DBS, POSB offer instant Visa wire transfer service

DBS, POSB offer instant Visa wire transfer service

THE more than 1.9 million online and mobile banking customers of DBS and POSB can now send money instantly to any Visa cardholder worldwide, plugging a gap in the traditional wire transfer or remittance services.

The Visa Personal Payments has kicked off with instant transfers to more than 200 million Visa credit, debit or prepaid cards worldwide.

It is targeted at foreign professionals working in Singapore and parents with children studying overseas, according to the announcement yesterday.

Transfers to locally issued Visa cards have been available since 2010. But they were not real-time until February, when this new service was introduced.

Ms Ooi Huey Tyng, Visa's country manager for Singapore and Brunei, said that the service has both domestic and international reach unlike traditional wire transfer or remittance.

Additionally, Visa Personal Payments go directly to a recipient's credit or debit card account. Recipients do not need to make a trip to a physical outlet to get the money, she added.

DBS said it has processed 150,000 transactions, mostly to overseas accounts, since February.

Senders must first add a payee on DBS' or POSB's website by entering the recipient's name and 16-digit Visa card number. They will be asked to enter their ID and password, as well as a one-time password (OTP) randomly generated on security tokens.

Transfers - capped at $2,500 daily - can be made on DBS' and POSB's website or via the DBS and POSB mBanking smartphone app. An OTP is required for every transaction. Users will also get an SMS alert with details of the transaction.

Recipients can withdraw funds in local currencies at any ATM with the Visa Plus sign using their credit or debit cards. They can also use the money to offset spending on their credit cards.

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