Find the Best Way to Transfer Money Internationally
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The 6 best ways to make an international money transfer
Trying to find the most appropriate international money transfer service for your needs in Singapore can be daunting, with so many companies advertising their services.
To make your decision easier, we've reviewed the most trusted money transfer organisations before compiling a list of the top six ways to move your money overseas from Singapore.
How to choose the best provider to send money abroad?
There’s no one single best way to send money abroad. Comparing a few different options is the best way to find your perfect match. Here are the key questions to think about when you choose the best provider to send money internationally for your specific transfer:
- Is the provider regulated, with a good reputation?
- How much is the transfer fee?
- What exchange rate is used to convert your money?
- When will your payment arrive?
How do you pay - and how will your recipient get their money?
Some travel money providers also offer money transfer services, so it's worth checking them out to see what deals they can offer.
How to transfer money abroad from Singapore?
The exact steps you need to take to transfer money overseas may vary slightly depending on the payment method you choose. However, broadly, here’s what is needed for an international money transfer:
- Create an account with the provider you’ve selected, online, by phone or in person
- Upload or show your government issued ID and proof of address for verification
- Set up your payment by adding your recipient’s details (more on that below)
- Pay for your transfer - online payments can often be funded by bank transfer, credit or debit card - some providers also take cash if you visit an agent in person
- Get confirmation of your payment, and track its progress online or in an app
What details do I need from my recipient?
If you’re sending a payment for cash collection, you’ll probably only need your recipient’s name as shown on their government issued ID. However, if you’re transferring money to a bank account or sending an international wire, you’ll need a little more:
- Recipient’s full name
- Recipient’s bank name and address
- Recipient’s bank account number
- Recipient’s bank BIC/SWIFT code
- Sometimes other details are needed depending on the country, like a sort code for the UK or CLABE number for Mexico.
The 3 best money transfer services to transfer money from Singapore
Send payments to 80+ countries, with the mid-market exchange rate and low fees. In our comparisons, Wise is often one of the cheapest options to send payments [from-source-country] with 50%+ of transfers arriving instantly. You can also open a Wise account to hold, receive, send and spend in 50+ global currencies.
- It's very fast and easy to create an account.
- You can create and send a money transfer in fewer than five minutes.
- They offer the best exchange rates available.
- Their service charge is low, fees and pricing are transparent and easy to understand.
- You can pay via bank transfer, credit or debit card.
- They're loved by customers, scoring nine out of ten on Trustpilot.
- There's no minimum transfer size.
- Can't pay for your transfer via cash or cheque.
- There's limited customer support, you can't call them so need to interact via email or through their website.
- If you're transferring more than around $40,000, their service charge can make them less competitive than other providers.
- They don't support all global currencies.
Currency specialist OFX has personal and business services spanning one off and recurring payments, a range of currency risk management products and special services for online sellers. Transfer fees are low - or waived entirely in some cases - and exchange rate markups can be more favorable than those applied by banks. OFX also offers services by phone, 24 hours a day.
- Phone, online and in-app service options
- Supports large and complex payments for individuals and businesses
- Good range of countries and currencies supported
- Pay in options may be limited depending on where you live
- Exchange rate markups apply
- No cash payouts available
CurrencyFair offers international payments to 150+ countries, in over 20 currencies. There’s also an innovative marketplace which lets you list the exchange rate you want to achieve and try to match it with another customer exchanging currency in the opposite direction. Payments usually involve a fixed transfer fee, and a low exchange rate markup, which can beat the rates on offer from banks.
- Great global reach - send payments to 150+ countries
- Usually a better rate than you’ll get from a bank
- Unique exchange rate marketplace feature offers peer to peer exchange
- Not as good value for lower transfer amounts, thanks to the fixed fee
- Limited pay in methods - usually only bank transfer or similar
- Markups apply to the exchange rate, and can vary by currency
How long does it take to send money internationally?
How long it takes to send money internationally depends a lot on the provider you choose, and where your payment is going.
If you send money internationally with your bank from from Singapore, it’ll probably be processed through the SWIFT network, which may mean a transfer time of 3 - 5 working days. International money transfers services are usually quicker. Cash collection payments can be instant, and deposits to bank accounts may be instant or arrive in just a few hours.
Providers in the table typically take:
- Wise: Instant-2 Days
- Remitly: 0-2 Days
- CurrencyFair: 1-3 Days
- OFX: 1-3 Days
- TorFX: 2-3 Days
Compare a few providers to see which has the fastest delivery time for your specific payment. Factors which can make a difference include: where you’re sending money to, the currencies involved, your own bank and the recipient’s bank processes, any public holidays in Singapore or recipient’s country, verification or security steps required.
Specialist international money transfer services and apps usually offer a delivery estimate before you confirm - and let you track your payment in real time.
What is the best way to send money safely?
When you choose a reliable provider, sending money online from Singapore is completely secure. For your assurance, these web-based money transfer services are supervised and monitored like banks - they're already widely used globally by millions of customers!
This is how the 5 companies we found that can help you transfer money from from Singapore rank in terms of number or reviews and average score on TrustPilot:
- TorFX: 2,065 reviews, rated 4.9/5 on Trustpilot
- CurrencyFair: 6,236 reviews, rated 4.4/5 on Trustpilot
- Wise: 185,300 reviews, rated 4.4/5 on Trustpilot
- OFX: 5,586 reviews, rated 4.2/5 on Trustpilot
- Remitly: 38,304 reviews, rated 4.1/5 on Trustpilot
Banks vs online money transfer services
Specialist online money transfer services and apps can often offer a better service compared with traditional banks. Specialist providers have been built specifically for online international payments, which means they’ve invested time and money in coming up with innovative approaches to move your money faster and for lower fees.
Here are some things to consider when you’re deciding between banks vs online money transfer services when sending money from Singapore:
- Banks may have higher upfront transfer fees, which aren’t always transparent
- Online money transfer services may offer a better exchange rate compared with banks
- Banks usually wire money through the SWIFT network, which can mean unexpected charges
- Online money transfer services often have faster delivery times and a broader variety of payout options
What are the best international money transfer apps to use?
An international money transfer app can be the easiest way to get your money moving fast from from Singapore. Apps tend to be intuitive to use, and digital money transfer services allow you to sign up, get verified and send a payment without ever needing to leave home.
Here are some of the best international money transfer apps on the market at the moment, to help you find the right one for you:
- Wise - send payments to 80+ countries, with the mid-market exchange rate and low, transparent fees. Transfers are fast, and available for individuals and businesses.
- Revolut - Revolut customers can exchange currencies with the mid-market rate up to plan limits, and send payments overseas with low fees.
- Remitly - Remitly customers in any of the supported send counties can make personal payments on popular remittance routes to bank and mobile money accounts, and for cash collection or home delivery.
- OFX - currency specialist OFX offers international payments for individuals and businesses, as well as a range of currency risk management options, with personal support over the phone if you need it.
- Western Union - Western Union has a huge network of agents spanning the globe, and offers a broad range of ways to pay, and to have your money delivered to your recipient.
How to receive money internationally to Singapore?
If you need to receive money internationally you might have the sender make a cross-border payment direct to your bank account, or use a provider which can offer cash collections locally. Both of these options can be pretty convenient - but they can also involve high fees, either for you or the person sending the money.
As an alternative, consider getting an online multi-currency account, like the Wise account. With Wise you can hold and exchange 50+ currencies, and you’ll get bank details for up to 10 major currencies, so your sender can make a local transfer right to your Wise account in the currency of their choice. It’s usually free for them to make a local payment - and entirely free for you to receive a transfer to Wise using your local bank details, from 30+ countries.
How can you pay for your transfer from Singapore?
If you want to save money when transferring funds abroad, your best bet is opting for a provider that accepts debit cards or bank transfers. This type of payment method can help you avoid unnecessary fees and charges associated with other types of payments.
Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
Bank transfer or direct debit
Bank transfer, SWIFT, debit card or cheque
Bank transfer or card (debit, credit, and prepaid)
How to send large amounts of money internationally?
If you need to send a large sum of money to another country, you may need a few extra pieces of information or documentation, for security purposes.
Banks and money transfer services are obliged to carry out verification to comply with Singapore and global legislation designed to stop fraud and money laundering. That may mean you’re asked for proof of the source of the funds, details about the reason for the payment, or additional ID.
Because of these additional steps, it may take a little longer to send large amounts of money internationally.
What's the cheapest way to transfer money internationally from Singapore?
When it comes to finding the least expensive way of sending payments from Singapore, there are a few factors at play such as where you're sending money to, how you'd like to pay and receive funds, and how quickly they need to arrive that you need to take into account.
We have collected the best providers for our most popular destinations when sending S$2000 with an online money transfer specialist in our table below:
|Sending money from||Sending money to||Cheapest provider||Available providers||Recipient gets When sending 2,000.00 GBP|
Save up to 57.40 SAR5,600.00 SARSend money to Saudi Arabia
Save up to 95.94 BWP19,335.94 BWPSend money to Botswana
Save up to 60.23 NPR197,420.23 NPRSend money to Nepal
Save up to 80,024.84 MGA6,420,004.84 MGASend money to Madagascar
Save up to 35.52 MXN28,769.12 MXNSend money to Mexico
Save up to 9.90 PEN5,689.00 PENSend money to Peru
Save up to 3,327.97 JMD229,867.97 JMDSend money to Jamaica
Save up to 341.19 ZMW28,481.19 ZMWSend money to Zambia
Save up to 358.42 ETB80,158.42 ETBSend money to Ethiopia
Save up to 22.80 FJD3,220.00 BNDSend money to Fiji
Save up to 105,611.30 KHR6,115,151.30 KHRSend money to Cambodia
84,378.13 DOPSend money to Dominican Republic
36,764.81 HNLSend money to Honduras
Save up to 65.62 XCD4,045.62 XCDSend money to Dominica
Save up to 91.80 CNY5,280.00 FJDSend money to Papua New Guinea
Save up to 14.34 GBP574.34 OMRSend money to Oman
Save up to 160.71 TTD10,120.71 TTDSend money to Trinidad and Tobago
Save up to 166.48 NAD26,274.91 NADSend money to Namibia
Save up to 341.02 ERN22,481.02 ERNSend money to Eritrea
Save up to 3,644.97 DJF265,424.97 DJFSend money to Djibouti
Save up to 1,408.65 BTN123,388.65 BTNSend money to Bhutan
Save up to 12,601.23 VUV181,108.63 VUVSend money to Vanuatu
29,232,788.91 SLLSend money to Sierra Leone
Save up to 83.52 ZAR26,401.60 ZARSend money to South Africa
Save up to 114.44 PLN6,614.44 PLNSend money to Poland
Save up to 694,218.00 VND35,376,120.00 VNDSend money to Vietnam
Save up to 348.70 PHP81,948.70 PHPSend money to Philippines
Save up to 88,803.92 UGX5,501,863.92 UGXSend money to Uganda
Save up to 66,119.29 TZS3,485,944.09 TZSSend money to Tanzania
Save up to 70.65 BGN2,734.25 BGNSend money to Bulgaria
Save up to 385.60 BRL7,780.00 BRLSend money to Brazil
Save up to 35,184.80 KRW1,885,077.40 KRWSend money to South Korea
Save up to 57.20 MYR6,480.00 MYRSend money to Malaysia
Save up to 298.67 MAD15,238.67 MADSend money to Morocco
Save up to 765.45 MUR67,685.45 MURSend money to Mauritius
Save up to 293.04 GHS17,973.04 GHSSend money to Ghana
Save up to 69.50 QAR4,609.50 TNDSend money to Tunisia
10,549.85 HRKSend money to Croatia
Save up to 59,856.40 RWF1,615,256.40 RWFSend money to Rwanda
Save up to 58.80 ILS45,280.00 EGPSend money to Egypt
688,853.87 NGNSend money to Nigeria
Save up to 23,964.81 MWK1,528,184.81 MWKSend money to Malawi
Save up to 1,646.46 CLP1,191,480.00 CLPSend money to Chile
Save up to 38.71 JOD1,058.71 JODSend money to Jordan
Save up to 94,516.92 MNT5,224,136.92 MNTSend money to Mongolia
Save up to 2,546.17 HTG224,427.97 HTGSend money to Haiti
Save up to 28,164.12 XOF937,598.80 XOFSend money to Guinea-Bissau
11,712.42 GTQSend money to Guatemala
Save up to 8,405.73 GYD314,705.73 GYDSend money to Guyana
Save up to 26.85 SGD1,246.85 GBPSend money to United Kingdom
Save up to 154.79 HKD11,771.57 HKDSend money to Hong Kong
Save up to 211.47 PGK3,553.07 TOPSend money to Tonga
Save up to 493.91 SCR20,053.91 SCRSend money to Seychelles
Save up to 70.05 TMT5,212.02 TMTSend money to Turkmenistan
Save up to 362.95 SBD12,142.95 SBDSend money to Solomon Islands
Save up to 16.09 EUR456.09 KWDSend money to Kuwait
Save up to 2,213.22 CVE153,993.22 CVESend money to Cape Verde
Save up to 86.25 AZN2,535.45 AZNSend money to Azerbaijan
Save up to 310.52 MVR23,050.76 MVRSend money to Maldives
Save up to 31.11 BSD1,491.11 BSDSend money to Bahamas
Save up to 18.14 EUR1,398.14 EURSend money to Europe
Save up to 18.14 EUR1,398.14 EURSend money to Portugal
Save up to 18.14 EUR1,398.14 EURSend money to Spain
Save up to 18.14 EUR1,398.14 EURSend money to Germany
Save up to 18.14 EUR1,398.14 EURSend money to Italy
Save up to 244.69 SEK15,929.07 SEKSend money to Sweden
Save up to 5.78 CAD1,390.38 CHFSend money to Switzerland
Save up to 5,632.33 HUF551,632.33 HUFSend money to Hungary
Save up to 10,087.60 LKR548,560.00 LKRSend money to Sri Lanka
Save up to 3,255.45 JPY198,375.45 JPYSend money to Japan
Save up to 398.65 INR123,792.45 INRSend money to India
Save up to 184.80 TRY28,204.80 TRYSend money to Turkey
Save up to 11,307.80 PKR415,280.00 PKRSend money to Pakistan
Save up to 231,132.87 ARS511,820.00 ARSSend money to Argentina
Save up to 53.61 RON6,833.61 RONSend money to Romania
Save up to 2,866.77 KES186,726.77 KESSend money to Kenya
Save up to 2,327.19 BDT159,467.19 BDTSend money to Bangladesh
Save up to 892.71 UYU58,400.00 UYUSend money to Uruguay
Save up to 1,580.78 MZN95,320.78 MZNSend money to Mozambique
Save up to 9,145.91 CRC850,085.91 CRCSend money to Costa Rica
Save up to 5,988.22 GMD94,477.86 GMDSend money to Gambia
Save up to 569.92 TWD44,812.32 TWDSend money to Taiwan
4,006.27 WSTSend money to Samoa
Save up to 292,958.34 PYG10,872,898.34 PYGSend money to Paraguay
7,064,700.06 COPSend money to Colombia
Save up to 81.43 BBD3,011.15 BBDSend money to Barbados
Save up to 2,347.22 ALL161,447.22 ALLSend money to Albania
Save up to 45.90 BAM2,725.90 BAMSend money to Bosnia and Herzegovina
Save up to 22.99 PEN562.99 BHDSend money to Bahrain
Save up to 346,463.04 GNF12,838,663.04 GNFSend money to Guinea
Save up to 20.34 BND1,980.34 BNDSend money to Brunei
Save up to 79,393.71 BIF3,094,518.89 BIFSend money to Burundi
Save up to 38.92 USD1,498.92 USDSend money to United States
Save up to 18.14 EUR1,398.14 EURSend money to France
Save up to 11.73 AED5,495.13 AEDSend money to United Arab Emirates
Save up to 35.16 CAD2,015.16 CADSend money to Canada
Save up to 7.87 NZD2,377.07 NZDSend money to New Zealand
Save up to 90.00 THB50,580.00 THBSend money to Thailand
Save up to 459.46 CZK33,339.46 CZKSend money to Czech Republic
Save up to 109.42 CNY10,136.42 CNYSend money to China
Save up to 18.14 EUR1,398.14 EURSend money to Belgium
Save up to 121,999.99 IDR22,554,121.79 IDRSend money to Indonesia
Save up to 169.21 DKK10,399.02 DKKSend money to Denmark
Save up to 312.59 NOK15,492.59 NOKSend money to Norway
Save up to 73.28 ILS5,193.28 ILSSend money to Israel
Save up to 1,808.68 RUB106,788.68 RUBSend money to Russia
Save up to 36.65 AUD2,176.65 AUDSend money to Australia
Good to know for international money transfers:
- Midmarket rate: A midmarket rate is the cost of exchanging money from one country to another. It is the rate between what you can buy and sell currency for. It is higher than the interbank rate but lower than what you would pay at an exchange bureau or bank. Generally, midmarket rates are used by companies when trading internationally.
- Exchange rate markup: Exchange rate markup is an extra fee that you have to pay when sending money from one country to another. It is used to cover the cost of exchanging one currency for another. Banks and money transfer services typically use exchange rate markups to make a profit on each transaction. This markup can vary significantly from one provider to another.
- Exchange rate: Exchange rate is how much money one country's currency is worth when you exchange it for another country's currency. Exchange rates are determined by market forces and government policies.
- Provider fee: Provider fee is the cost for sending money to another country. It is typically a percentage of the total amount sent and can vary from provider to provider. Some providers may also charge an additional fee for certain services or for each transaction. It is important to compare the fees of different providers before deciding which one to use for sending money abroad.
Our most popular destinations from Singapore
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FAQ About the best ways to send money internationally
The best way to send money internationally will vary depending on your specific needs and circumstances. There are multiple ways to do it, but the most popular are: international wire transfer through banks or online services like Wise or OFX.
Though each have their own pros and cons such as distinct exchange rates, fees and turnaround times. It's important to compare and research the different options before making a decision.
Fees for sending money internationally will vary depending on the method you choose and the service provider you use. Banks may charge a flat fee or a percentage of the total transfer amount, while online money transfer services may charge a fixed fee or a markup on the exchange rate.
Be sure to research the fees associated with different methods and compare them to find the best deal.
Sending money internationally does come with certain risks, such as the potential for fraud and scams. It's important to only use reputable and well-established service providers, and to carefully check the recipient's information before initiating a transfer.
Additionally, there may be risks in regards to currency fluctuations, especially if you need to send a large amount of money and have no certainty on the exchange rate.
The amount that banks charge for international money transfers varies, depending on a number of factors such as the amount being transferred and the currency involved. As a general rule, banks usually charge a fixed fee plus a percentage of the transfer value.
Additionally, some banks may also include extra charges for exchange rates or other fees associated with completing an international money transfer that might be hidden. Online money transfer specialist are often a cheaper and quicker alternative to banks so if you want to make sure you send your money in the cheapest and quickest way, make sure you compare your money transfer options first.
Yes. These limits will vary depending on how much you wish to transfer, the countries you send money to, and what method of transfer you are using (be it a bank deposit, mobile payment, or cash pick-up).
For instance, OFX have a £100 minimum transfer amount. In comparison, Wise have no minimum and no maximum transfer amount. Meanwhile, WorldRemit have no minimum transfer amount and the maximum you can send using their service is £50,000 (by bank transfer).
Looking for more expert advice on sending money internationally?
By sending money online, you could save time and money compared to relying on your bank.
Find the best way to send money instantly and securely to a foreign country online.
You now have more choice than ever before when it comes to sending money internationally.
The best way to send money back to the Singapore depends on the individual, find the best one for you.