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What You Must Know About This Online Remittance Service

Apr 19 Zachary  

If you have a business, you know that international telegraphic transfers (TT) can be risky. A telegraphic transfer is an electronic method of transferring funds using overseas wire transactions. This is currently one of the most used methods for businesses that have transactions abroad. Whether you have a Bank remittance for customers or suppliers abroad. If you want to know more about this online remittance service, then you have come to the right place.

Origin of Telegraph Transfers

Back in the day, telegraphs were used to communicate the transfer of funds between financial institutions. Once one party needs to send funds, the sender will go to their bank and provide the necessary data – the amount sent and the recipient. Then a bank operator will then send a message to the recipient’s bank to relay the message using Morse code. This old school method is no longer used but international telegraphic transfers are becoming a thing among business transactions.

International Telegraph Transfers

When doing international telegraph transfers (TT), the key information is the account numbers and routing numbers of both parties as well as the institution involved in the transaction. Also in inward remittance, you will need the amount of money being transferred and the provider, either bank or non-bank.

Bank remittance

Introducing, DBS PriorityPay

DBS PriorityPay is currently one of the most preferred online remittance services. This allows customers to make telegraphic transfers to any DBS account. Many businesses with transactions in Hong Kong and China choose to use DBS PriorityPay. Here are the reasons why:

  • Fast Transaction. What makes DBS PriorityPay much preferable to other methods is that the inward remittances for eligible currencies and corridors here are credited in as fast as 10 minutes.
  • Big Savings. In every transaction, the sender would prefer one where they can save. With DBS PriorityPay, there is a $0 correspondent bank fee when you make international money transfers. Also, you can enjoy the complementary remittance service if you are a DBS SME customer.
  • The last thing you want is to not know whether or not the money has been successfully transferred and received by the recipient. With DBS PriorityPay, you can enroll to receive alerts or notifications once the beneficiary is already credited.

Apply  For DBS Prioritypay

Now that you know the benefits of DBS PriorityPay and how convenient it is to use international telegraph transfers, for sure you are curious of whether or not you are eligible to use such services. Go ahead and visit the website or give the Relations Manager a call if you want to learn more about the faster payment services they offer.

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