Frequently Asked Questions

FAQ - 3rd Party Funds Transfer

  1. Can I transfer funds to any DBS and POSBank accounts?

    You can transfer funds to any DBS /POSB Singapore Dollar and Foreign Currency Accounts. You can also transfer funds to your Wealth Multi Currency Settlement Accounts (MCSAs).

  2. Can I transfer to corporate accounts?

    You can transfer to Corporate DBS Current/Corporate Plus accounts.

  3. Can I transfer to accounts of other banks?

    You may transfer to accounts of other banks using the Interbank Fund Transfer service rather than 3rd Party Funds Transfer service.

  4. What accounts can I use to transfer funds to a third party?

    You can use any DBS /POSB Singapore Dollar, Foreign Currency Accounts, Cashline and your Credit Cards*. You can also use your Wealth Multi Currency Settlement Accounts (MCSAs) for third party transfer.

    For funds transfer from credit card, there will be a Cash Advance Fee of 3% of the amount withdrawn (minimum charge of S$10) plus finance charge of 24% per annum (minimum charge of S$2.50) on the amount withdrawn, calculated on a daily basis from the date of withdrawal until receipt of full payment.

    * Not applicable for Foreign Currency Current Accounts

  5. Do I need to apply?

    This service is made available to you unless you deactivate. However, before you can do a 3rd party funds transfer, you will need to add your payee accounts online by using a One Time Password (OTP).

  6. How do I add a 3rd party account?

    Select the option "Fund Transfer Application" followed by "3rd Party Funds Transfer Application". Input details such as your initials, fund transfer limit (for initial application only), account type, account number and customised name. Once you have made the application online, you can proceed to transfer funds to the designated account immediately by inputting the One Time Password that is sent to you.

    For POSB/DBS funds transfer, you can add up to a maximum of 20 payees.

  7. Do I have to remember the 3rd Party account numbers each time I make a transfer?

    No, you don't have to. When you first select the accounts, you can customise the account with a name that can help you remember, for example, "Mum", "Melissa", or "Elder Sister". This customised name will be displayed to you for your selection during the fund transfer.

  8. How much can I transfer?

    You can transfer up to a pre-set daily limit of S$5,000. This limit will apply to both immediate and future transfers done on the same day.
    You can lower this limit anytime using the Limit Management service.
    However, if you wish to set a higher transfer limit (to maximum of $25,000), please mail us the Update Fund Transfer Limit & iB Message Contact Number form .

    For each Wealth Investment portfolio, there is a maximum daily transfer limit of up to S$250,000 (or equivalent in foreign currencies) capped on the MCSA.

  9. How do I know how much remaining daily limit I have for 3rd party fund transfer?

    Each time before you perform a transfer, your existing limit and remaining daily limit available for transfer will be displayed to you

  10. How do I do 3rd party fund transfer?

    Select the option "Funds Transfer". Next, select "Funds Transfer to Other DBS/POSB A/C".

  11. When will the funds be available in the receiving account after I make an immediate funds transfer?

    For immediate funds transfer to DBS/POSB account, the transfer will be effected immediately.

  12. Can I assign a future date for a 3rd Party funds transfer?

    Yes, you can designate a future date your transfers, up to 30 days in advance.

  13. How will I know if a future transfer is successful?

    If the transaction cannot be carried out on the date set by you, we will inform you via "My Notifications". There is a maximum of 50 future-dated fund transfers and future-dated bill payments allowed for the same requested date of transfer. You can also view the status of your future transfers or check the reason for rejected transactions under the service "View/Delete Postdated Funds Transfer". All details of future transfers will be displayed for up to 1 month from the date of transfer.

  14. Can I delete my future funds transfer?

    Yes, all pending fund transfers can be deleted. Please make use of the "View/Delete Funds Transfer" service.

  15. How do I terminate a selected account that I do not need?

    Simply select the option, "Funds Transfer" followed by "Funds Transfer: Delete DBS/POSB Payee". Select the account you wish to terminate and click "Submit". Please note that if you have future-dated transfers with pending status, you will not be able to terminate the pre-designated account.

  16. Can I opt out of the 3rd Party Funds Transfer service if and when I have no need for it?

    Yes, you can choose to deactivate your 3rd Party Fund Transfer using "Deactivate Funds Transfer Services". The deactivation will be immediate, and if you need to reactivate the service, please mail us the Update Fund Transfer Limit & iB Message Contact Number form .

  17. I have transferred money to the wrong account. How do I attempt to recover the funds?

    First, delete the wrong payee that you had set up. Then go to the nearest branch immediately to sign a form to recover the funds. Please provide our staff at the branch with the following information:

    • Date of transaction
    • The account no. from which the funds were debited from
    • The wrong account no. to which funds were transferred to
    • The name of the bank and the branch the funds were transferred to
    • The transaction amount
    • The transaction reference no. (if available)

    We will then attempt to help you retrieve the funds which were transferred to the wrong account.

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