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DBS Digibank review

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DBS digibank, previously known as iBanking, is more than a tool for bank account management. It allows you to control your finances 24/7, such as applying for a new credit card through the DBS mobile app.

This review will cover how digibank works and the range of features that comes with a DBS digital bank account.

What is a Digibank?

A Digibank is simply what DBS calls its range of online banking services, including DBS iBanking and DBS mobile banking. Similar to other digital banks, a Digibank account generally allows its users to view account balances, transfer money, pay bills, apply for accounts and register for credit cards online.

These online services can easily save you a trip to the bank, thus becoming extremely popular in Singapore for the convenience they offer.

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DBS Digibank features

Here are some notable features of DBS Digibank accounts.

  • Balance check. Check your account balance with a simple swipe on your mobile device or Apple Watch.
  • Touch ID. Log into Digibank conveniently through fingerprint recognition (for Apple devices running on iOS8 or higher.)
  • Quicklinks. Create shortcuts for your favorite mobile banking services.
  • Local transfers. Make local transfers to other DBS/POSB accounts, a different DBS/POSB account that you hold, or any other bank account using PayNow or FAST services.
  • Manage cheques. Purchase cheques, demand drafts, or cashier’s orders online.
  • Overseas transfers. Make an overseas transfer to any international DBS account, Overseas Visa Card or Overseas Mastercard.
  • Pay off bills. Use Digibank to pay off bills, including Amex or Diners cards. Alternatively, you can arrange for Giro payments online.
  • Redeem rewards. Redeem DBS points and Safra rewards.
  • Plan your financial future. Create and monitor a customised Financial GPS or retirement plan through your Digibank account.
  • Manage your personal investments. Apply for a DBS Vickers Online Trading Account, purchase unit trusts, set up Regular Savings Plans and create a personal investment profile.

Is DBS Digibank safe?

DBS is a household name-brand bank in Singapore. Besides being licensed by the Monetary Authority of Singapore (MAS), the bank has implemented an array of features to keep your account secure:

  • Transaction alerts. Email and SMS notification alerts are triggered when you perform transactions via Digibank. This gives you the opportunity to alert DBS once suspicious transactions have been flagged.
  • Money safe guarantee. DBS that guarantees your money is safe when you bank online. This means you can retrieve money lost from your account through any unauthorised transaction.
  • Digibank OTP. Digibank’s One Time Password authorisation adds an extra layer of safety to your account.

What are the benefits of DBS digibank?

Here are some of the most notable advantages offered by digibank:

  • Access to a good range of features largely reduces the need to visit a physical bank
  • Clear and intuitive user interface
  • 24/7 access allows you to monitor and manage your account at any time of the day
  • Additional security features keep your money safe
  • Great customer service
  • Apply for DBS credit cards directly from digibank online or mobile

What should I look out for?

While digibank comes with a wide array of benefits, it is still unable to fully replace physical banking services such as changing key account details.

How can I sign up for a DBS digital bank account?

If you’re already a DBS bank user, simply apply through DBS’s online portal, mobile app or visit any local DBS bank branch with your essential documents (e.g. NRIC). If you are not registered with DBS bank, apply for a DBS bank account before signing up for Digibank.

Online registration for digibank

To activate your digibank online, simply head to the DBS iBanking website and follow the process outlined here:

  1. Click on ‘Get Started’ to begin your online banking registration
  2. Select your identification type, input your identity number and date of birth. Click ‘next’
  3. Key in your card and PIN to complete your authentication process. Click ‘next’
  4. Create your account by inputting your details and preferred User ID & PIN. Click ‘next’
  5. Review and confirm your contact details (mobile number, email, mailing address)
  6. Click on ‘submit’ to complete your digital onboarding process
  7. Download the digibank app to set up your digital token

Mobile registration for digibank

To activate your digibank from your mobile, simply download the digibank mobile app (available from the App Store, Google Play or AppGallery) and follow the process outlined here:

  1. Launch the digibank Mobile app. Click on ‘more’ to begin
  2. Under ‘apply’, tap on ‘new to digibank’
  3. Select your identification type, input your identity number and date of birth
  4. Key in your card and PIN, or use the SingPass Face Verification to complete your authentication process
  5. Create your account by inputting your details and preferred User ID & PIN. Click ‘next’
  6. Verify your contact details (mobile number, email, mailing address) and tap on ‘next’
  7. Review and confirm the details.
  8. Tap on ‘confirm’ to complete your digital onboarding process
  9. Tap on ‘proceed’ to set-up your digital token

Bottom Line

DBS Digibank offers convenient and secure money management to its users. It’s easy to sign up for, and saves you countless hours queuing at the bank!

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