Based on my previous post about the good news for transferring SGD via POSB/DBS bank,
you all can read back at HERE.
I will share the steps which allowing you make the remittance successfully without hesitate about additional surcharge. (I noticed in FB SG exchange rate group, there are still a lot of people are not aware of this benefit)
Please share if you think this is useful for your reference. Thanks :)
STEP 1Login to iBanking (POSB/DBS is the same) and click on 'Funds Transfer (Overseas)'
STEP 2Select "DBS Malaysia Remit
Input recipient's details and payment instructions before clicking 'Submit'
Create a new recipient's details for the first timer. Fill up all the required details in the column.
It's clearly shown no service charge impose for this remittance. (no worries! Promotion is still on until 31 December 2015)
I made the transfer last Thursday after office hours and saw the prevailing rate was MYR 1 = SGD 0.3263 (SGD/MYR 1:3.0647).
After submitted, I received message from POSB/DBS said will be deducted XXX this amount based on this exchange rate.
I have forgotten the next day is Singapore Polling day (11/9/2015), Public holidays.
So, bank will only do the transfer on next working day, Monday (14/9/2015).
I had received another message from POSB/DBS stated that money has been processed successfully on next Monday morning,
I found out from my bank statement where I been charged in different rate. MYR 1 = SGD 0.3307(SGD/MYR 1:3.024).
Moral of Story: It's advisable to transfer submitted before 3pm from Mondays to Fridays, excluding public holidays. You will get the rate you saw and received it on the same working day.
For me, personal think that this is a safer and cheaper way of doing remittance through online rather queuing up for so long yet did not get your desire rate.
You can start to try the remittance service NOW !
P/S: I'm not trying to promote DBS/POSB remittance services, but I'm sharing my experience and you all can compare the other bank services as well.
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- J丰 -