Review: SingX international money transfers
Save on your transfer with the mid-market rate and a low transfer fee.
- Great for fair exchange rates and fast transfers. You can also see what fees you’ll be charged without making an account.
- Since the fee is a percentage, it can add up on larger transfers. Your receiver also must have a bank account.
Min. Transfer Amount
Max. Transfer Amount
|Min. Transfer Amount||SGD 1|
|Max. Transfer Amount||SGD 1,000,000|
|Transfer Methods||Online, Bank Account to Bank Account, Cash Transfer|
Minimum transfer time
|Online Transfer Fee||0.5%|
|Available Currencies||AUD, BDT, CAD, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NZD, PHP, SGD, THB, USD, VND|
|Online Transfer Fee||0.5%|
What is SingX?
SingX is a Singapore-based fintech startup founded in 2014 by former American Express banker Atul Garg to disrupt the cross-border payments industry. Through technology and removing hidden costs such as foreign exchange mark-ups, cable charges and bank commissions, the company claims to be able to provide cheaper, faster and more convenient current payment solutions than its competitors in Hong Kong. In 2021, SingX handled more than US$500 million in customer transfers for over 100,000 clients.
SingX exchange rates and fees
SingX is one of the few services in Hong Kong that offers its customers the mid-market rate (also commonly known as the interbank rate). This is the rate you’ll see on Google or Reuters and it’s what your money’s actually worth on the global head-on, compared to another currency.
While you might see that the quoted exchange rate from your bank or other money transfer services is different from the mid-market rate, this is not the case with SingX. Other services profit from this margin added on to the exchange rate, but SingX only charges a fee ranging between 0.25% and 1% that’s quoted to you upfront.
Take a look at what your transfer would look like with SingX by using the calculator below, which offers live exchange rates and fees.
SingX offers money transfers from Hong Kong to over 17 different currencies, including:
- AUD Australian dollar
- EUR Euro
- GBP British pound
- INR Indian rupee
- THB Thai baht
- PHP Philippine peso
- USD US dollar
- VND Vietnamese dong
What types of transfers can you make with SingX?
With SingX, you’ll only be able to make transfers to a bank account, so you can’t send to a cash pick-up location or mobile wallet just yet.
SingX also doesn’t offer some of the forex products its competitor international money transfer apps in Hong Kong do, like forward contracts and limit orders, but there is a service specifically for businesses.
Which payment methods does SingX accept?
You can only pay for your SingX transfer in Hong Kong through bank transfer. SingX is unable to accept cheque or cash payment and has yet to enable payment by credit or debit card.
How long does a transfer with SingX take?
Transfer time depends mostly on what currency you’re sending and the speed of Internet banking transfers in the recipient’s country.
Typically, SingX takes one business day to credit your funds to your receiver’s bank or savings account.
Transfers typically take
Is SingX safe to use?
- Security and regulation: Regulated by The Monetary Authority of Singapore (MAS), 2FA verification, funds are kept in a segregated client account.
- Established: 2014
- Reviews: Google reviews gives SingX a score of 4.5 out of 5, based on over 1,428 reviews*
- Awards: MAS Global FinTech Award Winner 2017
*According to SingX and Google Reviews on 30 December 2021
SingX uses 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. This gives you an extra layer of protection for your account. Since SingX is a government-regulated payment services provider, it keeps its clients’ money in segregated bank accounts, separated from its own funds. This means that even if SingX runs into financial trouble, your money will be safe.
How to register for an account
In a nutshell
- Offers the interbank rate. The mid-market rate is the fairest exchange rate you’ll be able to find.
- Transparent fee structure. You can see the fees you’ll be paying without having to sign up for an account.
- Fast transfer. It typically takes only one working day to transfer the funds to your receiver’s bank account.
- Fees can add up. Since most of the fees come from a percentage of the transaction, you’ll find they may add up if you’re sending a lot of money. Compare your quote to some other options for large transfers.
- Receiver has to have a bank account. You won’t be able to send to a cash pick-up location or mobile wallet.