People today go to other countries for better career opportunities. Similarly, students live and study at international colleges and universities for higher education and career prospects. An aspect they are concerned with is how to transfer money overseas and what type of expenses they may incur.
Remittances have increased significantly over the past few years as more people have moved abroad to live. You can instantly transfer or pay money online via the mobile application or official website of the bank without physically going to the bank to do it.
Some leading banks offer an easy international money transfer service without a transfer fee and at competitive FX rates. For instance, DBS Bank helps you pay or transfer money to anyone overseas quickly and hassle-free through DBS Remit or Outward Telegraphic Transfer (OTT).
DBS allows its customers to send money in SGD to a friend, family member, or someone overseas on the DBS Digibank app after downloading and registering for it. You can make an international money transfer on the app in only three clicks by choosing the icon ‘Overseas transfer’, entering the recipient’s name and amount, and clicking the ‘transfer now’ tab. The funds are transferred on the same day at no additional cost.
Using DBS Remit, you can make remittances to more than 50 places, and the recipient will get the money the same day in their bank account. Some major destinations include Eurozone countries, Canada, the UK, Japan, Australia, India, Indonesia, Mainland China, Hong Kong, Thailand, New Zealand, Malaysia, Myanmar, the USA, UAE, the Philippines, Vietnam, and Bangladesh.
With a regular money transfer or OTT service, you can transfer money to over 200 destinations.
Some Key Advantages of Using an International Money Transfer Service
Most banks in Singapore provide fund transfer services to their customers. DBS Remit is a built-in feature in the Digibank app that facilitates instant and secure money transfers. Some benefits of using it are:
1. Transact money free of charge
When you send money using a regular wire transfer, you need to pay a nominal fee for the service. In contrast, there are no transfer fees when using DBS Remit to send or receive money. Further, you can send money in your own currency, and the recipient can receive it in their preferred currency.
2. Make instant international money transfers
Financial institutions, especially banks, today give their customers a valuable experience by helping them make quick money transfers to the recipient’s account within 24 hours online using advanced technology, like a SWIFT code. DBS Remit, for instance, enables you to transfer funds abroad in only three taps to friends, family, children, or clients in your preferred country.
If the money is transferred before the cut-off time, it will be reflected in the recipient’s bank account within a few hours. Compared to a regular wire transfer, sending money using DBS Remit takes less time.
3. Transact with competitive FX rates
It is advisable to always check the FX rates before sending money abroad because of the bigger impact they will have on larger transfers. Even the slightest change in exchange rates can result in financial savings or losses.
With DBS Remit, you can make certain that you receive the best rate by checking the latest exchange rate when transferring money overseas. All you have to do is choose the destination and type in the amount of SGD you want to transfer. It will show the amount converted into the recipient’s preferred currency and the applicable exchange rate.
4. Monitor your financial transaction
You can now track the progress of your fund transfer using the advanced features of the DBS Digibank app. After the funds transfer, you can follow it until it is credited to the recipient’s account. Besides, you get a push notification with the confirmation.
To conclude, the money transfer service provided by a bank helps you pay someone in their chosen currency easily at a zero fee and a favourable exchange rate.