DBS Bank is a Singapore bank that operates in multiple countries, including India. NRI account holders of DBS Bank in Singapore can now use DBS India Remit, a customized remittance solution for sending money to India. In this article, we'll take you through everything you need to know about using DBS India Remit, its associated costs, and how Wise can help you save money while sending money to India.
| 🌎 Sending money to other countries? |
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| If you're looking to send money from DBS Bank in Singapore to countries other than India, check out our ultimate guide to global money transfers with DBS Remit 👉 |
DBS India Remit is a remittance or money transfer service offered by DBS Bank for account holders in Singapore. Remittances are a popular way to send money home to India, whether to open NRI accounts, personal savings or family maintenance.
NRIs in Singapore can access DBI India Remit through online banking, the DBS mobile app or a bank branch.
Not in Singapore? Check out Wise for sending money to India the fast, low-cost and easy way.
Here are some of the benefits of DBS India Remit:
DBS India Remit is available to all NRIs who have an account with the bank, and the process is more convenient if you have signed up for iBanking.
One of the restrictions of using DBS India Remit is that you must hold an account with the bank. This can also mean meeting the bank’s requirements, such as minimum account balance requirements.
When it comes to remittances, you are also only likely to get the fastest transfer if you are sending money to your DBS Treasures NRE account in India. NRI account holders not in Singapore can use their local bank to send money to their DBS NRE accounts through online or wire transfers.¹
Here are the steps to send money using DBS India Remit from Singapore:
If you have mobile alerts set up, DBS Bank will alert you when the transfer is complete. ²
There are zero transaction fees for transfers to India using iBanking with DBS Remit. You can also get zero transaction fees for transfers to close to 50 other destinations- look for the DBS Remit or zero-fee icon next to the country when sending an online overseas transfer.
If you don’t want to use DBS India Remit, a regular overseas transfer from Singapore to India or a transfer completed at a bank branch will cost $20 SGD. There may be additional charges depending on how much you send.
Here is how the fees compare:³
| Type of fee | DBS Remit | Regular Overseas Fund Transfer | At a branch |
|---|---|---|---|
| Cable/telex charges | $0 | $20 | $20 |
| Commission | $0 | $5 - $35, depending on the transfer amount. | 1/8% of transfer amount, with a minimum of $10 up to $120 |
| Agent bank fee | $0 | Varies | Varies |
| Total | $0 | Minimum $25 | Minimum $30 |
The DBS Remit to India service publishes it's exchange rate for transfers to India. Transfers that are above $50,000 SGD may have a preferential rate.⁴
You may find that the exchange rate you get with DBS is different from the SGD to INR exchange rate you see on Google. While this markup seems small, it can take a bite out of your transfer amount.
Wise can help you save with global transfer by offering currency conversions at the mid-market you see on Google.
Meet Wise: a convenient alternative for international transfers
Send money to India the fast and easy way with Wise. With Wise, you can send money directly to a local Indian bank accounts and UPI ids for just one low transfer fee and the mid-market exchange rate. Wise uses smart tech to make transfers safe, secure and fast. Money can arrive in a local Indian bank account in just a few minutes on popular transfer routes.
See how much you can save on your transfer to India with our calculator below:
If you are an NRI in Singapore, check out the Wise multi currency account. It is one account where you can hold multiple currencies like Singapore dollars, Euros, US dollars and Indian rupees. So whether you need to transfer money home, book a holiday or pay for dinner, you can do it like a local with the linked debit card while also paying less in fees - because currency conversion at Wise is always at the mid-market rate 😊
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
DBS allows NRIs with DBS Treasures accounts to have preferential features for sending money overseas, also called outward remittances. If you have a DBS Treasures account, you can send money to more than 150 countries from India, including Singapore. There is a service fee and you can expect an exchange rate fee too. ⁵
🔎 Read more about sending outward remittances from India with our guide to international transfers with DBS Bank in India.
Sources used for this article:
Sources verified on 30 November 2023.
Cover photo by Pritomsreeta Borah on Unsplash.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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