Country Specific Information for DBS Remit

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

Part of: Guides > Your Guide to Overseas Funds Transfer

  • Most banks in Canada have 7-digits bank account number.
  • Do ensure the bank account number provided excludes the 4-digit branch code in your Recipient’s Bank Account Number to avoid any unsuccessful transfers or delays.
  • Please provide the full address of your recipient as it is a mandatory regulatory requirement by the Canadian authorities from 1 June 2021. Make sure the address contains full details, including the street address, city/state/province and postal/ZIP code.
    (E.g. 3169 No. 3 Road, Richmond, British Columbia V6X 2B8)
Indian Banks Merger News
  • Effective 01 July 2021, overseas transfers to these Indian banks will no longer be available:
    • Allahadad Bank
    • Syndicate Bank
    • Dena Bank
    • Vijaya Bank
  • Customers with recipients in these 4 Indian banks are encouraged to perform the following to avoid any erroneous transfers or losses due to foreign exchanges:
    • DO NOT remit funds to recipients with accounts in these 4 Indian banks.
    • Delete the affected recipients from your list.
    • Request from your recipients their alternative bank account details.
    • Add the recipients to your recipient list with their updated bank account details.
  • Existing Standing Instructions to recipients in these 4 Indian banks will no longer be processed as the bank details are invalid. Please Add New Recipient or Set up Recurring Standing Instruction via digibank.

Purpose of Payments
  • All remittances in INR has to indicate clearly the purpose of payments to your recipient in India. Make sure the purpose indicated is accurate as no changes are allowed for the payment upon submission.
  • DBS Singapore only allows INR payments for the below list of purposes. Capital related investments purposes are not allowed and may be subjected to return with potential FX loss.
  • Purpose of payments list for DBS Remit to India

    Purpose of Payments

    • Family Expense / Savings
    • Personal Gifts & Donations
    • Donations – Charity / Gov org
    • Travel – Business
    • Travel – Education
    • Travel – Medical
    • Travel – Holiday
    • Pension Funds – Premium
    • Loan Repayment
    • Education Fees
    • Pay / Salary
    • Medical Fees
    • Life Insurance – Non Term
    • General Insurance
  • Effective 27 Jan 2021, DBS Remit transactions to Malaysia (in MYR) S$500 equivalent and below, 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.
  • 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
    • Recipient’s Mobile Number
  • 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.
  • Please click here for a step-by-step guide to help you get started with DBS Remit to Mainland China.
  • Due to the current domestic situation in Myanmar, you may experience unforeseen delays for fund transfers to, and refunds for failed transactions to Myanmar.
    • Overseas funds transfers to Myanmar is now available to AYA Bank and all other Myanmar Banks.
    • Please DO NOT submit remittances to business or corporate accounts. This service is only available for individual recipients.
  • 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
  • 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.
  • 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).
  • 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.
  • For regular overseas funds transfer to Taiwan in TWD, speed of transfer is 1-2 weeks.
    • This is due to the longer than usual time required for regulatory processes between Taiwanese Banks and your Taiwan Bank recipient.
  • For regular overseas funds transfer to Taiwan in all other currencies, speed of transfer is 2-4 business days.
  • 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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