CurrencyFair Blog How does CurrencyFair compare to OCBC Bank?
OCBC, otherwise known as Oversea-Chinese Banking Corporation is the oldest established bank in Singapore. OCBC is one of the many traditional banks in Singapore offering overseas money transfers for those looking to send money to loved ones, pay for a mortgage, or make other important transactions.
Prior to choosing OCBC Bank for a global money transfer, it could be worth checking out what alternatives are available to the financial institution. Here, we’ll explore what an overseas money transfer with OCBC could entail for you.
Below is a breakdown of how OCBC charge for sending money outside of the Lion City-state.
Foreign currency payments with OCBC several different types of fees…
A commission of S$5 to S$35 is charged to Personal Banking customers, depending on how much they plan to send abroad.
A flat cable charge of S$20 is charged on all transfers
If the currency is not being changed, a ‘commission-in-lieu’ of S$5 to S$35 is additionally applied
It is quite usual for financial service providers to add a small margin onto the foreign exchange rate visible to users on Google, in order to generate more profit. Banks have earned a particularly bad name for the size of the margin charged to customers transferring funds with them. OCBC’s use of a ‘commission in lieu’ charge on non-FX transfers proves that their transfer service is no exception.
OCBC also place a limit of S$200,000 on transfers. These transfer limits are less than ideal for sending money abroad to pay for bigger money transactions like buying property or investing.
Using CurrencyFair to send money abroad might get you a better deal, in the following respects:
In comparison to OCBC’s multiple charges for international money transfers, a CurrencyFair customer pays just one fee with to transfer a currency from their account, typically S$5 (or the currency equivalent).
We keep our foreign exchange rates ‘fair’, and even offer users the opportunity to beat the rate on Google by offering a peer-to-peer marketplace feature. Where there’s not a match for an exchange, CurrencyFair steps in to help, with a foreign exchange margin that never exceeds 0.6%, ensuring value-for-money.
There is no maximum limit on transfers with CurrencyFair. Customers in Singapore can avail of FAST where they wish to instantly send in S$200,000 to their CurrencyFair account. If they need to send more than S$200,000, a standard bank transfer can be used, with no ceiling or additional fees.
Those looking for a fairer transfer service when sending money to and from Singapore could benefit greatly from using CurrencyFair instead of a traditional bank – in fact, we’re up to 5 times cheaper.