Virtual Account - VA | DBS HK Corporate Banking

Virtual Account

Know who’s paying you with easy reconciliation

Virtual Account

Know who’s paying you with easy reconciliation

At a glance

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.

Features & benefits

Save time and lower costs

Assigning a VA number to each paying customer helps you keep track of payments from each of them

Better control and insights

Gain better control and insights of your day-to-day incoming funds from your key customers

Convenience

Check your summary and account activity for each VA via DBS IDEAL (our online banking platform) or IDEAL Connect (our host to host solution)

How to apply

Simply call our DBS Business Care at 2290 8068 to fix an appointment. Our Relationship Manager will be glad to assist you.

FAQs

	What is a Virtual Account?
	A Virtual Account (VA) 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 VA will be automatically directed into your account registered for the VA.

	Do I need a DBS Business Account to use a VA?
	Yes, you will need to have a Business Account with us to use this service. Your business account will act as your Master Account that gets credited when your payers pay into a Virtual Account.

	How many VA numbers can I create?
	You can create as many VA numbers as required for your business. Each VA number has up to 16 digits. All you have to do is to customise the last 9 to 11 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.

	When my customer pays me through the VA number, does the fund go directly to the VA or my account registered for the VA?
	The funds will go directly to the account registered for the VA, since the VA serves only as a mirror account for the account registered. 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.