DBS international transfers: Methods, fees, and transaction limits explained

Key takeaways

• DBS Bank Singapore offers three overseas transfer services depending on destination and currency – DBS Remit, Outward Telegraphic Transfer (OTT), and Priority Pay
  
• DBS Remit is a zero-fee, same-day transfer service covering 50+ countries and 19 currencies
  
• Outward Telegraphic Transfer is DBS Bank's international wire transfer facility with the broadest reach (200 destinations) and currency support (30+ currencies)
  
• Priority Pay facilitates instant foreign transfers between DBS Bank accounts in 8 markets and 10 currencies
  
• DBS international transfer costs include a handling commission and cable charge, but additional charges like agent bank fees might apply
  
• Charges differ for each of the three transfer options
  

How DBS Bank Singapore facilitates international transfers

There are three ways in which DBS Bank facilitates money transfers – DBS Remit, Outward Telegraphic Transfer (OTT), and DBS Priority Pay. All three options differ on multiple counts – fees, currency support, global reach, transaction limit, etc.

DBS Remit

DBS Remit is a zero-fee, same-day transfer service offered to personal and corporate banking customers. It facilitates money transfers to 50+ countries in 19 currencies.¹

However, zero fee does not mean zero cost as a mark-up is included in the bank's foreign exchange rate.

Furthermore, what same-day transfer means is that requests submitted before bank cut-off times in Singapore or the destination country on a working day will be processed on the same day. Requests received after cut-off time or on public holidays and weekends will be processed on the next business day. Moreover, actual crediting time depends on the recipient bank's processing time.

Examples of cut-off times by destination:²

[Table:1]

Outward telegraphic transfer

Locations not covered by DBS Remit are serviced by the outward telegraphic transfer service, which extends to more than 200 destinations.³ Businesses can send money overseas in over 30 currencies.⁴

Transfers are routed via the SWIFT network, taking between 1 and 4 days.

One can opt for an outward telegraphic transfer if their destination country is not covered by DBS Remit or if the funds being sent are not in the local currency of the destination country.

All OTT transactions via DBS Bank are subject to a handling commission and cable charge with the possibility of agent bank charges.

DBS Priority Pay

Priority Pay is a fast telegraphic transfer service aimed at small businesses. It moves funds instantly to any DBS Bank account in Singapore, Hong Kong, China, Taiwan, India, Indonesia, Australia, and Vietnam in 10 supported currencies (SGD, HKD, USD, EUR, GBP, CAD, CHF, AUD, NZD, and JPY). It just be noted that Priority Pay doesn't send some currencies to some markets – such as CAD and CHF to Vietnam and Australia, and NZD to Vietnam.⁵

While Priority Pay aims to facilitate instant fund transfers, actual processing time depends on beneficiary market conditions.

Telegraphic transfers to DBS accounts in any of the 8 markets are automatically routed via Priority Pay. They incur a cross-border remittance fee with no cable or telex charges.

DBS international transfer fees in Singapore

Overseas transfer costs under the three services:

DBS Remit fees

DBS Remit has no handling commission or cable/telex charge.

Customers simply pay the DBS foreign exchange rate with a mark-up bundled into it, which might vary by currency.

However, the recipient's bank might charge an inward remittance fee. The sender will be asked to specify who will bear this cost while submitting the transfer request.⁶

Outward telegraphic transfer fees

This remittance service invites a handling commission and cable charge:⁷

Handling commission

The amount charged ranges from SGD $10 to SGD $120 depending on transfer amount:

[Table:2]

Note: Handling commission is waived for transfers without FX to DBS accounts in China, Hong Kong, India, Indonesia, and Taiwan.

Additionally, multi-currency business account holders benefit from a preferential flat rate of SGD $30 per outgoing transfer.⁸

For inward transfers, an SGD $10 handling commission is imposed when receiving funds in an SGD or foreign currency current account.

Cable charge

An SGD $20 cable charge is applicable on OTT transfers to non-DBS accounts. It is waived for transfers to DBS accounts in China, Hong Kong, India, Indonesia, and Taiwan with specific SWIFT codes/BIC.

For overseas transfers made in person at a DBS Bank branch, a higher cable charge of SGD $35 is imposed.⁹

Other charges

For transfers made at the branch, the sender might be charged an over-the-counter fee.

Agent bank charges, which vary by location, might also be payable.

DBS Priority Pay fees

Priority Pay is a complimentary service. However, transfers made via Priority are subject to the usual handling commission while the cable charge is waived. Additional agent bank charges might also be applicable.

DBS Bank exchange rates

DBS Bank's foreign exchange rates are locked in 24x7, which means the exchange rate shown when a customer initiates a transfer is guaranteed.

There are exceptions though. Confirmed exchange rates for some currencies are subject to time limits – CNY Remit transfers (China) from 9.15 am to 3.00 pm (SGT) on business days, and MMK Remit transfers (Myanmar) from 9.25 am to 5.00 pm (SGT). Exchange rates for transfers in MUR (Mauritius) and TWD (Taiwan) are confirmed only for applications received between 9.25 am and 5.00 pm(SGT).¹⁰

DBS Remit transfers of SGD $50,000 or more (excluding Remit transfers to China) automatically benefit from preferential FX rates.

DBS international transfer limits

All cross-border transactions at DBS Bank are subject to a daily overseas transfer limit (or per transfer limit in some cases), whether sent by DBS Remit, OTT, or Priority Pay. The daily overseas transfer limit for most markets is SGD $200,000, but there are some variations:¹¹

[Table:3]

Transfer limits are governed by country-specific regulations on the amount that can be sent overseas.

For transfers exceeding SGD $200,000, customers may visit DBS Bank branches for assistance.

DBS Remit vs OTT vs Priority Pay

[Table:4]

How to make a DBS overseas transfer

Ensure the following recipient details are ready before initiating the transfer. These include:

• Recipient's full name as per bank records
  
• Complete address
  
• Bank name
  
• Account number
  
• SWIFT code/BIC
  
• Transfer amount and currency
  
• Purpose of transfer (for regulatory reporting)
  

Provide accurate details to prevent the transaction being rejected or delayed.

DBS Bank customers can initiate their overseas transfers conveniently on the bank's app or online banking platform. Businesses may also opt for the DBS Ideal platform, which merges daily banking facilities with cash management features.

Steps to sending an international money transfer using DBS Bank Singapore's online banking or DBS Ideal platform:¹²

• Log in with User ID and PIN, complete authentication
  
• Click on 'Pay and Transfer'
  
• Under 'Services', tap 'Overseas Transfer'
  
• Select the recipient from an existing list or add a new recipient
  
• Select the account from which the funds will be debited
  
• Add in the transfer amount and select the currency from the dropdown menu (an indicative exchange rate will be displayed)
  
• Select 'Purpose of Transfer'
  
• Input payment date (transfers can be scheduled up to 90 days in advance)
  
• Choose bank charges option – SHA (sender pays DBS charges, recipient pays their bank's fees), OUR (sender pays all fees), or BEN (recipient pays all fees)
  
• Double check transfer details, then click 'Transfer Now'
  
• Businesses using DBS IDEAL can check the live exchange rate under 'View FX Rate' and book the rate to complete the transfer¹³
  

Along with DBS international transfer services, Singapore businesses seeking a dedicated payments solution may benefit from exploring alternatives such as Aspire, which combines cross-border payments with broader financial management tools.

International transfers made easy with Aspire

If currency flexibility, global reach, and cost efficiency are what you need, Aspire facilitates overseas fund transfers in 30+ currencies across 130 countries at market-leading FX rates. For businesses prioritising transfer speed, we also offer same-day transfers in 15+ currencies.

Try our Visa corporate debit cards to pay foreign suppliers with ease and unlock greater accessibility and convenience in cross-border transactions. Meanwhile, you can use the Aspire multi-currency business account to send money swiftly and inexpensively to any DBS Bank account in Singapore.

Conclusion

As one of Singapore's leading financial institutions, DBS Bank offers comprehensive overseas transfer services that cater to the needs of small and large businesses. As transfer costs, speed, and currency support vary by destination and transfer method, understanding all three DBS Bank transfer services – or exploring effective options outside the traditional banking network – is crucial to choosing the transfer solution most suited to one's needs.

FAQs

How long does a DBS international transfer take?

A DBS international transfer typically takes 1 to 4 days, although same-day transfers are available using the DBS Remit and Priority Pay services.

How much does DBS charge for an overseas transaction?

Transfer costs vary by service. Most outward telegraphic transfers incur a handling commission ranging between SGD $10 and SGD $120 and an SGD $20 cable charge (SGD $35 if the transfer is made in person at a bank branch). Both charges are waived for DBS Remit transfers while Priority Pay transfers don't incur cable charges. However, an FX mark-up applies to all international transfers while additional charges such as agent bank charges might also be imposed.

How do I check the status of DBS overseas transfer?

The DBS Remit Tracker allows you to check your overseas payment status digitally. It tells you whether your transfer is processing, sent, completed, or unsuccessful.

What is the daily transfer limit for DBS overseas?

Daily overseas transfers are capped at SGD $200,000 for most destination countries. For transfers above this limit, the sender must visit a DBS Bank branch.

What is the SWIFT code for DBS Bank international transfers?

If the recipient of the foreign funds has an account in DBS Bank Singapore, the applicable DBS Bank SWIFT code is DBSSSGSG (DBSSSGSGXXX for systems requiring an 11-character-long code).