Hotline dhujhd Customer Services: +65 6572 8885

Corporate Account Fees

DNBC Financial Canada Limited Corporate account opening fee

Multi currency current account opening fee

Internet banking for business (sign up + monthly fee)

Monthly maintenance fee

* Effective from May 03rd, 2022

Information updated as of August 2022. The fees and charges are subject to change from time to time.

FAQs

1. Who has the authority to open a corporate current account?

A Corporate Account or a Corporate 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 Canada Limited (""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 Corporate 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.

Corporate accounts provided by DNBC are 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 corporate account with DNBC Financial Canada Limited.

2. What Is SWIFT?

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.

3. Can I open a personal account for business purposes instead of corporate account opening?

A Corporate Account is made for commercial or business purposes. It can perform more transactions in one day with a higher transaction limit. A Corporate Account has all the functions of a Personal Account together with the exclusive Merchant Account function, which supports incoming payments to your account including accepting debit/credit cards from customers, support chargeback transactions and many more. In short, if you are interested in running your business effectively with the best possible support, you should choose to open a DNBC Corporate Account.

At DNBC, corporate 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:

4. What Does SWIFT Code Represent?

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

For example, a member of DNBC Financial Group in Europe - DNBC Financial Group code is: DSFE LT 21 XXX

  • The first 4 characters represent our institution (DSFE - DNBC Financial Group).
  • The 2 following characters represent the country that the member has been based in (LT - Lithuania).
  • The other 2 following characters might be used to represent the location/city or a combination of numbers based on the organization's liking.
  • There might be an additional 3 characters of the institution’s branches.
5. How to open an account for a company which is not registered in Canada?

At DNBC, we are aiming to provide the best services for businesses from everywhere across the globe. Companies that are not registered in Canada can also apply for a DNBC Corporate account with as simple a procedure as the one in Canada. The companies will need to provide following documents for a new corporate account opening:

  1. Passport of the Directors/ Shareholders (and all related parties).
  2. Proof of residential address of the Directors/ Shareholders (Utility bill or bank statement not older than 3 months) and of those authorized signers.
  3. Documents that verify Business Legal Entity:
    • Certificate of Incorporation (COI).
    • Memorandum of Article of Association (M&AA).
    • Certificate of Shareholders + Licenses (if any).
    • Supporting documents (Commercial Invoice or Sale Agreement, Contract…).
6. What Are The Differences Between SWIFT And Non-SWIFT?

 

Difference between Non-SWIFT and SWIFT:

 

Network States of Canada. 170 countries and territories.
Currency CAD. Multiple currencies.
Transaction time 01-02 business days. 02-05 business days.
Or more depending on the relationship between the two financial institutions
Transaction limit

10,000 CAD/day for a personal account.

50,000 CAD/day for a corporate account.

Note:
This is the default limit when establishing your account.
The limit can be increased up to 200,000 CAD for personal account and 500,000 CAD for corporate account..
Contact +65 6572 8885 for transaction limit update.
Transfer fees Cheaper for transfer within States of Canada. Depends on the fees of the correspondent banks involved.
7. Do I need a corporate account if I am a freelancer and work under a business certificate?

In general, if you are working as a freelancer, you can collect payment to your personal account without the need to open a corporate 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.

Corporate account procedure requires our client to provide some legal entity documents that a freelancer is unable to submit. For example when a corporate client applies for a DNBC Financial Group corporate 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 corporate account.

On the other hand, a DNBC personal account is also an optimum choice for personal usages. You can execute wire transfers, 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.

8. Can I Send And Receive Transfer In Other Currencies?

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

However, when you receive payments in other currencies, the fund will be automatically converted to CAD in your DNBC Financial Canada Limited current account.

Promotion Promotion

THE BEST YEAR-END DEAL: GET 30% OFF MAINTENANCE FEE BY OPENING A NEW ACCOUNT IN MINUTES

NEW CANADA OFFICE: DNBC CHEERING NEW USERS BY GETTING A FREE 3 MONTHLY MAINTENANCE FEE FOR PERSONAL & CORPORATE ACCOUNT

SPECIAL OFFER: Free Account Opening Fee - Save €550 For Your Business Today

Publications Publications

About Us

We are always proud of being an experienced Financial Institution in the global financial payment market.

We provide the best payment platform as well as worldwide money remittance service. DNBC Financial Canada Limited can assist you with different payment methods, whether it is a personal account or a business account.

Chat now