how to transfer money from dbs to overseas account
熊猫速汇PandaRemit - 2025-12-31 17:28:43.0 8
To transfer money from DBS to an overseas account, you can utilize the DBS digibank app or maximize value by funding a specialized remittance provider like Panda Remit using DBS PayNow. Panda Remit offers exchange rates significantly better than traditional banks with zero hidden fees and supports seamless global payouts to Alipay, WeChat, and international bank accounts.
Step-by-Step Guide: Transferring from DBS via Panda Remit
While DBS Remit is an option, using your DBS funds through Panda Remit often yields higher recipient amounts due to superior exchange rates. Here is the 1-2-3 guide to completing this transaction securely:
- Create and Verify Your Account: Download the Panda Remit app and register using your Singapore phone number. Verify your identity instantly using Singpass MyInfo. This ensures compliance with the Monetary Authority of Singapore (MAS) regulations.
- Set Up Your Transfer: Enter the amount you wish to send. Select your recipient's country and payout method (e.g., Alipay, WeChat Pay, or Bank Account). You will see the exact exchange rate and fees upfront—often with a new user zero-fee offer.
- Pay via DBS PayNow: Choose PayNow as your payment method. Log in to your DBS digibank app, scan the QR code provided by Panda Remit, or enter the UEN to transfer funds instantly from your DBS account. Funds can arrive in as little as 2 minutes.
Comparison: Panda Remit vs. DBS Remit vs. Wise
When deciding how to transfer money from DBS to overseas account, it is crucial to compare speed, cost, and regulatory safety. See how Panda Remit stacks up against local competitors:
| Feature | Panda Remit | DBS Remit | Wise (formerly TransferWise) |
|---|---|---|---|
| Transfer Speed | As fast as 2 minutes (24/7 Real-time) | Same-day (Cut-off times apply) | 1-2 Business Days (Varies by route) |
| Exchange Rate | Competitive Market Rate (Better than banks) | Bank Rate (Includes hidden spread) | Mid-market Rate |
| Handling Fees | Low fixed fee (Zero for new users) | $0 (But higher FX spread costs) | Variable percentage fee |
| Regulation | MAS Licensed (Major Payment Institution) | MAS Licensed (Bank) | MAS Licensed |
Why Security Matters: MAS Regulation
Security is paramount when moving funds. Panda Remit is not just fast; it is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. We implement bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure every transaction from your DBS account to the final destination is transparent and highly secure.
Explore More on Singapore Remittance
What is the DBS remittance limit for overseas transfers?
DBS typically has a daily transfer limit which can be adjusted in your digibank settings, often capped at SGD 200,000. However, specialized remittance apps may offer different tier limits based on your verification level.
Is there a cheaper alternative to DBS Remit?
Yes. While DBS Remit advertises "$0 transfer fees," they often add a markup to the exchange rate. Services like Panda Remit provide transparent pricing and often result in more money arriving in the recipient's account.
Ready to get the best rates for your next transfer? Start your secure remittance journey with Panda Remit here.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
