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Review: SingX international money transfers

Save on your transfer with the mid-market rate and a low transfer fee.

  • Great for fair exchange rates and fast transfers. You can also see what fees you’ll be charged without making an account.
  • Since the fee is a percentage, it can add up on larger transfers. Your receiver also must have a bank account.

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SGD 1

Min. Transfer Amount

SGD 1,000,000

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameSingX International Money Transfers
Min. Transfer AmountSGD 1
Max. Transfer AmountSGD 1,000,000
Transfer MethodsOnline, Bank Account to Bank Account, Cash Transfer
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, PKR, SGD, THB, USD, VND
Online Transfer Fee0.35%

Pros

  • Send money in 16+ currencies
  • Most transfers take 1 business day
  • Regulated by the Monetary Authority of Singapore (MAS)

SingX exchange rates and fees

SingX is one of the few services that offers its customers the mid-market rate (also commonly known as the interbank rate). This is the rate you’ll see on Google or Reuters and it’s what your money’s actually worth on the global market, compared to another currency.

While you might see that the quoted exchange rate from your bank or other money transfer services is different from the mid-market rate, this is not the case with SingX. Other services profit from this margin added on to the exchange rate, but SingX only charges a fee ranging between 0.5% and 1% that’s quoted to you upfront.

Take a look at what your transfer would look like with SingX by using the calculator below, which offers live exchange rates and fees.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 1 1 day SGD 4.30 0.741 USD
738
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.
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Compare up to 4 providers

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

Available currencies

SingX offers money transfers to over 16 different currencies, including:

  • AUD Australian dollar
  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • THB Thai baht
  • PHP Philippine peso
  • USD US dollar
  • VND Vietnamese dong

What types of transfers can you make with SingX?

With SingX, you’ll only be able to make transfers to a bank account, so you can’t send to a cash pick-up location or mobile wallet just yet.

SingX also doesn’t offer some of the forex products its competitors do, like forwards contracts and limit orders, but there is a service specifically for businesses.

Which payment methods does SingX accept?

You can only pay for your transfer through bank transfer. SingX is unable to accept cheque or cash payment and has yet to enable payment by credit or debit card.

How long does a transfer with SingX take?

Transfer time depends mostly on what currency you’re sending and the speed of Internet banking transfers in the recipient’s country.

Typically, SingX takes one business day to credit your funds to your receiver’s bank account.

Transfers typically takeClock icon for transfer speed

1 day

Is SingX safe to use?

  • Security and regulation: Regulated by The Monetary Authority of Singapore (MAS), 2FA verification, funds are kept in a segregated client account.
  • Established: 2014
  • Reviews: Google reviews gives SingX a score of 4.5 out of 5, based on over 413 reviews*
  • Awards: MAS Global FinTech Award Winner 2017

*According to SingX and Google Reviews on 21 May 2019

SingX uses 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. This gives you an extra layer of protection for your account. Since SingX is a government-regulated payment services provider, it keeps its clients’ money in segregated bank accounts, separated from its own funds. This means that even if SingX runs into financial trouble, your money will be safe.

How to register an account

What is SingX?

SingX is a Singapore-based fintech startup founded in 2014 by former American Express banker Atul Garg to disrupt the cross-border payments industry. Through technology and removing hidden costs such as foreign exchange mark-ups, cable charges and bank commissions, the company claims to be able to provide cheaper, faster and more convenient current payment solutions than its competitors.

In a nutshell

Pros
  • Offers the interbank rate. The mid-market rate is the fairest exchange rate you’ll be able to find.
  • Transparent fee structure. You can see the fees you’ll be paying without having to sign up for an account.
  • Fast transfer. It typically takes only one working day to transfer the funds to your receiver’s bank account.
Cons
  • Fees can add up. Since most of the fees come from a percentage of the transaction, you’ll find they may add up if you’re sending a lot of money. Compare your quote to some other options for large transfers.
  • Receiver has to have a bank account. You won’t be able to send to a cash pick-up location or mobile wallet.

How does SingX compare to other services?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.733 USD
7,329
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 0.738 USD
7,384
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 0.738 USD
7,384
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 0.738 USD
7,378
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 0.738 USD
7,384
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 0.741 USD
7,381
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 0.737 USD
7,372
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 0.741 USD
7,382
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 0.735 USD
7,318
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.

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