How to transfer money from China to Singapore DBS?

Looking to send money from China to Singapore? With the growing popularity of online telegraphic transfers and remittance services, it's easier than ever! You can also read comprehensive instructions on how to transfer money to and from China.

This article, however, will specifically discuss how to transfer money from China to Singapore's DBS Bank. The most traditional way is through a bank in China. When it comes to choosing a bank in China, you will have a wide array of options. This article will use the Bank of China as an example when referring to the sender bank for easier reference. And, if you are looking for an alternative, look no further than remittance services - such as Wise. More on this later!

So, let's look at all of these topics in this article: How to transfer money from China to Singapore DBS, with complete online and onsite instructions. And another alternative you can consider—Wise!

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How are the exchange rates?

If you frequently exchange between two or more currencies, you will understand more than anybody else: calculating an exchange rate isn’t fun. Knowing exactly the exchange rate is complicated because they fluctuate due to a wide range of factors and are often calculated using different methods developed by different banks. So, when transferring money from China to Singapore's DBS, for most of the time, your exchange rates will vary based on your chosen banks in China. On top of that, each bank will have some related fees when you exchange from one to another currency. More on that in the next session!

So, to ensure both the sender and receiver benefit from a favourable exchange rate, you should do some research about the local banks. Well, if you're new to China and its banking sector, a good starting point is opening a bank account in China.

Here's the good news: there's a simpler and more effective way to save money on currency exchanges. Look for financial services that offer mid-market rate, such as Wise. This can significantly reduce your exchange costs!

If you are unsure about how the mid-market rate can save on cost, the table below showcases a comparison between the Bank of China's exchange rate and Wise exchange rate when you transfer money from China to Singapore DBS:

*Source checked on 06 June 2024 22:57 (CST)

How much are the fees?

Besides exchange rates, when you transfer money from China to Singapore DBS, you’ll need to know there are other fees as well.

If you choose to use banking for your money transferring, you’ll usually pay a handling fee. This fee may vary depending on whether you arrange the payment in branch or online. You may then also have to pay additional charges, including fees related to cable charges.

Let’s take a look at the fees related to telegraphic transfer services¹:

It’s worth noting that DBS may charge the receiver for incoming funds transfers. To be clear, the receiver will be required to pay SGD 10 to receive the Incoming Telegraphic Transfer. So, you should make sure to inform your receiver of this cost to avoid any surprises.

Being prepared for these potential fees will make you go through a smoother transfer process. Ensure to know the total cost of transferring money from China to Singapore for both the receiver and the sender!

How much can I send?

There is generally a strict limit on how much money you can transfer out of China. There is a USD $50,000 annual limit on personal purchase of foreign exchange for Chinese mainland residents.

Moreover, it's important to understand that if you surpass a specific threshold, you will need to submit additional paperwork. Specifically, when dealing with the Bank of China, the threshold for your transfers out of China is contingent upon the following two scenarios²:

• If you transfer money from China to Singapore DBS using the cash in your Personal Foreign Exchange Savings Account, you can send an equivalent value of up to USD 50,000 daily. If you intend to send more than that amount, you will have to show certificates of trading.
• If you transfer money from China to Singapore DBS with the cash you currently have, you can send an equivalent value of up to USD 10,000 daily. If you would like to transfer more, you will have to show more papers such as certificates of trading, Customs Declaration Form of PRC, and more.

How long does it take?

The time it takes for a bank in China to proceed with your telegraphic transfer depends on the bank's policy. But in general, it takes three to five working days for the funds to reach their destination account in Singapore. As long as the DBS receives payment instructions before its cut-off time³, the receiver will see the transfer within that day to two working days.

How to transfer money from China to Singapore DBS

You can transfer money from China to a DBS in Singapore through internet banking or mobile banking. However, it is worth noting that not every bank in China offers this online service. Sometimes, you will have to also come down to your nearest branch to work with the bank teller.

For the Bank of China, a visit to one of their branches is necessary to proceed with your remittance. Here's a step-by-step guide on how to transfer money from China to a DBS Bank in Singapore using the telegraphic transfer service of the Bank of China:

1. You should start by collecting these details about the receiver:
   • Beneficiary Name as registered to the DBS
   • Beneficiary Account Number
   • Name of Beneficiary Bank: DBS Bank
   • Address of Beneficiary Bank: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982
   • SWIFT Address/Code: DBSSSGSG
2. Go to your nearest branch of the Bank of China. Ask the teller for the International Remittance Application Form. Fill in the information and sign the paper;
3. Pay for the associated fees; and the bank teller will give you the receipt; then
4. Your remittance is completed.

Make your transfer from China to Singapore with a Wise account!

The traditional banking route to transfer money from China to Singapore DBS is one of the most well-known options! There are so many reasons why you should use remittances at the bank: It’s fast, easy, and convenient; your bank teller at any branch will help you if you have any questions.

However, if you are looking for an alternative, consider using Wise. Founded in 2011, Wise is an international money transfer app trusted by over 10 million active personal and business customers worldwide, including China. It is a more convenient alternative: Wise is fully available online and via the app, meaning you don’t need to visit any physical branches to make your global remittance!

Moreover, as mentioned above, Wise uses the mid-market exchange rate and just a small upfront conversion fee. Wise will show you all these costs right before you make your transfer. So, it is way more transparent than the traditional bank. The cherry on the cake: Wise lets you transfer in more than 50 different currencies to 70+ countries.

These services are just more examples of how easy and affordable Wise is. So, if you are looking for a way to transfer money from China to Singapore safely, join Wise's 10 million active users by creating an account today!

This service is provided in partnership with a licensed third-party payment provider in China.

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