PNB Online Remittance thru DBS/POSB

topics: online remit Singapore to Philippines, PNB, DBS, POSB, SGD to PHP
PNB (Philippine National Bank) Singapore recently launched their online remittance, allowing Filipinos to send funds to the Philippines using just the DBS or POSB website. No need to go to Lucky Plaza and queue up the long lines at the remittance centers. Finally!
I know some people are already aware and have used this before but for those who have not yet tried it, i’ll give you a walkthrough.
WHAT YOU NEED:
1. A DBS or POSB account with online access.
If you already have a DBS or POSB account, then you are already able to use their website for online transactions. Your account comes with the secure device that looks like this:
image
2. A PNB or BDO or BPI account in the Philippines.
Since this is an online transfer after all, you’d need a receiving account back in the Philippines. Have their account numbers ready. You only need at least an account from one of them.
It’s also better if you can access their online feature so you can check for the balances later.

HOW TO:
1. Apply for a remittance ID number at PNB Lucky Plaza. There’s really just no avoiding this, but you only need to do it once!
You can go to PNB at LP and fill up an application form OR you can remit a certain amount once. When you’ve accomplished your application or you have your first remittance, the teller there would give you a remittance number (a remitter ID number). It would look something like this:
            123456789000
When you apply, you would enroll your bank accounts as well.
Enroll your PNB, BDO or BPI accounts here (not the DBS/POSB). The teller would explain to you that for online remittances, each of your bank accounts would be assigned an ID.
In my case i enrolled a BPI and a BDO account. My BPI was 01 and BDO 02.

2. Login to DBS/POSB website.
Go to DBS Website and Login.
image

3. In DBS/POSB, go to Bills Payment.
Once logged in, on the left side of the website click the “Bill Payment” under the “Payments” list.
image
It will require you to login using your Secure Device.
After logging in with Secure Device, you’ll see the “Bill Payment” page.

4. Select PNB in the “To Payee” box.
Just below the “To pay payee not in your pre-arranged list”, select “Philippine National Bank” in the box.
image
Click “Submit” button.

5. Input the Amount and Remitter ID.
Select your DBS account number in the “Pay From” box.
Type in the amount in the “Amount S$” box.
Type in your Remitter ID and Bank account number in the “Consumer Reference No.” box.
image
The Consumer Reference No. is the combination of your Remitter ID and the Bank account number that was mentioned in Step 1. So, in my case it would be like this:
image
I would then be typing in the box: 12345678900001
If i wanted to remit to BDO, i would use 02 at the end.

6. Click Submit and Confirm. Once done filling up the payment details above, just click the “Submit” button. A confirmation page would appear:
image
Here you would be asked for a confirmation using your Secure Device. Just follow the instructions and click Confirm.
And that’s done! Wait for 1-2 days for the funds to appear in the PH accounts.

THINGS TO REMEMBER:
1. There are 2 PNB in LP. The smaller one (next to iRemit) is just a remittance center. The larger one (3rd floor) is the actual bank branch. You can apply for an ID number in both but if you want to have a PNB Remitter ID (which is actually nice), then go to the bank branch.
Be forewarned though, their queues can get quite long.

2. The remittance fee is S$3.50 S$5.00 ($2 for cable fee + $3 for commission) for banks other than PNB. I think, when remitting to PNB, it’s a little bit higher since it is real time.
When you type in the amount on Step 5, make sure you include the remittance fee.

3. Online remittance for banks other than PNB, takes about 1-2 banking days. And by banking days, we mean banking days in the PH. So, if you need the funds urgently then don’t use this facility.

4. After a few days since you remit, PNB would send you a mail (snail-mail) containing the receipt. This is a really nice feature but i would rather have the option of receiving it through e-mail instead (paperless and all).

5. You can check the exchange rate in the PNB website (look for PNB Rates). It is basically the same as when you remit using the other Remitters in LP.

FINAL THOUGHTS:

I’ve been using PNB online remittance for quite sometime now. It’s really convenient and saves a lot of time and money. The remittance fee is about half the amount when remitting at LP – that’s not considering when i consider the fare i need to get there. Plus, the receipt mail is a nice addition – one that i hadn’t expected but i guess is required by law.
The only minor drawback is the 1-2 business days transfer time. It’s fine though, i just need to remit a little earlier than my usual schedule.
I’m also hoping that PNB would allow online payment of SSS and Pag-ibig. That would be really nice!

Comments

  1. I actually just tried paying through the Phone app. Do you know what time they usually credit?

    Are you sure it's $3.50 fee? The last time I called the customer service, charge is $5.

    I'll be blogging about this as well after the transaction goes okay today.

    ReplyDelete
  2. haven't tried the phone app yet. that should be nice.
    a friend of mine also told me it was $5. i'll update this post once i get the receipt from my recent remit. (actually, updated it for a screencap of the confirmation page. hehe)

    not sure about cut-off time though, i guess they still follow the 11am standard cut-off. if u remit before that time, it usually gets transferred in less than 24H.
    **just a tip, don't remit during long vacation in PH -> it will get remitted a day or two after the holidays :)

    ReplyDelete
  3. Hi Mickey, here's my blog post. http://www.makoyskie.com/2013/02/dbsposb-online-remittance-to-any-banks.html

    Cut off is 10PM by the way.

    ReplyDelete
  4. Hi! :)

    Great article. My name is Alexandra Li from PAYPILIPINAS. You can try WWW.PAYPILIPINAS.COM for your SSS and PAG-IBIG contributions. Thru Ventaja International Corp, we are an accredited collection agent for the government institutions.

    Let me know if you encounter any problems while using PayPilipinas. We have a 24 hour customer service representative who will guide you thru the whole experience should you need immediate help.:) I look forward to seeing you there!

    Sincerely,
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    ReplyDelete
  5. Nice blog i liked it... thanks for sharing the article on guide to online remittance

    ReplyDelete
  6. Hi, do this means PNB allows us to remit to other banks such as BPI and BDO?

    ReplyDelete
  7. Hi, does it also takes 1-2 banking days for the funds to be received in phils even if its the same pnb account for the benefeciary or receiver?

    ReplyDelete
  8. @unknown, yes. that's what i did in the steps (remit DBS to BPI and BDO).

    @ichi, i'm not really sure how long it takes for same PNB account. it's best to ask them when you drop by to get your remitter ID. you may also try calling them (i found this PNB contact number somewhere online +65 6737 4224). good luck!

    ReplyDelete
  9. Thanks for sharing the article on how to transfer money easily. This will help usremit 2 India exchange rates

    ReplyDelete
  10. nice blog and very helpful.. so to clarify, you remitted to BPI and BDO thru PNB -- no need to have a PNB account to process this, just the remittance ID right?

    ReplyDelete
  11. You don't need a PNB account just to remit.Also, if you already have a DBS account, you have the option to remit using that as well: http://abummedlife.blogspot.sg/2014/09/using-dbs-to-remit-to-philippines-for.html

    Thanks!

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