Money transfer services

Compare the best ways to send money overseas from Singapore.

By   |   Updated 26th September 2022

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Comparing money transfer services

Remitly

On Remitly's website

Featured

Remitly

Minimum Transfer Amount

$10.00

Transfer Speed

Within an hour

Transfer Fee

$4.00

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.

Pros

  • Low transaction fees.
  • Plenty of delivery options.
  • Wide global network, covering 50+ currencies and countries.
  • Highly rated customer support.

Cons

  • Fees apply when you fund your account using a credit card.
  • Transfer limits apply.
Xe Money Transfer

On Xe's website

Xe Money Transfer

Minimum Transfer Amount

$0.00

Transfer Speed

1 day

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.

Pros

  • No transfer fee.
  • No minimum transfer amount is required.
  • No transfer limit.
  • Good customer support.

Cons

  • Limited currencies.
  • Bank transfers only.
Revolut

On Revolut's website

Revolut

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

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.
Airwallex

On Airwallex's website

Airwallex

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Spend less on FX fees and more on growth.
  • Make payments in 31 currencies, into over 130 countries and counting.
  • You always get access to Airwallex's best rates, no matter the transaction volume.

Pros

  • Create an account in just a few minutes.
  • No international transfer transaction fee.
  • Favorable currency exchange rates.
  • Quick transfers.

Cons

  • Limited transfer methods.
  • Fewer transfer currencies are available than some competing services.
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).


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.
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.

Pros

  • No minimum amount is required.
  • Bank transfer or cash pick-up options are available.
  • Instant transfer.
  • Easy-to-use app.

Cons

  • High credit card transaction fee.
  • No phone support.
Clear Capital Exchange

Clear Capital Exchange

Minimum Transfer Amount

$0.00

Transfer Speed

Same day

Transfer Fee

$0.00

Highlights

  • Access to 130 currencies worldwide.
  • Free, same-day International payments.
  • Have your own dedicated Account Manager and Dealer to manage your requirements.

Pros

  • Easy-to-use platform.
  • Competitive rates and fees.
  • FCA regulated.

Cons

  • No cash pickup option.
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.

Pros

  • Transfer funds to 120+ countries in 40+ currencies.
  • No transfer fees.
  • Get a dedicated account manager.

Cons

  • No cash pick-up option.
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

Pros

  • Easy and quick account opening.
  • Wide range of supported currencies and countries.
  • No fees if transferring more than $10,000.
  • Enjoy additional features for business transfers.

Cons

  • Limited payment options.
  • $15 fee if transferring less than $10,000.
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

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.
YouTrip

YouTrip

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Make in-app exchanges for 10 major currencies.
  • Get competitive exchange rates.
  • 0% transaction fee when you pay overseas in 150+ currencies.

Pros

  • Free and quick account sign-up.
  • Easy and convenient to use.
  • You can get a YouTrip card to make withdrawals overseas.

Cons

  • No option for bank transfer.
  • There is a $5 overseas ATM withdrawal fee.
Aspire

Aspire

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Open a business account under SGD or USD anywhere in the world.
  • Send and receive international payments in 30+ currencies across 130+ countries at competitive rates.
  • Integrate your account to major accounting software.

Pros

  • Offers an integrated financial solution to business owners.
  • No minimum deposit.
  • No monthly fees.
  • Earn rewards.

Cons

  • No cash or cheque deposits.
Instarem

Instarem

Minimum Transfer Amount

$1.00

Transfer Speed

Same day

Transfer Fee

$0.00

Highlights

  • Enjoy competitive pricing and no hidden fees.
  • Same-day transfer.
  • Transfer money to 55+ countries.

Pros

  • Transfer fees are between 0.25% to 1%.
  • Earn loyalty points.
  • Dedicated customer support.

Cons

  • Does not accept credit cards.
WorldFirst

WorldFirst

Minimum Transfer Amount

$2,000.00

Transfer Speed

Up to 3 days

Transfer Fee

$0.00

Highlights

  • With no hidden fees, you can set-up an account for FREE and benefit from single rate, transparent tiered pricing with a value of up to 50% less than the competitors and 8 times cheaper than the banks.
  • Built with intuitive same-day account opening you can also make same-day payments in 30 different currencies.
  • Make transfers online 24/7 or over the phone via your dedicated currency specialist.

Pros

  • Transparent and competitive fees.
  • Margins of 0.60% or less.
  • Wide range of products and services.
  • Dependable customer support.

Cons

  • The minimum transfer amount is $2,000.
  • No options for cash pickups or mobile transfers.
BigPay

BigPay

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Make local or international bank transfers from your phone.
  • Hassle-free transfers with no hidden fees.
  • Get a BigPay card and enjoy the most competitive exchange rates wherever you travel. Plus you can earn Airasia points on every payment.

Pros

  • No top-up fee.
  • The app allows you to track your finances.
  • International ATM withdrawals with your BigPay card.

Cons

  • Limited available currencies.
Youbiz

Youbiz

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • 0% transaction fee when you pay overseas in 150+ currencies.
  • Set up a multi-currency account and receive foreign currencies with no fees.
  • Get a corporate card to earn unlimited 1% cashback on all spend. Terms and Conditions apply.

Pros

  • Fast and easy signup process.
  • Get unlimited cashback with no cap.
  • Access to a line of credit.
  • No fees when you pay bills through FAST.

Cons

  • Only holds up to 9 currencies.
Volopay

Volopay

Minimum Transfer Amount

$0.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • Offers money transfers, corporate credit cards, and other services for your business requirements.
  • Transfer funds to 130+ countries with competitive pricing and no hidden fees.
  • Earn cashback when you spend using the Volopay card.

Pros

  • Simple and easy to use.
  • Access to advanced financial tools.
  • Get a physical and virtual corporate card.
  • Pay $0 for its Standard Plan.

Cons

  • If your company has large international transactions, you may have to pay more for the Volopay Pro Plan.

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.