How to Transfer Money from One Bank to Another

Updated: 25 Jul 2025

Your guide to seamless interbank transfers in Singapore.
SingSaver Team

Written bySingSaver Team

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The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.

When your money is spread across various bank accounts, online transfers offer a seamless and often free way to consolidate funds or move them as needed. This service is free for most banks in Singapore and transfers are typically completed instantly or take three business days. Check with your financial institution about the processing time and any potential fees before you set up a transfer.

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Ways you can transfer money from one bank to another

There are several convenient methods available for transferring money between banks in Singapore.

Interbank GIRO

Interbank GIRO is a paperless, automated payment method in Singapore that allows billing organisations to directly deduct payments from your bank account upon their request. You just have to make sure you have sufficient funds in your bank account a day before the scheduled deduction.

GIRO automates payments for various bills, including credit card statements, insurance premiums, tuition fees, and town council service & conservancy charges.

FAST

Another payment method is FAST, which stands for Fast And Secure Transfers. Need to send SGD to another bank in Singapore quickly? FAST provides almost immediate electronic transfers between participating institutions. FAST has been a free service for consumers since 2014, and it is available to most customers of major banks in Singapore. 

But you have to be careful when using FAST. Since payments are credited to the recipient's bank account almost instantly, there is no way to stop a transfer once it's complete.

>> Learn more: Find out the best savings accounts

Wire Transfers

Wire transfers are electronic methods of transferring money between bank accounts, usually from one country to another.

Wire transfer fees in Singapore can vary. International transfers typically cost between S$10 to S$40 while local transfers made through FAST or GIRO are usually free or come with minimal fees. However, the exact charges may depend on factors such as:

  • Inward vs. outward transfers

  • Whether the transfer is in SGD or a foreign currency

  • Whether the transfer is initiated online or at a bank branch

Wire transfers are reliable and secure because transactions are processed through banks and financial institutions, but they tend to be expensive and generally take a few days to process.

>> Learn more: Wire transfer fees of banks

SWIFT

A SWIFT transfer is a type of international wire transfer that uses the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network to send money securely between banks across different countries. The SWIFT system itself does not handle the actual funds, but it facilitates the messaging between banks to initiate the transfer.

Think of it like sending a message through a global network that ensures your money reaches the correct bank safely and reliably. Each bank’s unique “address” (the SWIFT code) directs the message exactly where it needs to go.

People usually use SWIFT when they want to send or receive money internationally or when they are transferring large amounts of money.

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Don’t forget to check for daily transfer limits

When using different types of bank transfers, it’s important to keep daily transfer limits in mind. 

For Interbank GIRO, each transaction is capped at S$90 million, or as prescribed by participating banks.

For FAST, the transfer limit was raised to S$200,000 from S$50,000 in 2018. 

Wire transfer limits are S$200,000 per day for DBS, Standard Chartered and Citibank, and S$100,000 per day for OCBC. 

Since SWIFT is a method for international wire transfers, the receiving limits are often determined by the bank's overall limits for handling wire transfers. Do confirm the transfer limits with your bank. 

>> Learn more: Compare the best savings accounts in Singapore

Set up automatic transfers to boost your savings

If you have been employed by a company, your salary was likely credited to your bank account through GIRO. In Singapore, GIRO is commonly used to automate the salary payment process.

One way to automate your outgoing funds, including setting aside savings or investments as part of a "pay yourself first" strategy, is through Standing Instructions or Recurring Transfers, which allow you to schedule regular payments to another bank account.

Similarly, for managing credit card bills, DBS and Trust Bank offer an Autopay function, which enables you to schedule automatic payments directly from your account.

>> Learn more: Learn to set up automatic credit card payments

How to send money to others

In Singapore, PayNow has the most common funds transfer service, widely available in the retail sector and known for its convenience and speed. Its widespread adoption is due to its ability to facilitate near-instant SGD transfers between individuals. You simply have to link your bank accounts to their mobile phone numbers or NRIC/FIN. PayNow is often used for peer-to-peer (P2P) transactions, such as splitting bills at restaurants, paying for food at the hawker centre, or gifting money to friends and family.

PayNow is not to be mistaken with PayLah!, which is a system belonging to DBS Bank, although PayLah! is integrated with the PayNow system. Both are popular ways to send and receive money in Singapore.

>> Learn more: What's the difference between PayNow and PayLah?

 

PayNow

PayLah!

Origin

National platform (ABS, operated by NETS)

DBS/POSB proprietary service

Interoperability

Wide, across most major banks

Primarily DBS/POSB users, integrates with PayNow

Primary ID

Mobile number, NRIC/FIN

Mobile number

Reach

Nationwide, broad user base

Primarily DBS/POSB users, but extends via PayNow

Integration

Core feature within bank mobile apps

Standalone app, integrated with DBS/POSB ecosystem

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About the author

SingSaver Team

SingSaver Team

At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.