How to receive money from overseas with OCBC - SWIFT code to provide to the sender and service fees

Hannes Ausmees

As one of the biggest banks in Singapore, OCBC customers can benefit from a full suite of financial services including sending and receiving payments from all over the world.

If you’re expecting someone to send you an international transfer, this OCBC receive money from overseas guide is for you. We’ll cover all the key information - including the OCBC inward payment fees you need to know.


How to receive money overseas with OCBC

International transfers sent between banks - also referred to as telegraphic transfers or SWIFT payments - are usually sent via the SWIFT network. This is an established and reliable system preferred by traditional banks, which involves your payment being passed through 1 - 3 intermediary banks on its way to its final destination. To make sure your payment arrives safely you’ll need to make sure the sender has some key information. The details may vary a little based on where the payment is being sent from, but usually you’ll have to share:

  • Your full name as shown on your OCBC bank account
  • Your OCBC bank account number
  • The full OCBC bank name
  • The OCBC Singapore SWIFT/BIC code

This information is then used to guide your money safely through the banking network, to arrive in your OCBC account. However, while the SWIFT network is certainly reliable, it’s often a fairly slow and expensive way to move your money across borders.

The sender will often find they pay a high fee to process a SWIFT payment - and there could also be intermediary fees which are paid to the other banks involved in the process, which are deducted from the payment as it passes through the system. That can mean that you get less than you expect in the end. We’ll take a look at a smart way to beat this, with the Wise multi-currency account, in just a moment.

OCBC SWIFT Code - bank code for the sender

You’ll need to give the person sending you an international payment your SWIFT-BIC code to make sure your money arrives safely. You’ll be able to check the SWIFT code for your account by logging into your online banking, or taking a look at a paper account statement. Typically, the OCBC Singapore SWIFT code and details you need are as follows¹:

  • Bank name: Oversea-Chinese Banking Corporation Limited Singapore
  • SWIFT/BIC code for FAST and GIRO payments: OCBCSGSGXXX
  • SWIFT/BIC code for MEPS payments - OCBCSGSG

If you’re expecting an OCBC business payment to arrive in USD you might also speed up the process by providing the OCBC intermediary bank details:

  • Bank name: JP Morgan Chase Bank, New York, USA
  • SWIFT BIC code: CHASUS33

Fees for receiving money overseas

The fees you’ll pay to receive money from overseas with OCBC will ultimately depend on the account type, as well as how the payment has been processed. Here are the typical costs involved²³:

Account and payment typeOCBC receive money from overseas fee
Credit to a time deposit accountNo receiving fee, but currency conversion costs may apply
Credit to a SGD or foreign currency account10 SGD + any relevant currency conversion costs

You’ll notice that as well as any possible receiving fee, there may be currency conversion costs involved when you receive a payment from overseas to your OCBC account. These costs will be built into the exchange rate which is applied when the payment is converted from the foreign currency to SGD, in the form of a markup.

The exact costs will vary based on the currency involved, and at what point in the process the payment is exchanged to SGD - however, it’s common for bank exchange rate markups to be in the region of 3%. That doesn’t sound like a lot, but quickly mounts up, especially over higher value payments.

How long does it take to receive international wire transfer?

International wire transfers sent through the SWIFT network can often take 3 - 5 working days to arrive. Usually the sender’s bank will be able to give an estimated delivery time when they initiate the payment - but this isn’t always possible, and delays can creep in even when an estimate is available.

If you want to receive your money faster, you might ask the sender to use a specialist payment provider instead of their regular bank. Providers like Wise can get your money moving faster - 45+% of Wise payments are instant, and over 80% of transfers arrive within 24 hours. More on how to receive money internationally faster and for lower costs, next.

Why an overseas transfer could be delayed

International transfers sent via the SWIFT network could be delayed for a number of reasons:

  • International transfers initiated after bank cut off times won’t be processed until the next working day
  • Payments can be slowed down if the sender uses incomplete or incorrect recipient information
  • Transfers can be delayed due to issues in the processes used by intermediary banks or the recipient’s own bank
  • Public holidays in the sending or recipient countries can cause payment delays

Receive money locally in 9 currencies free with the Wise account

With an OCBC account you’ll only be able to receive incoming international payments via the SWIFT network. That can mean your money takes longer to arrive - and both you and the sender may face high fees.

Instead, get a Wise multi-currency account for free online or in the Wise app, and get your money faster and for free. With the Wise account, you can receive money in 9 currencies locally, including USD, AUD, EUR, SGD and more. That means no fees for the sender, and no charges for you either. Get your money in the currency of your choice, and then switch it to the currency you need, with the mid-market exchange rate and low, transparent fees. Wise accounts can hold and exchange 50+ currencies - and can mean you save 6x compared to using a regular bank - both for personal and business use.

It’s also possible to receive SWIFT payments to your Wise account in EUR, USD and GBP - and it’s free unless receiving USD via SWIFT, which incurs a low fee of 4.14 USD.

See how much you can save with Wise, today!

Sign up for free 🚀


  1. OCBC business banking - receiving payments
  2. OCBC personal fees
  3. OCBC business banking - inward TT

Sources checked on 21.07.2022

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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