Local Funds Transfer

Fund Transfers

PayNow

• PayNow is an instantaneous way for you to transfer SGD funds to someone within Singapore, using his/her mobile number or NRIC/FIN number

  PayNow is available on DBS digibank (online / app) and Paylah!

How to transfer using PayNow

Sending money

• Please note that PayNow is only available for participating banks
• Login to DBS digibank online or DBS digibank app
• Under 'Transfer', select 'To Mobile Number or NRIC (PayNow)'
• Enter recipient’s Mobile Number or NRIC and initiate the transfer

Receiving money

• Register your Mobile Number and/or NRIC/FIN for PayNow via DBS digibank online, DBS digibank app
• Ask the sender to send funds to your Mobile Number or NRIC/FIN via PayNow

Learn more

FAST

• FAST (Fast and Secure Transfer) is an electronic funds transfer service that lets you transfer SGD funds almost instantly from one bank to another within Singapore.
• With effect from 5 February 2018 - FAST transfers have a maximum limit of $200,000 per transaction.
• To take advantage of this new limit, change your existing personal local transfer limit on digibank here.

How to transfer using FAST?

Receiving money

• Inform the sender of your DBS account number
• Inform the sender to send funds to your account via FAST

Sending money

• Please note that FAST is only available for participating banks
• Login to DBS digibank online or DBS digibank app
• Under 'Transfer', select 'To Other Bank Account (FAST)'
• Select recipient's bank; enter payment details and SMS message
• Click 'Submit' and wait for transaction status

Participating banks and account types for funds transfer

MEPS

• MEPS (MAS Electronic Payment System) 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 2.00pm on weekdays. Transfers submitted after the cut-off time will be will be effected on the next working day

  MEPS transfers are only available at branches at S$20 per transfer.

Electronic Deferred Payment (EDP)

Securely schedule future payments today with EDP, the digital alternative to postdated cheques. Enjoy convenience by searching for your payees via PayNow or account number.

• Search for payees via PayNow registered proxies or via bank account number
  (Only available for EDP participating banks¹)
• Issue or cash out an EDP/EDP+ anytime, anywhere with digibank
• Easily manage and track status of your deferred payments digitally

¹ Citibank, DBS Bank, HSBC, Maybank, OCBC Singapore, Standard Chartered Bank and UOB.

Learn how you can use EDP/EDP+ on DBS digibank anytime, anywhere!

Others

• Online Cheques & Drafts:  PayEasy enables you to send cheques to someone when you do not have access to your cheque book or when the receiving party requires a bank draft. We mail out cheques on your behalf for free — all you need to do is log in to DBS digibak online and make the transfer. You can also send foreign bank drafts.
• Cashier’s Order:  A Cashier's Order (or a Banker’s draft) is a cheque issued by the Bank, payable to your designated recipient. You can walk in to a branch to purchase and collect your Cashier's Order. 
• Recurring Funds Transfer:  Also known as Singapore Dollar 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.
• One-time sign up fee - S$10 (via branch), Free (via DBS digibank online)
• Amendment fee - S$5 (via branch)

How to Transfer