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How do I transfer money overseas from my bank account?
It’s easy to send money overseas from your bank account, but make sure you shop around to find the most affordable transfer option.
There are lots of different ways you can go about transferring money overseas from your bank account. From inter-bank transfers to specialist online money transfer companies and even PayPal, you’re spoiled for choice when it comes to funding your international transfer.
However, differences in exchange rates and transaction fees can have a huge impact on the affordability of your transfer, so it’s important to compare your price options and shop around for the best deal.
Compare your bank account money transfer options below
How can I transfer money overseas from my bank account?
There are several ways you can use your bank account to fund an overseas money transfer, including:
- Bank transfers. You can send a transfer from your Singapore bank account to an international bank account via your financial institution’s online or mobile banking portal. All you have to do is enter your recipient’s name and bank account details and then submit the transfer. You also have the option of requesting an overseas telegraphic transfer in person at your nearest bank branch or sending an international bank draft.
- Online money transfer companies. The next option is to send money overseas using a specialist online money transfer company such as WorldFirst or OFX. These providers are experts when it comes to international money transfers and allow you to fund transactions using a transfer from your bank account.
- MoneyGram. Money transfer company MoneyGram allows you to send an online transfer from your bank account to an overseas bank account.
- PayPal. PayPal offers international money transfers from Singapore to more than 200 destinations around the world. If your PayPal account is linked to your bank account, you can use your bank account to fund the transfer.
Which transfer option could I choose?
The right transfer option for you will depend on your circumstances and a range of other factors, including where you are sending the money and the urgency of the transfer. Each transfer option listed above has its own pros and cons:
- Bank transfers. The main benefit of sending an international transfer straight from your bank account is convenience. You can set up a transfer request and send the money straight from your online or mobile banking account. Everything can be done from the comfort of your own home, and you don’t have to register for any new accounts. The downside is that banks charge higher transfer fees and offer lower exchange rates than you can find elsewhere.
- International bank drafts. An international bank draft is a secure way to send funds overseas. The bad news is that sending money via this old-fashioned method can take four to six weeks for the transaction to be completed, while you will also have to pay a significant transfer fee.
- Online money transfer companies. These companies specialise in international transfers and can offer much better exchange rates than the banks and cash transfer companies. They also charge lower fees, possibly even zero fees on large transfers, and offer fast and convenient online transactions. However, these companies may not allow you to transfer to as many destinations around the world as you can when sending money directly from your bank account.
- MoneyGram. MoneyGram’s online bank-to-bank transfer service offers fast and secure transfers to overseas bank accounts. The downside is that its exchange rates are not as competitive as those from online transfer companies.
- PayPal. PayPal also offers the convenience of online transfers and provides access to a wide range of transfer destinations around the world. Unfortunately, PayPal’s fee structure means that its international transfer service is best used for small amounts only; the currency conversion fee and transaction fee that apply are calculated as a percentage of your transfer amount.
How do you wire money to a bank account?
A wire transfer is an electronic transfer of money that is quick. Some banks allow you to do this via online banking account, however, some still require you do this in your local branch. You will need to provide specific information about your recipient’s bank account to complete the transfer. This is outlined below.
How do I send an international transfer straight from my bank account?
If you want to send money straight from your bank account to an overseas bank account, it’s easy to do so through online banking. The exact process varies depending on the financial institution you are sending the money from, but you will generally have to complete the following steps:
Step by step guide
- Log in to your Internet banking account.
- Click on the link to make a payment.
- Click the relevant link to create a new payee/recipient.
- Enter the country where you will be sending the transfer.
- Enter the details of your recipient’s bank. Depending on the country you are transferring money to, you may have to enter an IBAN (International Bank Account Number) or SWIFT/BIC number.
- Enter your beneficiary’s account name and number.
- Select the account you will be transferring the funds from.
- Provide full details of your transaction, including the amount and currency you are sending. You can also specify whether this is a one-off transfer or whether you are scheduling a recurring transfer.
- Review the transfer details and submit your transaction request.
Once you’ve submitted your transfer request, it usually takes between two and five business days for the transaction to be completed.
What is the cheapest way to send money overseas from my bank account?
If the price is the most important consideration when you’re transferring money overseas from your bank account, in the vast majority of cases the cheapest way to send money is via a specialist online transfer company. These foreign exchange providers trade in large volumes of foreign currency, and because they’re online businesses, they have fewer overheads than banks and other bricks-and-mortar businesses.
As a result, online transfer companies can offer better exchange rates than banks and other transfer providers – do a quick comparison to see just how much more value for money you can get. They also tend to charge lower fees and will sometimes even waive their fees on large transfers.
So if you want to find the most affordable way to transfer money overseas from your bank account, compare international money transfer providers at finder Singapore today.
What is a Western Union money transfer?
Western Union is a company that provides international money transfer services. It offers a range of money transfer options – you can send money 24/7 via SAM, visit one of the Western Union agents or use the Western Union mobile app to lock in a transfer. You can also arrange for your recipient to pick up money as cash from a Western Union agent, or send money directly to someone’s bank account.
Can I send money to a bank account through Western Union?
Yes, you can send money online to a person’s bank account through Western Union. However, you can only do this for recipients in certain countries. For example, you can transfer to a bank account in the UK and China. You can check their website to see all the information required for an online transfer to a receivers bank account as this can vary depending on which country they are in.
Can I use MoneyGram to send money to someone’s bank account?
Yes, you can send money to your recipient’s bank account using the provider MoneyGram. The provider has partnered with over 400 banks globally which allow direct bank to bank transfers. When making a transfer with MoneyGram, after you select the receiver and enter their full name and country, simply select ‘Account Deposit’ as the receive option.
How do I compare international money transfer providers?
There are several factors you need to consider when choosing a company to handle your next international money transfer, including:
- Competitive exchange rates. The better the exchange rate, the better value for money you can get on a transfer. Search for the company that offers consistently competitive exchange rates, but remember that there may also be higher transfer fees attached.
- Little to no transaction fees. Transaction fees for international money transfers can range from $0 up to $60 or even more, so it pays to compare the fees charged by competing providers. Some online transfer companies will also waive their fees when you send large amounts, for example, $10,000 or more.
- A range of transfer destinations. Check to see whether the country you want to transfer your money to is supported by the transfer provider you select, as well as whether you can send money in the currency you want.
- Short processing times. Find out how long it will take for the funds you transfer to arrive in your recipient’s bank account. If you need to send money as quickly as possible, you may need to send a cash transfer rather than funding the transaction with a bank account transfer.
- Flexible transfer options. Some providers offer one-off transfers only; others allow you to place forward contracts and limit orders to lock in the exchange rate you want and get better value for money.
- Reliable customer support. If you ever have a problem with a transfer or simply need help understanding how the transfer process works, will you be able to quickly access customer support? Phone, email and live online chat support are all helpful options, as is an online help centre or FAQ section.
It’s easy to transfer money overseas from a bank account, but it’s important to compare your options first to ensure that you get the best value for your money.
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