How to send money to India from Singapore with the best SGD-INR rate

The exchange rate is the price you will pay when buying Indian Rupee in Singapore. A better exchange rate means you send more Indian Rupees to India.

Currently, the mid-market rate between the Singapore Dollar and Indian Rupee is 73.0233. Exchange rates between SGD-INR change almost constantly.

The cost of sending money from India to India, is made-up of a combination of fees and exchange rates:

• The Mid-Market and Exchange Rates: The mid-market rate determines a mid-price for buying currency. The current mid-market rate from SGD-INR is 73.0233 INR per Singapore Dollar.

• Fees: Outside of exchange rates, you may need to pay a fee to send. Currencyflow currently offers the lowest fees on transfers to India from Singapore, costing 0 SGD per transfer. Although this does include large transfers as well, we recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in Indian Rupee is the amount you started with, minus the amount you paid in the exchange and fees.

Waiting a day or two can help you get more INR for the same amount of Singapore Dollars, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Singapore and India for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from Singapore to India.

Here are all the ways to send money from Singapore to India:

Bank transfers

Bank transfers are often the better option for money transfers from Singapore to India.

Sending money via a bank transfer with a company such as Currencyflow for transfers from Singapore to India allows you to benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money from Singapore to India with a prepaid or a debit card is very simple with Wise.


Wise is a leader in card payments for transfers from Singapore to India, competing among a total of 8 active money transfer companies on this route.

Credit cards

When it comes to international credit card transfers from Singapore to India, we recommend comparing your options to get the best deal.

Beware of fees: using a credit card to transfer money often results in a fee being charged by your card issuer. Where possible, we recommend a bank transfer or debit card payment instead.

and have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Singapore and India.

Money transfer companies offering services between Singapore and India have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Singapore Dollar could change. We always recommend comparing SGD-INR rates for your specific transfer amount. Then, with transfers to India, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of SGD to India, we’d recommend Wise.

There are different options for receiving Indian Rupee in India. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Singapore to India will offer every method for incoming Indian Rupee, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Singapore into India. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Singapore and India.

And if you need cash right away, check if cash pickup is an option for transfers between Singapore and India.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Currencyflow.

You will need to verify your ID at the sign up stage when sending from Singapore to India through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Singapore through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in India, both of these will also likely be accepted. Depending on the company you are using and where the money is going in India, it’s always best to check ahead just in case.

Larger transactions between Singapore and India are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to India, was their easy sign up process in Singapore.

When sending money between Singapore and India there will be tax declarations to consider.

Some transfers into Indian Rupee may need to be reported to tax authorities in India. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in India based on age, income and personal circumstance. When in doubt, please contact a tax professional in Singapore or India to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.