Interbank Transfer Fees Compared (Singapore)
Singapore’s payment rails make moving money between banks fast, secure, and—quite often—free for personal banking. This guide compares the main ways to transfer funds between banks in Singapore and highlights where fees can appear.
The Transfer Methods at a Glance
Most everyday transfers use FAST or PayNow. For scheduled bill payments you might use GIRO. High-value, same-day corporate payments use MEPS+. For cross-border or foreign currency transfers, banks use Telegraphic Transfers (TT/SWIFT) or dedicated “remit” services.
Comparison Table (Personal Accounts)
| Method | Speed | Typical Bank Fee | Usual Limits | Good For |
|---|---|---|---|---|
| FAST (Fast And Secure Transfers) | Almost instant, 24×7 | Often S$0 for personal online/mobile transfers (e.g., DBS shows S$0 for FAST via digibank) | Bank-set daily limits; commonly up to S$200,000 for personal users | Everyday interbank SGD transfers when you know the recipient’s account number |
| PayNow | Almost instant, 24×7 | Often S$0 for personal users (e.g., DBS S$0; UOB markets “no fees” for PayNow) | Commonly up to S$200,000 per transfer for personal users (subject to your local transfer limit) | Paying with just a mobile number/NRIC—no account number needed |
| GIRO (Interbank GIRO / Non-FAST) | Typically 2–3 business days | Often S$0 to send via online banking (e.g., DBS lists S$0 for non-FAST interbank transfers) | Bank-set daily limits; generally lower risk for scheduled payments | Scheduled bill payments and recurring transfers |
| MEPS+ (SGD Real-Time Gross Settlement) | Same business day (cut-off applies) | Fee varies by bank/channel (e.g., OCBC lists S$5 for online MEPS same-day, while Standard Chartered charges S$20 at branch) | No stated maximum on scheme; bank may set thresholds and cut-off times | High-value domestic payments that must settle same day |
| Telegraphic Transfer (TT/SWIFT) | 1–3 business days on average (corridor dependent) | Bank fees vary; some banks waive their outward fees online for selected corridors, but agent/correspondent bank charges can still apply | Bank-set transfer and currency limits | Overseas or foreign-currency transfers |
Notes: Limits and fees differ by bank, channel (mobile/online vs. branch), account type, and whether you’re sending locally or overseas. Always check the latest pricing page before making time-sensitive or high-value transfers.
Examples from Major Banks (Personal Banking)
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DBS/POSB
- FAST: S$0 fee via digibank; transfers are almost instant.
- PayNow: S$0 fee via digibank; almost instant; typical per-transfer cap up to S$200,000 (subject to your daily local transfer limit).
- Interbank transfer (Non-FAST / GIRO): S$0 fee; completes in 2–3 business days.
For overseas payments, DBS Remit offers zero DBS fees to selected destinations when you send in the local currency of the destination; third-party (agent/correspondent) charges may still apply depending on route and options shown at checkout.
OCBC
- MEPS (same-day fund transfer): OCBC’s pricing guide shows S$5 for outgoing MEPS payments via e-banking and Free for incoming MEPS payments.
- Telegraphic Transfers (TT): Typically 1/8% commission (with stated minimums) plus cable and agent fees, depending on currency and channel.
Standard Chartered
- MEPS+ (at branch): S$20 per transaction (same-day SGD domestic payment), with cut-off times; no maximum payment limit stated on the scheme.
UOB
- PayNow: UOB promotes instant, secure transfers with “no fees” for PayNow.
HSBC
- FAST/PayNow: HSBC provides FAST and PayNow via online and app channels; details (including limits and supported use cases) are outlined in HSBC’s FAST and PayNow pages/FAQs.
- Telegraphic Transfers: HSBC’s tariff indicates that its own charges can be waived for TT via Online/Mobile Banking and Standing Instructions, though overseas agent/correspondent bank fees may still be deducted.
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Practical Tips to Minimise Fees
- Use PayNow or FAST for everyday SGD transfers—these are usually free for personal users on mobile/online banking.
- Check your limits before large transfers and temporarily raise them in-app if needed. This avoids failed payments and repeated attempts.
- For overseas transfers, compare the bank’s remittance option to standard TT: some banks waive outward fees on selected corridors via their “remit” service while showing you the all-in cost before you confirm.
- For same-day high-value domestic payments, MEPS+ settles quickly but often carries a fee; if time allows, consider FAST (subject to limits) for lower cost.
FAQs
Is PayNow different from FAST?
They share the same instant backbone for SGD transfers. PayNow lets you pay to a proxy (mobile number/NRIC/UEN) instead of keying a bank account. If the recipient is PayNow-registered, PayNow is the simplest option; otherwise, use FAST with the account number.
When would I use MEPS+?
MEPS+ is the real-time gross settlement system for SGD high-value, same-day payments. It’s ideal when you need finality the same business day and the amount exceeds typical FAST limits. Banks may charge a fee depending on channel (online vs. branch).
Do banks charge to receive money?
For local incoming payments into personal accounts, receiving is typically free. As an example, OCBC lists incoming MEPS payments as free. For international transfers, an inward fee or overseas agent charges may apply depending on the bank and currency route.
Important
Fees, limits, and features change. For critical or high-value transfers, always confirm the latest details on the official bank pages linked below before you proceed.
Official Sources & Further Reading
- DBS — Local Interbank Transfers (Fees & Speeds)
- DBS — PayNow (limits & how it works)
- DBS — Overseas Funds Transfer Fees (DBS Remit)
- OCBC — Personal Banking Pricing Guide (MEPS+, TT & more)
- Standard Chartered — MEPS+ (Same-day SGD Domestic Payments)
- HSBC — FAST FAQs
- HSBC — PayNow FAQs
- HSBC — Tariffs (Telegraphic Transfers and fees)
- UOB — PayNow (service overview)
- ABS — FAST overview (participating institutions & scheme info)
