Electronic Funds Transfer in Singapore

At a Glance

As simple as a few taps to transfer money and pay your bills

Enjoy peace of mind with secured SGD transfers of up to S$200,000

24/7 availability for most transfer options, for whenever you need them.

Transfer funds using PayNowWith PayNow, you can send money instantly using any of the recipient’s information listed below:

Mobile number

NRIC or FIN number

Company Unique Entity Number (UEN)

Virtual Payment Address (VPA)

You can also use PayNow for cross border transfers to Thailand and IndiaLearn how you can easily perform PayNow transfers on DBS digibank and Paylah! anytime, anywhere.

Transfer funds to another bank using FASTFast and Secure Transfer (FAST) is an electronic funds transfer service that lets you transfer Singapore Dollar (SGD) funds almost instantly from one participating bank to another within Singapore, up to a maximum limit of S$200,000 per transaction.Before you start using FAST, here’s how to add a new local fund transfer recipient.

Learn how you can use FAST to transfer funds to other DBS/POSB account.

Learn how you can use FAST to transfer funds to other bank’s account.

If you are transferring funds to the following banks and non-financial institutions (NFIs), you can only do so via the ‘Transfer to Other Bank Account (FAST)’ option. Other methods of transfers are not accepted by these banks and NFIs.

List of banks and non-financial institutions (NFIs)

GREEN LINK DIGITAL BANK PTE PTD
GPAY NETWORK (S) PTE LTD
LIQUID GROUP PTE LTD
MATCHMOVE PAY PTE LTD
NIUM PTE LTD
SINGCASH PTE LTD
WISE ASIA-PACIFIC PTE. LTD.
XFERS PTE LTD

Refer to link here for a complete list of the participating banks, NFIs and account types for FAST.When it comes to your daily transactions, it’s always prudent to review your current limits and lower them based on your needs. That way, if your account were to be compromised, your daily limit would prevent large unauthorised transactions from emptying your savings. Learn how you can change your funds transfer limit on digibank.

Bill payment using GIRO You can set up General Interbank Recurring Order (GIRO) arrangements to facilitate automated payments to billing organisations (BOs).GIRO reduces the hassle of performing ad-hoc payments for your bills as they will be automatically deducted from your designated DBS/POSB account and paid to your respective BO upon their request. All you need to do is to ensure that this account has sufficient funds before the deduction due date.Pro tip: Check with your BO on your deduction due date.To avoid unsuccessful GIRO deductions due to insufficient funds, we advise you to check that your account has the required amount a day before the deduction date.For example:
Your BO makes the deduction regularly on the 10th of every month. Ensure that your bank account has sufficient funds by latest 11:59 pm on the 9th.Learn how you can set up a GIRO arrangement on digibank online.Need to transfer money on a regular basis to a designated account?You can also set up a recurring local funds transfer, also known as a Standing Instructions. This service automatically transfers a fixed amount in SGD from your DBS/POSB Savings or Current Account to a designated receiving account on a regular basis (e.g. weekly, monthly, quarterly) based on your request.Learn how you can set up a Standing Instruction on digibank online.

Getting a Cashier’s Order for your designated recipientA Cashier’s Order is a cheque issued by the Bank, payable to your designated recipient. Enjoy the added flexibility of online purchase options, with a nominal service fee of S$3 per Cashier’s Order. Choose to have it mail it to your registered mailing address or self-collect at the nearest DBS/POSB branches.Online purchase is only available for customers with:

digibank login credentials

a DBS/POSB current/savings account

For self-collection, 3rd party authorisation is not allowed. You must bring your NRIC/Passport personally at your selected branch for collection.
Learn More

Electronic Deferred Payment (EDP)Banks will stop issuing corporate cheque books by 31 Dec 2025. To give corporates more time to transition away from cheques, MAS and banks will extend the processing of SGD corporate cheques by an additional year to 31 Dec 2026. Corporate cheque payee should get their SGD cheques cleared well before 31 Dec 2026.While this primarily affects our corporate customers, we wanted to take this opportunity to highlight some useful information to help our individual (non-corporate) customers understand how corporate cheque cessation may impact you.

I am an individual customer. How does the corporate cheque cessation announcement affect me?

There is minimal impact to you as individual customers can continue to issue personal cheques to other individuals or corporate customers. You can also continue to deposit personal cheques issued by other individuals.

If you have received an SGD corporate cheque, please ensure that this is deposited into your account before 31 Dec 2026.

What is EDP or EDP+?

The Electronic Deferred Payment (EDP) is an e-payment initiative developed by ABS, in partnership with DBS and other Domestically Systemically Important Banks (D-SIBs) namely Citibank, DBS Bank, HSBC, Maybank, OCBC Singapore, Standard Chartered Bank and UOB. The new EDP/EDP+ solution is an additional e-payment option for customers, who today have access to other e-payment modes such as PayNow, FAST, GIRO and MEPS.

EDP and EDP+ will enable users to make a deferred digital payment or issue a digital alternative to cashiers’ orders via digital banking platforms and will have the following features:

Ability to choose future date when issuing an EDP
Guaranteed form of payment for EDP+
Recipient can choose to cash out an EDP/EDP+ to a DBS/POSB bank account or choose to reject payment

Who can use EDP or EDP+?

Customers with DBS’ digibank will be able to use EDP and EDP+ when the solution is launched in mid-2025.

Do I need to sign up for the EDP and EDP+?

There is no need to sign up for the EDP/EDP+ service separately if you already have access to digibank.

Where can I access EDP/EDP?

The service will be available on digibank for individual customers. More details will be announced closer to the launch in mid-2025.

When can I start using EDP or EDP+?

EDP and EDP+ will be launched in mid-2025. More details will be provided closer to the date.

Same day inter-bank fund transfer with MEPSMEPS is an online Singapore Dollar (SGD) inter-bank payment and settlement system, which allows you to make same day inter-bank transfers, if the application is submitted before the cut-off time of 2pm on weekdays. Transfers submitted after the cut-off time will be made on the next working dayMEPS transfers are only available at branches at S$20 per transfer.

For our existing customers

You can register for digibank access using any one of the methods:

DBS/POSB ATM, Debit, or Credit Card number and PIN
Singpass Face Verification (For Singapore Citizens, PRs, and eligible foreigners¹ only)

¹Foreigners who have EP, SP, DP, LTVP, or Student Pass.

For our new customers

You can start by opening your first DBS/POSB, Savings or Current account, using our digibank app.

It's easier if you’re a Singapore citizen, PR, or eligible foreigner¹. We can prefill your application form using Singpass.

But don't worry, you can still sign up without Singpass.

For foreigners with no Singpass access, you can refer to our page on what to prepare. Thereafter, select ‘Continue without Singpass’ to proceed with account application.

Unsure of what we offer? You may consider the following accounts:

Multiplier Account
My Account

¹Foreigners who have EP, SP, DP, LTVP, or Student Pass.

For non-Singpass users

For foreigners, make sure to have your FIN numberand Singapore (+65) mobile number ready.

Pro tip: Select Face Verification for instant registration.