Singapore’s DBS Bank has unveiled a new online remittance service called SmartSend that will enable non-DBS customers to make same-day money transfers.
To make transfers through SmartSend, users have to first confirm the recipient details and then complete their order through a FAST transfer from their bank account. Following the completion of a money transfer, users will receive notification through SMS.
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Transactions made through SmartSend will be supported by the bank’s Online Money Safe Guarantee service.
The new offering has been currently rolled out in Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, UK and US, with plans for a broader rollout in the end of this year.
The service complements the DBS Remit service, which offers additional features including preferential FX rates for transactions of $50,000 or more and preferential auto FX transfers rates.
DBS Bank executive director of consumer banking group Akhil Doegar said: “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.”
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