill in the information at any of the 2 pages, we will automatically identify whether your transaction should be made with SWIFT or SEPA and direct you to the suitable page to give you the best option regarding time and fee.

So in regard to the question, no, DNBC Financial Group simply does not allow our customers to be charged anything more for whatever you intended to do.

*Note: Please take note that the provided information about SWIFT Transfer above is for informational purposes. Currently, we have indirect relationships to perform any international SWIFT transfer and inbusinessd with main cash correspondent/intermediary banks that support our clients in making international money transfers/receive via SWIFT Transfer. The term "SWIFT" or its trademarks means all registered trademarks, non-registered trademarks, trade names and company names owned by SWIFT. DNBC manages and supports our clients to monitor their transactions and send payments via DNBCnet.

Production or trade in any product or activity deemed illegal under host country's laws or regulations or international conventions and agreements, including, without limitation, host country's requirements related to environmental, health and safety, and labor aspects.

These prohibited goods would require a special license to operate and would need to be reviewed on a case-by-case basis. Please contact us to find out if you are eligible to open an account with us. Here are some examples from the prohibited list.

- Production or trade in weapons and munitions.

- Human Body Parts and Pathogens.

- Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.

Fore more details, you can click to the link below for reference.

https://www.dnbcf.com/info/business-activities-prohibited

DNBC Financial Group supports both SWIFT and SEPA transfers to 170 countries and territories around the world so our customers can enjoy a variety of transfer options with the best fee and the least amount of wait time.

This table has already included the international transfer fees for both personal and business accounts.

Currently, we have indirect relationships to perform any international SWIFT transfer and in business with main cash correspondent/intermediary banks that support our clients in making international money transfers/receive via SWIFT Transfer.

DNBC Financial Group holds the right to refuse to work with any customers whose nationality is in the “Non-cooperative jurisdictions” list under any circumstances. 

According to the European Commission, the purpose of a high risk third country list is to ensure safe and effective business activities.

Please read our Rejected List of Jurisdiction/ Nationality for the Remittance Services (with IBAN Account) at our DNBC Financial Group High risk list & Non-Cooperative Jurisdictions. 

https://www.dnbcf.com/info/dnbc-prevention-of-financial-crime

Currently, DNBC has indirect relationships to perform any international SWIFT transfer and and in business with several correspondent/intermediary banks that support our clients in making international money transfers/receive via SWIFT Transfer

The transaction time and fees will be heavily influenced by the relationship between our correspondent banks and your beneficiary’s financial institution.

Normally, it would take 02-05 working days for the transfer of funds to be carried out.

In the near future, DNBC Financial Group will be expanding our connection with correspondent banks around the world to support more currencies, lower transaction costs and reduce wait time.

Please note that in order to transfer funds, DNBC Financial Group depends on our correspondent banks in some stages of transaction.

Should any delays occur, DNBC Financial Group and our correspondent banks will work together to help you in transferring or receiving funds on time.

Normally, it would take 01-02 working days for SEPA transfer, and 02-05 working days for SWIFT.

You also have an option to transfer via SEPA Express, which can arrive on the same day your transaction is made, or on the following business day.

For more information about the services that we offer: Table Of Fees

At DNBC, we support opening business business accounts online, you can find the “Open an Account” option on the top right of our website. This will bring you to the application form to open an account with DNBC Financial Group, please spend a few minutes to carefully input all the information needed in the form. Once you have done so, our Relationship Manager will contact you to instruct and assist you through the process of opening your account to save your precious time. 

If you wonder what would be included in the process, it is quite simple, after you fill in the application form, you would need to provide us with the required documents, this will depend on your business field of operation and the country it is operating in. After 3 to 4 working days, you will have your account opened, however only after the first deposit of €3,000, you will receive the full benefits and features of our account. Please don’t worry, this money would be in your available balance and can be used for any outgoing transactions. 

See more: Ideal Business Financial Solution with Business Account Opening

There is no extra fee associated with your business account during the time of usage but you would need to have a minimum amount of €1,200 kept in your account for an ongoing basis for payment of maintenance fees in 1 year. This amount will cover all your services, including a technical hotline, dedicated relationship manager, payroll services and many more.

If you transfer money to another account within our DNBC Financial Group network, there would be no extra fee occurred but if you want to wire transfer international to a bank account outside the network, we will charge you according to the speed of your transfer. You can check the full fees in the link below.

However, we will never charge you for checking your account online, so please check your business account balance frequently and let us know if any suspicious fees occur because we will never charge you any hidden fees. This is also to prevent any fraudulent activities on your account. 

See more: DNBC Financial Group Business Account Fees

Can I transfer money from a business account to a personal account? The answer is yes, but you need to know these useful information before you make a transaction.

DNBC Financial Group™ will divide into 2 different money transfer zones including :

• DNBC internal transfer (customers have opened an account at DNBC).
• Transfer money in Europe or Global

DNBC Internal Transfer:

Customers who already have accounts at DNBC Financial Group™ (including Personal Account and Business Account), transferring money overseas will be easy, fast, and convenient. Here are some benefits when you have business account, personal account in DNBC’s ecosystem

• Free transaction
• Received immediately after a transaction
• Cross-border money transfer

Transfer Money in EU or Global:

Transferring money within Europe or transferring money around the world will have many required documents. In Europe, customers will need SEPA payment system, for other countries outside of Europe, SWIFT payment will be an optimal choice. Depending on the region and purpose, the payment process will not be as fast as DNBC internal transfer
With SEPA or SWIFT remittance payments, you will be subject to a number of mandatory requirements when transferring money.

• Document Requirements (Below are just a few of the required documents, Transaction Department may require your company to submit more documents)
  • Invoice
  • Contract/ Agreement for products, services
  • Foreign trade documents
• A transaction of your payment may take 2-5 days since a payment order was created. You need to clarify the purpose of payment, the country receiver is not in the prohibited country, etc.
• Charging fees of transaction

If you are an entrepreneur or investor, you may consider opening a business account which is much easier, but also being required for any business operated as a separate legal entity from the owner.

To be clear, you can take a look at some reasons why you should open a business account:

1. Professionalism and Credibility

Being able to accept all types of payments makes you appear more professional in the eyes of your customers, whereas increasing your ability to make money from your business.

Additionally, having a business account and keeping elaborate records of business transactions will facilitate to indicate your business is legitimate.

2. Liability Protection

A business checking account can protect you from personal liability in case something goes wrong at your business or someone tries to use your business. Within technological data security barriers, customer information will not leak out when using DNBC business account.

3. Preparing you a good future

In the future, you will need a business checking account, if your business grows, and it will be much easier for you to manage your financial accounting, including future employee salary obligations, if you start with this separate account. Bookkeeping ahead of time can be a smart way to plan ahead for potential growth.

4. Easy opening process

The websites and mobile money transfer apps for online banks are typically customers’ solely interactions with the business, in which the banks pay plenty of your time and cash optimizing the process. Once you pull up the app on your phone or the website on your computer, it ought to be seamless to register, create transfers, or otherwise handle your money.

Therefore, managing your funds effortlessly by simply logging in to your DNBCnet payment accounts via our payment platform or our apps is the best option for you and your business. OPEN ACCOUNT is here!

Please contact us if you have any difficulties during the account opening process via:

Email: [email protected]

Hotline: +65 6572 8885.

The requirements to open a business account can vary based on the type of business you have, the country that you are living in, and the type of the financial institution you want to work with. Here’s a basic overview that you’ll need to open a business/business account based on your entity type:

• Public Company.
• Private limited Company.
• Corporation.
• Limited Liability Partnership.
• Limited Liability Company or Limited Partnership.
• Foundation Trust , etc.

Basically, there are two types of documents that you need to open a business account: Director & Shareholder Documents and Company Documents.

Here is what basic Director & Shareholder Documents are required:

• Director/Manager Passport.
• Shareholder/Member Passport.
• Address Proof.
• UBO, EIN, or Sole proprietors & single-member LLCs may be able to use their Social Security number, ect.

Here is what basic Company Documents are required:

• Company Documents.
• Certificate of Incorporation/Registration.
• Memorandum and Articles of Association.
• Company Address Registration.
• Share Certificate.
• Business License.
• FATCA/CRS Entity Self-certification.
• Company Extract, ect.

Clients are required to submit soft documents, hard documents, or any additional proofs depending on the specific inquiry process. Clients are also required to join online interviews with members of DNBC Financial Group for the purpose of clarifying information.

Haven't registered a business/business account yet?

Apply now!

Can I transfer money from a business account to a personal account? The answer is yes, but you need to know this useful information before you make a transaction.

DNBC Financial Group will divide into 2 different money transfer zones including:

• DNBC internal transfer (customers have opened accounts at DNBC).
• SEPA Transfer (27 E.U countries, including U.K and Switzerland).
• Transfer to other payment accounts of banks or countries outside SEPA via SWIFT.

DNBC Internal Transfer:

For customers who already have accounts at DNBC Financial Group™ (including Personal Account and Business Account), transferring money will be easy, fast, and convenient. Here are some benefits when you have a business account, personal account at DNBC.

• Free transaction (Customers will be free of charge when making payments in P2P, B2P, B2B)
• Receive money with fast transfer.
• Save time and reduce processes.

Cross-border money transfers

Cross-border money transfers will require various documents. In Europe, customers will need a SEPA payment system, for other countries outside of Europe, SWIFT payment will be an optimal choice. Depending on the region and purpose, the payment process will not be as fast as DNBC internal transfer.

With SEPA or SWIFT remittance payments, you will be subject to a number of mandatory requirements to clarify Payment Purposes when transferring such as Invoice, Contract/Agreement for products/services.

A transaction of your payment may take 2-5 days since a payment order was created. You need to clarify the purpose of payment, the country receiver is not in the prohibited country, and charging fees of the transaction, etc.

Registering to open a business account at DNBC Financial Group is easy, convenient, and fast. Currently, to open DNBC business account, you need to follow these 4 steps:

1. Initially supplied all business documentation, as well as passports and proof of address for all individuals engaged with the firm.
2. The payment institution's KYC department reviewed all of the documents submitted.
3. DNBC notifies the applicant that registering for a business account has been approved.
4. The financial institution provides comprehensive account information, as well as information on incoming and outgoing remittances. Kindly note that at DNBC, we do not establish empty accounts for clients. Clients are instead asked to fund 3000 EUR into a firm temporary account as a first step. When DNBC receives the funds, we will provide an Account Number as well as an Internet Payment Account.

Notes: There is no additional price linked with your business account while use, but you must have a minimum of €1,200 in your account on an ongoing basis to pay maintenance fees in one year.

See more:

DNBC Financial Group Business Account Fees

Business accounts work a lot like personal accounts. However, getting a business account will give business owners more benefits and features.

DNBC allows you to open a business account online. You’ll just need to provide information and documents about your business and you personally.

Once approved, you’ll receive an account. Then you can make your money transfers via payment platform or DNBCnet online payment app.

With your account you can make:

• Wire transfer
• SEPA transfer if you are in SEPA Zone countries
• SWIFT transfer with more than 11,000 SWIFT member institutions around the world

You will have to pay account maintenance fees, as well as other fees depending on the terms of the account, on a monthly basis.

Follow the steps below to open a small business account online:

• Step 1: Open a business account by clicking the "Open an account" button located at the top right of DNBC website.
• Step 2: Choose ‘Business Account’ from the Account Type drop-down menu and then fill out all required fields.
• Step 3: Submit your completed registration form online.

How long does it take to open a small business account online? After a 15-20 minute interview, a Relationship Manager will assist you open a small business checking account online. Your new Business Account will be activated by email once the process is complete. After creating your business account, please download DNBCnet Mobile Transfer App on your phone for more higher experience.

A business account for SMEs might include fast alerts, multicurrency accounts, separate business accounts and more. Besides, your business could effortlessly examine monthly e-statement of business cards. At DNBC Financial Group, we offer the best business account to open. Small and medium-sized businesses may create an account with us without paying anything including Account opening fee, payment platform and mobile payment sign up fee .

If you need assistance with small business accounts online, please don't hesitate to contact us.