The transfer fee you need to pay depends on the currencies being traded, the transfer amount and the mode of payment.
- Transfer fees increase in direct proportion to increases in transfer amounts.
- Debit card payments come with higher fees than bank account transfers.
InstaReM exchange rates
InstaReM uses Reuter market rates to process transfers and adds an FX margin that is typically below 1%. This essentially depends on the currencies being traded.
Rates fluctuate according to existing market rates.
Transfers of over S$50,000 come with preferential rates.
You can target preferred rates when transferring more than S$1,000.
Check prevailing rates using the DBS online currency calculator.
Online transfers initiated via DBS Remit are fee-free.
Regular overseas transfers and transfers initiated in person come with cable/telex charges as well as handling commission.
Incoming transfers credited to your foreign currency fixed deposit account come with no fees.
The bank charges a S$10 commission when crediting incoming transfers to your SGD or foreign currency current account.
InstaReM scores better in the Fees and Exchange Rates category.