In any international funds transfer there are a few financial services providers and banks involved. The flow of funds can be simplified as follows:
Sender Bank > Sender Bank Intermediary/Correspondent > Receiver Bank Intermediary / Correspondent > Receiving Bank
Money Sent (USD 1,000) – Money Recd (~USD 970) = Total Fee (~USD 30)
DBS, Singapore (Development Bank of Singapore, Singapore branch) is the Trustee Bank used by Kristal to facilitate Customer deposits and withdrawals i.e. Receiving Bank. We have agreed on a fee of maximum SGD 10 (~USD 8) for all inwards and they do not charge anything more than that.
The balance (~USD 22) is retained by Sender Bank and/or Sender Bank Intermediary.
We recommended you instruct your bank to apply all charges to your own account, as this would provide visibility of the Sender Bank and Sender Bank Intermediary charges. Failure to do so, may result in you seeing only a portion of the ~USD 22 in your account statement and leave you wondering, “Where did the rest go?”