This post was written in collaboration with DBS. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
When your favourite heartland shopping mall starts playing Christmas tunes, you know the holiday season is approaching, with its triple whammy of celebrations — Christmas, New Year and Chinese New Year.
Doesn’t that make you think of all the wonderful times you’ve spent with your loved ones, both here and abroad?
Well, with the help of modern technology, although we may be physically separated from our loved ones in other countries due to whatever reasons, there are still means to send them your love and support from afar.
You might already have sent care packages to your loved ones in the past… but once the festive crunch rolls around, the postal system gets really jammed.
One alternative is to send a cash gift that your loved ones can use to spend on anything they desire — by remitting money overseas to your dear folks abroad!
Read on to find out how remitting money overseas via DBS Remit is easier and faster than you can imagine.
But… I’ve never remitted money overseas via a bank before!
If you’re feeling hesitant, we really get you! First times are always scary, and it’s only natural to feel some anxiety especially if you’re remitting money for the first time in your life.
First-timers remitting money via a bank often have concerns about the speed of remittance, which bank to pick and hidden fees in the exchange rate. They also worry that remitting money is going to be a confusing and complicated process, or that they’ll have to jump through administrative hoops like signing up for a new remittance account via the bank and so on.
And who can blame them? After all, overseas bank transfers were indeed very complicated once upon a time. It used to be that you had to head down to a bank, fill out some paperwork and then wait a few days with bated breath for the money to be successfully wired over, minus some fees. Spend your precious Saturday morning queuing up at a bank? Ugh, no thanks!
Thankfully, DBS’s Remittance Overseas capabilities make sending money abroad via a bank an easy, painless process, even for first-timers. You don’t even have to leave the house. And there’s even a promo! (More about that later.)
Remit straight from the DBS digibank app
To remit money via DBS, you don’t need to sign up for a new platform, nor do you have to force yourself to get used to a new system or UI (user interface).
Existing DBS customers can remit money directly from the DBS digibank login page.
Don’t have a DBS account? You can open an account with DBS and start digibanking in a flash.
Just download the DBS digibank mobile app via Google Play or the App Store and sign up with MyInfo to get started.
Once you’re all set up, all you have to do in the DBS digibank app is:
- Tap Overseas Transfer
- Enter the amount and recipient
- Review details and tap Send
Yes, it really is that easy! DBS Remit is indeed a game-changer for anyone who needs to remit money abroad.
With DBS Remit, what you see is what you get. If you can’t detect any fees getting tacked on, that’s because there aren’t any!
In other words, you get charged a transfer fee of… $0.
That’s right, you don’t have to worry about having to pay hidden fees that could be added to the exchange rate. And speaking of exchange rates, DBS’s are quite competitive.
Waiting for your transfer to go through to the intended recipient can be nerve-wracking, especially if you’re sending a large sum of money.
No such problem when you use DBS Remit though. Users enjoy secure, same-day transfers to 50+ destinations.
And for those of us who always end up doing things at the last minute, this is a blessing as you can quickly send a cash gift (if you almost forgot a loved one’s birthday), or help out a relative in a pinch if they urgently need money.
Here’s something you might not know: Just like a parcel, you can track the status of the money you have remitted.
The DBS digibank app provides live tracking for DBS Hong Kong and DBS India accounts so you’ll know exactly where your money is as it digitally makes its way across the oceans.
You will receive an auto alert when the money reaches your recipient successfully or if the transfer is unsuccessful for whatever reason. Alerts come as push notifications that pop up on your screen, so you can’t miss them.
True story: One of us at MoneySmart recently had a transfer rejected for keying in the wrong bank account number, but luckily the money was returned safe and sound to the sender thanks to DBS Remit!
You can also share any payment details via WhatsApp so your recipients are kept informed of your transfer. That should put a smile on their faces and alleviate any smidgen of anxiety!
Send love with DBS Remit
Just in time for the holidays, new DBS Remit customers can receive a one-time S$30 cashback with a minimum transaction size of S$300 when they make an overseas transfer via DBS Bank. Use MoneySmart’s exclusive promo code “REMITMS” and get an extra $5 cashback!
Promotion has ended on 31 December 2021.
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