How to send money to Singapore from Australia

By   |   Verified by David Boyd   |   Updated 21st August 2022

Transfer Money from Australia to Singapore [AUD to SGD]
  • 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.

Best ways to send money to Singapore

Need to transfer money to Singapore from Australia?

Best ways to send money to Singapore

Revolut

On Revolut's website

Revolut

Highlights

  • Make fast and free transfers to Revolut users in more than 27 countries.
  • Wire internationally at excellent exchange rates.
  • There are no hidden fees. You know exactly what you’re sending and receiving.

Pros

  • The standard account has no monthly fees.
  • Top-up and hold account balances in various currencies.
  • Lots of different additional features are available, such as crypto trading and disposable virtual cards.
  • Has a well-designed mobile app.

Cons

  • Monthly fees apply to certain types of accounts.
  • You may experience delays when sending money internationally.
Wise

On Wise's website

Highlights

  • Wise Borderless multi-currency receiving accounts. This gives you access to a digital currency wallet that you can hold and transact in over 50 currencies.
  • Borderless Debit Card. The FX optimised debit card is attached to your Wise Borderless account that can be used to withdraw or pay for purchases in foreign currency within or outside Australia.
  • Android and Apple Apps. Indulge convenience by transacting thru the Wise App anytime and anywhere!
  • Fund options. Loads of options to fund your Wise account including transfer from Debit and credit cards, or thru a local bank transfer. Quick and easy!

Pros

  • Low and competitive fees.
  • Easy to understand fee structure.
  • Easy to use website and mobile apps.
  • High transfer limit.

Cons

  • Limited currencies and destination countries compared with some competitors.
  • Can only send funds to the recipient's bank account.
torfx

On torfx's website

Highlights

  • Provide clients with excellent foreign exchange rates.
  • Manage your international currency payments for free, with no hidden fees.
  • A personal Account Manager is on hand to ensure a fast, seamless transfer.

Pros

  • No transfer fee.
  • Competitive exchange rates.
  • Wide range of currencies and destination countries.
  • Phone and email support are available.

Cons

  • Minimum transfer amount is $200.
  • Only accepts bank transfers.
  • Transactions under $2,000 can be expensive.
WorldRemit

WorldRemit

Highlights

  • Send 70 currencies to 130 countries, from your smartphone or computer.
  • WorldRemit uses industry-leading technology that protects your money and guarantees it arrives safely every time.
  • See WorldRemit's low fees and their best exchange rates upfront, with no hidden costs

Pros

  • Low transfer fees.
  • No minimum transfer amount is required.
  • Multiple payment options.
  • Cash pick-up, cash delivery, and Airtime mobile phone top-up are available.

Cons

  • Transaction limit of $5,000 for some payment methods.
  • Fees depend on the method and currency you choose.

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.