Introduction
DBS PayLah and OCBC Pay Anyone are two popular mobile payment services in Singapore. Both services allow users to make instant transfers to other users’ bank accounts, regardless of which bank they are with.
However, there is one key difference between the two services: DBS PayLah allows users to transfer money to OCBC accounts, but OCBC Pay Anyone does not allow users to transfer money to DBS accounts.
This can be a significant inconvenience for users who need to transfer money between DBS and OCBC accounts. In this article, we will explain why this is the case and what you can do if you need to transfer money between these two banks.
Why can’t I transfer money from OCBC Pay Anyone to DBS PayLah?
The reason why you cannot transfer money from OCBC Pay Anyone to DBS PayLah is because of the way the two services are set up. DBS PayLah is a closed-loop system, which means that it only allows transfers between DBS accounts. OCBC Pay Anyone, on the other hand, is an open-loop system, which means that it allows transfers to any bank account in Singapore.
This difference in design is due to the different regulatory frameworks that apply to the two services. DBS PayLah is regulated by the Monetary Authority of Singapore (MAS) as a stored-value facility, while OCBC Pay Anyone is regulated by the MAS as a payment service provider.
What can I do if I need to transfer money from OCBC to DBS?
If you need to transfer money from OCBC to DBS, there are a few different options available to you:
- Use a third-party money transfer service: There are a number of third-party money transfer services that allow you to transfer money between different banks in Singapore. These services typically charge a small fee, but they are often the most convenient way to transfer money between banks.
- Use a cheque: You can also transfer money from OCBC to DBS by writing a cheque. This is a free method, but it can take a few days for the cheque to clear.
- Visit a bank branch: You can also visit a bank branch to transfer money between OCBC and DBS. This is a free method, but it can be inconvenient if you do not have time to visit a bank branch.
Conclusion
It is not possible to transfer money from OCBC Pay Anyone to DBS PayLah because the two services are set up differently. However, there are a number of other ways to transfer money between OCBC and DBS. You should choose the method that is most convenient for you based on your needs and preferences.
Frequently Asked Questions
Q: Can I transfer money from DBS PayLah to OCBC Pay Anyone?
A: Yes, you can transfer money from DBS PayLah to OCBC Pay Anyone.
Q: How much does it cost to transfer money from OCBC to DBS?
A: The cost of transferring money from OCBC to DBS depends on the method you use. Third-party money transfer services typically charge a small fee, while cheques and bank transfers are free.
Q: How long does it take to transfer money from OCBC to DBS?
A: The time it takes to transfer money from OCBC to DBS depends on the method you use. Third-party money transfer services typically process transfers instantly, while cheques and bank transfers can take a few days to clear.
