International money transfer with UOB: Fees and exchange rates 2024

Join us as we explore everything you need to know about UOB international transfers including the UOB overseas transfer fee, the UOB international transfer exchange rate, how to set up your UOB international bank transfer and more.

And because using a bank isn’t always the fastest or the cheapest way to send a payment overseas, we’ll also touch on a couple of great UOB alternatives you might want to consider, which could be cheaper, faster and more convenient, like Wise and OFX.

UOB international money transfer comparison

Let’s start with a worked example you can use to compare the UOB costs with other services. Several different fees may apply when you send a payment overseas with a bank:

• Transfer fee - often a fixed cost paid to your own bank

• Exchange rate markup - a percentage fee added to the exchange rate used 
• Third party charges - paid to intermediaries

It’s not always easy to see these costs because they may be included in the exchange rate being used, or deducted once the payment has already started to move through the SWIFT network to your recipient’s account. To make it easier to visualise, we can look at what your recipient might get on an example payment, when you send your payment with different providers.

We’ll imagine we’re sending an online payment to a friend in Malaysia. We’ll send 1,000 SGD, to be received into an account in Malaysian ringgit:

As you can see, in this example, your recipient gets the most if you send your payment with Wise. Wise uses the mid-market exchange rate with no fee added to it. Instead, the costs of your transfer are split out for transparency.

Banks exchange rate markups vary a lot but can be around 3% for many currency pairs. That represents an extra 150 SGD fee on a transfer worth 5,000 SGD. More on fees later.

More about alternatives to UOB

If you’re sending money online or with your phone, you don’t need to stick with UOB. Instead, consider an alternative to UOB, including non-bank providers which can be cheaper and faster. That’s because these services specialise in international transfers and have built new payment networks which have lower overheads and which can move money quickly. Here are a couple to consider:

Wise 

Open a Wise account online or in app, to send payments to 160+ countries, quickly or even instantly. Currency conversion uses the mid-market rate with low fees from 0.33%

If you send and receive payments a lot you may also want to open a Wise account, and order a Wise card. Accounts can hold and exchange 40+ currencies and let you receive international transfers with local account details in 8+ currencies, and SWIFT details in additional currencies.

OFX 

OFX customers can create an account to send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days. There’s no transfer fee - instead, as part of the currency conversion process, an exchange rate markup is applied to the mid-market rate.

OFX also offers more complex currency risk management products and  24/7 phone service.

UOB international transfer fees

UOB international transfer fees depend on the way you set up your payment. Costs are lower for online transfers but it’s useful to know that cable charges and agent bank charges may apply. You may not know exactly what these additional fees are before you confirm your transfer, making it hard to know exactly what your recipient will get in the end.

UOB additional fees

When you send a payment overseas with a bank like UOB it will usually be delivered using the SWIFT network. SWIFT is a reliable network in which international banks work together to deliver payments. However, because there could be 3 different banks involved in moving your transfer, this can also mean higher fees and a slower delivery time. Banks can deduct a service charge from your payment as they process it, which is deducted from the amount the recipient gets in the end.

UOB international transfer receiving fees

If you’re receiving a payment to your UOB account from abroad there’s a UOB receiving fee of 10 SGD plus any agent fees which may apply.

How to receive money with UOB from abroad

If you’re expecting a payment from overseas into your UOB account you’ll need to give the sender:

• Your full name

• Your account number

• The UOB SWIFT/BIC code

• The bank address: United Overseas Bank Limited, 80 Raffles Place, Singapore 048624

Pass this information to the person sending you money and then simply wait for iit to arrive.

What is the UOB swift code in Singapore

The UOB Singapore SWIFT/BIC code is: UOVBSGSG

A SWIFT code is a unique identifier needed to make sure that international payments arrive safely into the recipient’s account. You can think of it like a post code guiding your payment.

UOB exchange rate

UOB can set its own exchange rate, which is likely to include a fee. This fee is sometimes called a markup, a margin or a spread. Markups are variable and can depend on the currency involved, but are used to cover the bank’s costs and profit.

The downside here is that you can’t easily see the markup - which might mean you’re paying more than you think for your overseas payment. Plus, as a percentage cost, the absolute amount you pay can ramp up very quickly for higher value transfers.

Bank exchange rate markups are often about 3%. Here’s how the exchange rate markup builds up with a 3% margin used for different transfer values:

• Sending 1,000 SGD - the exchange rate markup adds 30 SGD to the total

• Sending 5,000 SGD- the exchange rate markup adds 150 SGD to the total

• Sending 50,000 SGD - the exchange rate markup adds 1,500 SGD to the total

UOB international transfer limits 

Banks often use limits for both sending and receiving international payments, which are intended to keep customers and their accounts safe. UOB’s limits can vary based on the account type you have, but you’ll be able to view your account details in the UOB app. In some cases you can also adjust your limits by logging into your online banking.

How long does an international transfer take with UOB?

Your UOB payment will generally reach the beneficiary within 1 to 5 business days. Specialist providers like Wise and OFX do not use the SWIFT network to move payments, which can mean your money arrives faster. Over 50% of Wise payments arrive in seconds, and OFX can get money to most accounts in 1 to 2 business days.

Pros and cons of transferring money abroad with UOB

Pros:

• Familiar and secure service

• Arrange your payment online, using mobile banking or in a branch

• Send money to a very large range of countries

Cons:

• Exchange rates include a markup

• High transfer fees can apply

• Cable charges and agent costs can be added to your fees

Sending money overseas with a bank can mean paying fairly high and complicated fees. Digital providers often have a more intuitive service which has easy to understand charges - compare options like Wise and OFX to see if either is better for your particular transfer.

How to make an international transfer with UOB

Depending on the account you have with UOB, you can usually send money overseas online, or through mobile banking, by phone, or by calling into a branch. Fees are lowest if you send online or in your mobile banking app. Here’s how to send money with UOB through online or mobile banking:

• Log into your online banking

• Head to the payments section and find the TT Form

• Enter the currency and amount you want to send

• Check the rates and fees

• Enter your recipient’s personal and bank account details

• Confirm to complete the transfer

What information do you need to make an international transfer with UOB?

You’ll be prompted to fill out the details of the person you’re sending money to as well as the account and payment information. If you’re sending money online, a member of the UOB team will take you through the TT form - usually asking for this information:

• Your name, address and account number

• The payment currency code and amount

• The receiving bank's name and address

• Beneficiary bank's routing code

• Name of intermediary bank, if available

• Beneficiary's account number or IBAN for payments to European countries or United Kingdom

• Full Beneficiary name

Countries to send money with UOB

To see the available countries for UOB payments you can log into your online or mobile banking service, or call into a branch.

Conclusion

If you’re sending money abroad, using your normal bank might feel like the obvious option - but it isn’t the only one. In fact, making an international transfer with a bank may not be the cheapest, fastest or most convenient way to process your international money transfer.

Before you get started with UOB, take a look at specialist providers like Wise and OFX which can often offer an intuitive user experience, low costs and great exchange rates.

Shopping around and comparing a few different providers before you set up your international transfer is the best way to know you’re getting the right fit for your specific needs.