Can I transfer funds to an account from another Bank?
Yes, the Interbank Funds Transfer service lets you transfer funds to accounts of GIRO Participating Banks. As this service makes use of the Clearing & Settlement system for Interbank GIRO transactions, you need to provide the payee bank code, the payee branch code, and the payee account number to effect the transfer.
Can I transfer money from any of my DBS/POSB accounts?
The debiting account can be any of your Personal or Joint-Alternate Savings/Savings Plus or S$ Current/Autosave accounts. Your Credit Card can also be used for the funds transfer and a cash advance fee and interest will apply. Please note that transfer of funds from a Joint-All account or a Trust Account is not allowed.
How do I transfer funds to an account of another Bank?
To begin, you would need to pre-designate the payee account first:
Once the account has been successfully designated, you may proceed to transfer funds immediately:
Please note that the Bank cannot check the accuracy of the payee account number, as this information is not available to us. Therefore, we advise you to check with your payee bank if you are unsure of the bank code, branch code and the account number.
As an added safety measure, we will mail you a confirmation note to inform you of the account(s) you have designated for Interbank Funds Transfer.
When will the funds be available in the receiving account after I have made an immediate fund transfer?
For an immediate interbank fund transfer to an account of another Bank that is carried out before 8pm on a working day (Monday to Friday), the funds debited from your DBS/POSB account will be available to the receiving account two working days later. Otherwise, it will be available to the receiving account three working days later.
How will I know if my interbank fund transfer is successful?
On the third working day after the transfer, we will inform you of the fund transfer status through an alert message posted under "My Notifications" on the iBanking homepage.
If my interbank funds transfer is not successful, how will the money be refunded to me?
If the payee bank rejects the interbank fund transfer, for example, because of an invalid account number, the money will be returned to your debiting account on the third working day after the transfer.
Can I set a future date for a fund transfer?
You can set a future date for up to a month from the date of transaction. However, please note that your account will be debited one working day before the effective date of transfer.
For example, if you have specified your interbank fund transfer to be effected on Tuesday 23 Jan 2001, your account will be debited on Monday 22 Jan 2001.
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". You can also view the status of your future transfers or check the reason for rejected transactions under the service "View/Delete Future Funds Transfer". All details of future transfers will be displayed for up to 1 month from the date of transfer.
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.
How can I remember all the numbers of my designated payee accounts?
This is where the "customised name" feature can help. During the application process, you can customise the payee account with a description or a name, for example, "Mum's account", "Dad's account".
This will help you remember better. Please note that this description will not be made known to the payee bank.
Is there a maximum limit on the amount of funds I can transfer?
For Interbank Fund Transfers to accounts of another Bank, you can transfer up to a pre-set daily limit of S$1,000. This limit will apply to both immediate and future transfers done on the same day.
Can this transfer limit be changed?
You can change to a lower limit of S$500 anytime using the "Funds Transfer Limit Management" service. However, if you wish to set a higher transfer limit (to maximum of $25,000), please write in to us using Update Fund Transfer Limit & iB Message Contact Number form.
Is my daily limit for 3rd Party Funds Transfer the same as that for Interbank Fund Transfer?
Your daily limit for 3rd Party Funds Transfer is applicable for transfers to other DBS/POSB accounts, whereas your daily limit for Interbank Funds Transfer is applicable for transfers to accounts of other banks which is currently set at $1000.
Can I terminate the payee accounts that I no longer need?
Under "Funds Transfer Termination", you can choose to terminate the payee accounts that you no longer need. This termination will be effected immediately. You can also make use of this termination service to terminate any payee account that you may have incorrectly set up. However, please note that if you have future-dated transfers with pending status, you will not be able to terminate the payee account.
Can I opt out of the Interbank Funds Transfer service if and when I have no need for it?
Yes, you can choose to deactivate your Interbank Fund Transfer using "Deactivate Funds Transfer Services". The deactivation will be immediate, and if you need to reactivate the service, please write in to us using Update Fund Transfer Limit & iB Message Contact Number form.
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:
We will then attempt to help you retrieve the funds which were transferred to the wrong account.