- International money transfers often come with bank charges, hidden margins, bloated fees, and high currency FX rates.
- Sending money to Singapore from Australia can be faster and cheaper when using a digital money transfer service.
- Competitive money services are excellent alternatives to banks but not the cheapest.
Counting the second biggest Singaporean community in the world after Malaysia, Australia shares many personal and business links with the beautiful Asian island state.
At the same time, more than 20,000 Australians have established themselves in Singapore. Whether you want to send money to family or friends, pay your employees or move money to Singapore, finding the best way to send money to Singapore from Australia is crucial.
The guide below can help you pick the right service.
Need to transfer money to Singapore from Australia?
Best ways to send money to Singapore
Want more options for sending money to Singapore? Compare money transfer services.
Common reasons people transfer money to Singapore
One of the most common reasons people transfer money overseas to Singapore is to send funds back home to family. Business transactions are also at the top of the list, thanks to Singapore's highly-developed free-market economy, which attracts numerous investors.
Among the most common reasons, we can also mention:
- Investing in property
- Paying suppliers and contractors
- Running a business
- Emigrating to Singapore
- Paying for education overseas
- Charitable donations
- Getting married overseas
How much does it cost to send money to Singapore through a bank?
Sending money to Singapore from Australia through a bank is generally the most expensive option. Some banks have more affordable fees, typically starting around A$6 for transfers made by internet banking. In-branch fees are much more expensive, often exceeding A$25 per transaction.
Western Union and MoneyGram are seemingly cheaper than the bank, but the exchange rate offered is not the best. The recipient may also have to pay bank fees if you opt for sending the funds by bank transfer. The transfer speed might vary, but you can expect up to three business days.
Digital money transfer services like Revolut and Wise are a cheap and fast alternative compared to both banks and remittance services like Western Union or MoneyGram.
Business vs personal considerations
There is no limit on how much money you can send to Singapore from Australia. However, transactions over A$10,000 must be reported to the customs authorities, whether you're sending funds for personal or business purposes.
According to Australian law, all international transactions must be reported to the Australian Transaction Reports & Analysis Centre (AUSTRAC) within 10 days from the transfer. This means you can only use a registered and authorised money transfer business.
Singapore has no limits on how much money you can send or receive in the country, but all transactions above S$20,000 should be declared or reported.
How much money can you send to Singapore from Australia?
You can send as much or as little as you want, as long as you respect the rules above and declare any sums that exceed the threshold in one or both countries.
Transferring funds through a bank could be the best option if you want to send a large amount for personal purposes (such as buying a house or paying for medical bills). That's because the Monetary Authority of Singapore's Payment Services Act imposes limits on how much money e-wallet users can send, hold, and spend from their accounts.
Personal accounts can't hold more than S$5,000 in the e-wallet by the end of the day (Singapore time) and can't receive more than S$30,000 per year.
Business accounts used to be limited to S$200,000, but this limit doesn't apply anymore, and you can send, hold, and spend as much as you want from your business e-wallet.
What to compare to get the best deal?
Getting the best deal is easy if you compare:
- The servicefee: fixed fees may be expensive for small amounts, but cheaper if you send a lot of money.
- Exchange rate: the real exchange rate is the best; otherwise, opt for a mid-market rate.
- Delivery speed: decide whether your recipient needs access to the funds instantly or can wait a few days.
- Limits: Some services set min and max limits you should be aware of. Most services on this list have a min limit of A$1.