5 Economical Reasons Why You Should Try Out International Money Transfers

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The current online banking trend is towards a more customer-centric approach by providing innovative and distinctive services at no or low fees. You can transfer funds online instantly without visiting a bank. With some private banks, you can find better alternatives to make an international money transfer for no transfer fees and at competitive exchange rates. For instance, DBS Remit gives an easy option to transfer funds overseas to anyone without any stress.

All you need to do is to download the DBS digibank app if you hold a bank account with DBS and send money in SGD to your family members, friends, or anyone to their bank account. You can make an international money transfer effortlessly on the app with just three taps and have it delivered on the same day for zero fees.

With DBS Remit, you can transfer money to over 50 destinations from Singapore, credited to the recipient’s account on the same day. The destination countries include Australia, Canada, Japan, Hong Kong, Indonesia, Eurozone countries, India, Malaysia, Korea, Mainland China, Myanmar, New Zealand, Thailand, UAE, Philippines, USA, UK, Vietnam, and Bangladesh.

The other distinctive feature of sending money via the DBS digibank app is that you can track and know where the money is until it gets credited to the beneficiary’s account. The app also enables you to transfer money after checking the foreign exchange rates without any extra cost.

Why Should You Consider Making Online Money Transfers?

You can find overseas money transfer services offered by many banks and financial institutions in Singapore. However, choosing the best service depends on the benefits they offer. DBS Remit, which is DBS’ online banking service, is a built-in feature in the digibank app. It offers:

  1. No transfer fees

A standard wire transfer will call for a small fee for the overseas money transfer service. DBS Remit, on the other hand, does not levy transfer fees for a money transfer and receipt. With it, you can send money in your currency, while the recipient can receive it in his or her preferred currency.

  1. Overseas money transfers on the same day

Advancements in technology enable financial institutions like banks to help their customers make high-speed money transfers from one account to another on the same day. For instance, DBS Remit allows you to carry out international fund transfers to your friends, relatives, children, or clients in any of the 50 countries mentioned above from Singapore with just three taps.

If you have made the transfer process before the cut-off time, the beneficiaries will have the money credited to their bank accounts within a few hours. Unlike the standard wire transfer, the fund transfer through DBS Remit takes less time.

  1. Competitive FX rates

International money transfers call for checking the foreign exchange rate because, with larger fund transfers, the impact will be higher. You can save money with a slightly better exchange rate. DBS Remit allows you to check the current FX rate and ensure that you get the best value for your money transfers abroad. All you need to do is to choose the location and enter the amount of SGD you want to send. It will show the amount the recipient will get in their preferred currency, as well as the competitive exchange rate.

  1. Track your money

Modern banking apps are built to have smart features like checking the status of your money transfer. You can keep tracking your money once you have made the transfer. For instance, sending money through DBS Remit helps you track the transfer live and know where the money is. The app confirms the receipt by sending you a push notification.

  1. Set your own transaction limit

You can change or set your daily international money transfer limit. With a DBS digibank app, you have a default daily limit of USD 5000. You can change it to any amount within the maximum amount limit of USD 25000 or SGD equivalent to it.

In short, making an overseas money transfer is so simple today that you can pay anyone in their preferred currency on the same day at no extra cost and with better exchange rates.

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