DBS Overseas Money Transfer Review
Enjoy an extensive range of financial services and transfer money worldwide with DBS overseas money transfer
Initiate a money transfer with DBS
DBS overseas money transfer provides a safe and convenient way to move funds to any local bank account or overseas via Internet banking services. With DBS iBanking, you can manage your account, personal details, update passwords, set up transfers or pay your bills wherever you are. You can also access all major currencies and save on international remittances with DBS competitive exchange rates.
DBS’s SWIFT code is DBSSSGSG.
Compare DBS to other money transfer providers
How much does it cost to transfer money with DBS Remit?
DBS money transfers enable you to safely transfer funds to more than 150 countries in over 20 currencies conveniently via iBanking or digibank app, or at any of the branches. With DBS remit, you can enjoy $0 transfer fee when you send money to India, Philippines, Malaysia, Indonesia, China, Hong Kong, UK, Australia, USA, and Eurozone counties. You can view the complete list of Eurozone countries here.
Besides the attractive fee waiver, DBS remit also provides the following advantages:
- Locked-in FX rates (except China and Malaysia)
- Same-day online transfers (cut-off time varies with different countries)
- Auto FX transfers at your preferred rate with FX watch for amounts over S$1,000
- Preferential exchange rates for amounts over S$50,000 (except Philippines, Indonesia, China and Malaysia)
So compared to its regular overseas fund transfer and branch remittance, you can save at least S$20 on cable charges.
For branch transfers and OTTs to other countries, the following charges will apply:
|Branch Transfers||Online Transfers|
|Cable/telex charges||S$20 per transaction||S$20 per transaction|
|Handling commission||1/8% of the S$ equivalent of remittance amount||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
Please note that additional agent bank charges may apply.
DBS FX watch feature
Take advantage of the newly introduced FX watch function from DBS if you don’t need to transfer funds urgently. This feature allows you to set your desired exchange rate, the amount you wish to remit, and when the funds need to be sent. Once the conditions are met, the system will automatically make the transfer for you. To use the FX watch feature, you’ll need to remit a minimum of S$1,000.
Maximum transfer amount
DBS enables you to make online transactions and transfer funds to personal accounts through its Internet banking service. You can transfer up to S$200,000 daily to all countries, except Indonesia, via mobile or iBanking. For transfers to Indonesia, the daily transfer limit is capped at S$40,000.
If you need to make a transfer that is more than the limit cap, head down to a branch to facilitate the transfer. Bear in mind that while you can transfer up to your available account balance, you will have to pay for the cable/telex charges and handling commission.
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
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.
Why choose DBS overseas funds transfer?
- Secure. DBS views security as its top priority, ensuring that your details and funds are secure during online transactions. Once you register for online banking, you’ll obtain a security token that gives an added layered of security for all your transactions. DBS also offers you the best encryption available today to ensure your personal details are safe.
- Wide coverage. DBS offers convenient access and fund transfers to over 150 countries in more than 20 currencies.
- Mobile banking. This service allows you to make payments, transfer funds and manage your account directly from your mobile.
What other products and services does DBS offer?
- DBS corporate banking. A service designed to help businesses that trade internationally to maximise overseas opportunities. DBS provides an extensive range of business accounts, such as the corporate multi-currency account and RMB trade settlement account, to help your business operate smoothly and manage cash flow effortlessly.
- Financial planning. DBS provides a wide range of financial planning services, such as personalised strategies to help you sustain your family’s financial future, manage your investment portfolios and assist you in retirement preparation.
- Financial assistance. DBS provides a broad selection of financing options such as car loans, home loans, personal and business term loans.
What are the pros and cons of using DBS?
- Existing bank. There’s no need to register for a new account with another international money transfer service. Simply log into DBS Internet or mobile banking, or visit a branch to make a transfer.
- 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.
- Multi-currency account. If you are in constant need of different foreign currencies, you can take advantage of the DBS multi-currency account that allows you to hold up to 12 foreign currencies and Singapore dollars with one account.
- High limits. The maximum overseas transfer limit is S$200,000 per day.
- 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.
Best efforts will be made to cancel or amend transfers but it’s not always possible. If successful, those actions will incur S$35 and S$30 per transaction respectively.
This code is required for any incoming fund transfers to your Singapore DBS account from international bank accounts.
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