If you’re considering sending money overseas with DBS Remit, here’s a comprehensive guide that’ll cover everything you need to know — from features to fees, and exchange rates.
When it comes to sending money overseas, DBS Remit is one of the go-to platforms in Singapore. Known for its fast transfers, low fees, and user-friendly interface, DBS Remit caters to those looking for an efficient way to send funds internationally. Whether you’re sending money overseas to family, friends, or solely for your own savings, here’s a DBS Remit guide for your international money transfers.
Exploring alternatives? YouTrip is another great option for overseas transfers, offering the best rates, no hidden fees, and some of the lowest transfer costs on the market. Read on to uncover which platform suits your needs best, and start saving on your international money transfers today!
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DBS Remit: Introduction
There are two ways you can send money overseas with DBS — DBS Remit and the standard outward telegraphic transfer.
What is DBS Remit?
DBS Remit is a service offered by DBS Bank which allows you to send money overseas directly from your DBS/POSB account via Internet banking or the DBS Digibank app. DBS Remit provides same-day* international money transfers to 50+ countries in 12 currencies at no fees.
What is Outward Telegraphic Transfer?
Outward Telegraphic Transfer (Regular Overseas Funds Transfer Online) provides international money transfers to 200+ countries in 19 currencies. The overseas transfer may require additional fees and could take 2 to 4 business days to reach your recipient.
You’ll mostly need to use a telegraphic transfer if you’re sending in a different currency than what’s used in the destination country (like sending SGD to Malaysia while you’re in Singapore), or if DBS Remit doesn’t support the destination you’re sending to.
DBS Remit International Money Transfer Guide: What is remittance? Here’s a guide to understanding the meaning of remittance
DBS Remit Vs Outward Telegraphic Transfer: Features Breakdown
What’s the difference between DBS Remit and outward telegraphic transfers? Here’s a breakdown of DBS’ remittance charges and how long it’ll take for your money to reach its designated destination.
DBS Remit | Outward Telegraphic Transfer | |
---|---|---|
Number of Countries & Currencies | 50+ countries in 12 currencies | 200+ countries in 19 currencies |
Speed of Transfer | Same-day transfer to select markets within the cut-off times* | 2-4 working days typically For regular overseas funds transfer to Taiwan in TWD: 1-2 weeks |
Cable/Telex Charges | $0 | $20 |
Handling Commission | $0 | 👉 S$5 for debiting amount equal to or below S$5,000 👉 S$10 for debiting amount equal to or below S$25,000 👉 S$35 for all other amounts |
Agent Bank Charges | $0 | Varies based on destination |
Source: DBS
*Same-day transfers depend on the currency you’re sending and the cut-off time. Your recipient may not receive the funds immediately if the receiving bank is closed on certain days.
Cut-off times for DBS can range from 10 AM to 5 PM depending on the currency you’re sending. So if you’re sending money after these timings, note that your recipient will not receive the funds on the same day.
Here are the cut-off timings and availability for a few popular currencies:
- Malaysia: 2 PM (❌ Weekends)
- India: 4:30 PM (❌ Sundays)
- China: 3 PM (❌ Weekends)
- Indonesia: 2 PM (❌ Sundays)
- United States: 5 PM (❌ Sundays)
DBS Remit International Money Transfer Guide: Wondering what is the best Singapore credit card for overseas spending? Find out here
DBS Remit: Exchange Rates
You can easily refer to DBS’ Digibank app for DBS Remit exchange rates. Here’s a comparison of the foreign exchange rates between YouTrip and DBS Remit.
YouTrip | DBS Remit | |
---|---|---|
MYR | S$1,000 = 3,317.74 | S$1,000 = 3,289.47 MYR |
IDR | S$1,000 = 11,826,244 IDR | S$1,000 = 11,627,907 IDR |
INR | S$1,000 = 62,624.08 INR | S$1,000 = 62,267 INR |
PHP | S$1,000 = 43,602.46 PHP | S$1,000 = 43,407 PHP |
USD | S$1,000 = 741.84 USD | S$1,000 = 738.93 USD |
EUR | S$1,000 = 703.66 EUR | S$1,000 = 699.74 EUR |
*Rates taken as of 21 Nov 2024
DBS Remit International Money Transfer Guide: Find out how to send money from Singapore to Malaysia here
DBS Remit: Are there any transfer limits?
Generally, the daily transfer limit for sending money overseas is S$20,000. However, this varies based on the country you’re transferring to. Likewise, transaction limits can vary based on the currency as well.
This is how much you can send per transaction for the following popular currencies:
- Malaysia: 500,000 MYR per transaction
- China: 10,000 USD per transaction
- Philippines: 490,000 PHP per transaction
- Vietnam: 500,000,000 VND per transaction
DBS Remit International Money Transfer Guide: Find out how to send money overseas with YouTrip here
How to send money overseas with DBS Remit:
There are two ways you can send money overseas: 1. the DBS Digibank app or online banking, 2. Visit a DBS branch.
1. DBS Digibank app or online banking
1️⃣ Open a POSB/DBS account
2️⃣ Sign up with Digibank > log in to your POSB/DBS account
3️⃣ Select ‘Pay & Transfer’ > ‘Overseas Transfer Funds’
4️⃣ Select ‘existing recipient’ or ‘add new recipient’
5️⃣ Enter transaction details > verify details and submit
2. Visit a DBS branch
If you’re transferring over S$200,000, you can choose to make your DBS overseas transfer at a branch. Here’s how you do it:
1️⃣ Complete a telegraphic transfer form
2️⃣ Submit the form to a bank teller for processing
3️⃣ Verify your identity with the teller and confirm your transfer details
DBS Remit International Money Transfer Guide: Find out more about YouTrip’s Wholesale Exchange Rates here
Alternative options: Send money overseas with the best rates via YouTrip

Send money overseas to 40+ countries with the best rates all day and no hidden fees with YouTrip. Experience same-day or even instant transfers for popular currencies with Duitnow, Gcash and UPI — with no cut-off timings anytime, any day.
Here’s a six-step guide on how to send money overseas with YouTrip:
1️⃣ Sign up for YouTrip
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2️⃣ Top up your YouTrip wallet with a Linked Bank Account (eGIRO) or PayNow to ensure your SGD wallet has sufficient funds
3️⃣ Click ‘Transfer’ > ‘Transfers Overseas’ > Select the desired currency you wish to transfer
4️⃣ Enter the amount you want to transfer in SGD > ‘Set Up Transfer’ > ‘+ Add Recipient
5️⃣ Choose your preferred transfer method:
- Bank Account
- DuitNow
- Gcash
- UPI
6️⃣ Hit send and voilà! Your recipient will receive the money in their local currency, hassle-free!
DBS Remit International Money Transfer Guide: Check out our guide to the best multi-currency cards for the biggest savings here
Save more on your overseas transfers with YouTrip

Sending money overseas has never been easier, faster, or more affordable. With YouTrip, you’re in control of every aspect of your transfer — from getting the best exchange rates to low transfer fees.
Ready to get started? Sign up today with <YTBLOG5> to get FREE S$5 in your account and experience a smarter way to transfer money internationally!
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Bon voyage!
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