| Transfer Currency | Beneficiary Country | Maximum Limit (in Transfer Currency) |
|---|---|---|
| AUD | Australia | 100,000 |
| CAD | Canada | 100,000 |
| DKK | Denmark | 600,000 |
| GBP | United Kingdom | 100,000 |
| HKD | Hong Kong | 600,000 |
| NOK | Norway | 600,000 |
| NZD | New Zealand | 100,000 |
| SEK | Sweden | 600,000 |
| USD | United States | 100,000 |
International Automated Clearing House (IACH)
Low-cost international fund transfer
Save on transaction fees for cross-border transfers in 9 major foreign currencies.
What is International Automated Clearing House (IACH)?
IACH stands for International Automated Clearing House. This is a cross-border transfer service that enables you to electronically transfer payments to your beneficiary in their country using the local currency.
Benefits of IACH with OCBC Bank
Lower fees
Pay a simple flat fee with no cable charges.
‘Amount Sent’ is the exact ‘Amount Received’
Beneficiary will receive the full transfer value.
Transfer in 9 major foreign currencies
Send money in AUD, CAD, DKK, GBP, HKD, NOK, NZD, SEK and USD within transaction limits.
Transfer with confidence
Safe and secure transfer via Velocity@ocbc.
Transaction details of IACH
- International Automated Clearing House
| Factors | International Automated Clearing House |
|---|---|
| Pricing | Flat Fee: Promotional price of S$20 per transaction till 31 Dec 2020 (Usual price of S$30) |
| Speed | Typically takes 2 to 3 business days |
| Payment value | Beneficiary receives full amount |
Making an IACH transfer
The following steps and qualifying conditions are required to enable the IACH transfer ‘option’.
After IACH option is enabled:
Promotion
Limited time only
Enjoy a promotional charge fee rate of S$20 per transfer (usual price S$30).
Valid from now till 31 Dec 2020. T&Cs apply.
Before you apply
Eligibility
Who is this service available for
Available to all business banking Velocity users* (as per T&Cs) Refer to “Making an IACH transfer” for steps.
Domicile currency must be paid into domiciled originating beneficiary country (Example HKD to Hong Kong)
Fees and Charges
Promotion price
S$20/transfer until 31 Dec 2020 (Usual: S$30/transfer)
Pricing guide and notices
Save with OCBC Business Banking
Not an OCBC Business Banking customer?
Open your OCBC Business Account and enjoy savings on Overseas Transfers. Account opening is instant!
Ready to transfer?
Make overseas
transfers with IACH now.
If you do not have Velocity@ocbc, apply now.
FAQS
Common questions
What are the available transfer currencies, beneficiary countries and transfer limit?
Would IACH transactions require any additional information?
Some IACH payments require exact information such as local clearing code, purpose of payment, specific beneficiary account length and format. Refer below for account details requirements.
You can follow the on-screen instruction in Velocity@ocbc to find the code you require.
| CCY | Country | Clearing Code | Account Number |
|---|---|---|---|
| AUD | Australia | 6-digit Australia BSB Code | Max 9 digits |
| CAD | Canada | 9-digit Canadian Clearing Code | Max 12 digits |
| DKK | Denmark | 4-digit Clearing Code (NCC) | Max 10 digits |
| GBP | United Kingdom | 6-digit UK Domestic Sort Code | Max 11 digits |
| HKD | Hong Kong | 6-digit HK Clearing Branch Code | Max 9 digits |
| NOK | Norway | 4-digit Clearing Code (NOBIC) | Must be 11 digits |
| NZD | New Zealand | 4-digit Clearing Code (NCC) | Must be 10 digits |
| SEK | Sweden | 4-digit Sweden Clearing Code | Max 12 digits |
| USD | United States of America | 9-digit Fedwire / ABA Code | Max17 digits |
How do I track the status of my transaction?
Once the transaction is processed by OCBC, the transaction status will be updated as successful and the beneficiary is expected to receive the funds in 3 business days. In the event where the transaction is rejected by the partner or beneficiary bank, the return status will not be updated. You can expect to receive the return funds in 4 to 9 business days.
In the event of a Return Fund, the bank will generate Credit Advice, and eAlert. You will receive SMS and/or Email as per your subscription.
Is MT103 available for download in velocity for IACH?
No. MT103 is not available as this is not a TT transaction. Customers can have the option to notify beneficiary through email or Fax at time of application.
