FBO U5 Handle Monetary Transactions

Corporate Account meaning

Keep business income separate from personal or other income types

Business Digital Account meaning

Records, communications, transactions and money exist online only

Business Digital Account benefits

Convenient bc can manage everything via mobile/laptop, low initial deposit bc no need high, 24/7 support bc traditional banks operate only during working hours

Corporate Multi-Currency Account meaning

Can pay, receive and hold multiple currencies

Corporate Multi-Currency Account benefits

(1) Covenient bc can manage SGD and many foreign currencies in separate wallets under 1 account
(2) Efficient and cost effective bc avoid currency conversions when transacting and save admin costs with many wallets under 1 account
(3) Low initial deposit bc no need high initial deposit

Fixed Deposit Account meaning

Low-risk investment option with higher interest rates than savings account. Has fixed interest rate and depends on principal amount and tenure with penalties for early withdrawal.

Fixed Deposit Account benefits

(1) Safe and steady returns bc investment secure & unaffected by market fluctuations
(2) Customisable bc businesses can start fixed deposit without upper limit and choose tenure

(3) Easy liquidity bc can withdraw fixed deposit principal and interest during cash crunches

Financial products not insured

Foreign currency deposits, structured deposits, structured notes, investment products like unit trusts & shares

Compensation

DI Scheme member deposits are insured up to S$100,000, aggregated across all branches

Corporate loans purposes

Fulfil daily business needs and add to working capital

Type of loans needing collateral

Secured loans

Overdraft meaning

Credit facility to withdraw/pay from current account if insufficient balance

Major Currencies meaning

World's foreign transactions are denominated

Major currencies

USD, EUR, JPY, GBP (British Pound), CHF (Swiss Franc), AUD, CAD (Canadian Dollar,) NZD (New Zealand Dollar)

Cross-border Fund Transfer (remittance service)

To persons/entities outside SG

Domestic Fund Transfer Services

Local funds in SG

Large remittance services

Western Union, TrasnferWise, OFX, InstaRem

Cashier's Order

Regular cheque but issued by bank, no online bank transfers
(Money withdrawn from his account and transferred to bank immediately after cashier's order "cheque" issued)

(Money withdrawn from his account and transferred to bank immediately after cashier's order "cheque" issued)

Standing Order

Banks pay specified amount at regular intervals according to one's requirements, free unless insufficient cash in bank account (> bank overdraft)

GIRO

Pay directly to billing organisation (BO) for outstanding bills

GIRO vs. Standing Order

GIRO allows direct billing from person for variable amounts like utilities

Green Financing meaning

Financial activity for better environmental outcome