Bank with best Online Banking (inc int'l transfer)?

[Segue]

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]

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]

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]

BTW, I can confirm that standard UOB personal internet banking supports telegraphic transfers. I'm a little surprised they do when DBS doesn't...

[aster]

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.

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]

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.

I could be mistaken but from what I've read DBS is good in this regard with their DBS Vickers Online offer. You can do all the forex right here without wiring money abroad, and once you convert your funds they allow you to make withdrawals in other currencies.

I haven't tried them though so if someone uses their services then please share your info with us.

[huiping_2001]

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.

Hi Durian,
Can I use the method that you mentioned to make payment to my oversea supplier? How can we do that? Any reliable agent to recommend? Thanks.

[ancientmariner]

Try this link..

http://www.dbs.com/sg/personal/ibanking ... _DBS#to_15

[kimito]

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]

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]

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!

You can even do international money xfer online through iBanking. If it's between your own accounts though, and Citibank does business on both ends, their exchange rates are much better.

[sundaymorningstaple]

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.

[x9200]

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]

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]

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.