4 tips to make overseas online money transfers using DBS Remit

Why you should use DBS Remit to transfer money overseas

People in Singapore were paying $2 billion in hidden exchange rate mark-ups, or 71 per cent of the $2.8 billion in foreign exchange (FX) fees levied annually, according to a ST article published in May 2019.

From sending money overseas to a family member, to sending it on behalf of your foreign domestic worker, or perhaps as parents disbursing monthly allowance to your overseas-studying children, the reasons are endless.

If you are someone who regularly remits money, you may want to learn about using DBS Remit for your monetary transactions beyond Singapore’s borders.

Here are 4 reasons why.


Make Convenient Transfers Anywhere

Ever had to queue up for hours at the remittance agency to send money overseas, and wished for a more convenient way of transferring funds abroad?

With DBS Remit, transferring funds overseas anytime and anywhere is very much within your grasp. Transfer directly to the overseas account without the hassle of going through extra administration work on your part. 

All you need is your DBS/POSB digibank/iWealth plus internet connectivity, and in a few simple steps, you are ready to go! This way, you get to enjoy less hassle and have more time to pursue the things that matter to you.


Seamless Transaction Processes with DBS Remit

You’ve got internet connectivity and can now remit online. It works, but things would be even better if you could spend less time tapping on your phone or laptop trying to navigate through the transaction process.

Sometimes the process can be long and manual, with additional steps to take: like instructing an overseas transfer, topping up a holding account, awaiting confirmation of your top-up – before the funds get transferred.

DBS Remit removes all those extra steps, making it as painless as possible. There’s no need to top up funds into a separate holding account. Instead, you can make an overseas transfer in one seamless process on Digibank/iWealth, where we directly transfer the funds via your preferred bank account.


Transact Safely With DBS Remit

Making a bank transfer should not only be convenient, it must be secure too. The most common concern a lot of people have is the worry that your money might not reach the intended party, or get lost somehow during the interim. This anxiety becomes magnified when an overseas party is involved. That’s why it’s important to transact with a reputable bank that you can trust and be rest assured that the funds will reach the other side safely.


Save More With DBS Remit

One of the major considerations when making an overseas transfer is the cost of transfer. Engaging the services of remittance companies to make overseas transfers may cost you a slew of processing fees each time. While it is meant to cover the associated costs for making the transfer on your behalf, you are probably wondering why you can’t get it done for free.

Well, what if there’s a way for you to transfer money overseas without incurring any cable or commission charges? With DBS Remit, you can remit to 17 different countries, from Australia to USA, at zero-dollar transfer fees. For those who remit money overseas regularly, saving on any fees for overseas transfer can accumulate into huge savings for you.

Same-day transfers at $0 fees apply when you transfer money online to the following countries: Australia, Canada, Mainland China, Myanmar, Eurozone countries, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Thailand, UK, USA and Vietnam.


Try DBS Remit today using this step-by-step guide to send money across borders

Have an overseas friend, family member or business counterpart that you want to transfer money to? Use DBS Remit for a change and be impressed with the simplicity and convenience of making a transfer.


Keen to find out more about how you can use DBS Remit to make fuss-free, safe and quick transfer online? Read up on all the facts you need to know about DBS Remit here.

Don’t forget to also check out this step-by-step guide on how to use DBS Remit to send money overseas using your digibank mobile app or iWealth.

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