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POSB Digital Banking review

Transfer money, check your balances and apply for a new card anytime you want with POSB digital banking.

POSB digital banking comes with a range of helpful features, from card applications to on-the-go bank transfers.

This review will explore how POSB digital banking works, including its features and sign-up process, so you can decide if it’s right for you.

How does POSB digital banking work?

POSB is a subsidiary of DBS Bank in Singapore and offers a host of accounts including savings accounts and investment accounts. Digital banking, or digibanking, is a helpful feature that is available for free with most POSB accounts.

Once you have applied for a bank account with POSB, you may then set up your digital banking platforms. This includes using POSB’s online banking portal or downloading the POSB mobile app. Once you’ve logged into your account, you’ll be able to enjoy all the benefits of digital banking with POSB.

What features are available with POSB digital banking?

Here are some features that you stand to enjoy with POSB digital banking, regardless of whether you’re accessing it online or through POSB’s mobile app.

  • Monitor account balances. Keep an eye on your account balance, access spending insights, and receive electronic statements through the POSB mobile app. With Peek Balance, you can even check your account balance using your Apple Watch.
  • Secure logins. POSB’s online banking platforms come with a range of security features. On top of digital tokens and two-factor authentication, POSB allows you to further secure your mobile app with Touch ID and Face ID login requirements (for iOS users).
  • Apply for and activate cards. Gone are the days where you have to visit the bank and apply for a card. With POSB online banking, you can apply for a new debit/credit card or activate a new card in-app.
  • Make local bank transfers. Send money to local DBS/POSB accounts or any other bank account using PayNow/FAST transfer.
  • Send money overseas. You can make an overseas transfer to any international DBS account, Visa Card, or Mastercard.
  • Pay your bills. POSB allows you to pay off your bills in a few taps using Giro payments.
  • Redeem rewards. Redeem your DBS points and Safra rewards with POSB digibanking.
  • Set financial goals. Design your very own Financial GPS and set financial sub-goals.
  • Manage your investments. You can also use your digibank account to apply for a DBS Vickers Online Trading Account where you can buy and sell equities and register for Regular Savings Plans, amongst other features.

This list of features is not exhaustive. In fact, POSB claims that it offers over 150 online banking services. Take a look at POSB’s website for the complete list of features available to you.

Is online banking with POSB safe?

As mentioned, POSB is a subsidiary of DBS Bank which is regulated by the Monetary Authority of Singapore (MAS). It is therefore generally considered safe to bank with. On top of this licensing, you can enjoy an array of safety features to help you keep your money safe. This includes:

  • Transaction alerts. You will be notified by email or SMS when a transaction has made via digital banking. Keep an eye out for unprecedented alerts as these might signal fraudulent transactions taking place.
  • Money safe guarantee. DBS is one of the first banks in Singapore which guarantees that your money is safe when you use digital banking. As such, any money lost through unauthorised transactions will be covered by DBS.
  • Digibank OTP. POSB digital banking requires you to log into your account using a One Time Password. This adds an extra layer of safety to your bank account.

What are the benefits of POSB digital banking?

Why should you choose POSB digital banking? Here are some benefits to think about.

  • Manage your finances from home through a handy online site or mobile app
  • Access a range of useful tools like loan and credit card applications
  • Secure log-in features to help you keep your money safe
  • Strong customer support

What should I look out for?

While digital banking streamlines most banking processes, it does not fully replace physical banking activities. If you are looking for an online-only bank account, you might want to consider a digital bank account instead.

How can I sign up for POSB digital banking?

Before signing up for POSB digital banking, you’ll first have to open a POSB bank account. Following this, you may apply for digital banking either online, through POSB’s app, or by visiting a physical bank branch.

Online registration for digital banking

  1. Visit POSB’s Singapore website and select their digital banking page.
  2. Click ‘Get Started’. You will be redirected to the DBS online banking sign-up form.
  3. Choose your identification type, key in your identification number, and birth date.
  4. Following this, you’ll have to input your card and PIN number.
  5. Choose a User ID and PIN number.
  6. Review and confirm your personal details.
  7. Submit your application form and download POSB’s digital banking app to get started.

Mobile registration for digital banking

Alternatively, you may activate your online banking directly through POSB’s digital banking mobile app. You can download this app from the App Store, Google Play store, or AppGallery.

  1. Open the mobile app and select “new to digibank”.
  2. Choose your identification type, key in your identity number, and birth date.
  3. Input your card and PIN number. You might also choose to use SingPass Face Verification instead.
  4. Input your details, and create a User ID and PIN number.
  5. Confirm your personal details.
  6. Confirm your submission, then proceed to set up your digital token for secure account log-ins.

Bottom Line

POSB offers a secure and convenient online banking service that’s simple to sign up for. It’s a great option for existing POSB users to take control of their finances.

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