Money transfer services

Compare the best ways to send money overseas from Singapore.

By   |   Updated 9th July 2021

Comparing money transfer services

Xe Money Transfer

On Xe's website

Xe Money Transfer

Minimum Transfer Amount

$0.00

Transfer Speed

N/A

Transfer Fee

$0.00

Highlights

  • Send money to 220+ countries and territories.
  • Xe rates are consistently some of the best in the business and trusted by millions.
  • With millions of transfers under its belt last year, Xe knows how to ensure your money and information are treated accordingly.
Wise

Wise

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • No hidden fees. No bad exchange rates. No surprises.
  • Indulge convenience by transacting thru the Wise App anytime and anywhere!
  • Regulated by the Monetary Authority of Singapore (MAS).

Azimo

Azimo

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$2.00

Highlights

  • Sign up, transfer and pay using Azimo's award-winning website and apps.
  • Enjoy the best exchange rates, low fees and two fee-free transfers.
  • Save up to 90% compared to banks and traditional money transfer providers.
Clear Capital Exchange

Clear Capital Exchange

Minimum Transfer Amount

$0.00

Transfer Speed

Same day

Transfer Fee

$0.00

Highlights

  • Free, same day International payments.
  • Access to 120 currencies worldwide.
  • Have your own dedicated Account Manager and Dealer to manage your requirements.
  • Fully regulated ring-fenced segregated client accounts.
Currencies Direct

Currencies Direct

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Great rates, no transfer fees and expert support whether you transfer online, over the phone or by app.
  • Make transfers to more than 200 countries in over 40 currencies. You can send your money via card or bank transfer.
  • Multiple currency wallets. Carry balances in your account in multiple currencies.
OFX

OFX

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • Enjoy better rates and fees.
  • Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
  • With support staff that are located in Singapore, Australia USA, UK, Canada, New Zealand and Hong Kong
Remitly

Remitly

Minimum Transfer Amount

$10.00

Transfer Speed

Within an hour

Transfer Fee

$3.00

Highlights

  • Enjoy great exchange rates and low fees.
  • Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
  • Safety and security. Remitly uses industry-standard security protocols and encryption.
WorldRemit

WorldRemit

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

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.
  • Enjoy WorldRemit's low fees and their best exchange rates upfront, with no hidden costs

Overview

Singapore, as a global city aiming to be the best place to live, work, and play, has attracted a large proportion of non-Singaporeans to live on our shores. Non-residents account for approximately 30% of the population in Singapore.

Today, an ever-increasing number of people rely on remittance services, including migrant workers, expatriates, and Singaporeans with family members living abroad.

Transferring internationally via a traditional bank

You can remit money through banks in two ways:

  • An outbound remittance at your bank branch.
  • An online money transfer overseas through internet banking.

Although internet banking is generally less expensive, it requires the opening of a bank account, as well as the imposition of transfer limits. In addition to bank transfer fees, the bank receiving the funds may charge you agency fees.

Transferring via a money transfer specialist

Money transfer services are another option if you don't want to send money through a bank. Their services may be offered both online and offline.

The fee structure is one of the most significant distinctions between money transfer providers and banks. Cable or telex fees are not charged by online money transfer firms. Instead, money transfer providers make money by collecting a per-transfer fee or adding a margin to your exchange rate.

Transfer methods available from money transfer specialists

When it comes to transferring money internationally from Singapore, most, if not all, money transfer specialists give you four options.

  • In person, at a money transfer specialist's branch, over the counter.
  • Online.
  • Using a mobile application.
  • By phone.

Pick-up methods available to the recipient

When you send money with a money transfer specialist, the recipient can collect the money in a variety of ways.

  • Withdraw directly from their bank account.
  • Cash can be collected in person at any of the money transfer specialists' outlets.
  • Into a smartphone wallet (not available from all providers or for all currencies).
  • Cash sent to your door (not available from all providers).

How to fund a transfer via a money transfer specialist

Whatever currency you choose for the receiver to receive the funds in, you'll have to pay the corresponding amount in Singaporean dollars, plus fees and charges. You have the following payment options.

  • Cash.
  • Bank transfer in Singaporean dollars.
  • Prepaid card.
  • Credit card.
  • Debit card.

Alternative ways to send money

There are other ways to send cash if you don’t like the idea of a money transfer.

  • Singapore's Foreign Money Order. Banks can give you a paper international money order or an international bank draft in the currency of your choice, payable to a specific person or firm. The money order is mailed to you. It's inconvenient and more expensive than an online transfer.
  • Visa Money Transfer. Visa and Singapore Post Limited (SingPost) allow you to send money to Visa cardholders in nine countries: Australia, China, India, Indonesia, Malaysia, the Philippines, Sri Lanka, Thailand, and the United Kingdom. Visa Money Transfer is the first time it has been made available through a postal service.
  • Cryptocurrency bank transfer. If you and the recipient already have crypto wallets, you could convert SGD to a coin of your choice (BTC, ETH, etc.) and send that.

Learn about money transfer services

Find out more about the different options for sending money overseas from Singapore.

  • Pros & cons

  • Tips

  • FAQs

Fast cash pick-up

If you opt to have your recipient collect the transmitted amount in cash and they are waiting at a designated agency during business hours, they may get your payment practically immediately.

Hidden charges

Although it may appear that you are getting your money moved for free or at a cheap cost, there is an additional charge embedded into the exchange rate you are provided.

Lower fees and rates

Banks are often more expensive for foreign transactions, and money transfer specialists offer more competitive mid-market exchange rates.

Money transfer services are safe and regulated

Monetary Authority of Singapore (MAS) regulates domestic money transfer service providers and remittance agents. It is illegal in Singapore to conduct a business of providing a money transfer service without a valid MAS license.

More delivery methods

You can choose between a deposit into a bank account, cash pick-up, or even delivery to your recipient's door if you use a specialist international money transfer service.

More payment options

You can pay with cash (over the counter), a card, or a bank transfer if you use a specialist money transmitter (over the counter, online, or in some cases by phone).

Quick transfers

Money transfer providers are often able to complete the task more quickly, with some transmitting funds immediately or within one working day, subject to any public holidays or other delays on the recipient bank's end.

Third party transfer

The fact that funds are processed and moved through a third party is usually the source of people's problems with money transfers.

Be prepared if sending money in person

Bring your personal identity documents with you in order to be verified and have your money transfer processed without delay.

Carefully select your service provider

Keep an eye out for special rates that seem too good to be true. Different commissions and exchange rates may be charged between banks and licensed money transfer service providers. Make a cost comparison.

Find out how your money will be transferred

Ask your service provider what happens if your beneficiary does not receive your remittance.

Verify delivery

Verify that the beneficiary has received the funds by contacting them. Domestic money transfer service providers must ensure that the money is delivered to the beneficiary within three business days of the money being accepted for any domestic money transfer service. Different rules apply to international transfers.

Are money transfer services regulated in Singapore?

Domestic money transfer service providers and remittance agents are regulated by the Monetary Authority of Singapore (MAS).

How long does it take to get money from another country?

An international money transfer can take anywhere from one to five business days to complete, depending on the following factors:

  • your service provider;
  • the address to which the funds are being sent;
  • the currency that was sent;
  • the date on which the transfer was made (e.g. on a weekday or public holiday).

Is it necessary to have a Singaporean bank account in order to receive money from abroad?

Any verified bank account can be used for international money transfers.

Is it possible to get money from an unidentified source?

In most cases, receiving money from an anonymous source is impossible because a cash transfer requires your personal or bank information.

What is the definition of a money transfer service?

There are two sorts of services available:

  • Domestic money transfer services in Singapore are local funds transfer services.
  • The transfer of funds to people outside of Singapore is referred to as cross-border money transfer (or remittance) services.

Who should you transact business with?

You should choose a licensed domestic money transfer service provider if you need to send money to someone in Singapore. You can use a licensed cross-border money transfer service provider if you need to move money to another country.