How to use DBS to receive money from overseas: Fees, process and information needed
If you’re a DBS customer and need to receive an international telegraphic transfer, you’ll have to take a few steps to make sure your payment can be safely and efficiently delivered to your bank account.
This guide covers how to receive an international transfer with DBS, including the DBS receive money from overseas fee - and also touches on an alternative - Wise - which lets you receive payments in 8+ currencies with local details and low or no fees to pay.
What are the fees for receiving money to DBS from overseas
If you make an international transfer with DBS there’s usually a fee to pay. The same goes if you’re receiving an incoming transfer from abroad to your DBS account.
If you receive an incoming international transfer to DBS for crediting to a SGD or Foreign Currency Current Account, there’s a 10 SGD fee to pay, which is waived for DBS Treasures customers.
If you receive an incoming international transfer to DBS for crediting to a Foreign Currency Fixed Deposit Account there’s no incoming payment fee.
Not signed up with DBS yet? Here’s our guide to opening a DBS account to help you. Or, why not consider signing up with an alternative like Wise - more on that later.
Fees comparison by services receiving money from abroad
You can receive payments to a DBS account in SGD, or if you have a multi-currency account with DBS, you can receive money in supported foreign currencies. However, in all cases, there’s a fee to pay unless you’re a Treasures customer, or receive your money to a fixed term deposit.
As an alternative you may want to look at non-bank services like Wise which offer local and SWIFT account details which you can use to receive payments conveniently in a selection of currencies. There’s often no fee, although it’s good to know that there are a couple of payment types through SWIFT which do incur a Wise incoming payment charge.
Here’s a comparison of DBS incoming payment fees against Wise and a couple of other popular Singapore banks, to give you an idea of the costs of using DBS to receive USD or another popular supported currency:
| Provider | Receiving fee for international transfers |
|---|---|
| DBS | 10 SGD to most accounts - waived for Treasures customers |
| Wise | Receive for free with local account details in major currencies like USD, GBP and EUR Exceptions include: 6.11 USD for USD wires 10 CAD for CAD SWIFT payments |
| UOB | 10 SGD |
| OCBC | 10 SGD to most accounts |
*Information correct at the time of writing on 4th February 2025.
How to receive money to DBS from overseas
Receiving a payment from overseas with DBS is pretty straightforward. The person sending the payment will need your personal and account information to give to their own bank, but the process is easy enough to navigate. Here’s a roundup of all you need to know to use DBS to receive an overseas transfer.
What information is required to receive funds from overseas to DBS?
So - if you’re wondering: can DBS receive money from overseas - the answer is yes. But how? Here’s what information you need to give to someone who will send you an international telegraphic transfer to DBS, to make sure your money arrives safely.
Your name as shown on your bank account
Your account number
Your bank’s name: DBS Bank
Your bank’s address: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982
Your bank’s SWIFT Address/Code: DBSSSGSG
Steps of receiving money from abroad to DBS
Here’s how to receive your payment from abroad to DBS:
Step 1: Give the sender your DBS account information
The basic information needed by the person sending you a payment includes your name and address, your account and routing number, and the DBS SWIFT/BIC code.
Step 2: Agree who will pay the transfer costs
If you’re expecting to receive a fixed amount in the payment, you may want to ask the sender to cover the transfer costs including intermediary fees and the DBS fees for receiving your payment. Otherwise, fees could be deducted as the transfer is processed, which may mean you get less than you expected in the end.
Step 3: Wait for the money to be deposited into your DBS account
The sender can then arrange the payment, and once it has been processed it will be deposited into your DBS account. The transfer time can vary a lot depending on the originating bank and country.
How long does it take to receive money abroad with DBS?
Many factors can influence the length of time it takes to receive an international bank transfer. The process the sender's bank uses, the country and currency of the original payment, and which intermediaries are involved can all make a difference.
This means that when you receive payments to a bank account, your money may settle within a business day or two, but other payments may take up to 5 business days to arrive.
Why an overseas transfer could be delayed
If you’re waiting for a payment to arrive from abroad to DBS, and it’s been delayed, there are a few common reasons:
Incorrect or incomplete bank details - if you’ve given the sender the wrong information, the bank will need to check everything, which can mean a delay or even result in the transfer being returned
Compliance checks by DBS or the sender’s bank - cross border transfers, particularly of high value, may need to have legal checks carried out, to ensure that the funds have been legally sourced. This can result in a delay and you may also be asked to provide additional paperwork to support your transfer
Public holidays or weekends - banks only process transfers during business hours. If there are weekends or holidays in Singapore or in the sender’s own country, this will result in the payment processing being slower than usual
Differences in time zones - finally don’t forget that differences in time zones may mean that international transfers aren’t processed as you may expect. If your sender misses a cut off in their own time zone, or if the transfer arrives outside of Singapore banking hours, for example, deposit of your payment may be delayed
To ensure your payment is not unnecessarily delayed, double check the information you give the sender is correct and complete, and ask about whether additional documents may be needed for verification and compliance checks.
Pros and Cons of receiving money from overseas to DBS
| DBS pros | DBS cons |
|---|---|
| ✅ Familiar service, available online and in person ✅ Secure transfers which can be sent from more or less anywhere ✅ Receive to your SGD or multi-currency account ✅ No fee tor receive payments to a fixed term deposit, or if you’re a Treasures customer | ❌ 10 SGD standard incoming payment fee ❌ Transfers sent between banks can take 2 - 5 days to arrive ❌ Intermediary bank fees can mean you get less than you expect into your account |
Alternatives to DBS to receive funds from abroad
You don’t have to receive your international payments to DBS if you don’t want to. You could also choose to open an account with a non-bank provider which lets you receive payments in foreign currencies conveniently. Here are a couple of options to consider:
Wise
The Wise Account is available for personal or business customers, and can be used to receive, hold, send, spend and exchange a broad selection of currencies.
Your account lets you receive payments in 8+ currencies with local details and low or no fees to pay. You can then send payments to others, or use your linked debit card to spend online and in person, with currency exchange which uses the mid-market exchange rate with low conversion fees from 0.31%.
Revolut
Revolut offers digital accounts for personal and business customers which support 25+ currencies, and which come with Singapore account information for local payments, and SWIFT account details to receive payments from abroad in foreign currencies.
Revolut accounts also come with a linked debit card and some no fee currency conversion every month.
OFX
If you need an account for your business, the OFX Global Currency Account is a popular option, with 7 currencies supported for receiving, holding and exchange.
Your account comes with local account details to receive payments from customers or to get paid through PSPs and marketplace sites in major foreign currencies. This makes it a good choice for online sellers working with international customers.
What are the limits of receiving funds from abroad to DBS
There’s not usually a limit on the amount of money you can receive as an incoming payment to DBS. However, the exact limits can vary depending on the specific account you have, so if you have a large payment on the way it may be worth checking with the bank directly to ensure there are no issues with receiving your money.
What to be careful when receiving funds from overseas to DBS?
Before you start to receive funds from overseas to your DBS Singapore account, here are a few final thoughts:
Double check all of the bank details you give the sender - incorrect information can mean your payment is delayed, returned or lost
Agree with the sender who will pay fees if you’re expecting a fixed amount - charges can include sending fees, intermediary fees and receive fees
Confirm which currency your payment will be received in, and make sure your account can support it if you’re getting a foreign currency payment
Look at non-bank alternatives like Wise and OFX if you need to receive payments from overseas and want a flexible low cost way to do so
Summary
The DBS receive money from overseas fee is usually 10 SGD. This fee is waived if you’re a DBS Treasures customer or if you’re getting paid to a fixed term account.
You can receive payments to DBS in SGD and if you have a multi-currency account you may also be able to receive incoming foreign currency transfers. Compare your options - and the costs - with non-bank alternatives like Wise which lets you receive payments in 8+ currencies with local details and low or no fees to pay.
FAQs
When you’re receiving an overseas remittance to DBS you’ll need to give the sender your name as shown on your bank account, your account number, the bank name and address, and the DBS SWIFT code.
Yes. The DBS receive money from overseas fee is usually 10 SGD. This fee is waived if you’re a DBS Treasures customer or if you’re getting paid to a fixed term account.
If you’re expecting an incoming payment to DBS you’ll need to ask the sender to track it from their own bank account. DBS can not track the payment until it arrives in your account.