Country Specific Information for DBS Remit

Important information you need to take note of when making an overseas fund transfer to Canada, Malaysia, Mainland China, Philippines, South Korea & Vietnam.

Banking Part of: Guides > Your Guide to Overseas Funds Transfer

DBS Remit to Canada
  • Most banks in Canada have 7-digits bank account number
    • The first set of numbers (4-digits) is your branch (transit number)
    • The second set of numbers (7-digits) is your account number
  • Please ensure the bank account number provided excludes the 4-digit branch code in your Recipient’s Bank Account Number to avoid any transfer delays or rejection.

DBS Remit to Malaysia
  • Effective 27 Jan 2021, DBS Remit transactions to Malaysia (in MYR) below S$500 equivalent, will incur a fee of S$3.00*.
    • This applies to one-time transactions as well as Standing Instructions.
    • Click here to find out how you can check and amend your existing Standing Instructions.
    *This charge will be reflected in your account statement as a separate charge, with the transaction code OTT C or OTT CHG.

  • Please ensure you are using the correct SWIFT code of the Islamic bank branch in Malaysia. Malaysia banks with a separate Islamic branch entity may have a different SWIFT code.
  • Accuracy of your Malaysia recipients’ details is essential to avoid any transfer delays or rejection. Please ensure they meet the below requirements:
    • Ensure that your Recipient’s Full Name is as per their Malaysia bank’s records
    • Do not put in random text or nicknames in the Recipient Name (e.g. Mom or lim)
    • Delete recipients that are no longer required or have outdated details
  • New Purpose of Payments List for DBS Remit to Malaysia
    Purpose of Payments
    • Gifts to individuals*
    • Education services
    • Goods and services purchased by travellers
    • Grants, aid and donations
    • Health services
    • Other personal services
    • Postal and courier services
    • Premium paid on life insurance
    • Premiums paid on other general insurance
    • Purchase of real estate abroad (commercial)
    • Purchase of real estate abroad (residential)
    • Purchase of real estate in Malaysia (commercial)
    • Purchase of real estate in Malaysia (residential)
    • Repayment of principal to/by Non-resident on long-term loan
    • Repayment of principal to/by Non-resident on short-term loan
    • Salary used for family support and savings
    • Taxes on income, wealth and other taxable assets
    • Telecommunications services
    • Travel for pilgrimage and religious observances
    *For all overseas funds transfer to Malaysia of MYR 10,000 or more, it will be subjected to Malaysia regulatory restrictions to non-family members. You can only make such high value transfers to direct family members. Direct family member refers to the sender’s “Parents”, “Spouse”, “Children” and “Siblings” only. Please ensure that you only remit to these defined family members to facilitate a successful transfer.

DBS Remit to Mainland China
  • For overseas funds transfers to a Chinese citizen in Mainland China, please ensure that you have the following details of your intended recipient before you begin funds transfer online, via Bank Accounts.
    • Bank Name
    • Account Number
    • Recipient’s full name in English
    • Recipient’s full name in Chinese
    • Recipient’s National ID no.
    • Recipient’s Address
  • Please ensure the recipient details are as per the recipient’s bank records, to facilitate a successful transfer. Currently, DBS Remit to Mainland China is offered only to the Bank’s retail customers.
  • All overseas funds transfer to Mainland China in CNY is subjected to the regulations of The State Administration of Foreign Exchange of the People's Republic of China. Each Mainland China recipient can receive funds up to a maximum of USD 50,000 equivalent per annum, per the stated regulation (in Chinese language only).

DBS Remit to a GCash Wallet in the Philippines
  • Now you can transfer to a GCash Wallet user via DBS Remit. You only need to prepare these details for the transfer.
    • Recipient’s GCash Wallet ID (e.g. A Philippines mobile number starting with +63)
    • Recipient’s full name
    • Recipient’s Address

Cash Pickup for Philippines Pesos in the Philippines
  • All DBS Remit customers can remit to Philippines and enjoy cash pick up service at BDO Unibank and SM. Please note revised cash pick up schedule due to the on-going COVID-19 Quarantine situation in Metro Manila. Click here for more information.
  • Please note that we have been informed by BDO Unibank that with effect from 5 February 2020, recipients aged 16 years and below are not allowed to claim remittance proceeds at BDO Remit Counter located inside the SM Store and Servicio (formerly BSC).
  • This is in line with SM internal policy to protect minors who are possibly engage in illegal activities (e.g. OSEC - Online Sexual Exploitation of Children).

DBS Remit to South Korea
  • Per South Korea’s Foreign Exchange regulations, fund transfers to individuals for personal reasons are allowed up to USD 20K per day.
  • As some beneficiary banks in South Korea may charge incoming fees depending on their policy, you may incur additional incoming fees where applicable.

Capital Investments Transfers to Vietnam
  • DBS Singapore only allows certain purpose of payment in VND which doesn’t include for capital related investments purposes. For transfers to company investments, share purchases or loan payments, they can only be made in United States Dollars (USD) or Singapore Dollars (SGD).

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