DBS Overseas transfer with: Fees and exchange rates 2024
If you’re a DBS customer and need to make an overseas transfer, you’ll want to know about the DBS international transfer fees and exchange rates before you get started. This guide covers how to transfer money abroad with DBS, the DBS international transfer exchange rate and more. We’ll also touch on how to use DBS to receive money from overseas.
DBS may be the largest bank in Singapore, but if you need to send a payment overseas, it isn't necessarily your best option. Specialist services like Wise and OFX are cheap and convenient, and could get your money moving faster. More on that coming right up.
DBS overseas transfer comparison
As we work through this guide we’ll cover all the key information you need about DBS telegraphic transfers, including the DBS overseas transfer limit and what DBS bank charges for overseas transfer.
First: the DBS overseas transfer fee. It helps to know that DBS has 2 different overseas transfer options - DBS Remit and DBS Outward Telegraphic Transfers. The Remit service has no upfront fee and money can arrive in a day, but it’s not available to all destination countries. You can send DBS Remit payments in 19 currencies, to 50+ countries.
DBS Outward Telegraphic Transfers are available to 200+ countries, but take 2 - 4 days and can involve higher transfer fees compared to the Remit option. When you make a DBS international money transfer you’ll need to watch out for a few different fee types:
Cable/telex charges + handling commission - these fees are paid to DBS
Exchange rate markup - this can be the highest fee, but it’s often hard to see
Agent bank fees - these fees go to intermediaries involved in the transfer process, and you won’t necessarily know in advance how much they’ll be
We’ll take a closer look at what these costs mean one by one in a moment. To give a bit of context, though, let’s review how DBS overseas transfer fees measure up against some specialist providers.
We’ll take an example payment from Singapore to Australia, looking at the fee and what the recipient gets in the end. These fees are assuming we are sending a standard transfer of 1,000 SGD online to someone based in Australia, to be received in AUD.
| Provider | Overseas transfer fee | Recipient gets in the end: | Transfer time |
|---|---|---|---|
| DBS | No fee Exchange rate includes a markup | 1,129.62 AUD | Same day (DBS Remit) |
| 3.56 SGD | 1,138.93 AUD | 50% of payments are instant, 90% of payments arrive in 24 hours* | |
| OFX | No fee Exchange rate includes a markup | 1,126.87 AUD | 1 - 2 business days |
| PayPal | 6.07 SGD Exchange rate includes a markup | 1,082.64 AUD | Instant |
*Data correct at time of research - 21st November 2024
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
You’ll notice that DBS fees for a standard overseas transfer are pretty complex and include several separate charges.
One key fee to understand when sending a payment with a bank like DBS is the exchange rate markup - a percentage fee added to the mid-market exchange rate. This is commonly around 3%, which doesn't sound like a lot, but can quickly mount up. Agent fees may also apply depending on how the payment is processed, which can mean the recipient gets less than you’re expecting in the end. With DBS, the exchange fee applies even when you use the DBS Remit service, which has no upfront transfer fee.
In the comparison payment above, the recipient would get more in the end if the transfer is made through Wise rather than DBS. This is because alternative providers like Wise and OFX may offer a better exchange rate compared to banks. They can often provide a quick and intuitive service, too. Services are available 24/7 and can easily be accessed through a provider app or desktop site.
How long does a DBS international money transfer take
If you’re making a standard overseas transfer with DBS you can expect it to take 2 - 4 business days to arrive, depending on the country you’re sending to.
Here’s a reminder of the delivery times for international transfers from DBS and a few other providers:
DBS: 2 - 4 working days for a standard outward telegraphic transfer - DBS Remit services are available on the same day they’re sent
Wise: 90% of payments arrive in 24 hours
OFX: 1 - 2 business days
PayPal: instant to other PayPal accounts
DBS overseas transfer rate
DBS calculates the exchange rate offered to customers by adding a markup or margin to the mid-market exchange rate. The mid-market rate is the one you’ll find with a Google search - and the one banks buy currencies at themselves. Typically, though, bank exchange rates offered to customers include a markup which can be around 3%. While that doesn’t sound like much, it adds up very quickly:
Sending 1,000 SGD - the exchange rate markup adds 30 SGD to the total
Sending 5,000 SGD - the exchange rate markup adds 150 SGD to the total
Sending 50,000 SGD - the exchange rate markup adds 1,500 SGD to the total
DBS does offer preferential exchange rates - with a smaller markup - for some currencies, when you’re sending more than 50,000 SGD.
Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you set up your payment online and send 1,000 SGD to an AUD denominated account:
DBS: No fee for the DBS Remit service, but there is an exchange rate markup
Wise: 3.56 SGD
OFX: No transfer fee, but exchange rate markup applies
PayPal: 6.70 SGD + exchange rate markup
DBS international transfer fees
Here’s an overview of the DBS overseas transfer fees for standard transfers, set up online or in a branch. DBS encourages the use of digital payment services and so if you want to send a transfer in a branch you’ll need to ask directly to check how much the fee will be for our specific account.
Aside from its standard transfer service, DBS does also offer DBS Remit - an online and mobile transfer service for specific countries and payment types, which can offer lower fees. However, this service isn’t available to all markets, and exchange rates will still include a markup - an extra fee.
| Transfer type | DBS international transfer fee |
|---|---|
| DBS Remit | No fee |
| DBS overseas transfer online or mobile | Cable/telex charges: 20 SGD per transaction Handling commission:
Additional agent bank charges may apply. |
| DBS overseas transfer in branch | Confirm fees with the branch staff |
| Receiving an international payment | 10 SGD |
*Data correct at time of research - 21st November 2024
DBS receive money from overseas fee
There’s a DBS receive money from overseas fee of 10 SGD in most cases. This means that when you have an incoming payment from abroad, and receive it to a SGD or foreign currency account you’ll pay 10 dollars. This fee is waived for DBS Treasures costumes and when crediting to a foreign currency fixed deposit account.
DBS additional fees and DBS agent bank charges
Unfortunately, the DBS overseas transfer fee isn’t just about the charges you pay to DBS directly. There are also likely to be DBS agent bank charges to pay.
We’ve mentioned that DBS international transfer fees may include agent bank charges. That usually happens when banks use the SWIFT payment network to process cross border payments. Under this system, your money is passed to 1 - 3 intermediary banks, known as agent banks, on its way to its final destination. Each of these intermediaries can deduct a fee for the service they provide as they process your transfer.
One of the biggest hassles with agent bank charges is that they can’t necessarily be known in advance. That makes it tricky to predict how much money your recipient will get in the end, as well as being an extra fee to contend with.
Not all payment providers use the SWIFT network. You can usually avoid these surprise charges by picking the right specialist provider to process your payment. Check out Wise as a good option which avoids SWIFT by using its own payment network, for example.
DBS overseas transfer limit and available countries
There’s a DBS overseas transfer minimum limit of 500 SGD.
If you’re sending a payment with DBS online or in the mobile app, you’ll have a maximum limit of 200,000 SGD per day. Branch transfers are unlimited - which means you can send any amount you hold in your account.
Payments can be made to a broad range of countries - the DBS Remit service is available for 19 currencies, and standard payments can be made to most other global currencies.
Receiving money from abroad with DBS
To receive a payment to your DBS account you’ll need to give the sender the following information:
Your name as per the records of DBS Bank
Your DBS bank account number
Name of Beneficiary Bank: DBS Bank
Address of Beneficiary Bank: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982
DBS SWIFT code
There’s a 10 SGD fee for receiving a payment from overseas into your DBS account.
DBS SWIFT code
It’s important to give anyone sending you money from overseas the DBS Swift code to make sure your payment arrives safely. This is like a postcode to guide your transfer to the right bank - failing to provide the sender your code could result in payment delays or even mean the transfer is rejected.
The DBS SWIFT code is: DBSSSGSG
How to receive money from China to DBS in Singapore
If you’re expecting someone to transfer money from China to Singapore DBS, you’ll be glad to know that the process is pretty straightforward.
You’ll need to bear in mind that there is a 50,000 USD annual limit on foreign exchange for Chinese mainland residents, and the person sending you money is likely to need to provide their own bank with some paperwork to support the transfer.
As the recipient you’ll need to give the sender:
Your name as per the records of DBS Bank
Your DBS bank account number
Name of Beneficiary Bank: DBS Bank
Address of Beneficiary Bank: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982
DBS SWIFT code: DBSSSGSG
Once the sender has your information they can process the payment and you’ll just need to wait for it to be deposited to your account.
How to make a DBS transfer to Alipay
Want an even easier way to send money to friends and family in China? You can use DBS to send money to Alipay for convenient spending.
To send money to Alipay using DBS:
Log into the DBS app and tap Overseas Transfer
Enter amount and recipient
Review transfer details and tap Transfer Now
When you make a DBS transfer to Alipay, the payment is processed through the DBS Remit system with no upfront fee. Bear in mind, though, that there’s a charge added to the exchange rate used to convert your funds for deposit. Compare the DBS Remit service against an alternative like Wise which lets you send money to Alipay customers in China with the mid-market rate and low, transparent fees.
Pros and cons of transferring money abroad with DBS
Pros:
Send money online, using your mobile device, or in a branch
Preferential FX rates for high value payments
Cheaper payments are available through DBS Remit for a limited selection of countries and transfer purposes
Cons:
High and complex fees for standard payments
Exchange rates include a markup
Delivery times are not market beating
DBS’s standard international payment service has relatively complicated fees. That said, DBS does have a specialist service called DBS Remit which lets you send payments to a limited range of currencies, and which may offer same day transfers in some cases. You’ll still need to pay fees in the form of an exchange rate markup, but it could be worth checking out if your destination country is covered.
How to make an overseas transfer with DBS
You can make your DBS international transfer online, through the DBS mobile banking service, or by visiting a branch location. The easiest way is to send your money online or in the DBS app:
Open the DBS app or log into your online banking on the DBS desktop site
Select Overseas Transfer
Follow the prompts to add the currency and amount you want to send
Check the rates and fees
Enter your recipient’s details
Confirm to complete the transfer
What information do you need to make an overseas transfer with DBS?
Before you arrange your transfer with DBS you’ll need to get the following information from the recipient:
Bank name
Account number
Bank SWIFT code
Recipient’s full name
Recipient’s full address
Conclusion
Sending international payments shouldn’t be too hard - but making an overseas transfer with DBS could mean you pay more than you need to. Compare your options with DBS against a specialist international money transfer provider to see which can offer lower fees, a better exchange rate, and a faster delivery time.
FAQ
DBS Remit payments, which are available in 19 currencies, have no transfer fee but do use a markup on the exchange rate. Standard outward telegraphic transfer fees could be up to 40 SGD + agent charges.
DBS Remit payments may arrive on the same day they’re sent but DBS overseas transfers can take 2 to 4 days to arrive.
Transfer money with DBS most easily online and in the DBS app. While you can visit a branch and set up your payment in person, this isn’t as convenient and may mean you pay more in the end.