Electronic Funds Transfer in Singapore | DBS Singapore (2024)

FAQs

How long does a bank transfer take in Singapore? ›

Interbank Funds Transfer

For banks not participating in FAST, fund transfers in SGD will not be immediate and will be completed within 2-3 business days: For funds submitted before 8pm on a working day, funds will be available after 2 working days.

Additional agent bank charges may apply. Transfer limit: Up to S$200,000 daily.

Sending money to the United States (USD) from Singapore (SGD) can take between just minutes up to 3 business days, depending on your payment method.

If you're sending a SGD payment yourself, you can send up to 16,000 SGD at a time if you're using a bank card, or up to 1 million SGD from your bank. Note that can't send or spend more than 30,000 SGD or foreign currency equivalent from your Wise account balances in a fixed 12 month window.

If you know the recipient, you may contact the recipient directly to request for the return of funds. If you are unable to contact the recipient, Get in Touch with Us so we can assist to reach out to the recipient on your behalf.

FAST (Fast And Secure Transfers) is a new electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly.

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

Bank transfer

You'll need: their full name. bank name. bank account number — this should be a maximum of 14 digits for a standard bank account, or up to 25 digits for the DBS virtual account.

So, you can send an international wire of as much as you like, provided that it's within the maximum wire transfer limits set by your bank. However, you should be aware that transfers over $10,000 will automatically be reported to the IRS.

What is the maximum transfer limit for Citibank Singapore? ›

Sending a TT costs SGD 20 (online) or SGD 30 (via bank branch) in processing fees along with a commission of at least SGD 20. Transaction fees for foreign currency account TTs differ according to the currency and also invite an additional commission.

While domestic wire transfers can be completed within one business day, international transfers typically take one to five business days, and they can take longer depending on a variety of factors. In rare cases, a perfectly executed transfer can reach the recipient within a single business day.

Payments will generally be received the same day they were sent as banks will exchange payments throughout the day. This will occur at least every hour from 9am to midnight, every day including weekends and public holidays.

Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.

Real-time overseas funds transfer

With Maybank Overseas Transfer via Maybank2u web and the MAE app you can instantly transfer money to a beneficiary within any banks in Singapore including Maybank Singapore Limited (MSL) and Malayan Banking Berhad, Singapore Branch (MBS).