Here’s how to send a quick, affordable and secure money transfer to Singapore.
From online transfers to bank account deposits and cash pickup locations in Singapore, there’s no shortage of options to choose from when you need to send money overseas. Here’s how you can find a cost-effective way to transfer funds to Singapore.
Compare International Money Transfers
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- Regular overseas payments
- Risk management
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How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Singapore. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
Banks versus money transfer companies
Any major U.S. bank will be able to send an international money transfer to Singapore for you, but the problem is that they’ll charge like wounded bulls for doing so. Banks also offer poor exchange rates that don’t offer great value for money, so you will be much better off if you look elsewhere.
Finder.com can help you find a reliable money transfer company that will send your money overseas in a much more cost-effective manner. These companies offer superior exchange rates to banks and usually charge lower fees as well, which all helps to make for a much more affordable and convenient transaction.Back to top
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 is not too keen on paying the $40 transfer fee imposed by her bank. Instead, she decides to compare two trusted money transfer companies to see which one can offer her a more attractive deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 1.41 SGD||1 USD = 1.39 SGD|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||1-3 business days||10 minutes|
|Amount received (in SGD)||1,410 SGD||1,390 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.
How to compare transfer companies when transferring money to Singapore
- Exchange rates. Look for a company that consistently offers exchange rates at the same level as or above the competition.
- Fees. Fees can vary substantially and have a huge impact on the cost of your transaction, while some companies will waive their fee when you transfer more than a set amount.
- Transfer methods. Transfers are usually made online or by visiting a branch, but some providers will also offer phone transfers or the option to make a transfer from a mobile app.
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Turnaround time. Processing times range from a few minutes to a few days or more, so make sure to check how long each company takes to process transfers.
- Minimum transfer amount. If the company sets a minimum transfer limit, check to see whether this is likely to be higher than your transfer amount.
- Pickup methods. Can the funds be picked up from a transfer agent, or will they be deposited into your recipient’s bank account?
- Customer service. Are phone and email support offered? During what hours? Is live online chat also offered when you need help?
Options for sending money to Singapore from America
- Bank transfers. Your U.S. bank will be able to send your funds to a Singapore bank account.
- Online money transfer providers. Consider an online transfer company like WorldRemit to take care of your transaction.
- Checks. Another option is to obtain an international guaranteed check from your bank.
- Money transfer companies with cash pickup options. Western Union and Moneygram are the two best-known companies that offer this service.
- PayPal. You can use PayPal for more than just online shopping; it also allows you to send online money transfers to Singapore and more than 100 other countries.
Emergency cash transfers to Singapore
If you ever need to send an urgent cash transfer to Singapore, make sure to double-check the fee and exchange rate that apply to your transaction. Money transfer companies will charge higher fees and often provide a lower rate of exchange when you need to send your money as soon as possible, so reading the fine print closely is the best way to ensure you know exactly what you’re getting yourself into.Back to topBack to top
How to send money to Singapore
In order to send a money transfer to Singapore, you will need to provide a range of information, including:
- Your name, address, contact details and proof of ID.
- Your recipient’s name, address, contact information and (if required) their bank account details.
- The details of your transaction, such as the amount you are sending and the currency that you are transferring.
Transfers can be placed online, over the phone, in a branch or from your tablet or smartphone, and you will usually be given a tracking number to monitor the status of your transaction.Back to top
Tips for picking up cash in Singapore
Although Singapore is a stable and safe travel destination, keep the following safety tips in mind when picking up cash from a transfer agent:
- 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.