How Much It Cost To Send Money Via Western Union – DBS is currently the largest bank in Singapore. However, among the wide range of products, finding information about special offers, such as wire transfer fees, can be difficult. You may be able to save time and money if you use a service like . But more on that later.
This guide will help you understand DBS fees, transfer times, and how to send and receive international money transfers through DBS.
How Much It Cost To Send Money Via Western Union
People decide that consumers know the real cost of sending money abroad. In fact, it is very important that we create a tool so that you can quickly compare the real costs of sending money abroad – including some costs that many banks do not know about.
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The picture you see above is the current cost to send S$1000 from Singapore to a rupee account in India at the time of this article. While DBS may advertise no fees, you can see that, somehow, and you end up with more money in the bank. Why? to. More on that later.
The fees listed below give an idea of the cost of a wire transfer with DBS. Please note that fees may vary depending on your account type and may change over time. To check the potential costs of a specific transfer, please contact your DBS representative.
DBS Remit Fee (for transfers to Australia, China, Canada, Euro zone countries, Hong Kong, India, Indonesia, Malaysia, Philippines, UK and USA)
When you transfer money internationally, you can choose to send money in a currency other than the money you have in your bank account. In this case, it will be DBS that converts the money for you, using the exchange rate, which is unfortunately worse than the interbank or central market rate. The mid-market rate is the midpoint between supply and demand for a currency, making it the only fair exchange rate. The difference between these rates DBS keeps as profit.
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If DBS sends a transfer through the SWIFT network, the conversion can be done by the intermediary bank or the receiving bank, so it is almost impossible to know in advance what exchange rate will be used to convert the money. – which can cause you to lose more than you expected.
If you transfer money internationally with your bank, you will have to pay a lot of fees, because banks usually use the SWIFT network to send money around the world, which involves many intermediary banks, all of whom want a cut, in the process. When you use it, however, the money will be sent using a local transfer, cutting out the bank intermediary completely. Therefore, you do not have to pay the usual SWIFT fees, because your money never crosses the border.
Always use the mid-market rate to convert money, which is the same as what you get from a Google search. You only have to pay a small transfer fee, which is always mentioned up front.
You can also open an unlimited multi-currency account, where you can store money in dozens of currencies including the Singapore dollar. You can use the app to transfer money easily to more than 50 countries, and receive money locally in the EU, US, UK and Australia.
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ⁱ it works differently from normal international transfers because it generally uses a local bank account. This means you need local bank details for your recipient.
If you are sending money to India, Philippines, Malaysia, Indonesia, China, Hong Kong, UK, US, Australia or Eurozone, you can use DBS Remit to start the transfer on the same day. To put online:³
You can also visit the branch in person and have a cashier help you set up the transfer. Make sure you take your ID card or passport, and your bank statement or ATM card to verify your identity. Once there, you should:
What is required or what must be provided to the sender in order to receive an international bank transfer?
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How long does an international bank transfer take with DBS? How long does it usually take to reach the destination account?
DBS Remit transfers will reach the recipient’s bank account on the same working day, if the payment is scheduled on a working day, before the cut-off time. The DBS time limits for transfers in different countries are as follows¹:
If you need further assistance in sending or receiving international transfers through DBS, you can contact them through the following methods:
As the cost of transferring money overseas starts to add up with all the other banks involved in the process, you may want to consider alternative services such as reduced fees. You may find that it will save you money when trying to figure out how much money you will receive.
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In Singapore, there are more than five multi-currency accounts and wallets that can be used to pay for expenses when traveling overseas or when paying in foreign currency for online purchases.
The advantage of these multi-currency accounts is that they usually offer better exchange rates and do not charge transaction fees. This can make a big difference when using a credit card for the same purchase, traveling or shopping online. Note that even though there is an option to pay in Singapore dollars with a credit card, we still have to pay the same or more fees.
Also read: We bought the same sneakers online three times using three different cards, and paid different prices.
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This multi-currency account is very useful when traveling abroad personally, in Europe and the United States, as well as when other colleagues buy books from overseas online stores.
Most multi-currency accounts allow you to exchange money from the comfort of your home, usually at a favorable rate, and allow you to keep money in your e-wallet. It is very good.
However, not all of them also offer the benefits of sending and receiving foreign currency, to local or overseas accounts.
One of the multi-currency accounts that allows us to send foreign currency to overseas accounts is TransferWise. In fact, we can hold more than 50 foreign currencies, including Singapore Dollar and other very common ones such as British Pound, Australian Dollar, Chinese Yuan, Hong Kong Dollar, Indonesian Rupiah, Indian Rupee, Malaysian Ringgit, Philippine Peso, Thai . Baht and US Dollar.
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Also read: YouTrip; Revolution; Transferwise; DBS MCA and UOB Mighty FX: The Complete Guide to Multi-Currency Accounts and Wallets in Singapore
Since I can send money to bank accounts in Indonesia and the Philippines, I decided to use TransferWise to help foreign domestic workers send money to their families in Indonesia.
One of the main attractions of using this method is the convenience that foreign domestic workers do not have to queue at financial institutions or remittance shops to send money to their families, especially during the Circuit.
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