- Pay no fees on your first two transfers, up to S$3000
- Most transfers take 1 business day
- Regulated by the Monetary Authority of Singapore
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If you use specialist international money transfer services, there’s a good chance that you’re already getting the best possible exchange range. However, if you’re still using your bank, you may be getting ripped off.
Compare international money transfer companies and products below. You can use the table headings to sort through features and fees to select a suitable product for you. If you want to find out more about a product, simply click the ‘More’ link, or if you want to open an account, click ‘Go to Site’.
The offers compared on this page are chosen from a range of products finder Singapore has access to track details from, and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms “Best” and “Top” are not product ratings and are subject to our disclaimer. You should consider both seeking independent financial advice and personal financial circumstances when comparing products.
Definition: Best exchange rate
There is no single best exchange rate, and the best exchange rate for you may not be the best for someone else. This is because there are other factors to consider when sending an international money transfer in addition to the exchange rate, including the transfer fees, the payment method, the speed of delivery and the level of customer service. One person may need to transfer money within 24 hours, while others may have no time frame, which may affect the exchange rate. Exchange rates are also affected by wider economic factors. Previous performance isn’t an indication of future performance. You should consider a range of products when deciding which provider is most suited to your personal money transfer needs.
Here are some tips to ensure you get the best deal on fees and exchange rates when transferring money:
Rates recorded on 27 October 2017. Please source quotes for current rates.
If you’re travelling to a country and looking for tips on receiving the best exchange rate, here are some things to consider:
An exchange rate is a way of showing the value of one currency compared to another. Exchange rates are impacted on by the supply and demand of a currency, a country’s inflation, trade between two countries and more, so rates can fluctuate throughout the course of a day. Indirectly, exchange rates dictate the costs of many day-to-day items you buy, which are either purchased from overseas or made using imported materials. Directly, you’ll come across exchange rates when travelling overseas, purchasing goods from overseas, or sending funds overseas. This guide will explain how to get the best exchange rate available when sending money overseas.
The answer to this question depends on the reason for your exchange. If you’re looking to convert money to send it overseas, some of these providers won’t be the best option for you.
Below is a comparison of the advertised rates for three different money transfer companies. As mentioned above, whenever you carry out a comparison, be sure to get an accurate quote from the provider rather than using the advertised rates, as the two may be different.
|Fee to sender||$0||$0||SGD$25|
The above rates and fees are correct on 27 October 2017. Always source a quote for accurate, current day rates.
Only applicable for online money transfer to Australia, China, Eurozone countries, Hong Kong, India, Indonesia, Malaysia, Philippines, UK and USA.
As you can see, the best offer in this comparison was offered by OFX, which had no transfer fee. This comparison doesn’t take into account transfer speed, which may be an issue for you. It also doesn’t take into account transfer methods, for example sending money to be picked up in cash by your recipient.
As mentioned above, you can check sites such as XE or Oanda to find out up-to-date exchange rates. Also remember that banks and money transfer companies will publish their own exchange rates.
Yes, all foreign income needs to be translated into Singapore dollars when filling out your tax return.
This is because money transfer companies specialise in foreign currency transactions and deal in large amounts, giving them additional savings that they can in turn pass on to consumers.
These services will profit from your transaction in two ways. One is through adding a margin to your exchange rate, and the other is by charging you a transfer fee. Some services will do both.
This article discusses how to get best exchange rates while sending money overseas. The use of the term “Best” does not refer to product ratings and are subject to our disclaimer. Exchange rates mentioned in this article are validated at the time of publishing and may vary with time.
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