OCBC Overseas Money Transfer Review
Enjoy a comprehensive range of banking services and transfer funds globally with OCBC overseas funds transfer.
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 key markets in Singapore, Malaysia, Indonesia and China. Together with its subsidiaries, OCBC bank operates in over 18 countries and offers a wide array of personal and commercial banking, as well as financial and wealth management services. If you need to transfer money overseas, OCBC can facilitate the transfer conveniently and securely.
Initiate a money transfer with OCBC using an account below
OCBC overseas money transfer provides a secure and convenient way to send money to any bank account within Singapore or overseas through Internet banking services. With OCBC online banking, you can manage your account, update passwords and personal details and set up transfers or pay bills wherever you are. You can also access all major currencies and save money on international remittance with OCBC competitive transfer rates.
OCBC’s SWIFT code is OCBCSGSG.
Compare OCBC to other money transfer providers
How much does it cost to transfer money with OCBC overseas funds transfer?
OCBC money transfers enable you to safely transfer funds globally to all major countries in more than 15 currencies conveniently via online banking or mobile banking app, or at any of its branches. You can enjoy more savings on charges when you transfer funds overseas online instead of via over-the-counter remittance.
Bear in mind that these fees are not inclusive of any non-OCBC charges (such as agent bank fees or receiving bank fees, if applicable).
|For transfers over||Branch charges||Online charges||Fee savings|
*Rates are current as of 06 October 2018.
If you’re an OCBC premier account holder, you can enjoy $0 online charges when you make an online remittance via OCBC online banking, initiated from a Singapore dollar (SGD) account. Outward remittance via OCBC may be as fast as a couple of hours, or up to four working days, depending on the beneficiary country.
OCBC foreign exchange rates
OCBC offers money transfers to all major countries with competitive exchange rates. For standard account holders, a transfer fee of at least S$25, depending on the total transferred amount, will be charged for the service. 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.
Minimum transfer amount and available countries
OCBC allows you to make online payments and transfer money to personal accounts using its online banking service. As a standard account holder, you can transfer up to S$100,000 daily to all countries. If you’re a premier account holder, your daily transfer limit is raised to a maximum of S$200,000.
The registration and transfer process
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.
Before you begin an overseas bank transfer, follow these simple steps to add your beneficiary details:
- 1. Prepare details of your beneficiary, such as recipient name, IBAN, address and contact number.
- 2. Set up the beneficiary details via OCBC online banking.
Once you’ve set up your beneficiary details, follow these steps to facilitate the transfer:
- 1. Log into mobile banking.
- 2. Click on the menu bar on the top left of the screen.
- 3. Select “Transfer funds”.
- 4. Select “Overseas”.
- 5. Select the funding account, beneficiary account, remitting currency, and enter transfer amount before you “Slide to Submit”.
- 6. Follow the mobile banking instructions to complete the overseas funds transfer.
Why choose OCBC international money transfer?
- Secure money transfer. Like most major banks in Singapore, OCBC views security as its top priority, ensuring that your details and funds are secure while making online transfers. Once you register for online banking, you’ll obtain a security device that provides an added layer of security for all your transactions. OCBC also offers you the best encryption available today to ensure your personal details are safe.
- Mobile banking. OCBC mobile banking app allows you to transfer funds, make payments and manage your account directly from your mobile device.
What other products and services does OCBC offer?
- OCBC business banking. OCBC offers various accounts specially designed to support your business operations and help you manage cash flow effectively.
- OCBC premier banking. As a premier banking account holder, you will enjoy additional privileges, preferential FX rates, higher transfer limits, personalised services and other benefits. Deposit or invest S$200,000 in fresh funds to be eligible for a premier banking account.
- Financial planning. OCBC provides a wide range of financial planning services, offering you personalised strategies to help you secure your family’s financial future, manage your investment portfolios and help you prepare for retirement.
- Financial assistance. OCBC provides a myriad of financing options such as car loans, home loans, personal and business term loans.
What are the pros and cons of using OCBC?
- Existing bank. There’s no need to register for a new account with another international money transfer service. Simply log into OCBC online or mobile banking, or visit a branch to facilitate a transfer.
- Global savings account. If you are a frequent traveller and are in constant need of different foreign currencies, you can benefit from the OCBC global savings account that allows you to save and transact in eight major currencies with one account.
- High 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.
- Limits and charges. There is a default limit on how much you can transfer internationally. Also, you will incur at least S$25 or more in cable charges and handling commission for every transaction. In this case, you may find cheaper transfer options from specialist international payment companies, or banks that offer fee-free transfers.
Frequently asked questions
Cancellation and transfer amendment are provided on best effort basis and will incur S$20 per transaction.
You are required to use this code on any incoming fund transfers to your Singapore OCBC account from international bank accounts.
You may be interested in
We've unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe. Read more…
XE and WorldFirst are put to the test to see which provider is best. Read more…
Find out everything you should know about telegraphic transfers and how safe they are. Read more…