Best No-Fee Money Transfer Services
|Minimum Transfer||N/A||S$2,000||AUD 500 (~S$465)|
|Transfer Speed||1 day||1-2 days||1-2 days|
OFX, Send and WorldFirst stand out as the cheapest money transfer services in Singapore. First of all, unlike most other services, these three do not charge platform fees. Additionally, OFX, Send and WorldFirst each offer various types of foreign exchange rate price matching, so you know you're getting the best deal possible.
OFX is best for small (less than S$2,000) and very large transfers (S$20,000 and greater). This is because It provides transfers from SGD to 55 different currencies within one day, and has no minimum transfers. However, OFX's price matching doesn't apply to amounts of less than S$20,000. On the other hand, Send matches most foreign exchange rates and offers no-fee transfers of at least AUD 500 (~S$465) to 34 different currencies. Finally, WorldFirst is worth considering as it offers price matching for transfers of at least S$2,000. This makes a good choice for those seeking to transfer S$2,000 to S$20,000.
Fastest Money Transfer Services
While some individuals prefer no-fee funds transfer services, others want to be able remit money more quickly for a small fee. In this section, we highlight the best money transfer services for those who require same-day money transfers.
Best Small, Same-Day Money Transfers: WorldRemit
WorldRemit offers the most affordable same-day fund transfers from Singapore over 150 countries. For example, the platform charges just S$1 to S$4 per transfer. Additionally, WorldRemit is offering free One downside is that individuals can only send up to S$10,000 via WorldRemit. Still, for those seeking to send smaller amounts of money more quickly, WorldRemit is the best option.
Best Large, Same-Day Money Transfers: SingX
SingX offers affordable money transfers and same-day delivery to most countries. It also allows for transfers of up to S$1 million to most countries, and has no limit for transfers to India. Furthermore, SingX's fees, of just 0.25-1.00% of the funds transferred, are complimented by the fact that SingX charges users the real mid-market exchange rate. This is the rate that banks use when transacting with each other, and does not include a "margin", or additional fee like most other services. Finally, SingX offers one-hour transfers to China on weekdays between 9am and 5pm, making it an ideal option for those that need to send money as quickly as possible.
Best Same-Day Money Transfer from Singapore to India: CurrencyFair
CurrencyFair charges different fees depending on the country. However, the platform does not charge fees for remittances from Singapore to India. Additionally, CurrencyFair allows individuals to send up to S$200,000 in less than one day. For these reasons, it is worth considering CurrencyFair if you need to send money from Singapore to India quickly.
Best Traditional Bank Money Transfers: DBS Remit
When it comes to online international transfers, DBS is the best traditional bank for sending and receiving funds. First of all, the bank does not charge fees for sending money from Singapore to 16 countries, including Malaysia, India and more. It transfers to those countries are also available within one business day. It is worth noting that DBS does charge a S$10 fee for incoming money transfers and has a maximum transfer limit of S$200,000, which is lower than other services. Still, DBS Remit is an efficient way to send funds to several countries.
- Australia (AUD)
- Canada (CAD)
- Eurozone (EUR)
- Hong Kong (HKD)
- India (INR)
- Indonesia (IDR)
- Japan (JPY)
- Mainland China (CNY)
- Malaysia (MYR)
- Myanmar (MMK)
- New Zealand (NZD)
- Philippines (PHP)
- Thailand (THB)
- United Kingdom (GBP)
- United States (USD)
- Vietnam (VND)
Remittance Service with Best Market Access: WesternUnion
WesternUnion Money Transfers do not charge the lowest fees, and it only allows transfers of up to S$3,000; however, it lets users transfer money from Singapore into more than 150 other currencies. This range of market access is unparalleled by other international money transfer services. Additionally, unlike some online money transfer services, WesternUnion has many locations where individuals can deposit cash to be sent or receive transfers. It is worth noting that WesternUnion does not let Singaporeans transfer money within the country. Still, for those seeking to transfer money to a country not accessible with another service, WesternUnion could be a good fit.
Remittance Services: Frequently Asked Questions
In order to ensure that you are getting a good deal, it is important to know the market foreign exchange rate for your currency pair. While many international money transfer services charge low fees, some charge higher exchange rate margins than others. Therefore, in addition to avoiding service fees, we recommend comparing your preferred service's exchange rates to those of other banks and money transfer companies. Below is a table with recent SGD exchange rate currency pairs.
|Currency Pair||Exchange Rate|
|Last updated February 10, 2020|
When comparing money transfer services, it is important to know the following:
- How much money you plan to send
- How frequently you plan to transfer money
- The destination of your funds
- How soon you need the money transferred
These factors are important as they will impact the total cost of each service. For example, money transfer apps and websites offer different interest rates, fees, and transfer minimums and maximums for different markets. For example, a money transfer service might offer same-day no-fee transfers to India or offer limited transfer amounts to Malaysia.
Once you have a good understanding of your transfer habits, you can compare the cost of each service. We expect that most consumers will save the most money with a platform that does not charge fees and offers reasonable exchange rates (i.e. market exchange rates or price matching). That being said, other individuals may need to pay a little more in order to find a service that fits their needs. For example, some platforms charge slightly more, but offer quicker transfers, transfers to specific countries not accessible by other services, or have more flexible transfer terms (e.g. no limit to transfer size).
It depends. Some platforms offer same-day transfers to a range of countries. However, many services require 2-4 business days to transfer funds to your desired international location.
|Money Transfer Services in Singapore|