Standard Chartered Bank Money Transfer

Standard Chartered Bank in Singapore offers numerous ways for customers to conveniently transfer money from one account to another in Singapore, abroad, across banks, and between Standard Chartered bank accounts. Some of the options for making money transfers include online banking, credit cards, the PayNow mobile application, deposit accounts, International Funds Transfer, and FAST.

Options for Money Transfer

With Standard Chartered Singapore, you may transfer funds in one of 3 ways - through online banking, by using the mobile app, Breeze, or in-person at one of the local branches. The bank offers 8 different types of transfers to choose from:

Transfers within Singapore

  • Standard Chartered deposit accounts transfer
  • Standard Chartered credit card transfer
  • FAST
  • soCash
  • eCashier’s Order
  • PayNow mobile wallet

International transfers

  • SC Remit
  • International Funds Transfer

Transferring Money Within Singapore

You can transfer money within Singapore from your Standard Chartered deposit accounts to third party Standard Chartered accounts or to any GIRO participating bank accounts.

Deposit Accounts Transfers

You can make use of the following transfer modes if you wish to transfer money from any of your Standard Chartered deposit accounts:

  • Scheduled transfer
  • Post-dated transfer
  • Immediate Fund Transfer

Pre-register third party accounts

You will have to pre-register the third party Standard Chartered accounts online before you can make a transfer.

You must be careful when you are pre-registering and enter all the information correctly in order to make the transfer. Once you have registered all the accounts accordingly, you can go on and transfer money immediately.

Beneficiaries

Before you make the transfer, you will have to add the beneficiary. You have the option of adding 10 Standard Chartered account beneficiaries. You also have the freedom of removing beneficiaries from your prevailing payee list.

The amount you transfer to third party accounts will be processed as soon as the transaction is initiated. The recipient will get the money in 2 to three 3 days, subject to the recipient’s bank. However, the transfer amount will be debited from your account immediately.

Standard Chartered Credit Cards

The bank offers you the option of making a funds transfer using your registered Standard Chartered credit card. You can use the cash advance feature on your credit card to transfer money to  your own Standard Chartered deposit accounts, third party Standard Chartered accounts, and to any General Interbank Recurring Order compliant bank accounts.

Standard Chartered accounts

When you transfer money from your credit card to your own, or any other Standard Chartered account, the transaction will be carried out immediately.

Third party recipients

To transfer money using your credit card, you will have to pre-register the Standard Chartered third party account or the General Interbank Recurring Order compliant bank account before making an Interbank Funds Transfer or a third party transfer.

You just have to select the preferred credit card present under the "Account to be Transferred From" dropdown list. Finance charges and a cash advance fee will be applicable when you use your credit card to make money transfers to another account:

  • 0.067% finance charge per day on the sum withdrawn from the day the transaction was made until the day of complete payment.
  • 6% cash advance fee on the sum withdrawn, subject to a minimum fee of S$15.

Transfer amount limits

If you wish to transfer money between your own accounts, third party Standard Chartered accounts, or other banks' accounts:

  • The minimum funds transfer amount is S$1,000.
  • The maximum funds transfer amount is 95% of your total available credit limit.

Transfer processing time

Funds will be transferred to the account of the beneficiary in two to three working days depending on  the recipient’s bank. However, the transfer amount will be taken from your account instantly. You will be able to find out whether your transaction has been carried out successfully when you check your monthly credit card statement or the online card transaction history.

If you have made a transfer on a public holiday, it will only be processed on the next working day.

Types of credit card cash advance transfers

The transfer modes available with cash advance are as follows:

  • Scheduled transfer
  • Post-dated transfer
  • Immediate funds transfer

Cancelled or rejected transfers

With funds transfer using a credit card, you have the option of deleting your scheduled funds transfer or post-dated instructions before the actual date. In case your request for money transfer is either rejected or is unsuccessful, the transferred amount will be credited to your account by the payee bank in four to five working days.

Credit card foreign currency transfers

Currently, there is no option for foreign currency transfers using a credit card with Standard Chartered Singapore.

FAST (Fast and Secure Transfers)

FAST is one of the fastest and most secure ways of transferring money. Standard Chartered Bank is one of the partner banks that offers payment through FAST, which was introduced by the Association of Banks in Singapore (ABS) to enable the immediate transfer of funds.

Using this service, you can transfer money within 30 seconds through online banking, or the Breeze mobile app, between Standard Chartered and 18 other banks in Singapore.

Here are some features of FAST:

  • Any customer with a current or savings account at a participating bank can use FAST.
  • Can transfer funds of up to S$50,000 per transaction.
  • Can add the beneficiary with a security token that offers additional protection against threats and online fraud.
  • Get text alerts that will help you keep updated about the status of your transaction and bring down the chances of any fraudulent activities on your account.
  • Your online funds will be safe in case of an unauthorised transaction with the online banking security guarantee.

soCash

If you find yourself constantly searching for an ATM to withdraw cash from, soCash can help. soCash is a service that allows you to withdraw cash from a merchant or store by transferring funds from your current or savings Standard Chartered account through the Standard Chartered mobile banking app.

Here are some features of soCash:

  • Any customer with a current or savings account with Standard Chartered can use soCash by downloading the mobile app.
  • No purchase from merchant is required to get the cash from them.
  • All you need to complete a transaction is the mobile app, a QR code, and your online banking credentials.

To place a soCash request:

  • Click on the ‘Get Cash/Locate’ tab on the mobile app.
  • Enter your desired amount.
  • Select a merchant.
  • Click ‘Get Cash’.
  • Scan the QR code on the cashier’s device at the store you selected.
  • Authorise your transaction using either Touch ID or your login credentials.
  • Select the account you wish to withdraw cash from.
  • Enter OTP.
  • Transaction amount will be debited from your account and dispensed to you.

Transfer amount limits

If you wish to transfer money between your Standard Chartered current or savings account and the merchant:

  • The minimum funds transfer amount is S$20.
  • The maximum funds transfer amount is S$500 per transaction.
  • The daily limit for the number of transactions allowed is 5 transactions.
  • A maximum of 3 transactions per cashpoint/store/merchant per day applies.
  • The maximum funds transfer amount is $500 per day.

eCashier’s Order

An eCashier’s Order allows you to make a payment to any individual or organisation with just a postal address and the payee’s name. It is an alternative method to pay someone who does not accept cash or personal cheques. The bank will mail the cheque on your behalf. Since it is a cheque guaranteed by the bank, it is a more reliable and trusted means of transferring funds than transacting in large amounts of cash.

Here are some of the features of eCashier’s Orders:

  • Issue cheques using internet banking at any time, from any location, without restrictions.
  • Ordering cheques online saves you time and effort by avoiding long lines at the local branch.
  • Gives you flexibility as the payee has the option to deposit the eCashier’s Order into any local bank account.
  • Eliminates the need for cheque books and paper cheques.

The amount made out on the cheque will be debited from your account as soon as Standard Chartered has completed processing it. Upon completion, the bank will print the Cashier’s Order and send it to the payee via Singapore Post, with the remittance slip attached.

The Cashier’s Order will take 5 days to reach the payee by post from the date of request.

Transfer amount limits

If you wish to transfer money between your Standard Chartered current or savings account and the payee:

  • The maximum funds transfer amount will depend on the funds available in the debiting account.

Interbank GIRO (IBG)

Interbank GIRO is a cost-effective way to make online payments in Singapore. It enables the transfer of funds from any of your Standard Chartered current or savings accounts to accounts of any of the other 45 participating banks.

You may have to fill in a form for every GIRO arrangement you would like to set up. The bank will take approximately 4 to 6 weeks to process your application upon receiving it, until which you will have to continue making payments via other methods.

In the event that you wish to terminate this arrangements, you will have to inform the bank one month in advance.

PayNow

With PayNow, you can send and receive money immediately by using just your NRIC/FIN or mobile number. You can get access to PayNow by using online banking or the Standard Chartered mobile banking app. Once you register for this service, you will get a text message confirming the same.

Here are some of the features of PayNow:

  • You will not be charged any fee for using PayNow.
  • The transfer that you make will appear on your account statement.
  • You do not have to add the recipient as a beneficiary to make a transfer through PayNow.
  • The daily limit for any one-time PayNow transfer is S$1,000. If you intend to pay more to someone, you will have to add him/her as a payee.

You can even link an international mobile number with PayNow if the number is your primary mobile number registered with the bank. However, there are certain features that are not available with PayNow. For example, recurring transfers and post-dated transfers are not supported by PayNow currently. Also, PayNow can only be used to transfer money in Singapore dollars.

Transferring Money Outside Singapore

There are 2 ways in which you can transfer money overseas with Standard Chartered, SC Remit and International Funds Transfer.

SC Remit

This international funds transfer option allows you to remit funds abroad - whether you just want to send money back home, pay for your child’s college tuition abroad, purchase overseas property, or pay for your foreign investments.

You may transfer funds online to a handful of countries without incurring any remittance fees with their “Zero Remittance Fees” promotion, which is further backed by their Best Forex Rate Guarantee.

Standard Chartered Foreign Exchange Rate Guarantee & Zero Remittance Fee Promotions

The bank offers the best foreign exchange rate guarantee when you make online remittances to the following countries:

  • Australia
  • USA
  • UK
  • India

Additionally, when you make an international transaction through online banking or through the mobile app to carry out SGD to USD remittances to the USA, SGD to INR remittances to India, SGD to AUD remittances to Australia, or SGD to GBP remittances to the UK, you will not be charged a remittance fee.

This is a promotional offer and will be valid only until 31 January 2019.

International Funds Transfer

With International Funds Transfer, you can conduct a telegraphic transfer of funds to any country outside Singapore.

Here are the primary features of International Funds Transfer:

  • Avoid standing in the queue at the branch.
  • Carry out the money transfer any time of the day and from anywhere across borders.
  • Enjoy lower fees and charges when you carry out international funds transfers online.

Should you want to transfer money outside Singapore, you will have to add the details of the international fund transfer recipient by entering the details of the payee.

Fees and charges

If you wish to make use of this facility, you will have to pay the following fees and charges with the non-online mode:

  • Overseas bank charges – S$50 or its equivalent.
  • Cover cable – S$20/US$15.
  • Commission in lieu – 1/8% minimum of US$10, maximum of US$700.
  • Handling commission – 1/8% minimum of S$30/US$20, maximum of S$100/US$70.

With the online mode, the fees and charges involved are as follows:

  • Overseas bank charges – S$50 or its equivalent.
  • Cover cable – S$20/US$15.
  • Commission in lieu - 1/16% minimum of US$5 and a maximum of US$350
  • Handling commission - 1/16% minimum of S$15/US$10 and a maximum of S$50/US$35.

Foreign exchange rate

The foreign exchange rate which is displayed online is subject to change and is often based on the current exchange rate of the bank at the time of processing the transaction. All international transactions made are subject to a daily limit of S$200,000 or its equivalent.

Status of foreign exchange transaction

To find out whether your money has been transferred, you can check the status under the transfer history. Once the transaction is complete, you will get a debit advice. For international funds transfers, the money will be debited from your account only after the completion of processing by the bank.

Cancellation

Once you submit an application for an international money transfer, you will not be able to cancel it. The beneficiary will get the funds about two to three days after the transaction has been made. It also depends on the beneficiary’s bank. If you need any assistance in making the funds transfer, you can get in touch with the customer service consultant.

Money Transfer Limits

Personal Standard Chartered account transfers

You may transfer up to your available balance for transfers between your own Standard Chartered accounts.

Third party Standard Chartered account transfers

If you are making a transaction to a third party Standard Chartered account, you can transfer up to your prevailing personalised daily limit. For new personal Standard Chartered customers, the default transfer limit is set at S$20,000.

GIRO participating banks accounts transfers

If you wish to transfer money to accounts from other banks, you may transfer up to your personalised daily limit, which you may change at any time.

Maximum daily limit

In case you wish to transfer more than your personalised daily limit, you just have to download and fill in the ‘Increase Transfer Limit Application Form’ and mail it to the bank for processing.

Your transfer limit may increase up to the maximum daily limit allowed, which is S$200,000 (via FAST).

Transactions carried out on public holidays and non-working days will only be processed on the next working day.

With myriad options to choose from, you can transfer funds according to your convenience whether you wish to make a transfer within or outside Singapore, between your Standard Chartered accounts or to other banks’ accounts.

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