It cannot be denied that advanced technology indulges modern society in terms of convenience. One of the things that made possible by technology is cashless lifestyle, which is why online banking is now major tool for most of the Singaporeans.
Unsurprisingly, OCBC Singapore provides the convenience of secure internet banking for its customers as well. From bills and fines payments, credit card payments, to IPO application.
The guide below specifically shows you how to use one of the OCBC online banking features, which is to transfer money. It will be focused on how you can send funds to POSB bank account as OCBC customers, but it will work for other bank account destinations as well.
How to Transfer Money from OCBC to POSB Online
The most common way to transfer money from OCBC to other bank is Fast and Secure Transfers (FAST). It is possible because OCBC and POSB are both the participating members of FAST along with other 23 Singapore’s banks and non-bank financial institutions.
FAST can be performed via OCBC internet banking. Alternatively, you may use OCBC Mobile Banking app on your smart devices too.
Here’s how to transfer money from OCBC to POSB online via FAST:
- Sign into your OCBC Internet Banking at https://internet.ocbc.com/internet-banking.
- Open the menu of Payment and Transfer then choose the option of Transfer Funds from the dropdown menu.
- Click on Add and Manage Payees option.
- Open the Accounts at other banks in Singapore and choose POSB Bank as your destination.
- Input all the required information and fill your token PIN accordingly.
- Input the amount of money you wish to transfer and then complete the process as instructed.
FAST same-day transfer feature allows you to transfer maximum S$200,000 at once per day. It is possible to transfer more than that, but you will be charged with additional free. Note that there is also maximum limit applied for daily transaction.
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How To Send Funds From OCBC to POSB Using PayNow
Another way to send funds from OCBC to POSB via online is by using PayNow. PayNow is a service that lets you transfer money using your phone number to a Singapore NRIC/UEN numbers. This way, you don’t necessarily have to know the POSB banking account number of your recipient.
Here are the steps on how to transfer money from OCBC to POSB online via PayNow:
- Sign into your OCBC Internet Banking at https://internet.ocbc.com/internet-banking
- Select the option To a PayNow user.
- Choose which account to transfer your money from.
- Select the Unique entity no. (UEN) and type it in.
- Input the amount of money that’s going to be transferred, the purpose, and then press on Next.
- Double check on the transfer details, and then select Submit.
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With these online banking options, you are provided with major practicality advantage as OCBS Bank customer. All the essential banking transactions such as transferring money or paying your bills are able to be performed 24/7 on any day. It is also an efficient and fast way to monitor your banking activities and account in regular in order to keep it secure and safe.