International money transfers or remittances are becoming more accessible and a preferred option these days. In the past, sending money abroad usually meant dealing with a lot of middlemen. There is tons of paperwork to fill out, and you have no choice but to pay hidden fees.  But now, things have evolved, and receiving inward remittance is now easier and more convenient.

Benefits of International Money Remittances

Small to medium-sized businesses (SMEs) can now also use foreign money transfer services that are faster and cheaper. If you need to send or receive money overseas or across borders, then here’s what you need to consider when choosing an international money remittance provider.

  • Exchange Rates. How much you get after the transfer will be greatly affected by the exchange rate which no individual or company has control over. When sending large amounts of money, it’s important to compare rates first. No matter how small the difference is, it can affect the total amount.

 

  • Processing Fees. When it comes to international money transfers, the total amount you receive or send can be significantly reduced if there are additional and hidden fees to the transaction. Also, an exchange cost might be required in addition to the standard fees.

Bank remittance

 

  • Transfer Speed. When scheduling a fund transfer, you have to remember that it can take time to process. If you are the sender, let the receiver know of this possibility. Most of the time, international money transfer takes one to five days to be received. With DBS PriorityPay, the receiver can see the funds in as fast as 10 minutes provided that they are also a DBS user. But first, verify if there’s a way to get the transferred money faster.
  • Remittance Limit. When sending or receiving money, you have to remember that the amounts or quantities in one transfer may have a limit. You have to ensure that you confirm this first before sending the money for an international transaction.

 

Why Use DBS PriorityPay?

To send money to any DBS account in regional networks, the banking company’s customers can use DBS PriorityPay as their preferred online remittance service. There are plenty of reasons why you should consider using PriorityPay from DBS. It’s quick, easy to use, and very transparent when it comes to transactions. If you regularly receive Bank remittance transfers, then you can choose to opt for email notifications with DBS. This way, you will have an idea about whether or not the funds have pushed through.

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