Local Funds Transfer

Fund Transfers

	Transfer using PayNow (To Mobile Number or NRIC/FIN)	Transfer to your own or other DBS accounts	Transfer to other Bank’s accounts
DBS digibank App	Fee: S$0	Fee: S$0 (via FAST)	Fee: S$0
DBS digibank App	Availability: 24x7	Availability: 24x7	Availability: 24x7
DBS digibank online	Fee: S$0	Fee: S$0 (via FAST)	Fee: S$0
DBS digibank online	Availability: 24x7	Availability: 24x7	Availability: 24x7
Centres / Branches	Not Available	Fee: S$0 (via FAST)	Fee: S$20 (via MEPS)
Centres / Branches	Not Available	Availability: Yes	Availability: Yes

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 PayNowSending money

Please note that PayNow is only available for participating banks

Under 'Transfer', select 'To Mobile Number or NRIC (PayNow)'

Enter recipient’s Mobile Number or NRIC and initiate the transfer

Receiving money

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

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

DBS digibank (online/app)

Centres / Branches

Payments via FAST

Free

Receipts via FAST

Free

Personalised SMS

S$0.10

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)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.

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

If you have DBS digibank online

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