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POSB Bank : Local Funds Transfer Singapore

Name of the Organization : POSB Bank
Type of Facility : Local Funds Transfer
Country: Singapore

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)

Related Post

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?:

Apply now: https://internet-banking.dbs.com.sg/ibAPL/Welcome?statemachineStateName=ae1b8a35c0a8016701fa1bb68e679b36&statemachineEventName=SelectService&TNC=Y&IB_SELECTION=CREATE_IB_PROFILE

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.

Tags: posb.com.sg
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