Digital banking is on the rise, with more and more tech-savvy consumers looking for value propositions and added services that will enrich their lives. With creative and distinctive services offered at no or low cost, the current trend in digital banking is towards a more customer-centric approach. Have Same-Day International Money Transfer at No Extra Cost
You don’t have to visit a bank to pay or transfer money for it can be instantly done online through the bank’s official website or mobile application. When it comes to an international money transfer, there are better options for making it with some private banks for competitive foreign exchange rates and no transfer fees. For instance, DBS Bank offers an easy and quick way to send money to anyone abroad without any hassle through DBS Remit.
To transfer funds in SGD to the bank account of your family member, friend, or someone in a foreign country, all you have to do is download and register with the DBS digibank app if you have a bank account with DBS. It takes just three clicks on the app to carry out an international money transfer, and it is delivered on the same day at no extra cost.
You can send money from Singapore to more than 50 locations using DBS Remit, with the funds being credited to the beneficiary’s account the same day. The destinations included on the list are Australia, Indonesia, Canada, Hong Kong, Eurozone countries, Japan, India, Korea, Mainland China, Malaysia, New Zealand, Myanmar, Thailand, Philippines, UAE, Vietnam, USA, UK, and Bangladesh.Â
The ability to track and know where the money is until it is credited to the recipient’s account is another standout benefit of sending money via the DBS digibank app. The app also gives the option to transfer money after checking the FX rates without any extra fee.
Some Prime Benefits of Making International Money Transfers
There are numerous financial institutions, including banks offering international money transfer services in Singapore. You can choose the service based on the benefits these institutions offer. DBS’ online banking service offers DBS Remit, a built-in function in the digibank app, for easy fund transfers. It helps:
- Conduct overseas fund transfers on the same day
Technological advancements have enabled most banks and financial companies to offer their customers a richer banking experience with high-speed money transfers across accounts on the same day. For instance, DBS Remit enables you to send money internationally in only three taps from Singapore to your friends, family, children, or customers in any of the 50 nations indicated above.
The beneficiaries’ bank accounts will be credited with the funds within a few hours if you have completed the transfer process before the cut-off time. The fund transfer through DBS Remit takes less time than a typical wire transfer.
- Transfer money without any fee
When you do a traditional wire transfer, you have to pay a small fee for the international fund transfer. Conversely, sending or receiving money through DBS Remit does not charge transfer fees. Moreover, it allows you to transfer money in your currency, as well as enables the recipient to receive it in the currency of his or her choice.
- Track your money
With the latest banking apps like the DBS Digibank app, you can find distinctive features like the ability to check and know the status of your money transfer. Once the transfer has been made, you can track it until it reaches its destination. For instance, you can track the transfer in real-time and know its location if you transfer funds via DBS Remit. You also receive the confirmation through push notification.
- Send money at competitive FX rates
When doing international money transfers, you need to check the foreign exchange rates because they will have a greater impact on larger transfers of money. A better exchange rate, even if slight, can help you save money.Â
You can check the current FX rate using DBS Remit to make sure you get the best deal possible when sending money abroad. For it, you have to select the destination and type the desired SGD amount. It will display the recipient’s expected payment in their chosen currency, along with the current conversion rate.
- Set daily transaction limit
The app allows you to set your international fund transfer limit every day. You have a pre-set daily limit of USD 5000 with a DBS digibank app. You may alter it to any sum up to a maximum of $25,000 or the SGD equivalent. In conclusion, sending money overseas is now so straightforward that you can pay anyone the same day in their desired currency for no additional fee and at a competitive exchange rate.
