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FINANCIAL SERVICES | Staff Reporter, Singapore
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DBS launches online remittance service for non-customers

Users can send money to Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, the UK, and the US.

DBS launched SmartSend, its online remittance service that allows non-DBS customers to make secure, same-day money transfers to eight markets around the world. "SmartSend mirrors the ease of use and convenience that DBS customers currently enjoy with DBS Remit, which allows them to transfer money online anytime, anywhere via DBS/POSB digibank," it said in an announcement.

SmartSend enables customers to make same-day overseas money transfers via a two-step process. "Once they confirm the recipient details, customers then complete their order via a FAST transfer from their bank account. Customers are then notified via SMS once the transaction is completed," the bank said.

SmartSend currently supports outbound money transfers to eight markets, namely Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, the UK, and the US.

DBS noted that all transactions made via SmartSend are backed by DBS’ Online Money Safe Guarantee, which guarantees that a customer’s money is secured when they transact online with DBS. 

DBS consumer banking group executive director Akhil Doegar noted the service was built upon their customers' reception towards DBS remit, which saw 3 million transactions in 2017. “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,” he added.

DBS customers can continue to remit money online through DBS Remit, which DBS said, offers additional benefits such as preferential FX rates (for transactions of $50,000 or more) and auto FX transfers at their preferred rates.

DBS will also be launching SmartSend in the other regional markets it operates in by the end of 2018.  

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