You need to transfer a considerable amount of funds, but you have reached the daily transaction limit. This is not an uncommon problem for businessmen who regularly need to make transactions with a large sum of money to their business partners.
If you experience the same thing, you don’t need to worry as there is always a way out for such an issue. If you have an account in the POSB Bank, there are things you can do to change the transaction limit. Here is the tutorial on how to change transfer limit in POSB.
Change Transfer Limit POSB Using Internet Banking
You can either increase or decrease the transaction limit to other POSB accounts or local bank accounts. The followings are step by step tutorial on how to change transfer limit in POSB.
- Log in to your POSB account on the internet banking platform.
- Choose Transfer click More Transfer Services
- Under the menu Manage Recipients and Transfers click Change Local Transfer Limit
- Log in with your 6-Digit iB Secure PIN
- Select the Transfer Type that you need to change
- Choose the amount of New Limit, click Next
- Verify and Complete the 2-Factor Authentication Instructions and click Submit.
Change Funds Transfer Limit POSB via Digibank Mobile
- Log in to digibank Mobile with your Touch / Face ID or digibank User ID and PIN.
- Click More, under Transfer Settings choose Local Transfer Limit.
- Choose the Transfer Type you wish to Change.
- Choose the Daily Limit you wish to set.
- Tap Next to review the details, and click Change Daily Limit Now to complete the change.
Can I Change My Overseas Transfer Limits?
Yes, you can. To change the overseas transfer limits, here is the tutorial:
- You need to log in to your account.
- Click Transfer and select DBS Remit and Overseas Transfer
- Under the Transfer Limit option, click Update
- Set up your New Daily Limit and click Submit.
- Complete the 2-Factor Authentication Instructions and click Finish to complete the change.
How much is the Daily Transfer Limit for POSB?
The fund transfer limit to other POSB accounts is up to S$200,000, while other local bank accounts are also up to S$200,000.
How much is the Daily Withdrawal Limit for POSB?
The withdrawal limit of POSB ATM is S$2000 per day. Any amount above the regular daily limit contributes to the transaction being failed.
Why do Every Bank Limit Transfers?
It’s because a bank account is considered a savings deposit, and various rules apply to it. The explanation of why these regulations exist is related to the need for the reserve or how much the bank holds in their vaults on many different accounts.
How Long does it Take for Bank Transfer in POSB?
For banks that are not participating in FAST, fund transfer shall not be immediate and completed within 2 to 3 working days.
For funds transferred before 8pm on a business day, the transaction will be available after 2 business days.
For funds transferred after 8pm, the transaction will be available after 3 business days.
How do I Arrange a Bank Transfer with POSB?
There are three ways you can do to transfer funds.
- First, you can transfer funds through online services by logging in to your internet banking or mobile banking account.
- Second, you can also give a call to your telephone banking service of the bank. However, this method is a bit unorthodox.
- Third, you can go to the ATM, or if you have cash money, you can transfer it through an in-branch bank.