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DBS Overseas Money Transfer Review

Enjoy an extensive range of financial services and transfer money worldwide with DBS overseas money transfer

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DBS offers convenient access to a wide range of currencies with its international money transfer service. So if you’re looking to remit funds overseas, DBS may be ideal to conduct your transfer.

Find out how DBS overseas money transfer works, as well as its rates and fees in this guide.

Why should I consider DBS?

  • Secure. Enjoy an added layered of security for all your transactions with a security token upon registering for online banking. DBS’ digital banking platforms are also equipped with advance encryption technology to keep your personal details safe.
  • Mobile banking. This service allows you to make payments, transfer funds and manage your account directly from your mobile.
  • Existing bank. Existing DBS customers can access this overseas funds transfer service by logging into the DBS Internet or mobile banking without having to register for a new account with another international money transfer service.
  • Instant transfers. With DBS remit, you can make instant, fee-free fund transfers to the following selected countries: India, Philippines, Malaysia, Indonesia, China, Hong Kong, UK, Australia, USA and Eurozone countries. You can view the complete list of Eurozone countries here.

What to look out for?

  • High margin. Unlike specialised money transfer providers, banks in Singapore, including DBS, typically add a high margin on the interbank exchange rate.
  • Limits and charges. There is a fixed limit on how much money you can transfer internationally. Also, if you need to remit to a country that is not included in the list of selected countries eligible for fee-free transfers, you will incur at least S$20 or more in cable charges and handling commission. In this case, you may find cheaper transfer options from specialist international payment companies.

How much does it cost to transfer money with DBS Remit?

With DBS remit, you can enjoy $0 transfer fee when you send money to 49 selected destinations:

  • Australia
  • Canada
  • Eurozone countries
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Korea
  • Malaysia
  • Mainland China
  • Myanmar
  • New Zealand
  • Philippines
  • Thailand
  • United Kingdom
  • United States of America
  • Vietnam

*For transfers to Malaysia, there’ll be a S$3 service charge for amounts S$500 or less.

For branch transfers and OTTs to other countries (not listed above), the following charges will apply:

Regular overseas fund transfersIn-branch transfers
Cable/telex chargesS$20 per transactionS$20 per transaction
Handling commission
  • S$5 for remittance up to S$5000
  • S$10 for remittance up to S$25,000
  • S$35 for remittance above S$25,000
1/8% of the S$ equivalent of remittance amount
  • Minimum fees: S$10
  • Maximum fees: S$120

Note: Additional agent bank charges may apply.

DBS foreign exchange rates

The FX rates offered by DBS is inclusive of an added margin, which tend to make it less favourable than the rates offer by other specialist money transfer providers.

How long does a DBS money transfer take?

DBS offers same-day transfers to 49 destinations via DBS Remit. As for countries that are not listed, it’ll take approximately 2-4 working days for the transfer to be completed.

What do I need to send money online through DBS?

You will need your recipient’s name, address, bank details (SWIFT/BSB/sort/IFSC code if any) and account number/IBAN. Other details such as a valid transfer reason and registered phone number may be necessary for transfers in some currencies.

Other payment details such as a valid transfer reason and registered phone number may be necessary for transfers in some currencies.

Registration and transfer process

Access to DBS overseas money transfer services requires an online Internet banking account. You’ll also obtain an online security token, from either the DBS branches or by mail if you’ve registered online.

Follow these steps to facilitate an overseas bank transfer:

  1. Log into your Digibank account
  2. Click on “Transfer → DBS Remit and Overseas Transfer”
  3. Select the country and the currency for transfer
  4. Enter remittance amount
  5. To use the FX watch function, check “FX Watch”, enter your desired FX rate and when you need the funds. Note: You need to remit a minimum of S$1,000 to utilise this feature

Is there a DBS app?

DBS digibank app

Yes, DBS has an app on both Google Play and the App Store. The app makes it possible to do the following:

  • On-the-go banking. Fulfill your day-to-day banking needs anytime, anywhere.
  • Funds transfer. Conduct both local and overseas funds transfer at real-time competitive FX rates.
  • Personalised insights. Track your cashflow and manage your finances with ease, be it bill payment or viewing your investment portfolio.
Reviews accurate as of March 26, 2021
Google Play Store4.5 out of 5, based on 41,434 customer reviews
Apple App Store4.3 out of 5, 12,800 customer reviews

More on the best money transfer apps

Compare DBS to other money transfer providers

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day SGD 50.00 0.699 USD
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
SGD 0 Same day SGD 4.99 0.694 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.695 USD
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 22.50 0.702 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days EUR 3.00 0.697 USD
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 21.50 0.702 USD
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 Within an hour SGD 25.00 0.699 USD
Use code Use code FINDER to access the S$500 discount. to access the $250 discount.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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