Singapore Expats Forum
Singapore Expat Forum and Message Board for
Expats in Singapore & Expatriates Relocating to Singapore

Saracen · Newbie Joined: 21 Oct 2009 Posts: 4

It looks like I'll be relocating to Singapore, from the UK, in a couple of months. In considering which bank to go with, I'm most interested in the online banking facility. Ideally, I'd like a bank that would allow me to make transfers of cash to my UK bank account online, using the SWIFT/IBAN codes. Is this offered by anyone? Even if I can't set up such a recipient online, and need to visit first, would I be able to make subsequent payments online? What about the other aspects of online banking, who has the best service?

I am completely uninterested in interest rates. Given that, are there other reasons to choose between one bank and another? Push from friends I know has been DBS.

Thanks!

durain · Posted: Thu Oct 22, 2009 12:08 am Post subject:

you are better off using a forex agent if you gonna be doing regular money transfer as their exchange are usually much better than the banks.

Saracen · Newbie Joined: 21 Oct 2009 Posts: 4

Thanks, durian. But would they then offer the transfer into a foreign bank account as a separate service, after converting the currency?

x9200

durain · Posted: Fri Oct 23, 2009 7:15 pm Post subject:

jpatokal

wcs · Posted: Mon Nov 02, 2009 6:54 am Post subject:

You could consider setting up an account with xe.com. They allow you to transfer the money to their bank account in the first country, then they convert it and place it into your nominated account in the second country.

Their rates seem quite decent, for AUD to SGD, it is within 2 cents of the spot market rate. You initiate the transaction. You set the amount to transfer, and are shown the market rate. It is only available for 30 secs, so you either accept it, or click again to get whatever the current market rate is at that moment. Then you confirm you want it. The order goes through.

You have two days to transfer the money into their account, then they send it through to your nominated account. They say it takes a week, but has usually only taken a few days for me so far.

Apparently it is a private company based in BC, Canada. It still is owned by the two founders, and apparently is solvent and profitable. But do your own due diligence there! Smile

I have been happy with their service.

www.xe.com

Strong Eagle · Posted: Mon Nov 02, 2009 8:35 am Post subject:

scarbowl · Posted: Tue Nov 03, 2009 1:18 pm Post subject:

DBS/POSB have online banking but not for international transfers.

Citibank is the best for that particular feature.

I use DBS but have them draw a cheque which I then mail. Cheap but not fast. I should change to Citi but it's more work to change.

If I was starting new I'd choose Citi though it isn't as convenient in other ways.

raj1606 · Newbie Joined: 09 Nov 2009 Posts: 7

Don't fall for the "DBS has the most ATMs, so open your account there". I just moved from the UK 6 weeks ago, duly opened my DBS account as advised by everyone and their grandmother. Only to find that DBS ATMs are rarely seen on the MRT (the tube). If they exist in POSB format (they share ATMs), there is usually a queue of 10 or so folk. While the UOB or OCBC ATMs nearby lie empty and in pristine condition..

Like you, I am looking to make regular money transfers back to the UK; haven't found an account yet. So I'll be checking your posting regularly!

ProvenPracticalFlexible

amarettoSour · Regular Joined: 21 Oct 2009 Posts: 66

anyone else have anything to say about Citibank? i'm also looking for good online banking and ATM presence in particular.

thanks! =)

carteki · Posted: Tue Nov 10, 2009 3:38 pm Post subject:

Stan Chart offers online transfers, but at a cost of S$50 per transaction it is really steep. I also find their ATM footprint (or lack thereof) very fustrating. I have probably 10 UOB, OCBC, DBS ATMs near where I live and the nearest one I can use is an MRT ride away!

Also look to see if your bank gives you a NETs card. This is a debit card and soem mrechants and specials require payment in this manner (the fee for paying by NETS in a taxi is also less than for a credit card).

You chose which is best for you.
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wcs · Posted: Wed Nov 11, 2009 2:28 am Post subject:

M606022 · Newbie Joined: 23 Dec 2009 Posts: 9 Location: Singapore

if travel back home frequently, the cheapest way to do is to convert your money in a money changer and bring them back in cash?

Segue · Member Joined: 21 Feb 2009 Posts: 47 Location: Singapore

HSBC Premier global banking is really amazing. I have HSBC accounts in UAE, Singapore and the USA are all linked together on one page. I can maintain accounts in a variety of currencies, and transfer funds from one to the other across borders instantaneously without any fees. The exchange rates are only a fraction of a basis point off of the market rates of the day. Its by far the best program for people that what to move their funds around globally.

I also have a DBS Treasures account and outside of the Treasures dedicated centres I feel it has little use as I prefer to do all my banking online. As for access to ATM DBS/POSB is the best. So I use DBS for all of my local transactions and HSBC for the international transactions.

Also, with either it is easy to transfer between the two with a GIRO transfer - no fees.

schussman · Newbie Joined: 19 Feb 2009 Posts: 16

I have a normal HSBC account here.

Whilst its a pain to find ATM's the bonus is I can use the online banking to transfer money back to the UK in sterling i.e. its received as sterling.

They charge a minimum of SGD 40 and as its received in sterling, there are no additional charges or at least not with Nat West.

As Segue said, the exchange rate is just off the spot rate of the day of transfer.

ongoing · Newbie Joined: 04 Jan 2010 Posts: 3

Citibank offered CGT (citi global tranfer) - easy transfer between citibank account worldwide. However, I found out they have applied different exchange rate which is much disadvantageous than normal telegraphic transfer. For instance, when normal TT rate from DBS or to other account overseas is 1USD=1.40, they used CGT rate 1USD=1.44 or 1.45 SGD. They advertise to make us feel it is cheap with 10 SGD transaction fee, but I feel they fooled us by applying different exchange rate. It is convenient, but be cautious! In terms of money, it is not beneficial!

jpatokal · Posted: Thu Jan 21, 2010 3:18 pm Post subject:

BTW, I can confirm that standard UOB personal internet banking supports telegraphic transfers. I'm a little surprised they do when DBS doesn't...
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aster · Editor Joined: 15 Jan 2010 Posts: 1231

Just a few issues to report:

1. As mentioned earlier, OUB allows international transfers online. Same with HSBC.

If you have HSBC Premier status then you can open up other HSBC accounts in other countries and link them (if one is a Premier account then they all become Premier accounts). This then allows you to send transfers between your accounts (in effect to other countries) completely free, and the funds are moved instantly. So if you need to pay someone in the UK for instance then you can move funds from your Singapore to your UK account in just a few mouse clicks, and then make a local UK transfer right after that. Smile

On a side note, if you have incoming transfers then HSBC has a great multi-currency account where you always give just one number but can receive funds in multiple currencies (you can then decide when to convert them on your own).

2. Whereas DBS and UOB have the country covered in ATMs, keep in mind that Citibank, HSBC, Standard Chartered, Maybank, RBS & SBI Singapore all share their ATM network and don't charge for using each other's ATMs.

(As mentioned, UOB and OCBC do the same, and DBS and POSB are actually the same bank so it doesn't matter which ATM you use).

aster · Editor Joined: 15 Jan 2010 Posts: 1231

huiping_2001

ancientmariner · Member Joined: 21 Jul 2010 Posts: 39 Location: Sailing

Try this link..

http://www.dbs.com/sg/personal/ibanking/services/transferonline/default.aspx?pid=EDM_mar_17_SGIBNK110012_details_msg1_DBS#to_15
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kimito · Newbie Joined: 21 Jan 2012 Posts: 2

If you an expat relocating to Singapore, you should avoid using DBS Bank for the following reasons;

1. It boast the largest customer base and ATM machines but relative to ANY other banks, it appears they have invested the least resources. Just look at the long long queues which is a perpertual sight at their ATMs

2. They also ALWAYS turn one of their 2 cash deposit machines down, evidenced again by the the long queues, even after 10pm!

3. They have the most downtime to their Internet banking services, lots of maintenance

4. They have longest queues at their branches for transactions, so long that I seriously think they are proud of it.

5. They are most inflexible. I once wanted to do a wire to Japan, had the telegraphic transfer form all filled up with my signature. Wanted to drop it at the customer service , but they insisted I do it via the transaction counters,I queued 40 mins only to allow the girl at the counter to take a glance and asked me "sir, do you need a copy?" I said, "no" she then told me "ok, that all, you may go"!!! less than 30 seconds.

The other 2 banks would not put you through all these trouble. Make the right decision and you could save a lot of time!

beppi · Posted: Sat Jan 21, 2012 6:54 am Post subject:

I have so far been happy with DBS/POSB and its service, and I never encountered any problems with ATMs and Internet banking.
Queues are there, but mostly after office hours and on Saturdays and at ATMs after payday. I simply avoid such times.
Forms for international money transfer can be mailed in - saves me a trip to the branch!

zzm9980 · Posted: Sat Jan 21, 2012 10:32 am Post subject:

sundaymorningstaple · Posted: Sat Jan 21, 2012 12:19 pm Post subject:

Actually, I don't have much use for international transfer but did need to do so about 2 months ago. Now you can do the entire transfer from DBS/POSB via your PC from start to finish. No need to go to the bank or mail anything at all.
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x9200 · Posted: Wed Jan 25, 2012 9:12 am Post subject:

OCBC also added it recently to their i-banking. All these seems to be based on telegraphic transfer and not all the banks are available as the beneficiary bank. For some cases a personal visit to the bank is still necessary.

Sir · Member Joined: 15 May 2010 Posts: 33 Location: Singapore

I just tried to xfer money using a uk HSBC account to a singapore POSB account, but the Singaporean account only has a 7 digit BIC code, HSBC says its invalid, insists on a 8 or 11 digit code.

anyone else had this problem or got a solution? I'm going to have to ring them tomorrow :/

aster · Editor Joined: 15 Jan 2010 Posts: 1231

You mean SWIFT code, right? You're probably going to need to use DBS' one: DBSSSGSG

But do double-check with POSB before you attempt to send a transfer.

Singapore Expats Forum Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore

Singapore Expats Forum
Singapore Expat Forum and Message Board for
Expats in Singapore & Expatriates Relocating to Singapore