Review: SingX international money transfers

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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.

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 7.50 0.716 USD
711
SingX offers the real exchange rate every time you make a transfer and is based locally in Singapore. 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.

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 2,000 1 - 2 days SGD 0.00 0.713 USD
7,132
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it. Go to site Show details
SGD 250 1 day SGD 0.00 0.713 USD
7,132
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
SGD 1 Same day SGD 3.99 0.713 USD
7,125
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
SGD 250 1 day SGD 0.00 0.713 USD
7,132
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.716 USD
7,128
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.712 USD
7,119
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 75.00 0.716 USD
7,106
SingX offers the real exchange rate every time you make a transfer and is based locally in Singapore. Go to site Show details
SGD 200 2 days SGD 50.00 0.71 USD
7,067
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Go to site Show details
GBP 5,000 1 - 2 days SGD 0.00 0.713 USD
7,132
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. 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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