5 Best Ways to Send Money Internationally From Singapore

Sending money abroad from Singapore is a common need for many, whether you’re supporting family back home or managing business payments overseas. While online options have made international payments easier than ever, finding the right method that balances cost, speed, and reliability can still be a challenge.

In this article, we break down the top 5 ways to transfer money internationally from Singapore, be it for your loved ones or your business suppliers. We’ll cover essential details like transfer fees, limits, and speed to help you choose the best solution for your needs.

When it comes to transferring money outside of Singapore, there are several reliable options to suit different needs. Here’s an overview of the most common ways to send money overseas:

1. Bank Transfers: Traditional bank-to-bank wire transfers allow you to send money directly from your Singapore bank account to an overseas bank account. This option is very secure but often comes with higher fees and slower processing time.
2. Online Money Transfer Services: Platforms like Remitly and Wise offer competitive fees, faster processing times than banks, and flexible payment methods like credit cards, debit cards, and digital wallets. Ideal for cost-effective and quick transfers.
3. Digital Wallets: Services like PayPal enable easy, direct transfers between users. These are convenient for peer-to-peer payments but might not provide the best exchange rates.
4. Multi-Currency Accounts: A multi-currency account is a cost-effective solution for businesses or individuals with recurring international payments. These accounts allow you to hold funds in multiple currencies and convert them at competitive exchange rates when needed.

Best option for: Expats and foreign workers in Singapore who need an affordable and flexible way to send money quickly to family and friends abroad. 

Remitly is an online remittance service founded in 2011 with a global footprint spanning over 170 countries. It specialises in helping individuals, particularly expats and foreign workers, send money to their families abroad with competitive fees and a user-friendly platform. Moreover, it offers multiple delivery options, including bank deposits, mobile wallets, and cash pickup in some locations, making it suitable for recipients without bank accounts or those needing flexible ways to receive funds.

• Coverage for transfers from Singapore: Over 150 countries and territories, including Australia, India, Hong Kong, China, the Philippines, the United Kingdom, and most countries in Europe and Africa.
• Supported payment methods: Debit cards, credit cards, and bank account transfers.
• Supported receiving methods: Cash pickup, mobile wallets, home delivery, direct transfer to a bank account, and more, depending on the recipient’s location.
• Transfer Limit: Depends on the country; EUR 30,000 for the Eurozone, AUD 10,000, USD and GBP 25,000 for example.
• Customer Service Channels: 24/7 support in 18 languages via phone call or online chat.

Cost and Speed

The fees and speed of sending money abroad with Remitly depend on factors such as the destination country, currency, pickup method, and system availability. Transfer speeds are generally fast, with options for express delivery (delivery within minutes) or economy delivery (3-5 business days) in certain countries.

To illustrate, here are the fees for international transfers to frequent destinations from Singapore. Transfer fees and exchange rates may vary based on the amount and other factors.

Remitly guarantees to deliver the funds on time, otherwise the fees will be refunded. Additionally, first-time senders can benefit from special offers, such as waived fees on the first transfer and promotional exchange rates on part of the amount sent.

Remitly Pros and Cons

Best option for: Entrepreneurs and SMEs in Singapore looking for a reliable, multi-currency solution for international business transfers.

Statrys is a licensed Money Service Operator providing payment solutions for SMEs, including company incorporation services in Singapore and multi-currency business accounts.

Businesses registered in Singapore can open a Statrys business account to hold up to 11 currencies, including SGD, HKD, USD, CNY, and JPY. The account supports international telegraphic transfers, local payments in 12 currencies, and currency conversion at favourable FX rates, with personalised support from a dedicated account manager.

• Coverage for transfers: Over 100 countries via the SWIFT network and local transfers in 12 currencies, including Philippine Peso (PHP) and Indonesian Rupiah (IDR).
• Supported payment methods: Wire transfers, including SWIFT transfers and local methods such as SEPA payments in Europe and FPS in Hong Kong. 
• Supported receiving methods: Direct to bank accounts.
• Transfer Limit: No limit. 
• Customer Service Channels: Online chat, email, phone, and WhatsApp, available from 10 a.m. to 7 p.m. (UTC+8).

Cost and Speed

To use Statrys for international transfers, you first need to apply for a business account. The table below outlines the fees associated with Statrys:

International transfers from Statrys accounts typically take 2-3 business days to process, depending on the destination country and the recipient’s bank. Transfers include real-time tracking and MT103 documents for full transparency and proof of transfer.

Statrys Pros and Cons

Best option for: Individuals and businesses in Singapore with residency status, as well as parents sending tuition fees abroad.

SingX is an online transfer and payment services company headquartered in Singapore. Its offerings include digital payment platforms for individuals and businesses, supporting B2B payments, as well as white-labelled solutions for financial institutions. With competitive exchange rates, low fees, and global coverage, SingX is a practical choice for families handling recurring education expenses abroad, such as tuition fees and living costs.

• Coverage for transfers from Singapore: Local currency payments to over 50 countries and international transfers to over 180 countries via the SWIFT network.
• Supported payment methods: SingX SGD Wallet (top-ups via PayNow or online bank transfers) and direct transfers from your local bank account. 
• Supported receiving methods: Bank accounts. 
• Transfer Limit: Transfer up to SGD 1 million.
• Customer Service Channels: Phone and email.

 Cost and Speed

SingX uses the real mid-market exchange rate for foreign currency conversions, ensuring highly competitive rates. However, transfer fees and processing speeds vary based on the destination and transfer type. For instance: 

Similar to other providers, SingX offers the first two transfers for free as a welcome promotion, although terms and conditions may apply.

SingX Pros and Cons

Best option for: Frequent travellers and individuals looking to send money to Southeast Asia (SEA) or globally at low fees. 

Wise (formerly TransferWise) is an international money transfer service available in many locations worldwide, including Singapore. Its online platform allows individuals and businesses to send money globally, supporting over 40 currencies. For added flexibility, funds can be sent via direct bank transfers or Wise multi-currency accounts.

• Coverage for transfers from Singapore: Over 90 countries and territories, including Australia, New Zealand, Thailand, Indonesia, and most countries in South America. 
• Supported payment methods: PayNow, bank transfers, and the Wise multi-currency account.
• Supported receiving methods: Wise accounts, bank accounts, Alipay (sending to be received in CNY).
• Transfer Limit: Up to SGD 2 million for bank transfers, SGD 15,000 for linked bank accounts, and SGD 16,000 for debit and credit cards (or equivalent in the receiving currency). The account can hold up to SGD 20,000. 
• Customer Service: Online chat, email, and phone. 

Cost and Speed

Users can set up a free Wise account to send money abroad, but there are fees for certain features, such as an SGD 8.50 fee to get the Wise debit card. If you plan to open a Wise account, please refer to their pricing page for full details.

Wise charges from 0.31% for sending money, but the total cost and speed of transfers from Singapore depend on the recipient's country, transfer amount, and method. Here are a few examples to illustrate:

Wise Pros and Cons

Best option for: Those who prefer to pay in cash or need to send funds to recipients who want to collect cash at agent locations. 

Western Union is one of the oldest and most widely recognised international money transfer services, operating in over 200 jurisdictions worldwide. It is particularly well-suited for cash pickups at agent locations, making it a good choice for those sending money to regions with limited digital banking services. 

• Coverage for transfers from Singapore: Over 200 countries and territories worldwide.
• Supported payment methods: Cash, debit or credit card, and direct bank transfer via DBS FAST.
• Supported receiving methods: Bank accounts, mobile wallets, and cash pickup.
• Transfer Limit: Up to SGD 20,000 per transfer via PayNow (for verified users) or SGD 5,000 for other payment methods.
• Customer Service: 24/7 phone support in English; from 8 a.m. to 10 a.m. in Mandarin.

Cost and Speed

Like other providers, Western Union's transfer fees and speed for international money transfers depend on factors such as the payment method and destination country. You can use their fee calculator to estimate the cost.

New users can enjoy an SGD 0 transfer fee on their first transfer via PayNow or bank transfer with Western Union.

Western Union Pros and Cons

Now that we’ve covered the options you have for sending money abroad from Singapore, let’s cover the things to consider when choosing the right money transfer service. Several factors can influence the overall cost and convenience of your transaction, including:

1. Fees and exchange rates: Compare the transfer fees and exchange rates offered by different providers. Some services charge a flat fee, while others take a percentage of the transfer amount. Look for providers that offer competitive rates, preferable mid-market rates, and transparent pricing. 
2. Transfer speed: The time it takes for funds to reach the recipient can vary based on the service and payout method. 
3. Payment and payout methods: Check which payment methods are supported and how recipients can receive the funds. 
4. Customer Support: Reliable customer service can make a big difference, especially if there are issues during the transfer process. Look for providers that offer accessible support channels like phone, email, live chat, or multilingual assistance.
5. Transaction frequency: If you need to send money regularly, consider opening a multi-currency account. These accounts allow you to hold, send, and receive funds in different currencies, reducing frequent conversion fees and saving money on recurring international payments.

Although sending money through online transfer services is generally safe and fast, some mistakes can delay the process. Here are a few common mistakes to avoid: 

• Not comparing exchange rates and fees: Failing to shop around can result in paying higher fees or receiving less favourable exchange rates.
• Not verifying recipient details: Entering incorrect bank account information, such as bank name, account number, and recipient name, can cause unnecessary complications.
• Using non-secure platforms: Choosing unverified services puts your funds and personal information at risk.
• Not checking public holidays or bank closures: Overlooking public holidays in the sender’s or recipient’s country can delay processing times.

Before confirming a transfer, always double-check all the details, including the calendar for public holidays. For example, a transfer with a one-day processing time could be delayed by several days if it is made during a long public holiday.

While there are many great options for sending money internationally from Singapore, the best choice will depend on your specific needs. Whether you’re making a one-time urgent transfer, sending money back home to family, or managing business payments to suppliers, considering factors like exchange rates, customer support, and transfer speed will help you find the most cost-effective and reliable option.