Singapore Expats

Hi, everyone. I'm kinda clueless here. Really appreciate it if you can help me out. I own a small business and it involves transferring of funds from one bank account to another. But so far, the biggest transfer amount I ever done or received is SG$1000. Usually, it is done thru internet bank transfer or cheque deposit.

Due to growing number of clients and bigger deals, I am expecting payments of around SG$50,000 - SG$100,000 or maybe more.

My question is: How do I transfer such a big amount of money from my POSB account to my client's or vice versa?

Thanks to everyone who replies

barracudaX wrote:Hi, everyone. I'm kinda clueless here. Really appreciate it if you can help me out. I own a small business and it involves transferring of funds from one bank account to another. But so far, the biggest transfer amount I ever done or received is SG$1000. Usually, it is done thru internet bank transfer or cheque deposit.

Due to growing number of clients and bigger deals, I am expecting payments of around SG$50,000 - SG$100,000 or maybe more.

My question is: How do I transfer such a big amount of money from my POSB account to my client's or vice versa?

Thanks to everyone who replies

You may have a problem if you're doing it through internet banking which has a cap of about S$5,000 a day for funds transfer. (However you can check with the bank but if I am not wrong POSB is about $5k a day).

I think you should do it by cheques which is also safer when you're talking about $50,000-$100,000.

You may also wish to consider opening a corporate account which is more flexible.

Get the corporate account -- they charge small fees if your average balance is below $10,000, but otherwise opening and keeping the account is completely free, and it makes keeping your personal and corporate expenses separate much easier. Tip: UOB's Internet banking is free except for a one-time $50 charge, while DBS charges you $20/month if you want to actually do transactions instead of just sitting there looking at the numbers. This may not be unrelated to the fact that UOB's interface is a steaming pile of turd which won't even work on anything other than Internet Explorer, but it's pretty powderful if you hold your nose and use it.

As Guest says, at DBS/POSB the max daily limit for interbank transfers is $5000, but the limit is higher (10k? 20k?) for intra-DBS transfers.

Wow. Thanks for the info. It seems that the best way is to liase with the bank personnels on this matter. I'm just worried because my business has grown and I am quite clueless in handling transactions involving big amount of money.

Thank you for your prompt response. It's great to be here...