DBS offers online transfers for non-customers

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Even customers without a DBS account can use the online remittance service
  • Simple, two-step process enables same-day money transfers
  • Transactions are protected by security guarantee

DBS has announced a new service that allows non-customers to make fast, easy international money transfers to a number of countries across the globe.

The online service, called SmartSend, lets users without a DBS account make same-day remittances to eight different global markets, including the US, the UK, Australia, Malaysia, Indonesia, Hong Kong, the Philippines and India.

According to officials, the new SmartSend service offers a user experience similar to DBS' existing Remit transfer platform with safe, convenient digital transfers that make it possible to send money anytime, anywhere.

SmartSend is a simple, two-step process. Users must enter the recipient's details, then initiate the transfer directly from a connected bank account. Customers are sent a text notification once the transaction is complete.

DBS backs each SmartSend transaction with its Online Money Safe Guarantee, which provides protection for customers and ensures a safe, secure online platform.

Akhil Doegar, Executive Director of DBS Consumer Banking Group, said that SmartSend grew from customers' enthusiasm for the bank's Remit service. That platform processed roughly three million DBS customer transactions last year.

"With the launch of SmartSend, we built in the same digital efficiencies that DBS Remit offers and also combined that with a very competitive FX offering, so that now even non-DBS customers can send money safely overseas in a few clicks without transaction fees," Doegar said.

DBS customers can continue to use the Remit service to send cross-border payments, allowing them to enjoy additional benefits like preferential currency exchange rates on remittances of $50,000 or more, as well as automatic transfers at discounted rates.

DBS SmartSend is live in eight markets and bank executives expect to roll out the service to more regions by the end of the year.

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