How to receive money from Europe in Singapore: Best and cheap ways in 2024
Waiting for an overseas payment? You might need to receive money from Europe in Singapore from a friend or family member, or from a client or customer if you’re a freelancer or business owner, for example.
As the world is more and more connected across national borders, having smart ways to receive money from abroad is more important than ever. You could receive an international money transfer from Europe in Singapore using a multi-currency account from Wise, your bank, in cash, or with a wallet provider like PayPal. All these options have their own features and fees - this guide covers what you need to know.
Best ways to send money from Europe in Singapore - Fees overview
| Method | Receiving fee | Exchange rate | Sending fee |
|---|---|---|---|
| Wise multi-currency account | No fees | Mid-market exchange rate | Low, transparent fees |
| Bank transfer | Usually between $0 to $10 | Mid-market exchange rate+markup | Varies depending on the bank |
| Receive cash | Usually no fee | Mid-market exchange rate +markup | Varies depending on the provider |
| Paypal | Usually no fee | Conversion cost of around 3% to 4% | Varies depending on the senders country and payment method |
Overall, our comparisons suggest that Wise could be the cheapest option to receive money from Europe when you take into account the costs to the sender, exchange rate markups and any receiving fees to pay. Wise has no receiving fees for many incoming foreign currency payments made with local account details, and it uses the mid market rate with no mark-up. Let’s learn more about the Wise account below:
1. Wise multi-currency account
Using a foreign currency account from a provider like Wise can be a great way to receive money from Europe. Depending on the specific account you pick, you could hold a balance in multiple currencies all in the same place, avoid high conversion fees, and access competitive exchange rates when you need to switch from one currency to another.
- Receive payments to Wise with local details in 23 currencies
- Hold and exchange 40+ currencies
- Send money quickly, online and in app, to bank accounts in 160+ countries
Wise account
The Wise multi currency account can be opened online or in the Wise app, with no monthly fee, and no minimum balance requirement. Use Wise to receive, send and convert 40+ currencies. Your Wise account comes with local account details for 23 currencies, which can be used to receive international payments - including getting paid quickly and conveniently from Europe. Hold your balance in your account, send to others, withdraw to your bank, or get a Wise card to spend at home and abroad easily.
Go to WiseHow to send and receive money with Wise
If you’re waiting to receive a payment from someone in Europe, you can create a Wise account to get paid with local account details. Just head to the Wise desktop site or app, tap Sign up and then follow the prompts to register an account. As part of the process, you’ll be prompted to enter some personal and contact information and upload an image of an ID document. However, this can all be done with just a phone - meaning no need to visit a physical location to create an account or set up a payment.
How much does it cost to receive money with Wise from Europe?
With a Wise account you’ll get your own account details to receive local payments from around the world, for free.
In Singapore you can get account details to receive money in AED, AUD, BGN, GBP, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, CAD, TRY, UGX, ZAR. Hold your balance in the currency you’re sent, or convert to the currency you need to spend in, using the mid market rate, low and transparent fees.
Get paid like a local in 10 currencies, including SGD
Send money in +40 currencies
Mid-market rate for currency conversion
How much can I receive with Wise from Europe?
If you are a resident in Singapore, you can hold up to 20,000 SGD or foreign currency equivalent by the end of the day in your Wise account. This includes the money across all your balances and Jars of any currency that are not held in Interest or Stocks.
If you exceed the hold limit, you will not be able to top-up or receive funds. You can take one of the following steps to resolve this:
- Consider switching your SGD and/or USD balances and Jars to Interest or Stocks since money kept in balance and Jar held in Interest or Stocks do not count towards the hold limit.
- Move the excess money to an account outside of Wise. You can automate the withdrawal of the excess money by setting-up an external account. You can read more about the Wise account limits here.
Bear in mind that the sender needs to check if any other limits apply to the provider they send money with. They might apply a limit on their end which is lower than the Wise limit.
2. A bank-to-bank transfer from Europe
Another option when sending money from Europe in Singapore is to use a bank to bank transfer. In this case, the sender will arrange a payment with their own bank, to be deposited to your bank account in Singapore in Singapore dollars.
There are a few downsides here, including relatively high fees which can include a markup on the exchange rate. Bank to bank transfers can also take a few days when processed through the SWIFT network. While they may arrive quickly on some currency routes, they can take up to 5 days to be deposited in some cases. All that said, a bank to bank transfer is familiar and reliable and so still commonly used.
How can I receive money in my bank account
If you have a bank account in the [source-currency-country], you can simply give your sender in Europe your account details, and have them send you money there. There are usually a few steps to open a bank account, which you may be able to complete online - or you may need to go to a branch to show your paperwork and get set up. You’ll always need to provide some ID for verification, and banks may also ask you to provide a minimum opening deposit.
Once you have an active bank account, you’ll be provided with account details, including an account number or IBAN, and any other information needed to receive a payment from abroad, such as the bank’s own SWIFT/BIC code. Give these to the sender and they can use them to bank a bank to bank transfer from Europe in Singapore. Once your money is cleared in your account - in about 3 to 5 days - it will be available to spend.
How much does it cost to receive money with my bank
You might meet some fairly high fees and marked up exchange rates with banks when receiving money from abroad. The exact costs to you depend on who you bank with and the value of the payment. The exact account you hold may also make a difference.
You’ll usually find a couple of possible costs to you:
Receive money fee applied by your bank
A conversion fee which could be paid by either the sender or receiver
Here are a couple of examples from banks in Singapore:
| Bank | Fee to receive international payments |
|---|---|
| DBS | 10 SGD Waived for Treasures customers |
| OCBC | 10 SGD |
3. Receiving cash from Europe
If you’d prefer, you can also ask your sender to visit a provider which offers money transfers for cash collection, to get your payment in cash. In this case you’ll have to make sure your sender has your full name as shown on ID, and then visit a branch location in person with ID to get your money.
This can be a pretty pricey option as there’s a lot of labour involved - costs can include both a transfer fee and an exchange rate markup. However, if you don’t want to use your bank account or if you’re in a hurry to get your money, receiving your payment in cash can still be a solid choice.
How to receive cash from abroad
If your sender wants to make their payment in cash they will need to pick a payment provider with a physical branch network so they can visit an agent and hand over their payment in person. The sender will then be given a reference number, so you can take this reference, with some ID, to a local agent to get the payment in cash.
One of the most well known providers of cash payments is Western Union. Coverage varies depending on where in the world the sender is, but there are lots of options available for payments in cash. There are some disadvantages here though - not least the inconvenience of needing to go out to collect your money. Fees can also be high for the sender.
How much does it cost to receive money in cash
International transfer services which specialise in cash payments can have pretty high fees and high mark-ups added. Instead, online alternatives such as Wise can be cheaper. With Wise you can have your money deposited quickly to your Wise account, and then use your Wise debit card to simply withdraw the funds from a local ATM when you’re ready. This can be more convenient than finding a branch of the cash transfer provider to get your money that way.
Here’s a look at the costs of receiving cash payments versus Wise as an alternative:
| Provider | Fees |
|---|---|
| Western Union | Variable send fee based on payment type and value Currency exchange includes a markup |
| MoneyGram | Variable send fee based on payment type and value Currency exchange includes a markup |
| Wise | Low, transparent fees No extra cost included in currency exchange |
4. Receiving money with PayPal
Mobile wallets like PayPal offer another way to get paid from abroad in various different currencies. If your sender has a PayPal account they can make a transfer - often instantly - to your PayPal account. You can then withdraw to a bank or keep your PayPal balance for spending later.
PayPal international fees can be quite high. They do vary from country to country and can vary based on how the sender wants to pay. If currency conversion is needed, there’s often a fee here, as well as any upfront transfer fee that applies.
How to receive money with PayPal from Europe
If someone sends you money to PayPal it will be automatically credited to your PayPal account without you needing to take any action. All the sender should need is your name, and either your email address or phone number.
Once you have a PayPal balance you can use it to shop online or transfer to a bank. Bear in mind that fees may apply to withdraw your funds including currency conversion fees if your balance is in a different currency to the bank you withdraw to.
How much does it cost to receive money with PayPal?
There’s usually no fee for the recipient to receive money from PayPal. The costs are covered by the sender. Somewhere along the line there may be a currency conversion fee which may be paid by the sender or by the recipient. This fee can vary but is often 3% to 4%.
What exchange rate does PayPal have?
PayPal sets its own exchange rate. Rates vary from day to day and depending on the currency involved. However there’s usually a currency conversion fee applied by PayPal which can be up to 4%.
Best ways to receive money from Europe - pros and cons
| Method | Pros | Cons |
|---|---|---|
| Wise multi-currency account | ✅ Receive in 23 currencies ✅ Mid market exchange rate ✅ Free to receive | ❌ No cash payout option ❌ Online service only |
| Bank transfer | ✅ Convenient option ✅ Send to and from more or less anywhere | ❌ Currency exchange includes a markup ❌ Receive fees may apply |
| Receive cash | ✅ Payments can arrive very quickly ✅ Providers like Western Union are available in many countries | ❌ Currency exchange includes a markup ❌ Not always convenient as you have to visit an agent location |
| Paypal | ✅ Large user base ✅ Payments available globally, usually in 25 currencies | ❌ Currency exchange includes a conversion fee ❌ High send fees can apply |
Get paid like a local in 10 currencies, including SGD
Send money in +40 currencies
Mid-market rate for currency conversion
How to receive money from Europe
There are plenty of reasons why you might need to receive money from Europe. In all cases, you have different options for receiving money. The right one for you will depend on your personal preferences and the payment type.
Perhaps you’re receiving money from abroad as:
An inheritance - you may be receiving a large amount of money. Getting paid to your bank or to an account with high receive limits like Wise could make most sense.
A gift - the best method to receive a gift may depend on the value and urgency - for small payments a provider like Western Union allows instant cash collection - but has low limits. For higher values, stick with a bank or a provider like Wise
A transfer between accounts in your own name - perhaps you sold a property for example - repatriate your funds with a bank to bank transfer or with Wise
A payment from family or friends - if you need the money quickly, you could consider PayPal or a cash transfer with a provider like Western Union
A pension transfer - options like PayPal or Western Union are not likely to be economical. Manage a secure and fast international transfer with a bank to bank payment or with a specialist money transfer from a provider like Wise.
How much does it cost to receive money from Europe?
There are several different types of costs associated with receiving money from abroad, which can include:
Upfront transfer fees paid to your bank or international money transfer service
Currency conversion fees which may be split out or combined in the rate used for exchange
Recipient bank and intermediary bank charges when sending with SWIFT
Fees can vary a lot based on the exact details of your transfer, but may look something like this:
| Method | Receiving fee | Exchange rate | Sending fee |
|---|---|---|---|
| Wise multi-currency account | No fees | Mid-market exchange rate | Low, transparent fees |
| Bank transfer | May vary based on your bank - usually $0 to $10 | Mid-market exchange rate + markup | Varies depending on the bank and the senders country |
| Receive cash | Usually no fee to the receiver | Mid-market exchange rate + markup | Varies depending on the provider and the senders country |
| Paypal | Usually no fee to receive to PayPal - fees may apply when you withdraw to your bank or card | Mid-market exchange rate + conversion cost of around 3% to 4% | Varies depending on the senders country and how they choose to pay |
Factors that can influence the overall cost of receiving money from Europe can include the transfer amount, the speed of transfer, the type of account receiving the funds, and any additional services selected.
How much money can you receive from Europe?
Different payment providers and banks have their own receiving limits. Usually banks have pretty high receiving limits. Wise also has a high receiving limit which can vary based on the currencies involved. Cash payments can have relatively low limits, and sending to PayPal can also have pretty low limits based on where the payment originates from.
Different factors might affect the amount you can receive, including regulatory limits imposed by the sending and receiving countries. The sender can see their own bank or provider’s limits when they set up your payment - at the same time, the provider will confirm if your payment may be rejected because of specific local laws in both in Singapore and Europe.
How long does it take for a beneficiary to receive money from Europe?
Transfer times can vary - but you may be looking at something like this, depending on the transfer method selected:
Transfer to Wise - payments sent through Wise can arrive quickly or instantly
Bank to bank transfer - SWIFT payments may take 3 - 5 days
Cash collection - cash may be available in minutes when the sender pays by cash or card
PayPal - deposits to PayPal are usually pretty much instant, but withdrawing to your bank may take a few days
Ultimately the factors that influence the speed of your transfer include the provider used, the transfer amount, the currency conversion processes, and any holidays or weekends that might delay processing in both Singapore and Europe.
How to send money to someone without a bank account
You can send money to someone without a bank account in a few different ways. For example, the recipient can open a Wise account, you could send to PayPal, or you might prefer cash pick up services.
Send to a Wise account - recipient will need to create and verify a Wise account online or in app, and can then receive payments for free with local account details
Send to PayPal - payments may be instant if you have a PayPal account already - fees can be high to convert currencies
Send for cash pick up - relatively expensive option, but can be very quick if you’re close to an agent to get your money
What details are needed to receive money internationally?
If you’re receiving money from overseas for cash collection, the sender needs your full name as shown on your ID. For payments to PayPal, the sender usually only needs your email or phone number.
For payments made to banks, or to a Wise account you could need some or all of the following:
Recipient's full name
Recipient's bank or Wise account number
Recipient's bank SWIFT/BIC code
Recipient's bank's name and address
Other information might be needed depending on the details of the payment, such as an IBAN for European transfers, a routing number for US transfers, or your sort code for payments in the UK.
Providing incorrect information can mean your payment is delayed, rejected, or sent to the wrong place. Double check account numbers and names, and verify the information with the recipient's bank before you make your payment, to avoid delays or errors.
Conclusion - Best ways to send and receive money to Europe
There’s no single best way to send or receive money internationally. Instead, there are lots of different options which may suit different situations. If you’re looking for convenient ways to receive money in a selection of currencies, with low or no fees, Wise might be the best option. Or, if you’re in a hurry and need your money in cash, a cash collection service like Western Union might help. Really it all depends on what's important in your particular circumstances - but this guide should help you pick the right method for your needs.
FAQ - How to receive money from Europe
What is the first thing you do when you receive money?
What to do when you receive money depends on the payment method provided. If you’ve received money to a bank or Wise account there’s no need to take action - just check your mobile banking to see when the money arrives. If you’ve been sent a payment in cash you’ll need to take your ID to an agent location to get your money.
What’s the best app to send and receive money?
There’s no single best app to send or receive money internationally. For low cost international payments you can make and receive in Singapore check out Wise. In our comparison and roundup, Wise could be the cheapest app to send money, with ways to receive payments with local details with low or no fees.
What is the cheapest way to receive international payments in Singapore?
Compare a few options to receive international payments in Singapore. While you could use a bank or cash services, the cheapest option may be to use a fully digital provider like Wise. Wise uses the mid-market exchange rate with low, transparent fees.
How much can I get paid from overseas Singapore?
Different banks and providers have their own payment limits. Check with your bank, or take a look at Wise which has very high limits for many incoming currency payments.