Making instant fund transfers anywhere within or outside Singapore is no longer a dream. It’s a reality and it can be accomplished in a completely painless manner. Using FAST, you can transfer money to an account to another bank within minutes. If the beneficiary bank is not FAST-compliant, you can still make a transfer, although the time taken may be a little longer.
Not just FAST transfers, OCBC also allows you to transfer or get funds from an acquaintance through your registered/personalised QR code. To make a transfer via PayNow, you don’t even need the bank account details of the receiver. Their phone number, email ID, or Facebook profile detail is enough.
You can also transfer funds conveniently to overseas accounts via online banking or through OCBC branches.
Want to Transfer Money to Your Friend in Singapore or Relative in the US? Use the Following Funds Transfer Options
- You can transfer money anywhere in Singapore using FAST, provided the payee bank is listed under it. With this facility, you can transfer up to S$100,000 per transaction if you’re a personal banking customer and up to S$200,000 per transaction if you’re a premier banking customer. You can transfer money up to a daily limit of S$5,000 per day and S$25,000 per month if you use an ATM for the transfer.
- Money can be transferred using FAST through your online banking account or the OCBC mobile app supported by iPad, iPhone or Android devices with a compatible configuration.
- Money can be transferred using OCBC online banking services.
- You’ll also have the option to add comments with your FAST transfers. These comments will be visible to your payee.
- With your OCBC online banking or mobile banking credentials, you can also transfer funds to overseas accounts. Simply have the beneficiary details and the SWIFT code of the payee bank ready at the time of issuing the request.
- With PayNow, an OCBC mobile app, you can pay to or request payment from a friend any time you want using your QR code. You can also use their contact details for making payments.
- While normal funds transfers may require up to 3 business days, you can put in requests for same-day transfers for a token fee.
- Transfers can usually be made through online banking, mobile banking, apps such as PayNow, and from bank branches.
- You can also add a billing organisation as your payee and set up an automatic transfer.
Still Visiting Your Bank for Transferring Money? No Need! Here Are the More Convenient Options
Need to Transfer Money to a Local Account? Here Are the Steps:
- Log in to your online or mobile banking account.
- Click on the “Transfer Funds” option.
- If you haven’t yet added the payee to your list, you may have to do that first.
- You may transfer funds using:
- Account number of the payee.
- Mobile number, FIN, or NRIC details.
- PayNow (Download the Pay Anyone app from Google Play or the App Store because the PayNow service is available on this app). This app is supported by iOS10 and above, and Android OS 4.1 and above. Other Android devices with Android OS 6.0 and which support fingerprint recognition technology, may also support this app.
- With PayNow, the need to add a savings account to top up the wallet and then to make transfers, has been invalidated. You can send your QR code via mail or social media to a payer to receive money. The same process can be completed using QR code scanning as well. You can share your personalised code to receive payments instantly.
- You can also pay the monthly bills of credit cards issued by OCBC and other banks in Singapore conveniently using OCBC online banking.
- GIRO is mainly used by businesses for non-urgent transfers (can take up to 2 days for processing). However, it is a cheaper mode of funds transfer as compared to MEPS and FAST.
All said and done, visiting a branch to transfer money to local accounts may still be a more convenient option for some. If you fall under that category, don’t hesitate to visit an OCBC branch near you. The bank offers uncurtailed services at 19 locations in Singapore.
You may, however, have to pay higher fees and charges than you would have paid otherwise had you opted for online funds transfer.
Planning to Make a Remittance to Your Family Stationed Abroad? Try These Options:
- OCBC Bank offers you the option to conveniently transfer money to an overseas account or to an account in which deposits are made in a foreign currency.
- You can transfer up to S$40,000 in a day to a foreign-currency-denominated account or an overseas bank account from an SGD (Singapore dollar) or FCY (foreign currency) account in Singapore.
- In order to register your beneficiary, add his name, contact number, address, and bank account to create a new beneficiary account profile.
- Keep the SWIFT code of the beneficiary bank handy.
- Log in to your online bank account if you’re using your desktop or use your OCBC mobile app if you’re on your mobile.
- If you want to remit money to India, you can use the Money2India Fund Transfer facility.
- The beneficiary of your remittance made through Money2India, can withdraw money in INR from an ICICI branch in one of the 23 cities in India.
- With the aforementioned facility, you can even issue demand drafts payable at more than 700 locations in India. With this facility, money can also be transferred to one of the following in India:
- An ICICI bank account.
- An account with another bank.
- A Visa debit card account issued in India.
- A remittance card account from ICICI Bank in India.
- The beneficiary account has to be registered on the Money2India (ICICI Bank) website first before you can make a transfer.
- To make a transfer to India through Money2India, you’ll have to log in to your MoneytoIndia account, confirm your transaction to receive a unique tracking number, and finally log into your OCBC online banking account to make a single payment for remittance.
- Don’t forget to check the exchange rate at the time of making the remittance. Inform your beneficiary of the same.
- Until 31 December 2018, you can save up to S$65 for online overseas transfers vis-a-vis transfers made from OCBC branches.
How Much Can You Transfer in a Single Transaction? Is There a Limit on the Number of Transactions You Can Make Within a Specific Period?
Here are some of the important limits that you need to keep in mind:
- A maximum of S$40,000 can be remitted from your Singapore-dollar-marked current or savings account to an overseas bank account or a foreign currency account in a local bank.
- Previously, if you wanted to make a FAST funds transfer using your online or mobile banking account, you could only transfer up to S$50,000 per transaction. However, the limit has now been increased to S$100,000 per transaction for personal banking customers and S$200,000 per transaction for premier banking customers.
- If you plan to make a FAST transfer using an ATM, you’ll have to bear in mind that you can transfer up to S$5,000 in a day and up to S$25,000 in a month.
- If you’re using FAST, you can transfer up to S$10,000 per transaction to a FAST-compliant bank account for FREE.
- If you’re transferring money using the PayNow service available on the Pay Anyone app, you can transfer up to S$1,000 per day. Remember, PayNow can only be used to make transfers to accounts denominated in the local currency.
- A FAST transaction can be made anytime, anywhere, any day of the year. There is no restriction on the number of FAST transactions you can make.
- Singapore and the country to which you’re remitting money to may have specific regulations pertaining to the number and the amount of transactions allowed. Get in touch with OCBC and/or the beneficiary bank to make sure you’re on the right side of law.
Planning a Funds Transfer? Here Is What You Have to Pay
If you’re making or receiving a payment through FAST, here are the charges that would apply to you:
|Type of Transaction and Period||Until 31 December 2018 (Promotional Rate)||From 1 January 2019|
|Payment made through FAST||S$0.20 per transaction||S$0.50 per transaction|
|Payment received through FAST||S$0.20 per transaction||S$0.50 per transaction|
No payment is required for the services you use through the Pay Anyone app. Here are some of the other fees and charges applicable to remittances and fund transfers:
|Type of Transaction||OCBC Personal Banking||OCBC Premier Banking|
|Telegraphic transfer to fixed deposit||Free||Free|
|Telegraphic transfer to foreign currency account or Singapore dollar account||S$10||S$10|
|Demand draft drawn on OCBC Bank||Free||Free|
|Demand draft drawn on any other bank||?% of the commission, subject to a minimum of S$30, agent fees, and postage charges, where applicable||?% of the commission, subject to a minimum of S$30, agent fees, and postage charges, where applicable|
|Mass Electronic Payment System (Incoming)||Free||Free|
|Mass Electronic Payment System (Outgoing)||S$20||S$20|
|Funds transfer to other bank using online banking||Free||Free|
|Charge for returned item on funds transfer through online banking||S$0.5 per item||S$0.5 per item|
|Charge for returned item on funds transfer through phone banking||S$0.5 per item||S$0.5 per item|
Is Online Funds Transfer Worth It?
You may have been told of the benefits of electronic funds transfer by a friend. You may have read about the benefits on the internet. But, is it really worth it at the end of the day? Use the following pointers as litmus tests to evaluate if the so called benefits are really useful to you:
- Is it faster than physical transfer?
- Can you remit money to any part of the world in a matter of minutes?
- Are these online transactions more economical?
- Is there a limit on your remittance amount? Will that impact your plans of remitting a certain amount of money?
If you answer the above questions in the affirmative, opt for online funds transfer.
Money owned by someone has no value unless the person has access to it. Choosing the right funds transfer method could accelerate the process of payment and prove your seriousness as a payer. It’s actually helpful for building trust with your friends and business associates!