How to Transfer Money from DBS to Other Bank in India: A Guide

If you are living and working in Singapore, you likely bank with DBS or POSB. They are reliable, everywhere, and integrated into our daily lives via PayNow. However, when you ask how to transfer money from dbs to other bank overseas—specifically to India—the traditional banking route isn't always the most wallet-friendly option.

While DBS Remit is convenient, savvy expats know that exchange rates fluctuate. A direct bank transfer often comes with a spread (a hidden markup on the exchange rate) that can eat into your hard-earned salary. This is where modern fintech solutions like Panda Remit shine. By offering rates closer to the mid-market rate compared to traditional banks, you ensure more Rupees (INR) land in your family's account back home.

Stop Asking "Where is the Best Place to Change Money in Singapore"

For decades, the standard answer to where is the best place to change money in singapore has been "The Arcade at Raffles Place" or "People's Park Complex in Chinatown."

But let's be real: Do you really want to carry large amounts of cash on the MRT? Do you want to spend your Sunday queuing up at a humid counter? Physical money changers have high operational costs (rent, staff), which are passed on to you. Plus, there is the safety risk of carrying cash.

Panda Remit moves this entire process to your smartphone. It operates 24/7, meaning you can lock in a great rate while sitting on your sofa, rather than standing in line at Chinatown.

Tutorial: How to Transfer Money from DBS to Other Bank (via Panda Remit)

Many users get confused about the process. They ask, "how to transfer money from dbs to other bank using a remittance app?" It is actually a simple two-step process that leverages Singapore's local payment infrastructure.

Here is how you do it for an India transfer:

1. Create your Remittance Order: Log in to Panda Remit, enter the amount of SGD you want to send, and select India (INR) as the receiver. You will see the exact amount your recipient will get.
2. Fund the Transfer via DBS/POSB: You don't need a credit card. At the payment stage, choose PayNow or Bank Transfer.
3. Complete the Transfer:
   • If using PayNow: Save the QR code generated by Panda Remit, open your DBS digibank app, select "Scan & Pay," and upload the QR code.
   • If using Bank Transfer: Copy the unique UEN or account details provided by Panda Remit and perform a standard local FAST transfer from your DBS account.

Once Panda Remit receives your SGD (usually instantly via PayNow), they immediately process the INR payout to banks like HDFC, SBI, ICICI, or via UPI.

The Fee Trap: How Does PayPal Work When Sending Money?

I often get asked, "how does paypal work when sending money internationally?" While PayPal is excellent for e-commerce, it is often one of the most expensive ways to send remittances.

PayPal typically charges a transaction fee plus a significant currency conversion spread (often 3-4% above the market rate). On a $1,000 transfer, you could be losing $30 to $40 just on the exchange rate difference compared to specialized remittance services. In contrast, Panda Remit offers transparent, low fees and competitive FX rates, ensuring you aren't paying for brand recognition alone.

Comparison: DBS vs. Chinatown vs. Panda Remit

To help you decide, here is a breakdown of the options for sending money from Singapore to India.

FAQ: Remitting from Singapore

1. Is Panda Remit safe to use in Singapore?

Yes. When dealing with money, trust is paramount. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This means they must adhere to strict security and capital standards, just like your local banks.

2. How long does overseas transfer take?

This depends on the method. If you are asking how long does overseas transfer take with traditional SWIFT transfers, it can take 1-3 working days. However, with Panda Remit sending to India (via UPI or IMPS), the money often arrives in minutes, or at most, within the same business day.

3. What is the PayNow limit for funding my transfer?

Most DBS/POSB accounts have a default daily PayNow limit (often SGD 1,000 or SGD 5,000). If you need to send a larger amount (e.g., for property down payments in India), log in to your DBS digibank app to increase your daily transfer limit before initiating the transaction on Panda Remit.