International Funds Transfer - IACH | OCBC Business Banking SG
INTERNATIONAL AUTOMATED CLEARING HOUSE (IACH)

INTERNATIONAL AUTOMATED CLEARING HOUSE (IACH)

Low-cost international fund transfer

INTERNATIONAL AUTOMATED CLEARING HOUSE (IACH)
Why you will love this

Lower overseas transfer fees

Certainty of full value transfers

Available for 9 major foreign currencies

Who can use

Available to all OCBC business banking customers through Business Internet Banking* (OCBC Velocity)

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 OCBC Velocity.
Transaction details of IACH
  • International Automated Clearing House
Factors International Automated Clearing House
Pricing Flat Fee of just S$30 per transaction
Speed Typically takes 2 to 3 business days
Payment value Beneficiary receives full amount
Before you apply

Eligibility requirements

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

Transfer fee

Flat fee of S$30 per transfer

Pricing guide and notices


Terms and conditions

*Available for Standard and Classic Velocity@ocbc service packages only. For premium packages, please contact your Relationship Manager or call our Business Banking Hotline at +65 6922 3199 (Open: Monday to Friday excluding public holidays from 8am-8pm).

Terms and conditions governing use of OCBC Velocity


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!

Learn more

READY TO TRANSFER?

Make overseas transfers with IACH now.

FAQS
Common questions
What are the available transfer currencies, beneficiary countries and transfer limit?
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
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 ACH ABA Code Max 17 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.