Fund transfer is something that becomes very common these days. Either interbank transaction or the vice versa, it is something that happens every day and the number is increasing as the e-commerce era has come.
If you are a new customer of POSB/DBS, or a new user of banking system, then dealing with transfer may be confusing for you.
To help you get acquainted with this feature, find out below how to transfer money from POSB/DBS to POSB/DBS account.
POSB/DBS Bank Transfer
As mentioned earlier, there are lots of fund transfers carried out every day and almost all of bank saving account user has tried to transfer even though it is just once. Moreover, POSB and DBS are two of the most prominent banks in Singapore, which enable them to have a lot basis of customers.
You may be new to the system, but you should not feel inferior if you don’t know how to transfer money using ATM, internet banking, or mobile banking still. Fund transfer is a fundamental knowledge every bank user must know, and learning how to transfer money from POSB/DBS to POSB/DBS account is basic thing you should also learn.
To transfer your money to a certain party with POSB/DBS account, then you can do it through these methods:
- Visiting an ATM machine
- Internet banking, and
- Mobile banking app.
How to Transfer Funds from POSB/DBS to another POSB/DBS Account
In order to get your funds transferred, you can either use these methods aforementioned. The procedure to use each of them will be explained as follows.
Transfer Money from POSB/DBS Using ATM
- Insert your ATM card into the slot. Enter your PIN as well.
- Press More service button on the machine
- Pick Funds Transfer/Fixed Deposit.
- Choose the account type to debit from and credit to.
- Choose To another account.
- Input the POSB/DBS account number that you want to transfer the funds to.
- Input the transfer account.
- Review the transaction details and finalize your transaction by pressing Confirm.
Transfer Money from POSB/DBS Using Mobile Banking
- Make sure you have the app installed and have a valid User ID and PIN.
- Log in either using User ID or PIN, or simply use Touch/Face ID.
- Choose Pay & Transfer then select Local to indicate local bank-to-bank transfer.
- Add a recipient then. You will have to input their bank name and account number. Once you have added a recipient then choose this to transfer your funds to.
- Pick out any fund source that you can debit from for the sake of transfer process. Enter the Amount, and finalize by tapping Next > Transfer now.
You may also like: How to Apply for POSB/DBS Internet Banking
Transfer Money from POSB/DBS using Digi bank Online
- As usual, log in first using your User ID and PIN.
- Proceed by clicking Transfer and then Other DBS/POSB account.
- A 6-digit OTP will be sent to you. Input the digits sent into your digibank page.
- Pick any recipient (you must add the recipient into your database beforehand) that you want to transfer the funds to. Then, specify the amount that you need to transfer after selecting the currency type.
- Click Next afterwards to finalize your transaction process.
You may also like: How to Change Transfer Limit in POSB/DBS
That is how to transfer money from POSB/DBS to POSB/DBS account. Some of you may be still confused by adding recipients.
To do that, the only thing you need is to add their name and account number, plus doing some authentication processes which are all easy to do.