People send money to Singapore from different countries and for varied reasons. For instance, while a parent might need to pay tuition fees for a child who studies in Singapore, someone else might want to send money to a friend or a family member. No matter why you want to transfer money to Singapore, selecting a suitable service provider is important as it can save you time as well as money.
Transfer Money to Singapore
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Singapore dollar (SGD) is the official currency of Singapore. The Singapore dollar also serves as legal tender in Brunei because of the Currency Interchangeability Agreement between the two countries. Consequently, the Brunei dollar is used as legal tender in Singapore. In 2016, the Singapore dollar was the 12th most traded currency in the world.
If you wish to carry out an overseas money transfer to a bank account in Singapore you will need the receiving bank’s SWIFT code. Here are SWIFT codes of some prominent banks in the region.
|United Overseas Bank||Singapore||UOVBSGSGXXX|
|Bank of Singapore||Singapore||INGPSGSGXXX|
Popular Currency Corridors
Money flows in and out of Singapore regularly. In 2016, more than U.S. $5.9 billion was sent from Singapore to other countries in remittances. There is no data surrounding how much money flows out of the country because Singapore is one of the few countries that do not report remittance-related data to the International Monetary Fund (IMF).
The corresponding table gives you an indication of how much money left the country in 2016. The numbers are in U.S. dollars.
How Do I Compare Companies When Sending Money to Singapore?
When you are looking for a suitable way to send money to Singapore, it is important that you compare your alternatives across some crucial but simple parameters.
- Cost. Currency exchange rates and fees in different forms affect the cost of money transfers to Singapore, and both tend to vary from one service provider to the next. An easy way to find the most cost effective way to transfer money to Singapore is by comparing how much money the recipient stands to receive through different service providers.
- Speed. If the recipient needs money in a hurry, consider sending it to a cash pickup center. These transfers tend to take place almost immediately. If sending money to Singapore quickly is not your top priority, a bank account transfer might work well for you. These transfers may take up to five working days depending on where you initiate the transfer from, the service provider carrying out the transfer, and the receiving bank.
- Payment methods. How you get to pay for your transfer depends on the company you select. Paying using a bank account transfer is the most common method. Some companies do not accept debit or credit cards payments. Some, on the other hand, even let you pay using different region-specific methods such as POLi, iDEAL, SOFORT, and ACH.
- Customer service. Pay particular attention to this aspect if you plan to send money to Singapore periodically because you never know when you might need some kind of assistance. Some of the top companies provide local phone support in different countries. Most provide online support via email and/or chat. If you want to know how these companies fare when it comes to customer service, turn to review-based websites such as Trustpilot and Feefo.
How to Transfer Money to Singapore?
You may begin the process of sending money to Singapore in different ways.
- Online. Several banks let you send money to Singapore using their online platforms, and you also get to choose from various specialist money transfer companies. The latter tend to score over the former when it comes to cost effectiveness and speed.
- Over the phone. You can find companies that let you transfer money to Singapore over the phone, and you can also get access to a dedicated currency broker depending on the company you select.
- In-person. If you want to send money to Singapore in person, compare the services of the leading banks in your region with money transfer companies that operate out of physical locations.
Lim decided to move from Singapore to Australia when he found a suitable job there. His younger brother was still studying in Singapore, where he continued living with their mother. Since both were financially dependent on Lim, he had to keep sending them money regularly. Lim used the services of a popular Australian bank for the first few transfers, after which he compared it with some of the top money transfer companies. This is what he found.
|Bank||Money Transfer Service|
|Exchange rate||AUD 1 = SGD 0.9801||AUD 1 = SGD 0.0062|
|Transfer fee||AUD 20||AUD 0|
|Amount received for AUD 2,000||SGD 1,940.60||SGD 1,992.40|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||SGD 51.80|
By using the money transfer company instead of the bank, Lim’s mother ended up receiving a little extra money each month. The company he selected let him lock in exchange rates if he found them to be favorable, and he was also given the ability to schedule his transfers.
Cash Pickup Locations in Singapore
If your main aim is to send money to Singapore in a hurry, or if the recipient does not have a bank account, you may consider using the services of companies such as Western Union, MoneyGram, and Ria.
|Western Union in Singapore|
|HBZ International Exchange 111 North Bridge Road Peninsula Plaza 01 17 18 Singapore||JC Money Change 221 Boon Lay Place 01 128 Boon Lay Shopping Centre Singapore|
|Kranji Recreation Centre 11 Kranji Close #01-12 Singapore|
|MoneyGram in Singapore|
|Ameertech Remittance and Exchange Service 178 Toa Payoh Central #01-230 Singapore||Matchmove Pay Far East Plaza 14 Scotts Road 02-50b Singapore|
|Brunphil Express 304 Orchard Road #02-83 Lucky Plaza Singapore|
|Ria in Singapore|
|Toa Payoh 178 Toa Payoh Central #01-230 Toa Payoh Singapore||BKK Block 301 Ubi Avenue 1 01-275 Singapore|
|City Plaza 810 Geylang Road #01-09 City Plaza Singapore|
Safety Tips for Picking Up Cash in Singapore
Remain watchful of petty crime such as bag snatching and pickpocketing, especially at areas frequented by tourists, at hotels, on public transportation, and at airports. Do not leave your belongings unattended in parked vehicles. Use hotel safes to safeguard your valuables and travel documents when possible.
What Information Do I Need to Transfer Money to Singapore?
The transfer method you select has a bearing on the information you need to provide when sending money to Singapore.
- Bank account. You will need the recipient’s complete name and bank account number as well as the receiving bank’s name and SWIFT code.
- Cash pickup location. You will need to provide the location of a desired cash pickup center along with the recipient’s complete name. To collect the money the recipient will need to provide a reference number and an acceptable form of ID.
Regulations When Transferring Money To and From Singapore
The Singapore dollar is a free floating fully convertible currency, so you may make money transfers to and from Singapore easily. The Monetary Authority of Singapore oversees the region’s financial services sector and is responsible for setting the country’s monetary policy. The exchange rate of the Singapore dollar fluctuates within a policy band that the country’s central bank sets twice a year.
There are minimal restrictions when it comes to moving money in and out of Singapore. Businesses have to report all transfers that exceed SGD 5,000 to relevant authorities.
Compare your alternatives across different parameters and narrow down on the best way to send money to Singapore by taking your individual needs into account. To save even more money, look for ongoing promotional offers.
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