How to Transfer Money from One Bank to Another
Updated: 15 Sept 2026
Written bySingSaver Team
Team
Disclaimer: The information on this page is for general educational and informational purposes only and should not be considered financial or investment advice.
You can transfer money between banks in Singapore instantly and for free using FAST or PayNow, or via GIRO, wire transfer, or SWIFT for scheduled and overseas payments.
Whether you're consolidating funds across accounts, sending cash to a friend via PayLah! or PayNow, or wiring money overseas, Singapore's banking system gives you several ways to move money — each suited to a different situation. This guide covers how to transfer money between banks in Singapore, from everyday domestic transfers to overseas remittances and ATM transfers, along with current 2026 limits and fees.
Popular banking accounts by type
Product Name | Hot Reward Pick | SingSaver Reward | ||
|---|---|---|---|---|
 | UOB Stash Account | - | - | |
 | Standard Chartered Priority Banking | - | - | |
 | Citi Wealth First Account | - | - | |
 | CIMB StarSaver Account | - | - | |
 | DBS digiPortfolio | - | - | |
 | Stashaway | S$34 | ||
 | BOC Fixed Deposit | - | - | |
 | CIMB Fixed Deposit | - | - | |
 | Citibank Fixed Deposit | - | - | |
 | Maybank Fixed Deposit | - | - | |
 | Longbridge | S$508 | ||
 | Tiger Brokers | S$1,199 | ||
 | Webull Singapore | S$2,402 | ||
 | moomoo SG | S$130 Cash via PayNow | S$1,244 | |
 | Saxo Markets | S$207 | ||
 | uSMART SG | S$2,334 | ||
 | CMC Invest | S$880 |
Quick Answers
Q: How do I transfer money between banks in Singapore?
A: Use FAST or PayNow via your bank's app for instant, free local transfers, or GIRO for recurring payments. Most transfers complete within seconds; GIRO can take up to 3 business days.
Q: How do I transfer money from PayLah! to PayNow?
A: You don't need to — PayLah! is directly connected to the PayNow network, so any transfer you send via PayLah! using a mobile number or NRIC/FIN automatically reaches the recipient's PayNow-linked bank account.
Q: How do I transfer money by account number?
A: Use FAST, GIRO, or a bank transfer and select "transfer to other bank account," entering the recipient's bank name and account number — this is the fallback when you don't have their PayNow-linked mobile number or NRIC/FIN.
Q: How do I transfer money to an overseas bank account?
A: Use a SWIFT wire transfer through your bank, a remittance service, or — for Malaysia, Thailand, India, and Indonesia — PayNow's cross-border links (DuitNow, PromptPay, UPI, QRIS/BI-FAST) for near-instant transfers using just a mobile number.
Q: Can I transfer money from an ATM?
A: Yes — most Singapore bank ATMs let you transfer to your own accounts at the same bank, and some (e.g. UOB) support FAST transfers to other banks directly at the ATM.
Which Transfer Method Should You Use?
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.
FAST limit is still S$200,000 per transaction as of 2026 while transfers to non-bank e-wallets via FAST are capped separately at S$5,000 per transaction.
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.
How to transfer money between banks in Singapore (step-by-step)
Most banks let you complete a transfer in under a minute through their mobile app:
- Log in to your bank's mobile banking app.
- Select "Pay & Transfer," then choose "Local Transfer."
- Choose FAST (instant) or PayNow (using mobile number/NRIC/FIN), or enter the recipient's bank name and account number for a standard transfer.
- Enter the amount and confirm the recipient's name.
- Review and submit — FAST/PayNow transfers typically complete within seconds.
How to transfer money from PayLah! to PayNow
You don't need a separate step to move money "from" PayLah! to PayNow — they're already connected. When you send a payment via PayLah! to someone using their mobile number or NRIC/FIN, and that person doesn't have a PayLah! wallet, the funds land directly in their PayNow-linked bank account. To do this:
- Open the PayLah! app and select "Transfer."
- Enter the recipient's mobile number or NRIC/FIN.
- Confirm the recipient's name and PayNow-linked bank.
- Enter the amount and confirm — the money is credited to their bank account via PayNow almost instantly.
PayNow vs PayLah comparison
>> 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 |
How to transfer money by account number
If you only have someone's bank name and account number — not their PayNow-linked mobile number or NRIC/FIN — use FAST or a standard interbank transfer instead:
- Select "Local Transfer" or "Transfer to Other Bank" in your banking app.
- Choose the recipient's bank from the list of participating institutions.
- Enter their full account number and name exactly as registered.
- Choose FAST for an instant transfer, or a standard transfer if the bank isn't on the FAST network (GIRO can still bridge non-participating institutions).
- Confirm and submit.
How to transfer money to an overseas bank account
For international transfers, you have three main routes:
- SWIFT wire transfer — through your bank, using the recipient's SWIFT code and account/IBAN. Reliable but can take a few business days and typically costs S$10–S$40 (confirm live rates via {{DVR:UNMAPPED - WIRE_TRANSFER_FEE}}).
- PayNow cross-border links — Singapore's PayNow now connects to Malaysia (DuitNow), Thailand (PromptPay), India (UPI), and Indonesia (QRIS/BI-FAST), letting you send money using just the recipient's mobile number, often near-instantly and at lower cost than a wire transfer. Availability depends on which banks in each country participate.
- Remittance apps — services like Wise offer competitive exchange rates for corridors not covered by PayNow's links.
>> Learn more: Best Ways to Transfer Money Overseas from Singapore
How to transfer money from an ATM
Most Singapore bank ATMs let you transfer between your own accounts at the same bank. Some banks also support FAST transfers to other banks directly at the ATM:
- Insert your ATM/debit card and enter your PIN.
- Select "Funds Transfer" or "Other Transactions" > "Funds Transfer."
- Choose the account to transfer from.
- Select "To Other Bank's Account" (where supported) or your own linked account.
- Enter the recipient's account details and amount, then confirm.
Not all banks support interbank transfers at the ATM — check with your bank if this option isn't shown on screen.
Before You Compare
Check the transfer-related fees
Confirm whether FAST/PayNow transfers out are free
Check ATM access
Some digital-only accounts have no ATM withdrawal, only transfers
Check the minimum deposit
Compare what you can realistically fund, from S$0 to S$350,000 minimums
Check the bonus interest conditions
Higher headline rates may require salary credit, card spend, or investment/insurance purchases.
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.
PayNow: S$200,000 per day for transfers to individuals/businesses; S$5,000 per day for transfers to non-bank e-wallets
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
Your money might not be working as hard as you think
Find the best savings account in Singapore that offers the best interest rates.
About the author
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.
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.