GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Receiving a money transfer from overseas

The ins and outs of receiving money from an overseas sender.

With the right tools at your disposal, you can find the best deal and have quick access to your funds when you receive a money transfer from abroad.

What is the best way to receive money from overseas?

The best way to receive money from overseas depends on your specific situation. For many people, receiving the money straight to their bank through an international wire transfer is the most convenient, even if it can be expensive. Typically it is cheaper to use a money transfer company since these types of companies specialise in sending money overseas and offer lower fees and stronger exchange rates than banks.

From cheapest to most expensive, the best way to receive money from overseas is:

  1. International money transfer company — Find a company that fits your needs by comparing a variety of companies before you receive your transfer.
  2. Bank draft — An international money order is an inexpensive and slow way to receive money.
  3. Mobile wallet — Having money delivered to a mobile wallet gaining traction in Singapore with the rise of digital banks, so it’s a convenient option to consider.
  4. Cash delivery — Consider having your money sent to a local money transfer agent location so that you can pick it up in cash. Some services will even deliver it straight to your home.
  5. International wire transfer — International wires through the bank often get charged fees on both ends, both to send and to receive the transfer from abroad.

Compare international money transfer companies to receive money

Use our comparison table to see how much money you could receive through different money transfer companies. Enter the amount you’ll be receiving, the currency in which it will be sent, then click Calculate.

How to receive money using our comparison tool

  • View. Sort through different international money transfer providers and services by exchange rate, amount received, transfer speed and more.
  • Compare. Figure out your best option by comparing companies side-by-side.
  • Save. To read more about a product, click on the company’s logo. To start an application or transfer, click Go to Site.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.735 USD
7,345
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.74 USD
7,401
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.74 USD
7,401
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
SGD 1 Same day SGD 3.99 0.74 USD
7,394
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
SGD 250 1 day SGD 0.00 0.74 USD
7,401
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.743 USD
7,397
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.739 USD
7,388
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.743 USD
7,399
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 2 days SGD 50.00 0.737 USD
7,334
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bank information needed when receiving money from overseas

In order to receive money from overseas, you’ll need to provide specific details about your bank, including:

  • Bank account number
  • BIC/Swift Code — you can this from your bank
  • Full name
  • Branch address

If you decide to pick the transfer up as cash or have it delivered to a digital wallet, the information you’ll need to provide will vary.

How does receiving money from overseas work?

The process may differ depending on the service provider used to send the funds. With some money transfer services, you need to request the transaction reference number from the sender and present the number along with your identification documents. You may also be required to fill out a receive form to access your funds.

With online transfers, the funds are deposited into your account, after which you can withdraw them. You can also receive funds through a prepaid card or mobile wallet.

What type of money transfer should I use to receive money?

Money transfers come in many varieties, all of which can be used to receive money from overseas.

  • Online transfer. You can use online payment services to transfer and receive funds. The funds are converted into the recipient’s currency.
  • Money transfer. Money transfer companies that offer cash pickup are an easy way to receive money. Just double-check that there’s an agent location near you before agreeing to receive a cash transfer.
  • Mobile wallet. Receive and send funds directly from your smartphone when using a mobile wallet.

How do I compare international money transfer services when receiving money?

  • Fees. This is one of the most essential considerations when comparing money transfer providers. Comparing fees allows you to find the most cost-effective option. But remember to find out about the fees that apply to both the sender and the recipient.
  • Accessibility. If you prefer to collect cash, make sure to find out if the money transfer provider has any branches near you for convenience.
  • Exchange rates. As the funds are received in the recipient’s currency, you need to determine which of the providers you wish to use has the best rates. Exchange rates could work to greatly decrease the amount sent.
  • Reputation. You want your funds transfer to be handled by a reputable company. However, there are many money transfer companies to be found online, so the only way you can ensure that your funds are safe is by going with a trusted provider. Look at each company’s history and customer reviews before making a decision.

Do I have to pay taxes when receiving money from overseas?

According to IRAS, overseas funds received in Singapore on or after 1 Jan 2004 is generally not taxable, except in some circumstances. Find out what’s considered taxable income and what is not on the IRAS website.

What are the pros and cons of receiving money from an international money transfer service, rather than a bank?

Pros

  • Simplicity. Most money transfer systems offer simplicity when it comes to sending and receiving money. You can also receive funds immediately once they’re transferred.
  • Variety. There are various methods one can use to receive money, so you’re not forced to work with one service provider.
  • Security. If you use a trusted money transfer provider, your transaction is safe and secure.

Cons

  • Fees. Most money transfer providers have applicable fees that could make their services costly.

Bottom line

Receiving money from overseas doesn’t have to be expensive or stressful. By comparing your options, you can make sure you aren’t paying too much in fees or losing money to a poor exchange rate. Before making a final decision, learn more about how to save money when sending and receiving money from overseas.

More guides on Finder

  • UOB Lady’s Savings Account review

    Benefit from up to S$200,000 protection against female-related cancers and a range of health benefits when you save with the UOB Lady’s Savings Account.

  • YouTrip Business Review

    YouTrip Business is a seamless and secure cross-border payments platform built for companies.

  • UOB Stash Account Review

    Benefit from higher interest rates as you maintain or grow your monthly balance with UOB Stash Account.

  • MSIG TravelEasy Policy Review

    MSIG TravelEasy offers extensive travel coverage for families and independent travellers, and even has an enhanced plan for those with pre-existing medical conditions.

  • A beginner’s guide to cryptocurrency ETFs

    If you’re looking for ways to gain exposure to bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.

  • MSIG MaidPlus Insurance Review

    Fulfil your hiring obligations and enjoy greater peace of mind with MSIG MaidPlus, a specialised insurance policy to protect your domestic worker from accidents, illness and more.

  • MSIG CancerCare Plus review

    MSIG CancerCare Plus offers up to a $100,000 benefit payout for both early and/or late-stage cancer diagnosis at affordable premium rates.

  • Instarem Amaze review

    Benefit from 1% cashback, low-cost FX payments and seamless expense management with the Instarem Amaze card.

  • OnlyFans IPO: How to buy OnlyFans shares from Singapore

    What you need to know about investing in OnlyFans from Singapore.

  • How to buy Cardano (ADA) in Singapore

    Cardano (ADA) is an entirely new cryptocurrency network built from scratch. See what makes it unique, and where you can buy it.

Ask Finder

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site