A. Inward Remittance
Q1. What are the charges for Inward Telegraphic Transfer?
For crediting to a UOB/FEB account, the charge is S$10 per transaction.
Q2. What are the payment instructions for Inward Telegraphic Transfer?
Please provide your remitter or remitting bank the following information:
- Pay to ”UOB Singapore (SWIFT: UOVBSGSG)”
- For Account of/ favouring : Beneficiary's name and account number (10 digits).
(Names and account numbers must be as per Bank records)
Q3. What payment instructions do I have to give for US$ remittances favouring UOB/FEB accounts, and who is your Agent for USS telegraphic/wire transfers?
For USS remittances to accounts with UOB/FEB, please provide your remitter or remitting bank with the following information:
- Pay to ”The Bank of New York (Swift/BIC: IRVTUS3N) FED ABA No. 021000018”
- Beneficiary Bank: United Overseas Bank Limited Singapore (Swift/BIC: UOVBSGSG)
- Favouring Beneficiary:
- The 10-digit account numbers for UOB/FEB Current or Savings Account
- Full Beneficiary name as per Bank records
B. Outward Remittance
Q1. What are the charges for Outward Telegraphic Transfers?
Please refer to our table of charges on Outward Remittance Fees.
Q2. Can you explain what is BEN/SHA/OUR?
When payments are made locally and overseas, charges are imposed by various banks, eg. the remitting bank, the beneficiary bank, the intermediary bank, etc. These charges can be paid or settled in one of the following ways:
a) BEN: Charges are borne by the beneficiary
Your beneficiary bears all charges of the banks engaged in the transfer of the payment. You only pay the remittance amount. All charges (ours, as well those of the intermediary and beneficiary banks, etc.) will be deducted from the remittance amount and your beneficiary will receive the remaining balance.
b) SHA: Charges are shared
You pay for our charges and the remittance amount. Your beneficiary bears the charges of all the other banks' (the intermediary and beneficiary banks, etc.). Your beneficiary will receive the remaining balance. This is the most common type of charge, where each party bears their respective charges.
c) OUR: Charges are borne by the remitter
You bear all charges of the payment, ie. the remittance amount, our charges, as well as all the other banks' (intermediary and beneficiary banks, etc.) and the beneficiary receives full payment. We will debit your account for payment of charges after the exact amount has been identified. For cases where we have "OUR" arrangement with our correspondents, we will debit the agent charges upfront. We shall not be liable if our correspondent or the beneficiary's bank does not follow the instructions, or if full payment fails to reach the beneficiary's account for any other reason.
This form of payment is the most expensive for you. Where possible, you should opt for SHA (shared charges) or BEN (charges borne by the beneficiary).
Q3. I see different charges reflected on the debit advice. What are these charges for?
The charges are usually for the following:
- Commission: Our handling charges
- Telex: S$10 - S$30, depending on location and currency
- Agent Charge: Charges imposed by our Correspondents
Q4. What are the compulsory fields that I need to complete on the Telegraphic Transfer (TT) application form?
To ensure that your application is processed promptly, please provide the following information accurately:
- Your name, address and account number
- The payment currency code and amount
- The receiving Bank/Beneficiary bank's name and address
- Beneficiary bank’s routing code
- Name of Intermediary bank, if available
- Beneficiary's account number or IBAN for payments to European countries
- Beneficiary name
Q5. Can a payment be effected in full to the beneficiary bank and credited in full to the beneficiary?
Payment can be effected in full when you mark “ALL CHARGES INCLUDING THOSE OF OTHER BANKS TO BE PAID BY ME/US". Please refer above to Question 2(c) above for further details.
Q6. How long does it take for a beneficiary to receive the funds?
The payment will generally reach the beneficiary within four days from the next business day. However, this would vary according to the country and bank to which payment is made.
Q7. When will my beneficiary receive the payment after I have performed the TT transaction online?
Please refer to Question 6 above.
Q8. What are the currencies available for TT in Business Internet Banking (BIB)? Why are certain currencies like Renminbi and Ringgit not available?
All the currencies that are listed in our daily Merchant Forex Rates are available for TT in BIB. The Renminbi and Ringgit exchange rates are unavailable because they are restricted currencies. If required, indicative rates can be provided. Payment, however, can still be made to China and/or Malaysia in other foreign currencies.
Q9. How soon will I be able to view the inward TT from BIB? Is it real-time?
Inward TTs from BIB can be viewed on the same day and information is updated regularly throughout the day.
Q10. Should I apply for a TT online, what are the types of charges applicable to me?
Normally, charges are either paid by the applicant (OUR), the beneficiary (BEN), or by each respective party (SHA). Please refer to Question 2 above for further elaboration.
