Best way to send money to Singapore | finder.com

How to send money to Singapore

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Here’s how to send a quick, affordable and secure money transfer to Singapore.

When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Singapore doesn’t have to be expensive. Compare the transfer fees and exchange rates of money transfer methods to get the most for your money.
World First Foreign Exchange

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  • Enjoy competitive exchange rates.
  • Get even better exchange rates with forward contracts and limit orders.
  • Receive weekly updates on market exchange rates.

    Compare international money transfers to Singapore

    Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Singapore with our money transfer partners.

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    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 1,000 1 day USD 0.00 1.362 SGD 6,809 Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for 100+ currencies.
    Go to site Show details
    USD 1 Within an hour USD 3.99 1.359 SGD 6,790 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
    $8 1 - 2 days USD 5.00 1.358 SGD 6,781 Exchange money on your terms. Go to site Show details
    USD 1 3 - 5 days USD 50.00 1.371 SGD
    6,788
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
    USD 20 Same day - - Send your first transfer for free with code NOFEEFINDER Go to site Show details

    Compare up to 4 providers

    How do international money transfers work?

    An international money transfer allows you to send money to someone overseas. Generally, you can choose a bank or transfer service to make the transfer, allowing your recipient to access the money online, in their bank account or in person at a specified location.

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    Banks vs. transfer services

    Any major US bank will send an international money transfer to Singapore, but they’ll charge high fees and offer poor exchange rates. Money transfer services specialize in international money transactions and will offer a better rate. Compare rates and fees to see what service meets your needs.

    Case study: Anna sends money to Singapore

    Anna lives and works in the United States but provides financial support for her grandparents in Singapore. She wants to send them a transfer of $1,000 but does not want to pay the $40 transfer fee imposed by her bank. Instead, she decides to compare two money transfer companies to see which one can offer her a better deal.

    Money transfer company 1Money transfer company 2
    Exchange rate1 USD = 1.41 SGD1 USD = 1.39 SGD
    Transfer fee$4$16
    Transfer methodBank account depositCash pickup
    Transfer speed1-3 business days10 minutes
    Total SGD received 1,410 SGD1,390 SGD

    As you can see, while the first transfer option is much slower, it allows Anna to save $12 in fees and transfer an extra 20 SGD.

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    How to compare transfer companies when transferring money to Singapore

    • Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
    • Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
    • Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
    • Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
    • Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate —especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
    • Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
    • Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.

    Foreign exchange rates explained

    The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
    Today’s USD-SGD exchange rate

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    Options for sending money to Singapore from America

    • Bank transfers. Many major US banks can safely wire your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the frustratingly high fees and weaker exchange rates you’ll receive by going through your bank.
    • Online money transfer services. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card.
    • Providers with cash pickup. Trusted providers like Western Union and MoneyGram offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes. You can often pay online or at one of thousands of agent locations worldwide. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
    • PayPal transfers. Not just for online purchases, PayPal offers transfers to more than 100 countries and supports multiple currencies. Its exchange rates are often better than those you’ll get from a bank but not quite as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending — meaning it’s often better for sending smaller amounts of money.
    • International money order. You can get this type of money order from your bank and send it overseas to your recipient, who then cashes it in with their own bank. While more secure than a personal check, it’s a slower option than using an electronic transfer. It also costs a little more — you’ll have to purchase the check, and your recipient may be charged a fee by their own bank cashed.
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    How to send money to Singapore

    Whether you send money through your bank, a money transfer provider or any other option, you’ll need to first register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method. Keep a record of any transaction reference number you receive so that you can review the progress of your transfer.

    What are the ways that I can send money to Singapore?

    • Bank transfers. Many major US banks will allow you to send money to Singapore.
    • Money transfer providers. Providers like Ria and World First can help you quickly and easily transfer your money online.
    • Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
    • PayPal. Electronic payment giant PayPal allows you to send money from the US to Singapore.
    • Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.

    Emergency cash transfers to Singapore

    You might need to send an emergency cash transfer to Singapore— for example, if your money is stolen while visiting Singapore. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
    Find a money transfer location near you

    Tips for picking up cash in Singapore

    Although Singapore is a stable and safe travel destination, take these precautions as to not become a target for thieves:

    • Avoid any high-crime areas and only pick up cash in an area you know is safe.
    • Ask a friend to tag along to provide extra security.
    • Don’t display your cash in front of strangers.
    • Be aware of your personal security at all times.
    • Don’t carry a large sum of cash around for long periods.
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    Bottom Line

    You have multiple options to choose from when sending money to Singapore from the United States. To get the best value for money for your international money transfer, compare the benefits and features of competing services before selecting a provider.

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    Important Information*
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