Remittance – Telegraphic Bank Transfer (via POSB/DBS)

OK. This might be a bit outdated.
But I have just tried it out. And it works!

Transferring from a local bank, for my case POSB to Bank Nagari, to a friend of mine, who stayed in Indonesia, was easily done using iBanking and utilizing the Remittance service; known as Telegraphic Bank Transfer.
(New to iBanking? Register for one today!)
* Upon logging in, look to the left side panel, click on Funds Transfer then Remittance, selecting Telegraphic Transfer

All that you need were:
– Beneficiary’s address
– Beneficiary bank name
– Beneficiary bank address
– Beneficiary account number

– You can choose which currency you wished to transfer the amount as; I have picked USD as standard
* Be aware of the currencies differences. You can get an estimate via CoinMill
– Additional fees applies (approximately S$45 above the amount you are transferring)
– Time taken for the other party was within 5 days

Another alternative that I came across locally was from SingPost; offering the transfer via CasHome.
Yet to try this one’s out since the Telegraphic style costs way too much more.


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