OCBC Overseas Funds Transfer

[wmn0610]

How long does it take for the overseas bank to receive my money when I do a funds transfer? The overseas bank is in the United States.

 

[Tiger9119]

How long does it take for the overseas bank to receive my money when I do a funds transfer? The overseas bank is in the United States.

Take about 1 or the most 2 working days, but do take note of the time difference between USA and Singapore. Also, beside the usual S$10 fee, OCBC have another fee of US$40.

 

[wmn0610]

Take about 1 or the most 2 working days, but do take note of the time difference between USA and Singapore. Also, beside the usual S$10 fee, OCBC have another fee of US$40.

Thank you!

 

[OCBC Bank]

Thank you!

Hey there

If you're looking to transfer funds overseas from an OCBC account in Singapore, the transfer may take up to 5-7 working days to reach the other bank account.

Here's the charges for overseas fund transfers, if you're withdrawing from a SGD OCBC account:

- 1/8% commission (min S$10, max S$100)
- Agent Fee (if applicable)
- Cable Charge (flat fee of S$20)

You can refer to page 9 of our pricing guide: https://www.ocbc.com/assets/pdf/pricing guides/personal banking pricing guide.pdf

^Sh

 

[celtosaxon]

How long does it take for the overseas bank to receive my money when I do a funds transfer? The overseas bank is in the United States.

Normally takes 2-3 business days to my US account with Transferwise. If you do this on a regular basis, it’s well worth setting up. The best part is, you can submit a transfer and lock in the rate for up to 48 hours, if the rate improves, cancel, re-lock, repeat! Once you like the rate you locked, pay for the transfer and it will go through. In my experience, the transfer fee can almost always be covered by what you gain from re-locking better rates. Now, if only they had a feature to automatically lock better rates until a certain time passes. I’ve suggested this to them - so if they add this feature you can thank me.

 

[wmn0610]

Normally takes 2-3 business days to my US account with Transferwise. If you do this on a regular basis, it’s well worth setting up. The best part is, you can submit a transfer and lock in the rate for up to 48 hours, if the rate improves, cancel, re-lock, repeat! Once you like the rate you locked, pay for the transfer and it will go through. In my experience, the transfer fee can almost always be covered by what you gain from re-locking better rates. Now, if only they had a feature to automatically lock better rates until a certain time passes. I’ve suggested this to them - so if they add this feature you can thank me.

What is Transferwise?

 

[celtosaxon]

What is Transferwise?

It’s a relatively new player & disrupter in the world of remittances.... believe it was started by the same guy who came up with Skype (which was since sold to Microsoft). Richard Branson has invested in it and now they are quickly taking global market share from traditional remittance players, especially banks who build fees in the exchange rate. I believe it was just last year when they entered the Singapore market.

You can simulate a transfer on their website home page for easy/quick comparison. They have an app you can use to execute a transfer within seconds, and then you do a FAST transfer from your bank to fund it. Another good thing about Transferwise, they typically use whatever local money movement method is available, like in the US it is ACH so you don’t get any surprise fees for incoming wires.