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, Taiwan & Vietnam.
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) 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.
- 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- Delete recipients that are no longer required or have outdated details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
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 Myanmar
Due to the current domestic situation in Myanmar, you may experience unforeseen delays for fund transfers to, and refunds for failed transactions to Myanmar. Please also note that all overseas funds transfers to Myanmar is temporarily only available to AYA Bank.
- Please DO NOT submit remittances to existing and new recipients to other Banks in Myanmar until further notice.
- Please DO NOT submit remittances to business or corporate accounts of AYA Bank in Myanmar. This service is only available for individuals or retail customers of AYA Bank.
- Submissions to other Banks in Myanmar are temporarily not available.
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.
- 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.
Overseas funds transfer to Taiwan
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.
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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