Making Transfers in Singapore Dollars
- Transfer electronically via Velocity@ocbc (business internet banking)
- Quick transfer of funds (free for first 3 transactions, S$5 per transaction from the fourth transaction onwards). Charges are applicable per submission made through branch.
Different ways to make payments and transfers locally depending on the urgency of your payment.
Standard processing time
(GIRO)- For non-urgent transfers which take up to 2 working days
(via Velocity@ocbc - business internet banking) - S$0.20 for every GIRO transfer via Velocity@ocbcS$0.10 for every GIRO transfer via Velocity@ocbc for Business Entrepreneur Account
Same-day processing
(MEPS - MAS Electronic Payment System)- For urgent transfers within the same day. S$20 for every transfer
- Same-day transfers to any bank for submissions made before 4.30pm
(via Velocity@ocbc - business internet banking) - Same-day transfers to any bank for submissions made before 3pm (via branch)
Standard payment methods which take longer to process.
Cheques
- For standard payments
- Additional charges apply if your cheque bounces
Cashier's Order
- Guaranteed cheque that will not bounce
- To be used only in situation where your creditors do not accept cheque payments
- Amount will be deducted directly from your account when a cashier's order is issued
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