A guide to DBS SWIFT code for overseas transfers (2025)

Key takeaways 

• The DBS Bank SWIFT code is DBSSSGSGXXX, but there are additional codes for specific banking services and branches. Ensure you’re using the correct one to avoid delays or misdirected funds.

• A SWIFT code (or BIC) is a unique identifier assigned to each bank or financial institution. Businesses use SWIFT to pay global suppliers, receive overseas funds, and access trade finance instruments.

• Fintech providers like Airwallex provide a cost-effective alternative to SWIFT, helping you save up to S$30 per transaction by bypassing traditional bank fees. 

International payments shouldn’t be complicated – but they often are. From lengthy processing times to hidden fees, traditional SWIFT transfers can drain your resources. 

In this guide, we’ll break down how SWIFT codes work, the specific DBS SWIFT codes you need, and how Airwallex can help you save on cross-border transactions.

What is the DBS Bank SWIFT code?

A SWIFT code, also known as a Bank Identifier Code (BIC), is a unique identifier used to route international payments to the correct bank. For DBS Bank in Singapore, the primary SWIFT code is DBSSSGSGXXX. 

The SWIFT code is not the same for all DBS branches as DBS Bank assigns different BIC/SWIFT codes for its various banking services and branches. 

You use the head office SWIFT code (DBSSSGSG) for general transactions. If your transfer involves a specific unit or department, you may need a different SWIFT/BIC code. Reference the list below to find the correct BIC/SWIFT code for your DBS branch.

How to send money overseas with the DBS SWIFT code 

Whether your company needs to send or receive international payments, understanding how to properly use the DBS SWIFT code is key. 

Here’s what you need to know to securely funds abroad using the DBS SWIFT code: 

Step 1: Gather required details 

• DBS SWIFT (or BIC) code: DBSSSGSG

• Recipient’s details: full name, bank name and branch, account number, SWIFT code, and, if applicable, the International Bank Account Number (IBAN) used to identify individual accounts in certain countries.  

• Purpose of transfer: a valid transfer reason or code, as required by regulatory guidelines.

• Additional documents: any supporting documents or beneficiary details typically required for high-value transactions or transfers to specific countries. 

Step 2: Make the transfer via DBS digibank 

1. Log into DBS digibank: Access your account using your user ID and PIN to complete the authentication process.

2. Navigate to the overseas transfers section: under “Transfer”, select “DBS remit and overseas transfer”. Choose a saved recipient, or add a new one.

3. Add a new recipient (if needed): Click “+ new recipient”, enter recipient details, authorise, and submit.

4. Enter the transfer details: Specify the amount, choose who will cover agent bank fees, and review terms. Click “next” to confirm the transfer.

How to receive international payments with the DBS SWIFT code 

If your business is receiving funds via DBS from an overseas sender, you need to provide them with the following details:

• Your full name

• Your DBS Bank account number

• Beneficiary bank name: DBS Bank

• Beneficiary bank address: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982

• Country: Singapore

• DBS SWIFT code: DBSSSGSG

Note: You don’t need to provide a branch name, IBAN, routing number, or sort code for incoming transfers to DBS.

Understanding the SWIFT network and SWIFT codes 

Behind most international transactions is the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, a global messaging network used by banks and financial institutions to securely send and receive payment instructions. 

A SWIFT code is a unique identifier assigned to each bank or financial institution within the network, ensuring that funds are routed accurately to the correct bank during cross-border transactions. 

Limitations of the SWIFT network for Singapore businesses 

While SWIFT remains the most widely used network for international money transfers, the system comes with various drawbacks that can impact your business. 

• Slow processing times 

SWIFT transfers typically take one to five working days, depending on factors such as the time the transfer is initiated, intermediary banks involved, and whether weekends or public holidays affect processing.

• Opaque fees

Banks often charge different transaction fees, and costs can stack up when multiple intermediary banks are involved. You won’t know the actual transaction cost until the payment is complete, making budgeting more challenging. 

• Unfavourable exchange rates

Banks typically mark up the interbank exchange rate, increasing the cost involved in every transaction. With frequent SWIFT payments, these small markups add up quickly, reducing profit and potentially creating discrepancies in received payments. 

Airwallex: a faster and more cost-effective alternative to SWIFT

If you’re looking for a faster and cost-effective way to manage global payments, fintech providers like Airwallex provide a modern alternative to SWIFT. Our all-in-one platform combines global payments, FX, and more to help you speed up international transfers and reduce costs, so you can focus on what really matters – growing your business globally. 

• Zero fees on international payments

With Airwallex, you can bypass the SWIFT network via our network of local payment rails in over 120 countries when processing international transfers. This means you get to cut out the foreign transaction fees and intermediary fees typically associated with cross-border payments, helping you save more on each transaction.

• Competitive FX rates

Airwallex offers a transparent pricing structure with competitive FX rates and no hidden fees for our cross-border transfers. With our market-leading exchange rates, you can also save up to 80% on FX fees on currency conversions. 

Plus, with our multi-currency account, you can accept and store funds in the same currencies as your customers. This lets you pay suppliers and employees based abroad directly without unnecessary conversions and FX fees.

• Fast processing times

Thanks to our network of local payment rails and direct connections with major card schemes, 95% of transfers arrive within the same day. Recipients receive funds in as little as a few hours with the full amount on delivery guaranteed, helping to reduce overall friction and improving your business’s cash flow.

Frequently asked questions (FAQs)

1. What’s the difference between a SWIFT code and BIC? 

There’s no difference between a SWIFT code and a Bank Identifier Code (BIC) – both refer to the same unique identifier used in international payments. A SWIFT code is 8–11 characters long and made up of four parts:  

• Bank code (A-Z): four letters indicating the bank 

• Country code (A-Z): two letters indicating the country 

• Location code (0-9/A-Z): two characters (letters or numbers) indicating the bank’s head office location 

• Branch code (0-9/A-Z): three characters indicating a particular branch; if omitted, the transfer is sent to the bank’s head office 

2. How do SWIFT codes work?

When a payment is sent, the SWIFT network directs it to the correct receiving bank. It pinpoints the exact financial institution involved, including details like the bank, country, and branch. This eliminates confusion between banks with similar names or those operating in multiple countries. 

While the SWIFT network doesn’t physically transfer funds, it acts as a trusted messaging system that coordinates the movement of money between banks. Without a valid SWIFT code, international payments risk being delayed, misrouted, or rejected altogether.

Here’s how the process works:

1. Sender’s bank initiates the transfer: When you send money internationally, your bank uses the recipient’s SWIFT code to identify the correct receiving bank.

2. Transaction details are sent via the SWIFT network: Your bank sends a secure SWIFT message with payment instructions. At this point, the money itself has not been transferred – the network only facilitates communication between banks. 

3. Intermediary banks (if needed): If the sender and recipient banks don’t have a direct relationship – often the case with smaller or regional banks without the necessary infrastructure for international payments –  an intermediary bank helps process the transfer using its SWIFT code. 

4. Funds reach the recipient’s bank: Once the recipient’s bank processes the instructions, the money is deposited into the recipient’s account.

3. What are the fees and charges involved in receiving international payments via SWIFT? 

Before submitting your transfer, it's important to ensure that you understand how SWIFT fees work to avoid unexpected deductions. 

SWIFT transfers typically involve two types of fees:

• Transaction fees: Intermediary banks may charge handling fees if the transfer passes through multiple banks.

• Foreign exchange fees: Currency conversions may incur additional charges, depending on the exchange rate markup applied by banks. 

You can choose whether you, the recipient, or both parties will share these fees – always align on this with your business partners before sending funds.

4. What types of businesses use the DBS SWIFT code?

A wide range of businesses use the DBS SWIFT code for international transactions, including:

• eCommerce businesses: Online retailers use SWIFT transfers to receive payments from global customers and pay overseas suppliers, logistics providers, and fulfilment centres.

• Import and export companies: These businesses use DBS SWIFT codes for international trade payments and letters of credit (LCs) via DBS trade finance solutions.

• Technology and SaaS companies: Tech firms use SWIFT to manage global customer payments and pay international contractors, data centres, cybersecurity providers, and IT vendors.

• Financial institutions: Banks, investment firms, and securities dealers use SWIFT for interbank transfers, currency conversions, cross-border investments, and trade settlements.

While alternative message networks like the Clearing House Interbank Payments System (CHIPS), Cross-Border Interbank Payment System (CIPS), and Ripple exist, SWIFT remains the dominant system for international money transfers due to its global reach and reliability.

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.