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Compare international money transfer services

Compare to find the best rates and lowest fees for your next international money transfer from Singapore.

Stacie Hurst

Updated

Mar 7, 2023

Fact checked

Wondering how to send your next international money transfer? Not sure whether you should send a bank wire transfer, use an online money transfer app like Wise or Remitly or send cash through a service like Western Union?

We’ve scoured the market to find the best international money transfer services based on low fees, strong exchange rates, fast delivery and flexible options. Here’s what you need to know.

Compare international money transfer services

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.

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Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
USD 60	1 day	SGD 10.00	3.392	MYR 3,358	Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site	Compare	Show details	Details Minimum transfer amount USD 60.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Email Available currencies AUD, BDT, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, SGD, THB, USD, VND Go to site Read the full review
SGD 0	Same day	SGD 4.99	3.367	MYR 3,350	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	Compare	Show details	Details Minimum transfer amount SGD 0.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ALL, AMD, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BIF, BMD, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, FJD, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MKD, MVR, MXN, MYR, NIO, NPR, PEN, PGK, PHP, PKR, PLN, PYG, RON, RSD, RUB, RWF, SAR, SBD, SGD, SLL, THB, TJS, TND, TRY, TTD, TZS, UAH, UGX, USD, UYU, UZS, VND, XAF, XOF, ZAR, ZMW, BYN Go to site Read the full review
	1 day	-	-		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	Compare	Show details	Details Minimum transfer amount SGD 0.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, YER, ZAR Go to site Read the full review
SGD 250	1 day	N/A	N/A	N/A	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	Compare	Show details	Details Minimum transfer amount SGD 250.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JPY, KES, KWD, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, YER, ZAR, CHE Go to site Read the full review
SGD 1	1 - 2 days	SGD 6.30	3.404	MYR 3,383	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount SGD 1.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
SGD 5	1 - 2 days	N/A	N/A	N/A	Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply. CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount SGD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CLP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PAB, PHP, PLN, SEK, SGD, THB, USD, YER, ZAR Go to site Read the full review
SGD 1	1 day	SGD 4.60	3.404	MYR 3,389	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	Compare	Show details	Details Minimum transfer amount SGD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
SGD 200	Within an hour	SGD 5.00	3.393	MYR 3,376	Use code FINDER to get SGD 20 off on first two transfers on a min transfer of SGD 500.	Go to site	Compare	Show details	Details Minimum transfer amount SGD 200.00 Transfer methods Online, Phone Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, CAD, CLP, CNY, COP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, KRW, LKR, MXN, MYR, NOK, NPR, PEN, PHP, PLN, SEK, SGD, THB, USD, VND, YER Go to site Read the full review

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

We only list services that are overseen by a government regulator.

Every service we compare has been assessed and reviewed by our editorial team.

What is an international money transfer?

An international money transfer is the process of sending money between people or financial accounts in different countries. Every day, trillions of dollars are transferred between people and businesses all over the world.

Typically, you need to give a bank or money transfer service your recipient’s details and the money you want to send. The bank or transfer service then converts your funds to the currency in which it will be received and electronically sends the payment to your recipient.

Depending on the money transfer service, you may be able to send funds online, via mobile app, over the phone or in person.

How can I pay for my money transfer?

Not all money transfer services accept the same payment methods, but you may be able to pay by the following:

Debit card
Credit card
Bank transfer (requires your account number)
Cash

If you want to pay in cash, you’ll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.

How can my recipient receive the money?

Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:

Bank account
Mobile wallet
Cash pick-up at a bank or money transfer location
Airtime top-up

What are the benefits of using an online money transfer service?

While it might be easy to assume that big banks are the best way to go when sending an international money transfer, there are many reasons why an online money transfer service might be just as good if not better:

Security. Similar to banks, online transfer services usually follow industry-standard security practices to protect your money and personal information. This often includes encrypted data transfer, SSL certificates, two-factor authentication, security questions/answers and personal identity verification.
Regulation. Money transfers are regulated by the Monetary Authority of Singapore.
Cost savings. Online transfer services often translate to lower fees and stronger exchange rates
Fast. Online money transfer companies often use the latest financial technology to get your money where it needs to go fast.
Easy. Mobile apps and convenient online platforms make it easy to send money anytime from anywhere. Additionally, many money transfer services offer features that let you set up recurring transfers, making it easy to pay bills, send regular remittances, manage international business payments and more.

Compare money transfer services

How do I send money overseas?

There are multiple options to consider when sending money overseas:

Transfer method	Description	Pros	Cons
Online money transfer service	Electronic funds transfer through an online money transfer service.	Can be done from anywhere via mobile app Low cost (compared to banks) Fast	Cannot pay in cash Many online services don’t support cash pickup (some like WorldRemit and Remitly do)
In-person money transfer service	Cash or electronic transfer by visiting a money transfer service location in person.	Multiple transfer options In-person customer service	Requires local travel Can only be done within business hours
Bank	Wire transfer or international money transfer through a bank. (Note: All major banks support wire transfers, but not all offer additional in-house money transfer services.)	Considered a very secure way to send money	Can be expensive Can only be funded through your bank account
Cheque	Write a cheque and mail it to your recipient.	Can be postdated to delay payment. Can be cancelled in transit. No transaction fee (assuming you already own cheques)	Additional time for delivery Cheque could get lost in the mail
Money order	Get a certified money order printed and mail it to your recipient.	Difficult to cash fraudulently Can be cancelled in transit	Additional time for delivery Money order could get lost in the mail

How to send money using an online money transfer service

Online money transfer services are increasingly competitive with big banks, in many cases offering more flexible options and lower fees. Sending an international money transfer through an online service is simple:

Compare services, and select one that suits your needs.
Create an account by entering personal details like your name, email, address and phone number.
You may need to submit a scanned copy of your personal ID (i.e. passport photo page or driver’s license) to qualify for higher transfer limits.
Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.

Most of the time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay until your information is reviewed and a transfer specialist is assigned to your account.

How to send money through a bank

Bank transfers have long been regarded as reliable and safe. The steps for sending an international money transfer through your bank are generally as follows:

Login to your online banking portal.
Navigate to the international money transfers section of your account. It’s usually a good idea to check your bank’s exchange rates before sending money.
Typically, you need the address and SWIFT code of your recipient’s bank and their account information. SWIFT codes are used internationally to identify banks.

To send a bank wire transfer or money order, you need to visit your bank in person. You may also be able to get money orders at other financial institutions like post offices, credit unions, retailers and even some convenience stores and fuel stations.

What do I need to send and receive money abroad?

Make sure you have the following on hand when sending an international money transfer.

Your personal details. Name, phone number, and government-issued identification like a driver’s license or passport. Additional details may be required for security purposes, particularly for very large transfers.
Your recipient’s personal details. Name, phone number and residential address.
Your recipient’s bank information. Bank name, address, routing number, SWIFT code and your recipient’s account number.
Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.

What documents do I need to send money abroad?

When sending sending money abroad, you don’t need any particular documents other than a government-issued ID and your NRIC.

Generally, money transfers are not taxable and do not need to be declared in your Income Tax Return.

Compare money transfer services

How much does it cost to transfer money internationally?

The cost of sending an international money transfer varies between service providers. Factors like the type of transfer, destination country and amount being sent can affect your total cost.

Generally, banks and money transfers services make money from international transfers in two ways:

Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
Exchange rate margin. Most banks and money transfer services make a profit by taking a fee worth a small percentage of the mid-market rate (the “true” exchange rate between two currencies). This fee is called a “markup.” To save money, look for services that have as small a markup as possible.

Transfer for cash pickup can cost more than transfers to a bank account. Some companies charge higher fees for large transfers, while others will actually slash fees for large transfers.

Companies that offer fee-free transfers may make up for it with a poor exchange rate. This is why it’s important to look at the total cost of your transfer, not just the transfer fee or exchange rate.

Account number. A unique string of numbers used to identify a single bank account. Usually 8-12 digits long.
“Buy” rate. The amount of currency a bank or financial institution pays to get (or “buy”) a foreign currency. For example, if you’re exchanging SGD for USD and the rate is 0.74, then the bank will pay 0.74 US dollars to buy each Singapore dollar you have.
Bank and Branch code. A unique set of 2 codes used to identify a specific bank branch in Singapore. Similar to routing numbers in the United States or sort codes in the UK.
Currency. A government-recognised form of money used for buying and selling. Can be digital or physical in the form of bank notes and coins.
Currency pair. Any 2 currencies paired for the purpose of comparing how much each currency is worth relative to the other.
Domestic money transfer. Money transferred within your country of residence.
Exchange rate. The value of one currency when exchanged for another currency. For example, if 1 SGD = 0.71 EUR, then the SGD to EUR exchange rate is 0.71.
Fees. Money paid for services. In the context of money transfers, this could include transfer fees, currency conversion fees, service fees, wire transfer fees and more. Not all money transfer services charge the same fees, and some may even waive specific fees under certain circumstances.
Forex. Short for “foreign exchange.”
IBAN. Short for “International Bank Account Number.” An IBAN—which can be up to 34 alphanumeric characters, but is usually between 8 and 11 characters—identifies a specific bank account for international money transfers. Countries may have different standards on what an IBAN should look like.
Intermediary bank. A “middleman” bank through which money passes when transferring between 2 financial institutions. Intermediary banks may take a small fee from the funds being transferred. The fee charged by the bank or money transfer service you use to send funds does not include intermediary bank fees.
International money transfer. Money transferred from the country in which you live to another country.
Margin (on exchange rates). The exchange rate offered by banks and money transfer services is lower than the mid-market rate by a small percentage. This is known as a “margin” on the exchange rate. When converting your funds, banks and money transfer services pocket this percentage as a fee to make a profit.
Mid-market rate. The “true” exchange rate between two currencies, or the mid-point between the buy and sell rates for a currency (relative to another currency). The mid-market rate updates every 60 seconds during trading hours and is not available to customers.
Mobile transfer. A money transfer conducted on a smartphone using a mobile app owned by a bank or money transfer service.
Mobile wallet. Also known as a digital wallet or e-wallet, a mobile wallet is a digital application that lets users store and exchange currency electronically. Popular mobile wallets include Google Pay, Apple Pay, Venmo, Cash App and PayPal.
Recipient. The person receiving funds via money transfer, or the person to whom money is sent.
“Sell” rate. The amount of foreign currency a bank or financial institution asks for to give (or “sell”) another currency. For example, if you’re exchanging SGD for USD and the rate is 1.22, the bank will sell you 1 USD for every 1.22 Singapore dollars you have.
Sender. The person initiating a money transfer, or the person who is transferring money to someone else.
SWIFT code (BIC code). Short for “Society for Worldwide Interbank Financial Telecommunication.” Also known as a bank identifier code (BIC). A SWIFT code is a string of 8-11 alphanumeric characters used to identify a specific bank for international money transfers.
Wire transfer. A type of electronic funds transfer offered by major banks in which money is sent around the world through electronic networks operated by various banks and money transfer agencies. No physical cash is exchanged. Transfers can take up to several business days to settle.

Tips to save money on your international transfer

Looking for low fees and strong exchange rates isn’t the only way to save on your next international money transfer besides. The following tips can also help keep your costs down:

Use a service that offers zero markup the exchange rate. The mid-market rate is the “true” exchange rate between two currencies. While most transfer services add a margin on the mid-market rate to make money, some don’t. Instead, these services prefer to make money through transfer fees and possibly other charges. Depending on the type of transfer, it may work in your favour to use such a service.
Send larger transfers. Some services offer discounted or waived transfer fees if you send at, or above, a minimum amount.
Use forward contracts and limit orders. A forward contract lets you lock in a favourable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found before locking in your transfer.
Watch out for scams. With the number of scams increasing each year, it’s important to keep an eye out for the most common money transfer scams. It’s usually best to avoid sending money to anyone you don’t know personally.
Pay attention to taxes and regulations. Every country regulates money transfers differently. Make sure your recipient is aware of any tax or reporting obligations that apply to your transfer.

Best international money transfer apps

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First two transfers free for new customers

Pay no fees on your first two transfers, up to S$3000.

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Exclusive exchange rates for Finder readers + $0 fees

Visit the OFX site to see your savings. T&Cs apply.

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Frequently asked questions

It's possible to send money within seconds up to an hour if you use services WorldRemit, MoneyGram or Western Union. Funds transferred electronically typically pass through a national clearinghouse and other intermediary financial networks before being released to your recipient. If you opt to send an international money transfer with an instant cash transfer, then this could be available for collection as cash within as little as 20 seconds.
Ultimately, no. Banks and money transfer services must make a profit to continue providing international money transfer services. Some services offer zero transfer fees but charge a margin on the exchange rate. Others don't add a margin to the exchange rate, but you'll have to pay a transfer fee.
You may be able to find special promotions designed to attract new customers like zero fees on your first transfer. Learn more in our guide to free money transfers.
International money transfers and wire transfers are both types of electronic funds transfers. But international money transfers are typically handled by companies that offer money transfer services exclusively, while wire transfers are offered by banks. Additionally, wire transfer must usually be submitted in person at a bank branch, while money transfer services can be sent online.
Money transfer services have different strategies for making a profit, which results in different fee structures. Some may choose to cater specifically to a certain target audience like businesses or those who send recurring transfers. Fees are set up to carve out a market niche and appeal to different customers with different needs.

Sending money to a specific country? Learn more

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Stacie Hurst

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.

Compare international money transfer services

Compare to find the best rates and lowest fees for your next international money transfer from Singapore.