When sending money overseas, we will often find that we need to pay a higher amount than what we thought or that our family, friends and even business contacts overseas received a lower amount.
This is likely because of three main types of fees and charges that is incurred during the transaction:
#1 Commission fees that covers the administrative costs of managing our overseas transfer
#2 Cable or Telex charges for our bank to communicate with the receiving bank
#3 Agent bank charges that the receiving bank levies to complete the transaction
Beyond this, we may also be offered a sub-optimum foreign exchange rate. This will also increase the cost of the transaction for us.
This is where DBS Remit becomes an invaluable partner when we make overseas transfers. DBS Remit charges $0 transfer fees to all its destinations, and offers very cost-competitive exchange rate for foreign currencies.
Cost Is Not The Only Factor When Sending Money Overseas
Arguably, an even more important factor is the security of the money transfer service that we are using. In Singapore, there’s no brand that’s is synonymous with trust and security than DBS.
The last we want is to be lured by a low cost, only to find that the transaction didn’t take place. Even if it’s not an outright scam, there may be other scenarios where the transaction doesn’t go as planned. When this happens, our legal recourse may also be more ambiguous.
Since a large majority of us would already have a DBS/POSB account, it also makes it very convenient to just use DBS Remit rather than…1) do extensive research on a) cost comparison (including cost of transferring funds out of the service provider’s account), b) trustworthiness and c) countries that they cover, 2) open a new account with the third-party, 3) transfer our money from our DBS/POSB account into our account with the third-party money transfer service, 4) send our money overseas.
If we use DBS Remit, we simply skip to the last step – send our money overseas. When we choose DBS Remit, we’re already choosing one of the strongest financial brands available to send our money. As discussed, they offer $0 transfer fee and a competitive foreign exchange rate.
DBS Remit also enables us to transfer money to over 50+ destinations globally, including Australia, Canada, Eurozone countries, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Mainland China, Myanmar, New Zealand, Philippines, Thailand, UAE, UK, USA and Vietnam. It also provides same-day transfers to 18 of these locations.
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