Paying overseas suppliers requires accurate bank details and a clear understanding of payment costs and timing. A telegraphic transfer lets a business send funds electronically to a beneficiary’s bank account abroad. 

Before sending money, confirm the recipient’s details, review the exchange rate and bank charges, and allow time for required approvals. The payment’s arrival also depends on processing by the banks involved. 

How to Make a Telegraphic Transfer from Singapore

Last reviewed: September 2026

Image by photoroyalty on Magnific

For Singapore SMEs, DBS supports overseas business payments through DBS IDEAL. Preparing the instructions, completing authorisation, and checking the payment status help finance teams manage the transfer from submission through to confirmation that the beneficiary has received payment.

Quick Steps to Make a Telegraphic Transfer

1. Verify the beneficiary’s payment details against independently confirmed instructions. 
2. Set up the overseas payment with the intended account and currency. 
3. Review the exchange rate and charges, including who pays.
4. Check the payment date and cut-off time. 
5. Review and authorise the transfer according to company requirements. 
6. Track the payment and confirm receipt, retaining the transaction reference for reconciliation and any enquiries.

What You Need Before Sending Money Overseas 

For a telegraphic transfer, have the following ready before starting your payment instruction:

• Account access: Your business name and address, debiting account number, payment permissions, and sufficient funds to cover the transfer and charges. 
• Recipient details: The beneficiary’s full name, account number or applicable International Bank Account Number (IBAN), and bank name and address.
• Bank identifiers: The beneficiary bank’s SWIFT/BIC code and intermediary bank details, where provided.
• Payment information: The invoice, agreed currency, amount, and payment reference.

Destination requirements vary. Confirm the required details with the beneficiary before entering them, particularly where local bank codes or supporting documents apply.

How to Make a Telegraphic Transfer in Six Steps 

Image by creativeart on Magnific

The following steps use DBS IDEAL as a practical example. Menu labels and approval arrangements depend on your banking platform and company setup.

Step 1: Verify the Beneficiary’s Payment Details

Confirm new or changed payment instructions with your supplier through an established telephone number or another trusted channel. This gives you independently verified details to enter before authorising payment.

A May 2026 police advisory reported at least 66 cases involving fraudulent changes to vendor payment accounts, with losses of at least S$19 million since 1 January 2026.

A Business Identifier Code (BIC), commonly called a SWIFT code, contains eight characters, with an optional three-character branch identifier. Use the code supplied for the intended beneficiary bank, alongside the recipient’s account details.

Step 2: Set Up the Overseas Payment

In DBS IDEAL, select Pay & Transfer, then Pay Local/ Overseas Payee. Choose the Debiting Account and select an existing payee or Add new payee.

Enter the payment currency and amount, checking both against the invoice. The form should now identify the intended recipient and funding account. Check the currency dropdown carefully, as the initial selection follows the debiting account’s currency.

Step 3: Review the Exchange Rate and Charges

Review the quoted exchange rate where conversion applies, and check which account will bear the fees. Businesses managing currency conversion can also explore foreign exchange tools through DBS FX Online. 

Allow for applicable intermediary and receiving bank charges when assessing the beneficiary’s expected receipt. As the Bank of England explains, “The more intermediaries that are involved in a cross-border transaction, the slower and more expensive it will be.”

Step 4: Check the Payment Date and Cut-off Time

Select the Payment Date and check the applicable cut-off time for your currency and transaction. Arrange company approvals early enough for the payment to meet that deadline.

This establishes a realistic submission schedule. Allow for receiving-country operating hours and bank checks when agreeing payment timing with your supplier, because same-day processing and final beneficiary credit are separate stages.

Step 5: Review and Authorise the Transfer

Select Review your payment and compare the instruction with the invoice. Check the beneficiary, amount, currency, and statement reference.

Use Submit to route the request for approval, or Approve and Submit where your permissions allow. Complete the required approvals under your company’s policy, then check the resulting status. A request awaiting authorisation still requires action from the designated approver.

Step 6: Track the Payment and Confirm Receipt

To track outgoing overseas payments, open Accounts, choose the debited account, and find the transaction. Under Actions, select the PDF icon to view its status, using Next Page where necessary.

DBS’s published guide covers completed payment history from the preceding six months. Save the transaction advice and confirm receipt with your supplier, giving your finance team supporting records for invoice reconciliation.

Troubleshooting Common Transfer Problems

If a telegraphic transfer needs follow-up, use the relevant action below to identify the next step.

Issue	Next action
Approval outstanding	Identify which required approvers still need to act, and ask them to review the pending request.
Payment overdue	Ask your bank to investigate, providing the transaction reference, date, currency, and amount. Enquiry charges may apply.
Amount received is lower	Request a breakdown of deductions, then compare the beneficiary’s credit with the original instruction and charge arrangement.
Incorrect beneficiary details	Contact your bank immediately about amendment or recall options. Confirm the outcome before arranging a replacement payment.

Frequently Asked Questions

How long does a telegraphic transfer from Singapore take?

DBS indicates 1–4 days for beneficiary receipt, depending on the destination country or bank. For a payment deadline, confirm the expected arrival date for the specific currency and destination. How much does a telegraphic transfer cost?

As of September 2026, fees depend on your account and payment channel. Eligible DBS Business Multi-Currency Account customers pay S$30 per outward transfer through DBS IDEAL, plus agent fees and applicable currency conversion costs.

Do I need an IBAN and a SWIFT code?

No, the combination depends on the destination. An IBAN identifies an account in countries using that system, while a SWIFT/BIC code identifies the bank, so follow the beneficiary bank’s instructions. Can I make a telegraphic transfer online?

Yes, DBS IDEAL supports online business transfers. Your company needs the appropriate transaction services and user permissions enabled, including access for whoever creates the instruction and completes the required approvals.

Will the beneficiary receive the full amount?

No, bank deductions can reduce the amount credited. Even when you pay sending and agent charges, the beneficiary bank may impose a receipt fee, so confirm any deductions with them.

Can I cancel a telegraphic transfer after submitting it?

Yes, you can request cancellation or recall, subject to processing status. DBS IDEAL’s self-service criteria cover completed payments made within 30 days, with the outcome confirmed after processing the request.

Prepare Your Next Overseas Business Payment

Plan each telegraphic transfer around your supplier’s payment deadline and your company’s approval process. Confirm the instructions and total costs before submission.

Explore DBS’s overseas payment services to prepare and manage your next international business payment through DBS IDEAL.

Reference and Source Links

1. https://www.bankofengland.co.uk/payments/cross-border-payments
2. https://www.police.gov.sg/Media-Hub/News/2026/05/20260520_police_advisory_on_business_email_compromise_scams_involving_requests_to_update_vendors
3. https://www.swift.com/standards/data-standards/bic-business-identifier-code