Digibank International Transfer

If you have an account with DBS India, you may be wondering how to use DBS’s digibank service to send money to someone abroad. This guide covers the digibank by DBS international bank transfer process, how much it costs, the exchange rate and limits.

DBS proudly claims to be Singapore’s finest bank, and Asia’s safest bank - but it may not be your best bet when it comes to sending payments overseas. Specialist services like Wise and Western Union may be able to offer a faster international payment with more transparent fees.

DBS Digibank India international money transfer comparison

DBS digibank international money transfers made from India have no upfront transfer fee for transfers to a local currency in some major countries and regions, or a low upfront transfer fee for payments in a non-local currency.

However, that doesn’t mean your DBS digibank international transfer is actually free. You may still run into these fees:

• Transfer fee - low or free for most transfers

• Exchange rate markup - this is added to the exchange rate used to convert funds - and usually the highest charge of all

• Recipient bank fees - your recipient’s own bank may deduct a charge meaning they get less than you expect in the end

To give an idea of how DBS digibank compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending an online transfer of 100,000 INR to a GBP denominated account, with DBS and a few specialist services.

DBS uses an attractive low fee - or no fee at all - for digibank international remittances. However, the exchange rate markup may end up being fairly high - we’ll look at that in more detail later. It’s also worth noting DBS digibank only offers payments to a pretty narrow range of global currencies - so you’ll need to check your destination is covered before you start to plan your payment.

If you’re looking for an alternative with more transparent costs, check out online specialist services like Wise and Western Union. Specialist services let you create an account, get verified and send a payment, online or in an app for convenience. Read our article to learn how Wise compares to bank transfers: Wise vs International Bank Transfers

Digibank by DBS India international transfer fees

Here’s what you need to know about digibank by DBS India international remittance fees:

Digibank by DBS India exchange rate

You can find the DBS digibank exchange rate online or by logging into your digibank app. It’s important to note that there are several different rates reflecting different transaction types, so you’ll need to make sure you find the right one for your specific payment.

Bank payments for outward remittances usually involve a retail exchange rate which includes a markup added to the mid-market exchange rate. That’s an extra fee - and while it can vary by currency, costs in the region of 3% or more are typical, which can stack up very quickly for higher value transfers.

To give some context, here’s  how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you send 100,000 INR online, to a GBP denominated account:

• DBS digibank India: No upfront transfer fee, but an exchange rate markup will apply

• Wise transfer fees: 2,102.12 INR transfer fee  and no markup on the mid-market exchange rate

• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

DBS digibank India additional fees

DBS digibank international payments have a guarantee from DBS that the full credit will be passed on to the payee. However, some banks will deduct a fee for incoming payments, which is out of the hands of DBS. If this happens, you may find your recipient gets less than you expect.

How long does an digibank international money transfer take

DBS digibank offers a same day processing service on normal banking days. In the  case your transfer is arranged by the cut off time for the relevant currency, it’ll start to be processed on the same day, and can be credited on the same business day. However, it's worth noting that cut off times are fairly early - as early as 9:00am IST for payments to AUD for example. If you arrange your transfer after the cut off - or on a non-working day - it won’t start to be processed until the next business day.

Here’s how that compares with the other providers we looked at earlier:

• Digibank by DBS in India: payments arranged before cut off times could arrive as soon as the same working day
• Wise: 80% of payments arrive in 24 hours
• Western Union: 0 - 1 business days

Pros and cons of transferring money abroad with DBS digibank in India

Pros:

• No transfer fee for some payments made to local currencies in the destination country

• Send in a range of 7 global currencies

• Fast payments available if you hit currency cut off times

Cons:

• Overall costs can be high, including third party fees

• Exchange rates are likely to include a markup

Compare DBS digibank international transfers against specialist online services like Wise or Western Union, which may be able to offer more transparent fees and lower overall costs.

How to make an international transfer with DBS digibank in India

DBS India customers can download the digibank app to make convenient international money transfers. However before you can send money you’ll first need to register the beneficiary, adding all their account details and personal information. We’ll look at the detail needed in just a moment.

Here’s the basic process when sending a DBS digibank payment online:

1. Login to digibank ibanking

2. Click on Pay & transfer and then Overseas Transfer

3. Tap Start a transfer for beneficiaries already in the DBS system, or add a new beneficiary as required

4. Follow the prompts to enter the payment details including correspondent bank information

5. You’ll receive a confirmation email and message

What information do you need to make an international transfer with DBS digibank?

To use DBS digibank you’ll first need to create your bank transfer recipient, adding the following details:

• Beneficiary full name

• Beneficiary bank account number or IBAN

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

Transfer limits and available countries

DBS digibank international transfer limits are set according to RBI rules which means you can send up to a maximum of 250,000 USD or the currency equivalent per year. Individual DBS transfers can be made to the value of 25,000 USD per day or the equivalent. A minimum payment amount of 10 USD also applies.

You can send a DBS digibank international money transfer to over 300 countries, in 7 major global currencies: USD, EUR, GBP, CAD, SGD, HKD and AUD.

Receiving money from abroad with digibank by DBS in India

If you’re expecting an international payment into your DBS account you can give the sender the following information:

• Your DBS account number

• Your name and address

• Correspondent bank details

• The purpose of the remittance

• DBS India SWIFT Code

You can find the DBS correspondent bank details for most incoming currencies, on the digibank by DBS India website.

Read our detailed article to learn the best ways to receive money internationally in India.

DBS India SWIFT code

Make sure you give the sender of your payment the correct DBS Bank India SWIFT code to make sure your money arrives safely. SWIFT codes are unique identifiers used to route international payments - using the wrong one may mean your money takes longer to arrive, or the payment is rejected entirely.

The DBS India SWIFT/BIC code is: DBSSINBBIBD

Conclusion

DBS digibank international money transfers in India  are convenient and come with a low - or even no - transfer fee. However, it’s helpful to know that DBS may still add a charge into the exchange rate that’s used to convert your money from INR to the currency you need. This isn’t unusual, but it does make it harder to see what you’re really paying.

For more transparent fees take a look at specialist providers like Wise or Western Union. Like digibank you can send money online and in-app, with fees which can be easier to understand, and cheaper over all.