• iBanking in Singapore

    IBanking, short for Internet Banking, is a popular term that is used to describe banking activities performed online. These activities can include performing inter-bank or intrabank transactions, balance checks, opening investment accounts, etc. All iBanking transactions take place online and a digital record of each transaction is maintained. In recent times, iBanking has literally replaced the traditional fashion of banking that required customers to visit the bank to make deposits, transfers or withdrawals. Every transaction done through iBanking will give customers an intimation on details of the transactions, enabling customers to keep a tab on their funds and plan to make better financial decisions.

    How to apply for iBanking?

    Different banks have their own iBanking platforms, where customers of the bank can enter their credentials and perform transactions online. For instance, if you have a Savings account with DBS Bank, you will need to register for DBS Internet Banking – the bank will provide you with your login credentials (your Login Id and Secure Password). Any debit or credit cards in your name (offered by the same bank) will also show up in your Internet Banking profile.

    Banks usually provide customers with iBanking access once they open an account with the bank. In any case, if you haven't received access, you will be required to visit the nearest branch and register yourself. The process will take about 2-4 working days, following which your iBanking credentials will be sent to your registered mailing address.

    Common Services available to iBanking Users in Singapore

    iBanking provides a spate of services to Bank Account holders in Singapore. Let us look at the most common types of services available to iBanking users in Singapore:

    • Managing one's Bank Account:
      • Managing one's bank account that includes keeping a tab on the account balance, fixed deposits made by individuals to the user's bank account, withdrawals, and more.
      • The Manage Account Service provided by the bank also enables users to change their Password, add beneficiaries within the bank or from other banks, perform transactions including online transfers, loan payments and credit card payments.
    • Getting the Account Summary:
      • As an iBanking user, you can get your Account summary by logging into the bank's iBanking interface with your credentials. The account summary will basically contain a history of all your transactions. Getting your account summary will also give you an idea of your spending patterns and put you in a better position to manage your finances more effectively.
    • Applying for banking and financial products
      • iBanking allows you to apply for a range of products online. Personal loans, car loans and home loans are the most common products that customers apply for through iBanking. Other options include investment options - fixed deposits, securities, mutual funds, savings bonds, retirement plans and more.
    • Bill Payments
      • You can also apply for credit card and pay utility bills through iBanking. Loan payments and all other forms of bill payments that accept payments through iBAnking can be performed.

    Top Banks Offering iBanking Services in Singapore

    Bank Pros Cons Resources
    Citibank

      • The interface does not require 2FA for balance viewing

      • The interface is responsive and intuitive

      • Very basic features are provided.

      • It does not allow customers to apply for loans and credit cards through the platform.

    Find More on Citibank ibanking
    HSBC

      • The interface allows customers to apply for balance transfer loans and all credit cards online.

      • The platform has only token based 2FA.

      • All credit cards that the customer uses need to be linked to the iBanking account in order to track payments.

    Find more on HSBC iBanking
    Maybank

      • Very easy to navigate and the interface is clear

      • It takes longer than other banks to receive the verification message or (One-Time Password). Usually takes 10 seconds.

    Find More on Maybank iBanking
    United Overseas Bank

      • Allows for easy and convenient internet payments (towards bill payments).

      • Customers can apply online for credit cards and balance transfers.

      • The interface boasts a dual security feature - the full access mode and the enquiry mode, ensuring greater levels of security.

      • It does not offer credit card email statements. Most banks in Singapore prefer sending e-statements to their customers.

    Find More on UOB iBanking
    DBS

      • One of the biggest banks in Singapore and its welcome page can be customised.

      • Customers can apply for credit cards and loan products.

      • All processes are convenient, simple and absolutely hassle-free.

      • Only token-styled 2FA made available.

    Find More on DBS iBanking
    Standard Chartered Bank

      • Stock trading can be performed through the platform.

      • No 2FA required in order to view account balances and card balances.

      • Standard Chartered was one of the first banks to implement credit card e-statements.

      • Offline transactions take almost 1 day to get updated.

    Find More on Standard Chartered iBanking

    Advantages and Disadvantages of iBanking

    Advantages of Internet Banking:

    • iBanking enables customers to transfer and receive funds almost instantly. Transfers within banks take place almost instantly while fund transfers to different banks might take about 1 business day.
    • One of the biggest advantages of iBanking is the simplicity, ease and convenience it brings to the table. Customers can perform a range of traditional banking activities that originally needed to be performed by visiting the branch.
    • Customers can apply for a spate of banking products through the bank's iBanking platform. From personal loans to debit cards, cheque books and home loans, there are an array of products available to customers.
    • Customers can open investment accounts by logging in to the bank's iBanking platform with their credentials. Customers can also get information on other banking and financial products.

    Disadvantages of Internet Banking:

    • The biggest disadvantage of Banking is that it can be prone to security breaches. However, banks usually have multiple layers of security, each complicated in itself, to combat security threats.
    • Unlike the traditional way of banking that involved visiting the branch for getting a financial product, iBanking isn't the same. There are certain services that you will have to visit the bank's branch to get resolved. For instance, if you wish to change your mailing address, you will need to visit the bank's branch.

    FAQs for iBanking or Internet Banking Users in Singapore

      Q. What are the types of investments that can be made through iBanking platforms?

      A. You can open fixed deposit accounts, invest in mutual funds, savings bonds, exchange traded bonds, retirement plans and more.

      Q. Can i set future dates for an inter-bank transaction?

      A. Yes. iBanking allows you to set future dates for inter-bank transactions as well as transactions taking place within the bank. Usually, in most cases, the amount will get deducted from your account 1 day before the scheduled transaction date.

      Q. Can i cancel or delete a transaction?

      A. Any inter-bank transaction can be cancelled if it hasn't reached the beneficiary's account number. If the transaction is pending, although the money has been debited from your account, it can be cancelled provided it is pending and hasn't been credited to the beneficiary's account. This isn't the case with intra-bank transactions as transactions within the same bank happen almost instantly.

      Q. What is the maximum amount that I can transfer in a day?

      A. The maximum amount that can be transferred is dependent on the bank in question. Banks allow transfers of up to S$10,000 but the amount can go higher or be much lower depending on the type of account used by the customer and the type of transaction performed.

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