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 1
Login to iBanking (POSB/DBS is the same) and click on 'Funds Transfer (Overseas)'STEP 2
Select "DBS Malaysia Remit
STEP 3
Input recipient's details and payment instructions before clicking 'Submit'
It's clearly shown no service charge impose for this remittance. (no worries! Promotion is still on until 31 December 2015)
EXPERIENCE Shared:
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 !
Advertisement:
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.
~ disable comment function ~
- J丰 -
16/09/2015
Hi There, thanks for dropping by with your comment.
ReplyDeleteHi, may I know how is the rate difference between online remittance via POSB and conventional exchange at money changers? Which one gives better rate? Legend has it that it's always better at those money changers. Have you tried comparing everytime before you make a remittance online?
ReplyDeleteThanks, you blog is super useful. :)
The diff on ex.rate between remittance online and money changers about 0.01 to 0.05 . I cant see big difference if I only change eg. SGD 1K~3K.
DeleteNot much difference if change $ at money changers. For convenience/safety sake, I would rather prefer online remittance.
Gentle remind that this promotion ended this month. After this, service charge will be imposed.
i see your snapshot with "Oversea transaction limit S$1000". Is there any daily/monthly limit for remittance?
ReplyDeleteThanks
Hi there,
DeleteYou can increase your transaction limit of course. Need to go to your setting to adjust will do.
thanks J 丰
DeleteHi there,
ReplyDeleteCan i ask how long it takes for your malaysia bank to receive the funds ?
Different bank work differently. I'm using Hong Leong bank to receive $.
DeleteOnce your bank account(POSB/DBS) has been deducted on that day, you will receive your RM on next morning working day.
dear , thank for your info,
ReplyDeletereceiving bank ( like mbb , pbb , hl ) will charge us any processing fee ? or any malaysia bank is charging free ? please advise and thank.
As far as I know, there won't be any surcharge impose on recipient for these banks you mentioned above.
Deletethank for your kindness and lobang ^^ , could i add your facebook. to know more helping tips. thank
DeleteHi, you can go n like my FB page. I will post some instant lobang there instead ^.^
DeleteHi, can I ask when doing tt remit to malaysia bank's rate will higher than money changer's rate?
ReplyDeleteBank's rate will not higher than money changer's rate. We use bank service just for convenience purpose of you intend to change big amount.
DeleteMy friend transfer me money yerterday around 8pm to my Malaysia RHB bank. When i am able to receive the cash. Please advice.tq
ReplyDeleteHi Magen,
DeleteIf your friend remit through Singapore bank after office hour, you probably will receive $ on next Monday working day.
My friend transfer cash to my Malaysia RHB bnk yesterday around 8.30 pm, when i will receive the bah. Anyone please advice me? Thanks
ReplyDeleteMy friend transfer .e money using posb bank to my Malaysian RHB bank around 8.30pm yesterday. When i am able to receive the cash? Please anybody advice me?TQ
ReplyDeleteHi, I've remit to my own CIMB malaysia using DBS on yesterday night. May I know when will I receive the money?
ReplyDeleteThe rate you received only indicative rate.(yesterday night). Actual rate will be known on next working day.(today 9am) and you will receive it by (today before 5pm working hours)
DeleteHi there I did the Malaysia remit like 1yr ago starting sept-Dec 2015, does this free Overseas TT still valid for now? From Jan onwards early 2017?
ReplyDeleteI have made TT recently, no commission incur for the transaction.
DeleteHi, I have a question to ask you about the time of transfer submission.
ReplyDeleteIf I make a money remittance from my DBS SG account to any of Malaysia account through internet ibanking before 3 pm Friday, will the exchange rate indicated on the actual day of remitting and bank statement be the same? Or advise me when it is the best time to do this?
Hi, you can sign off your name when dropping your comment next time. (So many anonymous!!)
Delete"Indicate before 9:25 AM and after 5:00PM including non business days. The actual rate used will be the prevailing rate on next working day."
Suggest you transfer within this timing. Cut off before 3pm that is for current promotion to key in promotion code "DBSFLY", you can refer to their website to find out more information. (:
Hi, I'm transferring money to Malaysia for the first time. My purpose of transferring is to make payment for my purchase of items over at Msia. Which choice should I select under the "purpose of remittance"? Thank you
ReplyDeleteYou can simply put 'others' , no problem!
DeleteBut there isnt any option for "others". There's only 'Family Expense/Savings','Gift/Charity/Donations','Travel','Education','Medical fee'. :(
DeleteYou can choose expense/saving in my own opinion. They can't hold your money unless you really do something bad behind. (:
DeleteOh ok. Thank u so much. It helps alot!
DeletePls share if you think this article might be useful to other (I will write another update post if time permitted) thanks for reading <:
DeleteActually I tried this for the first time on Sunday night. I received the sms from DBS this morning at 9.30 that the payment is successfully processed but till now my CIMB account hasn't received the money. Any experience if DBS to CIMB Malaysia will take at least 1 working day (not same day transfer)?
ReplyDeleteAs far as I know, should be within one day (I tired PBB n HL before). Not really sure about CIMB, you might check again with DBS
DeleteHi,
ReplyDeleteI think i kinda saw it mentioned, min 3000 to transfer. Or there is no min amount to transfer?
Also will the other bank (in malaysia charged me?)
Transfering from DBS to Maybank or CIMB.
Thanks soo much for the help.
Hi Mega,
DeleteYou need to adjust your limit of daily online transactions (if I m not wrong, Max you can adjust up to 10k per day)
As far as I know PBB/HL bank will not incur any additional fee.
my hubby made a dbs remit from POSB to My MAYBANK ACCT in malaysia on friday afternoon but til now i still difnt receive the money.. why?
ReplyDeleteIf your hubby transfer on fri before 5pm, mostly like you will receive it by today Monday (am), otherwise you need to call bank and check it out.
Deletewhat is the total changes of online DBS remit to Maybank Malaysia acct?
ReplyDeleteis it need to pay Cable/telex charges ($20) ?
Free of charge of admin fee as for now.
Delete