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Collections
Virtual Account
Assign a virtual account to each of your customers for easy payment collection
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. All VAs that you create and assign to are electronically linked to your account registered for the VA. You may check your daily account activity via IDEAL™, our online banking platform. If you have a business in Hong Kong that receives regular incoming payments from a large number of different customers, such as life and property insurers, investment trust companies, telecom companies, cable tv providers, schools and cram schools, then you may want to consider using VAs for better accounts reconciliation.
Why choose DBS Virtual Account?
- Save time and lower your administrative costs by assigning a VA number to each of your paying customer, for example, a main distributor or buyer, to help you keep track of all the payments from one paying customer
- Create instant VAs to suit your business needs. We do not maintain your payer database, so you are free to create and change the VA numbers assigned to your payers at any time
- Gain better control and insights of your day-to-day incoming funds from your key customers
- Check your summary and daily account activity for each VA via IDEAL™, our online banking platform, which is easy to use and can be accessed in PDF, Excel and CSV formats
FAQs
What is a VA?
A 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 to have a DBS Business Account to use VA?
Yes, you will need to have a Business Account with us in order to use this service. Your business account will act as your account registered for using VA.
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.
Which account should I register for the VA?
The Current Account that you hold with us is referred to as the account registered for the VA.
How do I apply?
Please speak with your relationship manager.
Get in Touch
DBS BusinessCare: 2290 8068