Friday, 11 December 2015

Remittances from SG to PH: DBS vs i-Remit

Hi fellow SG-OFWs. Have you noticed that the online DBS remit to Philippines ( has S$0 transfer fee when you remit to home, or is it just a Christmas promo?

Even if it's just a holiday promo, using DBS is now better than, for example, i-Remit. The forex in DBS is recently comparative to Philippine ones (S$1 SGD = 33.35 PHP in DBS vs =33.41 PHP in i-Remit). Additionally, Philippine remit services have about S$4.00 service fee per transaction, which would end up DBS to be cheaper. Not to mention that DBS transfer can be done online, while Philippine remittance needs to be a personal transaction with online appointment (, which would mean going through long lines in Lucky Plaza.

So, at least until the holidays are over, using DBS is way more convenient and sometimes cheaper than using Philippine-based services. Do you agree? How about other banks e.g. OCBC and SingPOST?

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