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Review: OCBC overseas transfer
Learn more about using OCBC to transfer funds internationally, including the fees and how fast to expect.
OCBC bank (Oversea-Chinese Banking Corporation Limited) is the oldest established Singapore bank and the second largest financial services group in Southeast Asia by assets, with operations in over 18 countries. If you need to transfer money overseas, OCBC offers a product for this.
What's in this guide?
- Why should I consider OCBC?
- What to look out for?
- OCBC overseas funds transfer fees
- OCBC foreign exchange rates
- How long does an OCBC money transfer take?
- What do I need to send money online through OCBC?
- How to send an overseas fund transfer with OCBC
- Is there an OCBC app?
- Bottom line
- Compare OCBC to other money transfer providers
- Frequently asked questions
Why should I consider OCBC?
- No cable and commission fees. Enjoy fee-free overseas fund transfer conducted through OCBC digital banking.
- Secure money transfer. Once you register for online banking, you’ll obtain a security device that provides an added layer of security for all your transactions.
- Mobile banking. OCBC mobile banking app allows you to transfer funds, make payments and manage your account directly from your mobile device.
- Existing bank. Existing OCBC customers can conduct a transfer conveniently without having to register for a new account with another international money transfer service.
- Transfer limits. The maximum overseas transfer limit is S$100,000 per day. If you’re a premier account holder, you can send up to S$200,000 daily.
What to look out for?
- High margin. Unlike specialised money transfer providers, banks in Singapore, including OCBC, typically add a high margin on the interbank exchange rate.
OCBC overseas funds transfer fees
OCBC charges S$0 cable and commission fees when transferring money overseas. Agent fees, if any, will still be charged.
OCBC foreign exchange rates
OCBC offers money transfers in 18 currencies with competitive exchange rates. However, many specialist money transfer providers tend to provide better exchange rates compared to banks, so be sure to make a thorough comparison before committing to a service.
How long does an OCBC money transfer take?
Transfer speed varies between few hours to 4 business days, depending on the country and beneficiary bank to which payment is made.
What do I need to send money online through OCBC?
Before you begin an overseas bank transfer, follow these simple steps to add your beneficiary details:
- Prepare details of your beneficiary, such as recipient name, IBAN, address and contact number.
- Set up the beneficiary details via OCBC online banking.
Other payment details such as a valid transfer reason and registered phone number may be necessary for transfers in some currencies.
How to send an overseas fund transfer with OCBC
Access to OCBC international money transfer services requires that you register for an online Internet banking account. You’ll also obtain an online security device from either an OCBC branch or by mail if you registered online.
Once you’ve set up your beneficiary details, follow these steps to facilitate the transfer:
- Log into mobile banking.
- Click on the menu bar on the top left of the screen.
- Select “Transfer funds”.
- Select “Overseas”.
- Select the funding account, beneficiary account, remitting currency, and enter transfer amount before you “Slide to Submit”.
- Follow the mobile banking instructions to complete the overseas funds transfer.
Is there an OCBC app?
Yes, OCBC has an app on both Google Play and the App Store. The app makes it possible to do the following:
- On-the-go banking. Manage your account, cards, personal details and other services conveniently.
- Funds transfer. Conduct both local and overseas funds transfer at real-time competitive FX rates.
- Personalised insights. Stay on top of your finances with Money In$ights and overview for all your accounts (even those across other banks and government institutions).
|Ratings accurate as of March 22, 2021|
|Google Play Store||3.3 out of 5, based on 13,003 customer ratings|
|Apple App Store||3.0 out of 5, 830 customer ratings|
OCBC overseas money transfer provides a secure and convenient way to send money in 18 currencies through its digital banking services, without any cable or commission fees (agent fees will still be charged if applicable).
However, always compare other options as OCBC bank typically add a higher margin on the interbank rates, so your transfer may still be more expensive even through transfer fees are waived.
Compare OCBC to other money transfer providers
Frequently asked questions
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