How does the Telegraphic Transfer service on iBanking work?
Telegraphic Transfer is a service where you can transfer funds to a named beneficiary of another bank located overseas. You can submit your application via iBanking anytime as the service is available 24 hours, from Monday to Sunday.
How soon can the overseas party receive the funds?
If we receive your application before 2pm from Monday to Friday (excluding public holidays), your application will be processed on the same day. If we receive your application after 2pm from Monday to Friday (excluding public holidays), or on Saturday/Sunday/public holiday, your application will be processed on the next business day.
Generally, the overseas party (beneficiaries) will be able to receive the funds within two to four days from the processing date. However, this may vary depending on the country or bank to which the payment is made.
Is there a limit to the amount I can transfer through the Telegraphic Transfer service on iBanking?
You may transfer any amount up to S$25,000 (including the handling commission and cable charge). Please visit any DBS/POSB branch for the transfer if you wish to transfer more than S$25,000.
Which accounts can I use to debit the funds for the Telegraphic Transfer?
You may choose from the list of your personal or joint-alternate Singapore dollar savings or current accounts. You will receive a debit advice from the bank through normal mail at your account address after the transaction has been processed.
If you wish to use the funds in your Singapore dollar fixed deposit account, foreign currency current account or fixed deposit, please visit any DBS/POSB branch for the transfer.
What are the exchange rates applicable?
We will use the prevailing exchange rate to derive the Singapore dollar amount for debiting when processing the application. Please refer to our website for the indicative exchange rates for amount less than S$50,000 equivalent. Exchange rates are subject to change due to fluctuation according to the market for the currency. Hence the actual rate used for your application may differ from the exchange rate posted on our website on the day you submit your application.
Can I cancel or amend my application?
You may cancel or amend the application if the transfer has not been made. However if the transfer has been made, it is subject to the agreement by the beneficiary or the beneficiary bank. Please visit any DBS/POSB branch if you wish to cancel or amend the application. A cancellation fee of $15 or amendment fee of $10 will be charged.
How can I check if the beneficiary has received the funds?
We can send a query to the agent bank to check whether the beneficiary has received the funds. Please visit any DBS/POSB branch for this service. The service charge to perform the query is $20.