Outward Telegraphic Transfer

Overview

Outward Telegraphic Transfer is a payment sent by SWIFT/Telex to an overseas party. Payment should be received within a few days depending on the currency, destination, period, and the agent bank used.

POSB Bank has a very extensive network of correspondent banks and overseas branches. You can, therefore, transfer funds in various currencies to most parts of the world.

If you need to transfer a fixed amount overseas regularly (eg. monthly, bi-monthly, quarterly, half-yearly, yearly) to the same party, you may wish to sign-up for a standing instruction. With this service, you only need to provide a one-time instruction to the bank and the recurring payments will be made automatically.