Sending Money to Abroad Household or Again Dwelling? How DBS Remit Helps Your Cash Journey 

There’s been speak about extra potential air journey bubbles opening up, particularly with Covid-19 vaccines progressively being administered to Singaporeans (hurrah!).

On the time of writing, though the Hong Kong air journey bubble continues to be on maintain attributable to a brand new wave of infections there, Transport Minister Ong Ye Kung mentioned that Singapore is constant to hunt new areas to ascertain journey bubbles with, along with Australia, Brunei, China, New Zealand and Vietnam.

Journey bubbles or not, unfettered leisure journey continues to be out of the query for now (higher to be protected than sorry!). This implies it’s robust to collect in an enormous group with your loved ones abroad, in-laws or associates over Chinese language New 12 months; and people of us who’re working or learning in a international land won’t be capable to return residence for a long-awaited reunion.

Even for our colleagues, home helpers and international staff, the ache of being aside from household for thus lengthy (even when it’s simply over the Causeway — so close to, but thus far) is absolutely robust to bear.

The excellent news is, whereas individuals can’t actually journey, we are able to nonetheless ship issues like care packages to our family members. For ever-practical people, with the ability to remit cash abroad regardless of the continued pandemic has been the perfect factor since sliced bread (nearly?). 

Learn how to determine what platform to make use of to remit cash abroad? 5 issues

Previously, sending cash abroad was a extra sophisticated, long-drawn and dear course of. Today, it’s a lot less complicated, faster and cheaper. For Singapore-based remitters, it’s even simpler. Whether or not you’re a foreigner or Singaporean, so long as you will have MyInfo, now you can open a brand new account with DBS by way of its digibank app, prime up your account and make your remittance.

1. The place can I remit to & in what forex?

All the time test in case your chosen platform permits you to ship cash to your specified nation(ies) or forex(ies).

What’s the purpose of utilizing a platform should you can’t ship cash to your son in Australia however in a position to ship money to your home helper’s household within the Philippines? In that case, you might need to make use of 2 separate platforms, which simply isn’t environment friendly.

For instance, DBS Remit, accessible by way of your DBS digibank app login display (click on “Abroad Switch”), permits you to remit to 49 locations in 17 currencies. These embody america (USD), Australia (AUD), Hong Kong (HKD), United Kingdom (GBP) and Myanmar (MMK).

And if you’re pondering of opening a DBS account, it’s even simpler now. All you want is MyInfo and you may open a brand new account by way of digibank app, prime up your account and make a switch! And that is for all each Singaporeans and foreigners. 

2. Any charges and prices?

As with all platform or service, we should always examine the superb print for hidden charges and prices. If left unchecked, although minimal, these may add up if it’s essential remit a number of quantities of cash. Greatest case situation: Search for a platform that provides $0 charges similar to DBS Remit. 

3. How in regards to the alternate charge?

If you happen to’re aware of foreign exchange fluctuations in your investments, you’ll be sharp-eyed sufficient to look out for forex conversion charges used while you’re remitting cash abroad.

That’s proper, you could be paying $0 in charges, however alternate charges that aren’t aggressive may see you paying extra general. It’s best to have simply gone for that platform that had a payment however a lot better alternate charges to pay much less general!

One factor good about DBS Remit is that it gives aggressive alternate charges, and even a preferential charge should you occur to be remitting over S$50,000 (college/medical charges, investments, enterprise prices and even property all do value a reasonably penny).

4. How rapidly will your cash get there?

Ah, generally amid excessive charges or awful alternate charges, this might be the deal breaker. Image this: A relative, pal or your helper’s household is in pressing want of cash, be it for medical payments,  to tide by a disaster… or maybe you want it in your funding. 

All the time test how lengthy it would take for the switch to be completed. With expertise so superior, why accept slower switch when DBS Remit can do same-day transfers.

5. How user-friendly is the platform?

Every thing has glad your standards, however all issues equal, the true differentiating think about a charges/capabilities struggle is the usability of the platform. If it’s clunky, complicated to navigate and it’s essential soar by many hoops to remit cash, that’s pointless stress particularly should you’re strapped for time.

Particularly for irregular remitters, attempting to determine how one can use a brand new platform every time, or going by a tedious setup course of could be so harrowing, you’d moderately simply attempt to ship the bodily money by registered mail.

I suppose I’d nonetheless gravitate to the benefit and comfort of utilizing DBS Remit. Primarily as a result of I can entry it straight from my DBS digibank (no tiring setup/verification of account course of), it’s fast and dependable (same-day transfers for the win!), it’s a well-recognized platform with aggressive alternate charges, and carries $0 remittance charges.

In addition to, most of us are already DBS digibank customers. The useful Abroad Switch tile (a current function) in your DBS digibank app login display is a extremely nifty shortcut too!

Remit cash anytime, wherever by way of your DBS digibank. Discover out extra now.

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