Singapore is an easy country to send money online to. There are several great options available to you, and your choice only needs to suit your personal preferences. Whether you want a cheap money transfer, and easy transfer, or a mixed bag, there is a method available which will suit your needs.
The current exchange rate for the Singaporean Dollar (SGD) is 1.3603 SGD per American Dollar (USD) as of the time this was written. The SGD reached a high of 1.3916 SGD per USD, and a low of 1.3572 SGD per USD during the last 90 days. The average exchange rate was 1.3745 SGD per USD for the last 90 days.
The average volatility rate for the SGD was 0.37% for the last 90 days. This is a relatively high volatility rate, and the SGD has been fluctuating moderately for the last year. You can reasonably expect moderate fluctuations in exchange rates to continue, barring any unforeseen circumstances.
Western Union’s fast option is one of the fastest ways to transfer funds to Singapore. Several other large companies also offer fast options, but they are less ubiquitous than Western Union. With Western Union’s fast option, you can expect your money to reach its Singaporean destination in a matter of minutes.
The downside to using Western Union is the cost. This is especially true if you choose to use their fast option.
OFX is definitely the cheapest way to send cash online to Singapore if you’re willing to send only larger amounts. OFX does not charge any stated fees, and their hidden currency conversion costs are very low when compared to the competition.
With OFX, you must send a minimum amount with every transaction, and to achieve optimal savings, you should send more money at once. OFX has conversion rates that start around 1% if you’re sending their minimums. From here, the more money you send at once, the closer you get to their lower 0.4% rates.
TransferWise is the easiest way to transfer funds to Singapore. With TransferWise, you only need to follow three simple steps to transfer funds to Singapore. First, you just tap in the amount of money you’re sending, and a destination. From there, you just pay TransferWise’s upfront, stated fee. It also only takes one or two days for TransferWise to complete a transaction.
OFX is the overall best way to send money online to Singapore. Their rates are simply unbeatable when you plan the amount of money you are going to send in advance. They offer great rates and an easy-to-use money transfer system.