Many people nowadays travel abroad in search of better experiences, work opportunities, and professional benefits. In the same vein, students pursue higher education by living and studying at universities and colleges for better employment opportunities. This requires you to make a one-off money transfer to set up regular payments to meet the family’s living expenses, children’s education fees, etc.
To do this, a few things they are worried about are how to send money abroad and the service charge they need to pay. For whatever reason you need to make an international payment, using a currency exchange service offers several benefits.
With more and more people relocating overseas, there is a considerable increase in remittances. Without visiting the bank, you can make a quick money transfer online using its mobile application or website.
Most banks provide a simple, fee-free currency transfer service at competitive exchange rates. For instance, you can send money instantly through DBS Bank using the DBS Remit on its Digibank app. The other option is through Outward Telegraphic Transfer (OTT) if the destination you want to send does not have the DBS Remit facility.
After installing and registering for the DBS Digibank app, DBS customers can send money in Singapore dollars or any other currency to friends, relatives, or people abroad. By entering the name of the recipient and the amount on the ‘Overseas transfer’ option and choosing the ‘transfer now’ tab, you can initiate a foreign money transfer on the app. You can make the same-day transfer at no extra expense with this.
You can now send money to over 50 locations using DBS Remit and have it credited to the recipient’s bank account on the same day. A few destinations to mention are the USA, Eurozone countries, India, the UK, Australia, Canada, Japan, the UAE, Malaysia, the Philippines, and Hong Kong.
If you are using an OTT service, which is a standard money transfer service, you can transfer money to as many as 200 locations within 2-3 days. Nevertheless, the current money transfer service offers the following benefits:
- Transmit money internationally instantly
With the use of the latest technology, such as a SWIFT messaging code, financial institutions, particularly banks, now provide their clients with a beneficial online experience by facilitating speedy currency transfers to the recipient’s account within a day. For example, DBS Remit lets you send money to your customers, family members, friends, and children in the country you want with just three clicks.
The money transferred will be credited to the recipient’s bank account in a few hours if it is done before the cut-off time. For instance, transferring money through DBS Remit is faster than transferring it using a traditional wire transfer.
- Provide ease of use
By giving you personalized customer service and a secure online bank account, some banks offer hybrid services while also providing international payment services. It enables you to manage payments and make transfers from any location easily and instantly.
- Transact money without any fees
There is some cost when using a standard wire transfer to send money. On the other hand, sending or receiving money with DBS Remit is free of transfer costs. Additionally, you may transfer money in the currency of your choice while the recipients get in the currency of their choice.
- Send FX at competitive rates
Due to the greater influence that foreign exchange rates have on larger transfers, it is essential to always check them before transferring money overseas. Exchange rates can move in either direction, saving or costing money.
When sending money abroad using DBS Remit, you can ensure that you get the best deal by verifying the most recent currency rate. All you need to do is enter the desired transfer amount in SGD and choose the destination. It will display the amount and the relevant conversion rate when paid in the recipient’s chosen currency.
In conclusion, a bank’s money transfer online service makes it simple and cost-effective to send money in your preferred currency at a competitive exchange rate.
