Thursday, August 11, 2011

Cash deposit to DBS, and difference between POSB and DBS banks

Saw this on yahoo, someone asking:

I'm buying something from a blog shop and I have to deposit money into the owner's DBS account, but I don't know how to. Do I just go to some random DBS ATM machine and transfer the money there? I don't have a bank account or credit card by the way!
 And another question - what's the difference between POSB and DBS? Thanks! :)

My answer: Yes, you go to a DBS cash deposit machine , and put in the money, then enter the blog-shop owner DBS account number and the money will be transferred. Keep the receipt!
well DBS and POSB are now "under the same umbrella", meaning bank customers can transfer their money between the banks within the same working day (in-fact immediately) if you are transferring money.

However DBS and POSB bank codes and branches are different. And they have different credit cards issue too.

POSB started as a "people bank", then sort of "merge" with DBS into one bank, running two systems...and probably in the processing expanding their customer bases.

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