Send more money to friends or family in Singapore for less.
Do you need to send money to Singapore, but feel overwhelmed by the plethora of options available to accomplish this ordinary feat? Don’t worry – you’re not alone – we’ve got you covered. Compare your options with this handy guide, and if you still have questions, feel free to leave us a comment at the bottom of the page.
International money transfer services which allow you to send money to Singapore
Take a gander at the table below to compare transfer services. Bonus tip: you can use the table headings to sort service providers by categories of difference, like transfer amount, method and speed.
Banks vs money transfer companies or services
While it makes sense for you, as a consumer, to trust that your bank is doing business with your best interest in mind, when it comes international transfers, it can be well-worth your time and energy to compare your options. Banks have a tendency to bite off a little more than you’d probably like them to chew. What do we mean by this? To put it lightly, they have a bad reputation for driving exchange rates and transfer fees through the roof in order to turn a profit. For this reason, many savvy consumers opt to send money through online transfer services specialized in offering safe and affordable transfers overseas. Because these companies send money back and forth between countries every day, they can offer more competitive rates with lower fees than the bank.
Case Study: Tim compares transfer services to send money to Singapore
Tim is organizing a long-overdue vacation through parts of South East Asia with his sister, Chelsey, who is currently living in Singapore. Tim plans to meet Chelsey in Thailand in early June, but she calls their trip off one month before his imminent arrival because she can’t afford it. Since Tim hasn’t seen his sister in a couple of years, he decides to send her $1,000 to help her buy her plane ticket. While Tim’s bank offers to help him complete the transfer, he is less than impressed with their rates, and decides to compare them against a well-known international money transfer service.
|Canadian Bank||Money Transfer Service|
|Exchange rate||CAD$1 = SGD$1.01||$1CAD = SGD$1.04|
|Amount received for $1,000 ||SGD$1,010||SGD$1,040|
2 – 5 business days.
|2 – 5 business days.|
|Transfer options||Bank transfer||Cash pickup|
|Difference (excluding fees)||+ SGD$30|
Tim realizes that he can save approximately SGD$30 (around $29) in the exchange rate with the money transfer option, with an additional $7 in fees.
How to compare transfer companies when transferring money to Singapore
While Tim still has a lot to learn about money transfers, he did have a couple of epiphanies on what features and rates to look for when comparing services.
- Competitive exchange rates. More competitive exchange rates can make a big difference to your bottom line.
- Minimal fees. Lower fees are a no-brainer if you’re looking to put more money in your pocket.
- Various transfer methods. Money transfer services offer plenty of options, including mobile wallet top-ups and cash pick-ups, in addition to bank-to-bank transfers.
- Fast transfer times. Money transfer services can get money to your recipient in a matter of minutes, while banks typically take between 1 – 3 days.
- Reliable customer service. Some services have a better reputation than others, so it’s best to do your homework if you want someone to help you on the other end if you happen to run into a snag with pick-up.
Compare Money Transfer Services
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup||Total in SGD minus fees (from $1000.00)|
|XE Money Transfer||$0||$1.0436||1,044|
Rates updated as of 25 February 2018
Emergency cash transfers to Singapore
So you need to send money to Singapore as soon as possible? ASAP man! Well. The best thing to do is search for a cash pick-up service like Western Union or MoneyGram. While these services are often more expensive than the bank, with higher transaction fees and exchange rates, they typically take only a matter of minutes to process, and can be a real lifesaver in the event of an emergency. Once your money is on its merry way, your recipient will just need to present at the appropriate location with some form of identification and the details of the transaction.Back to top
Cash pickup locations in Singapore
Both Canada and Singapore don’t fall short when it comes to Western Union and Moneygram locations, which offer rabbit-fast cash transfers between countries.
- Find a pick-up location with the Western Union Agent Location tool.
- Cash is available to collect instantly from any Moneygram agent.
Picking up cash in Singapore
If you’re aiming to visit this financial and technological hub in the near future, the Government of Canada recommends that you exercise a normal degree of caution (as of 25 February 2018). Petty crime, such as pickpocketing and purse snatching are fairly rare, but do occur in airports and hotels as well as on public transportation and in areas frequented by tourists. Keep an eye on your valuables when traveling through crowds and use common sense when carrying large amounts of cash through busy streets.
Background for Singapore
An island city-state off southern Malaysia, Singapore is a global financial hub with a tropical climate and multicultural population. As a major Asian gateway, Singapore is well-placed for Canadian companies intending to do business with Southeast Asia, China and India. Being Canada’s third largest export market in the Association of Southeast Asian Nations (ASEAN), Singapore is also an important regional trade partner for Canada. There is a small community of Singaporeans living in Canada, consisting largely of expatriate professionals and students, and around 5,000 Canadians living in Singapore.