If you have read our best stock brokers in Singapore guide, you will know that DBS Vickers Cash Upfront account is one of our most recommended brokers for trading in the Singapore stock market (SGX).

By requiring you to have the cash on hand when you trade, DBS Vickers Cash Upfront is able to offer one of the lowest commissions of 0.12% (min $10) on buy trades and directly deposits shares into your CDP account.

Pair it with FSMOne on sell trades and you've got one of the cheapest broker combinations for Singapore stocks, all while owning your shares in your own CDP account.

In this guide, we'll show you how you can open your very own DBS Vickers Cash Upfront online trading account, a CDP account, as well as how to make trades using cash upfront to get the low commissions. Let's begin!

Opening a DBS Vickers Trading Account

First things first, you can apply for an account only if you're above 18. If you are between 18 and 20 years old, a DBS Vickers Young Investor Account will be created instead.

It essentially functions the same as a DBS Vickers Trading Account, except that the commission fees are lower. Once you go over the age limit for the Young Investor Account, you do not have to reapply again. Your account will be automatically converted into the typical trading account for adults above the age of 20.

To open a DBS Vickers Trading Account you need to be a Singapore Tax Resident. If you're not too sure whether you are one, click here to find out if you fulfil this prerequisite.

Opening a DBS Vickers Cash Upfront Trading account requires four things to work. We'll be going over how to set these up later on.

  1. A CDP account (to hold your Singapore shares)
  2. A DBS multi-currency account (your banking account for trading)
  3. A DBS Vickers Trading account (your brokerage user account)
  4. Link up your CDP and Vickers Trading accounts (so you can access the shares held in the CDP account from your broker)

There are three ways for you to apply for a DBS Vickers Trading Account (pick one):

  1. Online Application
  2. Paper Copy Application
  3. Head down to DBS's corporate headquarters (Marina Bay Financial Center Tower 3, Level 3, Singapore 018982) and let the staff do it for you.

Which method should you choose?

If you choose to apply online, you will need an existing DBS/POSB iBanking account to login. You will also have to create your CDP account yourself for linking. However, a DBS multi-currency account will be created for you and automatically linked.

If you choose to do a paper copy application (mailing), you won't need an existing DBS/POSB iBanking account. You will still have to create your own CDP account for linking, as well as your own DBS multi-currency account. This is a hassle.

If you head down to DBS's headquarters, you don't have to do anything but bring your identification documents along. The staff will take care of everything for you. This is the easiest method if you are willing to travel.

If you already have a CDP account or are willing to create one by yourself, we would recommend doing the online application, which is pretty fast and does not require you to leave the comfort of your home.

Otherwise, we suggest heading to DBS's corporate headquarters. The staff will do everything and you'll be done in a jiffy.

Opening a CDP account

If you're heading down to DBS' headquarters, you can ignore this step as the staff will help you open a CDP account for you.

If you're doing an online application or paper copy application however, you will have to open a CDP account first.

The CDP Account, also known as the Central Depository Account, is operated by the Singapore Stock Exchange (SGX). To put it simply, any stocks and bonds that you own are stored in your CDP account.

However, it is important to note that only stocks and bonds bought on the SGX can be stored in your CDP Account. Stocks and bonds bought on foreign exchanges will not be stored in your CDP Account.

Click here to apply for a CDP Account. If you have MyInfo, the process is extremely quick. They will mail you your account details for login after a few weeks. You can then use those account details in your DBS Vickers application.

Opening a DBS multi-currency account

If you're heading down to DBS' headquarters or applying online, you can skip this step. A DBS multi-currency account will be automatically setup for you.

You only need to do this step if you're applying through the paper copy method (mailing). An existing DBS multi-currency account is required to fill in the forms.

The DBS multi-currency account functions as your bank account for trades. This is where the money you use to buy shares come from, and where dividends and money from sales will be deposited into.

If you're not planning to use your CPF or SRS account to invest, you will need to open a DBS multi-currency account to trade with DBS Vickers.

Besides holding cash for investment and acting as an account where your dividends are deposited, a DBS Multi-Currency Account allows you to store and access several foreign currencies.

This means that if you link it to your DBS Visa Debit Card, you can withdraw foreign currency at global ATMs and shop overseas without being subjected to foreign transaction (FX) fees.

There are several types of DBS Multi-Currency Account that you can choose from, and they differ in terms of their features, as well as their fees.

  1. DBS Multiplier Account
  2. eMulti-currency Autosave (eMCA)
  3. eMulti-currency Autosave Plus (eMCA+)
  4. Multi-currency Autosave Plus (MCA+)

You can find out more about which account to open here, as well as apply for a multi-currency account. Note that fall below fees are waived for the DBS multi-currency account that you link to your DBS Vickers account.

Online application

If you choose to apply for a DBS Vickers account online, you will need to set up a CDP account first (see above). You can complete the application online without one, but you'll need a CDP account to start trading.

You'll also need an existing DBS/POSB iBanking account to login to their online platforms or phone app to start the online application process.

If you do not have one, you can choose to apply for a DBS Vickers trading account through paper copy or heading down to DBS' headquarters instead.

During the online application process, you will automatically set up a DBS multi-currency account and the DBS Vickers trading account. You will also link your existing CDP account and the multi-currency account to your DBS Vickers trading account.

It takes approximately 3-5 working days to process online applications as compared to approximately 5-7 working days to process paper applications.

This is just the processing time for your application. Usually it takes 1-2 months to even have a working account as they still have to mail you your account documents.

Before starting, do prepare a copy of your NRIC (both sides), passport or working permit. You will need it for identification purposes in the application process.

Online application through iBanking

To get started, click here and log in to your DBS iBanking account. Then, hover your mouse over "Apply" and click on "DBS Vickers Online Trading Account". Provide all your details and when you're done, click "Submit".

You will need to enter details about your CDP account, and setup a multi-currency account if you don't have one. Fill in all the required details.

DBS/POSB iBanking Online Platform
DBS/POSB iBanking Online Platform

Digibank mobile app (Phone)

Log in to the Digibank App for iOS or Android and key in your User ID and PIN of your existing DBS/POSB savings or current account.

Next, click on "More" at the right of the bottom menu. Scroll down to the "Apply" section and click on "Vickers Account". Agree to the terms you see and move on.

DBS iBanking application
DBS iBanking application terms and conditions

Select "I have an existing CDP account" and input the details. If you haven't made a CDP account yet, do scroll up and make one first. You can't trade without one.

DBS Vickers CDP Account check

Determine whether you are a Singapore tax resident based on this website. Fill in your TIN (Taxpayer Identification Number) number.

For Singapore Citizens and Permanent Residents, this is your NRIC number. The TIN for foreign individuals who work or reside in Singapore is printed on their Work Pass or Immigration Pass.

TIN number screen

Enter all your personal details as requested and you'll reach the page on settlement mode (which bank account to use to fund your trades).

You can either choose to open a multi-currency account, use your CPF Investment Account or your SRS Account.

Choose the one you want. If you want to conduct Cash Upfront trades to get the lowest commission fees, choose the multi-currency account as it is the only settlement mode that allows you to make a Cash Upfront trade (CPF and SRS does not allow you to make Cash Upfront Trades). This will be the account that holds the money used to fund your Cash Upfront trades, and it will also be the account where dividends will be credited into.

This is separate from your existing DBS/POSB savings or current account, and is an account dedicated for your trading with no minimums or fall below fees.

If you don't have an existing multi-currency account with DBS, it will help you create one.

DBS Multi-currency account screen

Finish the rest of the application by filling in your details and linking everything up.

Paper copy application

Applying through mail requires you to fill up many forms and mail them to DBS. This is the most involved method, and the one with the most hassle.

We heavily recommend doing the online application or heading down to DBS' headquarters directly instead.

If you want to do a paper copy application, you will have to first setup your own CDP account and DBS multi-currency account. Scroll up to the relevant sections to find out more about them.

The paper copy application will help you create a DBS Vickers account, and link up your CDP and multi-currency accounts to the Vickers account.

Here are the steps:

  1. Download, print, and fill in the DBS Vickers Trading Account Application forms (make sure your signatures are consistent with your DBS/POSB and CDP accounts).
  2. Include supporting documents:
    - Singaporeans: NRIC (front & back)
    - Malaysians: Malaysian IC (front & back), Employment pass (if applicable), Proof of Residence (dated within 3 months)
    - Other nationalities: Passport (at least 6 months to expiry), Employment pass (if applicable), Proof of Residence (dated within 3 months)
  3. Mail in your application forms (1) and supporting documents (2) in the business reply envelope found in the last few pages of the document in (1). The address is written on the envelope.

Application at DBS's headquarters

Although going down to DBS' corporate headquarters at the Marina Bay Financial Center is a hassle, you may prefer it since the staff will take care of everything for you (opening a CDP account, multi-currency account and your DBS Vickers account).

The staff at the financial center will provide you with all the forms that you need to apply for a trading account. All you need to do is to fill in your particulars and provide your signature. If you go during a non-peak period, it could be really fast.

If you do choose to go, don't forget to bring your identification card (NRIC), driving license or passport to prove your identity. Otherwise, they will not be able to help you apply for an account.

Also, if you are still a student between age 18-20 and wish to apply for the DBS Vickers Young Investor Account, remember to bring your matriculation (student) card.

Don't want to think too much about the process? This is the best method for you.

DBS' corporate headquarters is located at: 12 Marina Boulevard, Level 3, Marina Bay Financial Center Tower 3, Singapore 018982.

Final set-up of accounts

Congratulations! Now that you completed your applications, the waiting period begins. You need to wait for several days or even weeks before you will receive a mail from DBS Vickers Securities.

There are 3 things that will come in the mail:

  1. DBS Vickers Trade Secure Device + Registration Code
  2. Trading Account Number/ User ID
  3. Trading Account Login Password

DBS Vickers trade secure device

In the mailbox, you will receive a letter with your registration code, along with your secure device as shown below. Simply follow the three steps listed in the letter to activate your secure device.

More importantly, you must activate your secure device within 30 days of receiving the letter or your registration code will expire and you will have to call them to make further arrangements.

Mailer for DBS trade secure device
Mailer for DBS trade secure device

Trading account number/user ID and login password

In two separate mails, you will receive your Account Number and Login Password. Follow the 3-step instruction enclosed in the letter.

Take note of your Trading Account Number as well as Login Password which will be required for you to log in to DBS Vickers in the future and cannot be changed.

Note it down somewhere so you will remember as it will be a hassle to retrieve your Account Number and Login Password again.

DBS Vickers account number mailer
DBS Vickers account number mailer
DBS Vickers account password mailer
DBS Vickers account password mailer

Remember to change your password immediately to something you can remember!

Trading with your DBS Vickers Trading Account (Cash Upfront)

Once everything has been set up, we can finally begin trading! The perks of using DBS Vickers is mainly for their Cash Upfront settlement option.

There are various settlement modes for an order. Cash Upfront simply means that you pay money on your order immediately after settlement.

Since the bank gets your money directly, they are willing to charge you less as there is a lower risk of them not getting the money.

There is another settlement mode - "Cash", which is the default. This allows you to pay money 2 days after the order is settled. Due to there being risk of default, the bank charges higher commissions for this mode. This is mainly for day traders.

By forcing you to only trade with the money you have on hand right now, DBS Vickers is able to offer a lower commission (0.12%, min $10) on Cash Upfront trades. Therefore, we usually want to use Cash Upfront as the settlement mode.

This is one of the lowest commissions for shares traded on the SGX. Of course, this is only for buy trades. That's why we recommend creating an FSMOne account to go alone with your DBS Vickers Cash Upfront account.

In this way, you get the lowest commissions of $10 for both buy and sell trades, all while having your shares stored in your own CDP account instead of some other custodian account!

Let's see how to start trading with DBS Vickers Cash Upfront!

Funding your multi-currency account

The first step is to top up your multi-currency account, so that DBS Vickers can access the funds inside for trading.

Essentially, you just have to treat your multi-currency account like another bank account and transfer money from your other bank accounts into your multi-currency account.

We recommend using FAST - because it's fast. After you transfer money into your multi-currency account, it's finally time to start trading using Cash Upfront!

How to do Cash Upfront trades

Currently, to conduct a cash upfront trade, you can only use internet banking. This means that you have to go through iBanking. You cannot go through the Vickers website, or through the mobile application.

If you're making normal trades (non cash upfront), then you can do it through all platforms (iBanking, Vickers, mobile app).

DBS iBanking (Online)
Log into your iBanking and hover your mouse over "Invest". Then, select "DBS Vickers Online Trading".

DBS Vickers online trading screen
DBS Vickers online trading screen

Click "Next". You will have to authorize entry using your digital token or secure login device.

You will be redirected to the DBS Vickers online platform. You will be able to see the amount that you have in your multi-currency account under "Available Balance".

Remember that we want to use the Cash Upfront Settlement Mode for minimum commissions. This requires us to have sufficient money in our multi-currency account to fund our trades, so be sure that you have transferred enough in.

Note that we are only buying SGX shares here. Although you can buy foreign-domiciled investment products using DBS Vickers, the commissions are absurd. If you would like to buy international shares, we recommend Interactive Brokers.

You can open an account with Interactive Brokers using our referral here. We also have a guide on how to open an Interactive Brokers account!

Once you have ensured that there is sufficient money in your multi-currency account, hover your mouse over "Trade" and select "Place Order".

You can choose any option for order types and order duration. We won't go into detail on these, but you can read more about them here.

The important part here is to change your settlement mode to "Cash Upfront" from the default mode of "Cash". If you forget to change this, you will not benefit from the low commission rates that DBS Cash Upfront offers.

Cash Upfront basically means you pay directly out of your multi-currency account immediately, while Cash allows you to pay 2 days later.

DBS Vicker Cash Upfront selection
DBS Vicker Cash Upfront selection

mTrading (Phone application)
Remember, although DBS Vickers has a mobile application for trading, you cannot use Cash Upfront while trading through the app. You can only choose either Cash or CPF as your settlement mode.

Therefore, if you want to use the Cash Upfront settlement mode for lower commissions, do it through the online iBanking platform. Furthermore, commissions for the same settlement mode are much higher when you use your phone to trade than when you trade online so my advice is to use online iBanking to trade no matter what.


To conduct a cash upfront trade using DBS Vickers Online Trading Account, there are 6 things to be done:

  1. Setup your CDP account
  2. Setup your multi-currency account
  3. Setup your DBS Vickers Online Trading Account
  4. Link all these accounts together
  5. Fund your multi-currency account to trade
  6. Access your DBS Vickers account through the online platform and choose "Cash Upfront" as the settlement mode when trading

We hope that this has helped you to set up your DBS Vickers Cash Upfront account and begin your journey to financial freedom. If you have any questions regarding CPF of SRS accounts as a settlement mode and would like an article on it, do let us know in the comments down below. Happy investing!

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