Increasing demand for digital banking among tech-savvy consumers has led to several technological developments using artificial intelligence (AI) within the financial industry. You can carry out financial transactions like transferring funds and paying bills remotely from anywhere and to any place. With an international money transfer, you can breeze through managing different currencies.
There are banks, like DBS, offering a borderless banking service through a DBS bank account, which you can open on a digibank mobile app. Through DBS Remit, you can transfer money to your family or friends as monetary gifts and allowances, pay for overseas education, or make payments to suppliers or vendors.
To transfer funds in SGD, all you need is to sign up for online banking with the DBS digibank app and make overseas fund transfers in only three clicks to deliver funds on the same day at no additional cost.
The all-in-one banking platform, DBS Remit, allows you to make fund transfers from Singapore to over 200 markets in 50 destinations in as many as 30 currencies for the recipients to receive the money in their preferred currency on the same day. Some selected countries covered are Australia, Canada, Eurozone countries, Indonesia, Hong Kong, Japan, Korea, India, Mainland China, New Zealand, Malaysia, Myanmar, Philippines, Thailand, UAE, USA, Vietnam, UK, and Bangladesh.
Another notable advantage of sending money through the DBS digibank app is the ability to track the money and know where it is until it is credited to the beneficiary’s account. After checking the transfer rates, the app offers money transfers for zero transfer fees.
What Makes You Choose DBS Remit for International Money Transfers?
You can find several banks and other financial institutions in Singapore, offering easy international fund transfers. The advantages these institutions provide can help you decide which service to use. DBS Remit, which is a built-in feature in the DBS digibank app, is one of the best ways to transfer money internationally. Some of the key reasons for using this DBS online banking service are:
Transfer funds in different currencies on the same day
Most banks now offer their customers an immersive banking experience with speedy money transfers between accounts within a day, embracing the latest technology. With DBS Remit, for instance, you can send money in SGD to international in just three taps to your family members, business clients, or suppliers in any of the 30 currencies in 50 countries as stated above.
If the transfer is effected within the cut-off times to selected markets, the money in the desired currency will be credited to the beneficiary’s account the same day. When compared to a typical wire transfer, DBS Remit takes less time to transfer funds.
Track to know where the money is
One of the standout features of the DBS Digibank app is the facility to check the status of the money sent internationally. You can keep tracking it until it reaches the destination bank account. Further, you are alerted once it gets credited to the recipient’s account. In case your fund transfer is unsuccessful, you get notifications for the same. Meanwhile, you can also update the status of the payment to the beneficiary.
Transfer beyond your daily limit
Your daily limit for international fund transfers can be set on the app. The DBS digibank app has a default daily cap of SGD 500. You can change and send any amount up to a maximum of SGD 200,000.
No transaction fee
A regular wire transfer charges a small fee of SGD 20 for an overseas fund transfer. On the contrary, there are no transfer fees when using DBS Remit to send or receive money from Singapore to selected markets. Further, you can send money in your currency, and the recipient can receive it in his or her preferred currency.
Check and send money at competitive rates
You are always required to check the currency transfer rates before sending money abroad because they will have a bigger impact on larger transfers. Even a slight improvement in exchange rates can result in financial savings.
To ensure you get the best deal when sending money overseas, you can use DBS Remit to check the current FX rate. You must choose the location and enter the desired SGD amount to use it. It will show the amount of money the beneficiaries will receive in their desired currency with the latest exchange rate.
Set up recurring fund transfers
You can set up recurring money transfers by checking the option on the completion page of the overseas fund transfer to make it recurring. You need to choose the frequency of payments before finalizing the standing instruction for recurring transfers.
To conclude, it is so simple to make aninternational money transfer that you can pay your friend, family member, or supplier the same day in his or her chosen currency without incurring any transfer fee and at a favourable exchange rate.