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Best Ways to Send Money to Singapore

Ensure quick transfer speeds, low fees, and competitive exchange rates when sending money to Singapore.

Read on for reviews, expert tips, and everything needed for money transfers to Singapore.

Jonathan Merry
Author 
Jonathan Merry
10 minutes
November 22nd, 2023
Disclosure
Best Overall
8.9
TorFx

TorFX is the top rated money transfer provider that usually appears in our search results to Singapore.

Fastest Option
9.2
Wise

Wise tends to offer fast transfer times to Singapore for many origin countries and send amounts.

Cheapest Option
8.6
XE

Users who searched to send money to Singapore usually find XE had the lowest rates and fees.

Compare rates and fees for sending money to Singapore

There are multiple ways to easily send and receive money in Singapore but these will largely depend on the provider you decide to use.

Common Reasons for Sending Money to Singapore

Singapore is not just home to the Singaporeans in the diaspora but also a key business hub. There are lots of reasons why people send money to Singapore. Some of the common ones include:

Family Support and Upkeep

Overseas Singaporeans whose families are still in Singapore, send money to support them with day to day living costs.

Investment

There is so much you can invest in when you consider the positive economic climate in Singapore. You may either invest in the real estate or in financial assets.

Buying Houses

Some of the inflows into Singapore are channeled into the housing market. The houses purchased could be residential or commercial.

Paying Contractors

Overseas clients with contractors and sub-contractors in Singapore often send payments for contractor fees in Singaporean dollars.

Repatriating Earnings

Singaporeans with earnings abroad that they would like to send home often use money transfer services for better rates and quick delivery times.

School Fees

Sending school fees to family or paying it directly into school accounts from abroad is possible through online money transfer providers.

Why Send Money with a Money Transfer Service?

Money transfer service providers have unique advantages when it comes to sending money from across borders. When planning your international transfer to Singapore, consider using online money transfer operators for simple, fast and cost-effective payments.

Speed of Transfer

When sending money to Singapore through banks, it can take up to 5 days depending on the host country. However, through money transfer operators it can be instant for cash pickups and anywhere from 2 to 3 days for direct-to-bank deposits

Exchange Rate Margin

Money transfer service providers charge low exchange rate margins which means you get a higher rate compared to banks. Most providers charge a margin of between 0.5% and 2.5%. Transfers through TransferWise are processed at mid-market rates for the currency pair.

Multi-Currency Support

The Singaporean dollar is one of the most traded exotic currencies. Even with that, you need a transfer solution that allows sending from whichever currency in the world. Online money transfer providers support 60+ global currencies to 200+ countries.

Security

Money transfer providers are required as part of the regulations to put in place security measures to protect client funds and information. Most of them have security layers such as two-factor authentication and SSL. Some of the regulatory bodies include Financial Conduct Authority (FCA), Financial Crimes Enforcement Network (FinCEN), Australian Securities and Investments Commission (ASIC), and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Simple to Sign Up

Signing up for a transfer account takes a few minutes. You may be asked for additional documents for verification purposes. Subsequent transfers are even faster because the heavy lifting is only done once during account opening.

Transfer Fees

It is less costly to transfer money to Singapore through online money transfer providers. WorldRemit charges a fee of 2.99 GBP or 3.99 USD when sending money from the UK or US to Singapore. Wise charges a fee of only 0.86 GBP<strong>to send 100 GBP to Singapore.

Things to Consider When Sending Money to Singapore

When sending money to Singapore, you need to be alive to the following factors that may affect your transfer.

  • Income Taxes – Income earned outside Singapore is not taxed in Singapore. This includes remittances to support family and friends. However, any income earned from investing in Singapore may be subject to income tax.

  • 5-Day Clearing Week (5DCW) – The clearing window for funds in Singapore’s banking system runs from Mondays to Fridays. There is no crediting or debiting of funds into customers bank accounts on Saturdays. This applies to interbank transfers, GIRO and cheques.

  • Transactions Over $1,500 – The Monetary Authority of Singapore (MAS) monitors every international transfer above $1,500. This was introduced to counter mounter laundering and financing of terrorism. Because of this measure, you may be required to provide additional information when sending money to Singapore. For instance, money transfer providers may ask for the National Registration Identity Card (NRIC) details of the recipient in Singapore.

Making transfers to Singapore is much easier, fast and cost-effective with money transfer services. Ensure you do cost comparisons across the board, looking at each provider before picking on the appropriate one.

The USD to SGD exchange rate

Mid-market Rate
1
= 1.339495 SGD
Mid-market rate at: 18:09 UTC
USD/SGD Median: 1.336092 Low: 1.331915 High: 1.339495
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Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to the Singapore. If you're looking to send money to another country, here is the list of the most popular destinations.

Get Started With Our Top Money Transfer Guides

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Your Questions Answered

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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com