Remittance (a money transfer, funds transfer or payment order) is the process of transferring money, which is begun with the originator’s payment order, made for a specific purpose to the designated beneficiary, and completed upon acceptance by the beneficiary’s bank.
Wire Services
When you need to conduct financial transactions with your foreign counterpart, Cathay United Bank can handles your incoming and outgoing funds transfers quickly and efficiently through our network of foreign correspondent banks.
Inward Remittance Guide
Inward & Outward Remittances
| Item |
Inward Remittances Fees |
Outward Remittances Fees |
| Overseas Transfer |
0.10% commission; min USD10.00 |
0.20% commission; min USD15.00 + USD20.00 cable fee
(Additional fee of USD30.00 will be charged if you select “OUR”
option or all charges are borne by applicant)
|
| Domestic Transfer |
USD5.00 |
0.05% commission; min USD5.00 |
Demand Drafts
Demand draft can be used to make non-urgent payments in Singapore with stated amount in SGD currency or USD to a named beneficiary. Our overseas correspondents will pay your beneficiary when the demand draft is deposited and cleared by the beneficiary's bank.
| Fees |
| 0.22% commission; min USD20.00 + USD20.00 cable fee |
Cashier's Orders
In situations where the beneficiary does not accept cash or personal checks, you will then need a cashier's order, which is a check issued by our Bank, payable to the payee as indicated by the person who buys the cashier's order.
| Fees |
| USD10.00 per cashier's order |
Amendment/Tracer/Refund
| Item |
Fees |
| Amendment / Tracer |
USD30.00 cable fee per request |
| Refund |
USD40.00 cable fee per request |
- Overseas bank fees incurred for the outward remittance business will be charged based on the actual fees charged by the overseas bank.
- All commissions and charges are subject to change at the Bank's sole discretion.
- Third-party and other charges that may be applicable will be charged accordingly.
