Send Money To Singapore

Ways to Send Money to Singapore

When sending money to Singapore there are a number of channels you could use. Three of the most prominent are international wire transfers, online money transfers, and in-store cash transfers.

International Wire Transfers

You can wire money from your local bank to a bank in Singapore. This channel works well if both you and the recipient have bank accounts. Most banks abroad allow for online bank transfers, in-person branch transfers, and mobile banking transfers.

Whatever the options available, bank transfers to Singapore may be delayed depending on the country you are sending from and the time of day. For instance, sending money to Singapore from the United Kingdom through Barclays Bank PLC, you will pay £15 for Online Banking and £25-£40 for branch or telephone transfers.

JP Morgan Chase has a branch in Singapore that you can use to make transfers if the recipient has an account there. For outgoing international wire transfers, JP Morgan Chase charges its customers $40-$50 per transfer.

Looking at how expensive bank transfers can get and the time it takes for money to reach the recipient, it may not be economical to use them for small transfers or not at all if you have a better option.

Online Money Transfer

As stated earlier on, Singapore has 98 money transfer operators. Most of them are global giants with wide sending and disbursing network coverages. When sending money to Singapore using online money transfer services, you will enjoy the simplicity, flexibility, speed and affordability.

Signing up for an account is simple and fast. All you need is to provide your personal details including email address and physical address and you are up and running. The verification process usually takes a shorter time, about 30 minutes to a couple of hours.

Depending on the provider, you’ll have different transfer payment options and other few requirements. Most online money transfer providers accept credit cards, debit cards, and bank transfers as payments options. The costs of sending in terms of transfer fees and exchange rate margins also vary.

For instance, sending 1000 GBP through TransferWise from the UK to Singapore, it will only cost you 4.26 GBP and you get to transfer midmarket rates. WorldRemit will cost you a little lower in transfer fees at 2.99 GBP but their exchange rates come with a margin of about 1.14% off the mid-market rate. On the same route, NatWest will cost you 22.00 GBP and still charge an exchange rate margin of about 3.08%.

The payout options for online money transfer services range from direct-to-bank deposits to cash pickups. For instance, Xoom can send money direct to Singaporean banks such as  DBS, POSB, United Overseas Bank, and Standard Chartered Bank within two business days.

Xoom cash pickups in Singapore can be accessed from 20 locations operated by the following contracted agents: BKK Forex Pte Ltd, AAA Money Pte Ltd, Mass Express Pte Ltd and  Ameertech Remittance and Exchange.

WorldRemit supports direct-to-bank transfers to Singapore and the transfers take about 3 business days.

In-Store Cash Transfers

Western Union and MoneyGram are the biggest cash transfer operators that allow for in-store cash transfers. Western Union customers in the UK can send up to 50,000 GBP to Singapore through cash pickup or bank deposit. The cash pickup payout option is the fastest, taking only a few minutes for your money to get to the recipient. Direct to bank deposits take up to 3 business days. Sending 100 GBP to Singapore will cost you 2.90 GBP in transfer fees and up to 8.2% in exchange rate margin.

When sending to Singapore through MoneyGram, the maximum is 6000.00 GBP and the only payout is cash pickup. You’ll be charged 1.99 GBP to transfer 100 GBP at an exchange rate margin of 4.15%.

If you don’t want to pay at a store, you can opt for online payment using a credit card, debit card, or a bank transfer.

Airtime Reload

You can do an airtime recharge directly to the recipient phone through Xoom. In Singapore, Xoom has partnered with 3 carriers: M1, Singtel, and Starhub. Recharges are instant and the recipient gets an SMS notification.

What is Needed to Send Money to Singapore

Sending money to Singapore shouldn’t be a hassle with online money transfers. The information required is minimal though it varies from one provider to the other.

• A government-issued photo ID document. Depending on the country you are sending from, you can use a passport, social security card or driver’s license.
• The recipient’s name as it appears on their legal documents
• The recipient’s physical address and phone number
• If you are sending directly to a bank account, the recipient bank details (bank name, branch and the account number)
• The amount of money you want to send, the transfer payment option and payout methods

Most of this information is requested when opening the transfer account. For subsequent transfers, only a few details related to the recipient are asked when sending.