• HSBC Funds Transfer

    HSBC lets its customers transfer funds between accounts from any banks in the country easily and securely. With the bank’s funds transfer service, you can send money to your family and friends via personal internet banking and phone banking. You can even visit any of the nearest branches and transfer funds either to other HSBC accounts or other banks’ accounts.

    However, there is a maximum transfer limit. If you want to transfer funds to another bank’s account in Singapore, then you can send a maximum amount of S$200,000 in a day. This pre-set daily limit can be changed through the ‘Change Internet Banking Limits’ service.

    Options Available for Transfer of Funds in Singapore

    You can transfer funds from one account to another using the following methods:

    PayNow

    PayNow is an electronic service that allows instant funds transfer to any account in Singapore through internet banking and mobile banking with just your mobile number and NRIC number. There is no fee to register for PayNow and it is available to selected banks only. With this service, you can transfer up to S$200,000 per day.

    Steps to Link Your NRIC or Mobile Number to Your Bank Account

    Step 1: Sign in to your personal internet banking account.

    Step 2: Click on ‘PayNow Registration’ and choose the account you want to link to.

    Step 3: Key in a nickname and click on ‘Submit’ for authorisation. You will receive an OTP on your mobile number.

    Step 4: Upon successful registration, you will be redirected to an acknowledgement page, where you can give your NRIC/mobile number to start receiving funds.

    How to Send Funds Through Internet Banking

    Step 1: Sign in to your personal internet banking account.

    Step 2: Click on ‘Local Transfer/PayNow’.

    Step 3: Key in the receiver’s details and the amount to send.

    Step 4: Select ‘One-Time Transfer’ and review the details.

    Step 5: Upon successful registration, you will be redirected to an acknowledgement page.

    How to Send Funds Through Mobile Banking

    Step 1: Sign in to the PayNow app.

    Step 2: Key in the receiver’s details and the amount to send.

    Step 3: Select ‘Transfer’ and review the details.

    Step 4: Upon successful registration, you will be redirected to an acknowledgement page.

    FAST

    Fast and Secure Transfer or FAST is a funds transfer service where you can send money from one bank to another almost instantly. FAST transfer has a maximum pre-set limit of S$200,000 or your third party transaction limit in a day. However, this transfer limit can be changed or upgraded to a new limit through personal internet banking. FAST is accessible by 19 participating banks only.

    Cut-Off Time to Receive Interest on the Same Day

    Transaction day Weekdays Saturdays Sundays Public holidays
    Cut-off time 10:00 p.m. 5:00 p.m. Based on the previous day’s cut-off time Based on the previous business day’s cut-off time

    If the transfer is made after the cut-off time, the funds will reflect in the receiver’s account on the same day, but the interest calculation on incoming funds will be accrued starting from the next working day.

    GIRO

    With this service, you can set up transactions for up to 12 months in advance for either one-time or recurring payments. There are no charges or fees involved for making transfers via GIRO. The cut-off time for GIRO payments is before 3:00 p.m. If you transfer after the cut-off time, the cash will be debited from your account, but will reflect in the receiver’s account in three working days.

    How to Make a Transfer Using GIRO

    Step 1: Sign in to your personal banking account.

    Step 2: Select ‘Make a Transfer’ and click on ‘Transfer to another bank in Singapore’.

    Step 3: Select the account you want to transfer funds from.

    Step 4: Select ‘GIRO’.

    Step 5: Fill in all the necessary details of the receiver like name, account number, bank name, and branch code.

    Step 6: Indicate the amount you want to send, the date, and frequency.

    Step 7: Click ‘Save and Transfer’.

    Step 8: Review the details and click on ‘Confirm’.

    Step 9: To complete the process, enter the 6-digit security PIN on your security device.

    Step 10: Upon successful registration, you will be redirected to an acknowledgement page.

    MEPS

    MEPS or MAS Electronic Payment System is an interbank payment and settlement system which lets you make same day transfers if you submit the request on weekdays within the cut-off time of 4:00 p.m. Requests submitted after the cut-off time will be considered on the next business day. This service is available online and at branches.

    How to Make a Transfer Using MEPS

    Step 1: Log  in to your personal banking account.

    Step 2: Select ‘Make a Transfer’ and click on ‘Transfer to another bank in Singapore’.

    Step 3: Select the account you want to transfer funds from.

    Step 4: Select ‘MEPS.

    Step 5: Fill in all the necessary details of the beneficiary like name, account number, bank name, and branch code.

    Step 6: Indicate the amount you want to send, the date, and frequency.

    Step 7: Click ‘Save and Transfer’.

    Step 8: Review the details and click on ‘Confirm’.

    Step 9: To complete the process, enter the 6-digit security PIN on your security device.

    Step 10: Upon successful registration, you will be redirected to an acknowledgement page.

    Worldwide Money Transfers

    This service enables you to transfer funds from your HSBC Bank account to another bank’s account, worldwide. You can access the most recent foreign currency exchange rates with preferential rates on the weekend. You can even set up standing instructions or future dated transactions.

    How to Set up Worldwide Money Transfer

    Step 1: Log in to your personal banking account and select ‘Worldwide Transfers’.

    Step 2: Under ‘Make a transfer’ category, fill in the transfer details like the receiver’s details and his/her bank details.

    Step 3: Select the country of the beneficiary bank.

    Sep 4: Select the amount to transfer, the currency, and the account to debit from.

    Step 5: Select the date and frequency.

    Step 6: If you are adding the beneficiary for the first time, then generate a code on your security device and type it on the relevant space.

    Step 7: Review all the details.

    Step 8: Click on ‘Confirm’.

    Step 9: Upon successful registration, you will be redirected to an acknowledgement page.

    Global Transfers

    HSBC’s Global Transfers lets you send money between HSBC accounts across 29 countries in only 30 seconds. You can choose from 77 currencies and can transfer up to a maximum of US$200,000 in a day. Also, enjoy real time foreign exchange rates and transfer funds at any time of the day.

    HSBC Remittance and Payments

    Like Global Transfers, HSBC Remittance and Payments also allows sending money overseas to more than 29 countries. It supports the following 21 currencies:

    • UAE Dirham (AED)
    • US Dollar (USD)
    • Thai Baht (THB)
    • Swiss Franc (CHF)
    • Swedish Krona (SEK)
    • Sri Lankan Rupee (LKR)
    • South African Rand (ZAR)
    • Singapore Dollar (SGD)
    • Philippine Peso (PHP)
    • Norwegian Krone (NOK)
    • New Zealand Dollar (NZD)
    • Japanese Yen (JPY)
    • Indonesia Rupiah (IDR/IDX)
    • Indian Rupee (INR)
    • Hong Kong Dollar (HKD)
    • Euro (EUR)
    • Danish Krone (DKK)
    • Chinese Yuan (Offshore RMB)
    • Canadian Dollar (CAD)
    • British Pound (GBP)
    • Australian Dollar (AUD)

    How to Change Funds Transfer Limits

    • Sign in to your personal banking account.
    • Choose ‘Transfers/Buy and Sell FX’ and select ‘Change Internet Banking Limits’.
    • Choose the limit that you want changed.
    • Review the details and click on ‘Confirm’.
    • Generate a 6-digit security PIN and enter it on the page.
    • Click ‘Confirm’.
    • Upon successful registration, you will be redirected to an acknowledgement page.

    How Much Will it Cost

    The table below shows the fees and charges applicable on the services:

    Remittance from credit to account S$10 per transaction
    Local transfer at branch S$30 per transaction
    Local transfer via eMEPS S$10 per transaction
    Transfer via MEPS (manual submission) S$25 per transaction
    Standing instructions set-up fee/amendment fee S$10
    Transfer via FAST S$8 per item

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