Must read: Temporary sending limit to Mexico
As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by TransferWise. We’ll update this information once the limit has been lifted.
SGD 1
Min. Transfer Amount
SGD 1,000,000
Max. Transfer Amount
1 - 2 days
Transfer Speed
Product Name | Wise International Money Transfers |
---|---|
Min. Transfer Amount | SGD 1 |
Max. Transfer Amount | SGD 1,000,000 |
Transfer Methods | Online |
Transfer Options | One off payments |
Transfer Speed Minimum transfer time | 1 - 2 days |
Customer Service | Phone, Email |
Available Currencies | AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, 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 |
Online Transfer Fee | 0.7% |
---|---|
Exchange Rate Updates | Real time |
Review by
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
TransferWise, unlike a lot of its competitors, makes it crystal clear how much you are paying in fees before you transfer. Money transfer companies can often try to hide fees and exchange rate markups from the user, making TransferWise a breath of fresh air. TransferWise offers accounts for both standard users sending to other individuals as well as business accounts with extra features like Xero integration.
When it comes to online transfers, I would be surprised to see big names like MoneyGram and Western Union offering better rates, but keep in mind that other online-specific companies may offer better deals than TransferWise. If you find yourself traveling overseas frequently or receiving payment in foreign currencies, be sure to look into the TransferWise Borderless account to see if it fits your needs.
As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by TransferWise. We’ll update this information once the limit has been lifted.
TransferWise’s multi-currency account
As long as you are sending Singapore dollars, TransferWise’s fees are the same no matter what country you are sending to from Singapore. Fees are determined by the following:
When we checked on 21 August 2020, TransferWise’s fees were as follows, based on the type of payment method you are using:
Payment fee | TransferWise fee | Total fees | |
---|---|---|---|
Bank transfer | None | 0.5% – 1% | 0.5% – 1% |
PayNow | None | 0.5% – 1% | 0.5% – 1% |
Debit card | 2.5% | 0.5% – 1% | 3% – 3.5% |
Credit card | 2.7% | 0.5% – 1% | 3.2% – 3.7% |
To give this more context, here is what sending $1,000 to the United States through TransferWise looks like on 21 August 2020:
Payment fee | TransferWise fee | Total fees | |
---|---|---|---|
Bank transfer | $0 | $5.72 | $5.72 |
PayNow | $5.34 | $7.61 | $12.95 |
Debit card | $25.53 | $5.61 | $31.14 |
Credit card | $27.24 | $5.61 | $32.85 |
TransferWise uses the mid-market rate for transfers and also allows you to lock in a rate for a day or more to complete your transfer. When we checked TransferWise’s rates against the mid-market rate on Google and XE, they were similar. TransferWise’s rates update multiple times a day.
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit TransferWise’s site to get a final quote.
Check if there are any TransferWise promo codes available
TransferWise transfer speeds are dependent on how much you are willing to pay in fees and when you send your transfer.
TransferWise offers money transfers to over 50 different currencies from Singapore. You can check out the full list of the currencies above, but the following are some of the more popular ones:
I began using TransferWise when I moved to the US from Australia a few years ago. I tested a few money transfer services and TransferWise was — and still is — my favorite for a couple of reasons:
TransferWise was founded in 2010 and serves millions of customers a year. TransferWise is fully registered and accredited by many global agencies, using the following global standards to protect your money:
Reviews accurate as of 21 August 2020.
Trustpilot | 4.6 out of 5 — based on 95,391 customer reviews |
CompareRemit | 3 out of 5 — based on 462 customer reviews |
Monito | 8.8 out of 10 — based on staff reviews |
NerdWallet | 4.5 out of 5 — based on staff reviews |
Finder | 4.2 out of 5 — based on staff reviews |
TransferWise’s reviews are moderately positive overall, with 86% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, TransferWise’s clear fee structure and transparent rates make it easy to trust, but that doesn’t mean it is perfect. Customers often complain about slow customer service and turnaround times as well as the fact that missing a dash in your transfer account number can heavily delay your transfer.
Singapore customers can pay using the following methods:
The funds are deposited directly into your recipient’s bank account once TransferWise receives your payment. TransferWise allows you to make secure one-off transfers to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.
Follow these six steps to have money sent in as little as a few minutes:
TransferWise offers support in two ways:
To contact TransferWise by email, visit the Contact Us page and enter your email address, select the topic of the question and provide as much detail as possible about your problem.
TransferWise provides phone support in 12 regions across the world. Both standard users and TransferWise Business users can contact support during business hours.
TransferWise has a mobile app on both the Google Play and Apple App stores. The app makes it possible to do the following:
Ratings accurate as of 4 September 2020 | |
---|---|
Google Play Store | 4.2 out of 5 — based on 86,686 customer ratings |
Apple App Store | 4.4 out of 5 — based on 598 customer ratings |
More on the best money transfer apps
TransferWise is a straightforward company that presents fees and exchange rates alongside your transfer. Given that you can lock-in your transfer rate for many hours after first seeing it, it’s worth checking TransferWise’s prices first before exploring the competition. If you are ready to make your transfer with TransferWise now, head on over to get started by creating your free account.
Yes. Set up a business profile with TransferWise to begin saving on business payments.
Yes, TransferWise has a debit card in Singapore. With it, you can spend any currency on your card at the real exchange rate and withdraw money from millions of ATMs abroad (up to $350 a month).
In your account, navigate to the pending transfer and there’ll be a button called Cancel transfer. This will work if the money is still being sent to TransferWise or if it’s being converted. However, once TransferWise pays your recipient, there’s no way to get it back. If the details are incorrect, the money will usually bounce. TransferWise will let you know in this case, so you’ll have the opportunity to update the details or cancel the transaction entirely.
Always make sure you trust the business or person you’re sending a money transfer to.