Outward Telegraphic Transfer

Frequently Asked Questions

1. How can I instruct the bank to OTT funds?
   Instructions can be submitted via iBanking (for debiting amounts below S$25,000) or given to the bank at our branches.
2. Is there a cut-off time for the submission of OTT applications?
   You can submit your application via iBanking anytime as the service is available 24 hours, from Monday to Sunday 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.
3. How soon can the overseas party receive the funds?
   Generally, the overseas party (beneficiaries) will be able to receive the funds within two to four days. However, this may vary depending on the country or bank to which the payment is made.
4. Can a payment be effected in full to beneficiary bank and credited in full to beneficiary?
   Yes, if you are our existing account holder, we can recover the agent bank charges from your account subsequently so that the overseas party (beneficiary) could receive the full amount. Please indicate under the section "Charges of Agent Banks" as "Applicant". However, in some cases, a payment may still not be credited in full to the overseas party (beneficiary) despite the payment being effected in full to the beneficiary bank as the beneficiary bank may levy a charge for the receipt of funds before crediting the beneficiary's account.
5. What is the exchange rate used for the debiting of a SGD account for the OTT?
   We will use the prevailing exchange rate to derive the SGD amount for debiting. Please refer to our website for the indicative exchange rates for amount less than S$200,000 equivalent. Exchange rates are subject to change. For amounts greater than S$200,000, the rate will be quoted on a case-by-case basis.
6. How can I ensure the overseas party (beneficiary) receives the funds in the original currency?
   We can indicate in the payment instructions to pay in the original currency. However, the practice of most banks is to convert and pay in the local currency.
7. Can I cancel or amend an OTT payment?
   A payment may be cancelled or amended if the OTT payment has not been made. If the payment has been made, it is subject to the agreement by the overseas party (beneficiary) or beneficiary bank.
8. Can I fax my OTT application to you?
   We can only process OTT applications based on the original form received at our branches.
9. Why is there an additional charge of commission-in-lieu of exchange for debiting from foreign currency accounts?
   In line with market practice, commission-in-lieu of exchange will be chargeable when the account and remitting currency is the same (i.e. no foreign exchange is involved).
10. At counter/phone banking, the exchange rate indicated is 1.697 but when my OTT was processed, why was a different rate applied?
    We will use the prevailing exchange rate when processing the OTT applications. Exchange rates are subject to change due to fluctuation according to the market for the currency. Hence, the exchange rate used at the point of processing may differ from the rate at the point when we received your OTT application.
11. How can I remit funds to Malaysia if there is no MYR exchange rate?
    You may remit funds to Malaysia in another currency (eg. USD).
12. Would you be able to check if the overseas party (beneficiary) received the funds?
    Yes, we can send a query to the agent bank to check whether the payment is effected. The service charge to perform the query is S$20.