Transferring funds is just another common banking activity. With this feature, sending money to your family who is living abroad is made possible; not to mention buying stuffs online.
With e-commerce growing incessantly, transferring some money becomes an unavoidable process to do.
Recognized as the longest bank operating in Singapore, POSB also makes it possible to transfer money.
However, if you use POSB bank, for the first time you may wonder how to transfer money from POSB to other bank accounts.
The bank offers two other modes to transfer money, namely internet and mobile banking. In the article below, you will see the process in those features as well.
Transfer Money from POSB to Another Bank Account Online
Here is how to transfer funds from your POSB account to another bank’s account via internet banking.
- With your registered user ID and PIN, you will need to log in first to the internet banking portal of POSB.
- Once you are there, pick ‘Transfer’.
- Continue by choosing ‘To Other Bank Account (FAST)’.
- If prompted, you will need to enter six digits internet banking secure PIN.
- Choose the recipient you want to transfer your money to. You can make the list first beforehand by ‘Add a Local Recipient’ then choose it as your recipient once you enter their account number and bank name.
- Now, choose and account where the funds are derived from.
- Enter the amount of money you wish to send out.
- As an optional step, you can select the ‘Purpose of Transfer’ and add ‘Comments’.
- Click ‘Next’ to precede with the steps then review all the information shown.
- Once you are sure, click ‘Submit’ to finish the process.
How Do I Transfer Money from PSOB to Other Bank Account via Mobile Banking?
It’s pretty similar like how to transfer money from POSB to other bank accounts through internet banking.
The difference is you use a mobile app here, and the previous method is done through browser.
- Log in to the mobile banking system.
- Pick ‘Pay & Transfer’ then choose ‘Local’. Pick a recipient.
- Select the source account and don’t forget to enter the amount of money transfer.
- Confirm the transaction by clicking ‘Transfer now’.
How Long Does It Take for the Transfer to be Processed?
It depends on the recipient’s bank. If it participates in FAST, then the funds will be transferred immediately. Otherwise, it needs 2-3 days.
Is It Possible to Transfer to Other Local Banks but in Foreign Currencies?
Yes, it is. However, you will need to visit POSB/DBS branches or filling up a telegraphic transfer (TT) form as it cannot be done through internet/mobile banking.
Where can I Get the TT form?
Visit the nearest POSB/DBS branch or download it from their official website. Then, send the completed from to the bank. Remember, this service is available only for their saving account holders.
How Long Will the Transfer in Foreign Currencies be Processed?
Generally, it takes around 2 to 4 working days until the recipient gets the money. But it may take shorter or longer time depends on various circumstances.