If you’d had enough of the long wait and exorbitant fees when you transfer money overseas, check out DBS Remit, a new overseas funds transfer service. It does everything for you seamlessly and effortlessly, whether you’re sending money back home, paying for your kids’ overseas education, shopping or topping up your investments. Here are five reasons to make the switch!
#1 Quick and simple to set up
If you’re new to DBS or have just moved to Singapore, you can just open a new DBS bank account through the digibank app. Download the app, sign up via MyInfo and get instant access to your account, a DBS Visa Debit Card and PayLah!. This available to all Singaporeans and foreigners with a MyInfo account. Existing DBS customers who don’t have the mobile banking app can just download it on any of their devices.
The set-up doesn’t require any paperwork; everything can be done on your mobile phone and it won’t take more than a couple of minutes. Once downloaded, just make three taps on the new Overseas Transfer tile on your DBS digibank app login screen and you’re ready to go. That’s DBS digibanking for you.
#2 Widespread coverage
With DBS Remit, you can send funds all across the globe. Account-holders can transfer money to as many as 49 destinations. These include nearby destinations like Australia, Hong Kong, Japan and Malaysia as well as far-flung places such as the US, Canada, the UK and Europe.
Besides a large range of destinations available, you’ll be able to transfer money in as many as 17 different currencies.
#3 Transfer money overseas safely and almost instantly
When you send money via DBS Remit and want your recipient can receive the funds on the same day, you’ll need to send it to them before the cut-off timing. Otherwise, it’ll be transferred on the next working day. That said, you’ll still get the money over much faster than with other methods (which can normally take two to four days); so it’s a great option if you’re in a rush. Since everything is done online and directly from your DBS bank account, you can also transfer money on the go! There’s also less stress because you don’t have to handle paperwork with agents and remit houses or coordinate cash deliveries.
When dealing with money, security is a top priority. With DBS’s established track record and reputability over the years, you can be assured that your funds will be safe. Also, if you need help, you can contact the customer service team, which is on hand to troubleshoot and answer queries.
#4 Good exchange rates and no fees
DBS offers competitive exchange rates for its customers. For ticket sizes above S$50,000, you can even snag some special rates for your transfer. Most currencies also have locked-in rates; so, what you see during your transaction confirmation is usually what you’ll get.
Also, you’ll be happy to know that all locations eligible for DBS Remit have no transfer fees (look out for the DBS Remit or Zero-Fee icon). For other destinations, fees are chargeable and you’ll be able to view them before making your transfer. Most money transfer companies charge cable fees and handling commissions so you’ll be able to save some cash when transferring with DBS.
#5 Easy-to-use interface
The DBS digibank app is a breeze to use; transferring money only takes three simple steps. Just tap on “Overseas Transfer”, enter the amount and recipient, review and send. You’ll be able to save your recipients and their details so you can easily find them for future transactions. Everything is done within the mobile banking app, too, without needing to top up a separate holding account or mobile wallet.
Written in collaboration with:
DBS Bank
go.dbs.com/el-
Read more features in our Living in Singapore section!
Lindsay Yap
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