POSB Bank : Local Funds Transfer Singapore
Name of the Organization : POSB Bank
Type of Facility : Local Funds Transfer
Country: Singapore
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Website : http://www.posb.com.sg/personal/deposits/pay-with-ease/local-transfers
Local Funds Transfer :
Fast and convenient ways to transfer funds between accounts over mobile, internet and ATM banking channels.
Related : POSB Bank Local Bill Payments Singapore : www.statusin.org/6231.html
Product Details:
Fund Transfers:
FAST (Fast and Secure Transfer) is a new electronic funds transfer service that lets you transfer SGD funds almost instantly from one bank to another within Singapore, up to a maximum of S$10,000 per transaction.
FAST is available at all branches, on iBanking and on mBanking.
How to transfer using FAST?:
Receiving money:
** Inform the sender of your DBS account number
** Inform the sender to send funds to your account via FAST
Sending money:
** Please note that FAST is only available for participating banks
** Login to DBS iBanking or mBanking
** Under ‘Funds Transfer’, select ‘Funds Transfer to Other Banks’
** Select recipient’s bank; enter payment details and SMS message
** Click ‘Submit’ and wait for transaction status
Others:
Online Cheques & Drafts:
PayEasy enables you to send cheques to someone when you do not have access to your cheque book or when the receiving party requires a bank draft. We mail out cheques on your behalf for free — all you need to do is log in to iBanking and make the transfer. You can also send foreign bank drafts.
Cashier’s Order:
It’s easy to log in to iBanking to send a Cashier’s Order for free. A Cashier’s Order (or a Banker’s draft) is a cheque issued by the Bank, payable to your designated recipient.
Recurring Funds Transfer:
Also known as Singapore Dollar Standing instructions, this service automatically transfers a fixed amount in SGD from your DBS/POSB Savings or Current Account, to a designated receiving account on a regular basis (e.g. weekly, monthly, quarterly) based on your request.
One-time sign up fee :
S$10 (via branch), Free (via iBanking)
Amendment fee : S$5 (via branch)
How to Transfer
If you have iBanking:
Login now: https://internet-banking.dbs.com.sg/posb
Not an iBanking customer?:
Visit any of our branches.
PayNow :
** PayNow is an instantaneous way for you to transfer SGD funds to someone within Singapore, using his/her mobile number or NRIC/FIN number
** PayNow is available on iBanking, digibank app and Paylah!
How to transfer using PayNow :
Sending money :
** Please note that PayNow is only available for participating banks
** Login to DBS iBanking or digibank app
** Under ‘Transfer’, select ‘To Mobile Number or NRIC (PayNow)’
** Enter recipient’s Mobile Number or NRIC and initiate the transfer
Receiving money :
** Register your Mobile Number and/or NRIC/FIN for PayNow via iBanking, digibank app
** Ask the sender to send funds to your Mobile Number or NRIC/FIN via PayNow
About Us :
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. We are headquartered in Singapore, with a growing presence in Greater China, Southeast Asia and South Asia.
As a bank born and bred in Asia, we are well-positioned as your partner to capture opportunities across the region. We invite you to be part of our journey towards becoming the Asian bank of choice for the new Asia.