Best Remittance Services in Singapore (2023): Transfer Fees, FX fees Comparisons & More
Oftentimes, as a foreigner working abroad, there can be several scenarios where you may need to send money back home.
Whether it’s to support your family, pay for mortgages, build up savings or invest, or unexpected financial crises, these are financial obligations where you need to use international money transfer services or platforms to send money safely and securely back to your home country.
However, these services may come with pesky fees, such as transfer fees and conversion fees, which may add up to you losing out.
Not to fret. We’re here to share with you the best remittance services with the lowest fees possible! Let’s take a look below.
TL;DR: Best Remittance Services in Singapore (2023)
Click to jump:
- What to look out for in a remittance service
- Types of remittance services
- Pros and Cons of each type of remittance services
Disclaimer: Please note that the information provided by Seedly serves as an educational piece and does not constitute an offer or solicitation to buy or sell any financial product(s). It does not consider the specific investment objectives, financial situation, or particular needs of any person. Readers should always do their own due diligence and consider their financial goals before investing or purchasing any financial product(s).
Key Features to Look Out for in a Remittance Service
When choosing a remittance service, there are several factors to consider. Here are some key features and considerations people look for:
- Exchange rates
- Transfer fees: A flat fee or a percentage of the transaction amount
- Foreign exchange fees: Fees that are embedded in the exchange rate offered, which may differ from the mid-market rate (refers to the midpoint between the buy and sell prices of two currencies)
- Speed of transfer
- Security and reliability
- Coverage and accessibility
- Customer support and reviews
It’s important to note that remittance services typically charge a combination of transfer fees and foreign exchange fees. As such, it’s crucial to compare the total cost of the transfer by calculating both fees to understand how much your recipient will receive.
Similarly, cable and commission fees may apply depending on the type of services you use.
Types of Remittance Services in Singapore
Banks
The ‘traditional’ way of transferring money overseas. You would probably have to head down to the bank to engage in remittance services.
However, with digital transformation, you can remit almost instantly via online overseas banking in this day and age.
Without going too much into the technicalities, these are the methods by which you can remit money overseas:
| Fast and Secure Transfers (FAST) | FAST Transfer offers a quicker way to transfer funds internationally. It is a service some Singapore banks provide that enables near-instantaneous transfers to specific countries or within certain banking networks. Fast Transfer is designed for urgent and time-sensitive transfers, and the funds usually arrive within minutes or a few hours. This method is generally more expensive than traditional Swift transfers, but the added convenience and speed make it an attractive option when immediate transfer is required. |
| Telegraphic Transfer (TT) / SWIFT Transfer | SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. A SWIFT Transfer is a traditional method which involves electronically sending money internationally, where a network of banks and financial institutions communicate with each other to transfer funds. Swift transfers are widely accepted and can be used to send money to various countries around the world. However, they are typically slower compared to other transfer methods and may take a few days for the funds to reach the recipient. Additionally, Swift transfers often involve higher fees, including intermediary bank charges. |
| Online Banking Platforms | Most Singapore banks offer online banking platforms that allow customers to initiate overseas funds transfers. These platforms provide a convenient and user-friendly interface for managing transfers. Depending on the bank, customers may be able to send funds to a wide range of countries using their online banking accounts. |
| Mobile Banking Apps | Many banks in Singapore also offer mobile banking apps that enable customers to initiate overseas funds transfers on their smartphones or tablets. These apps provide similar functionality to online banking platforms and offer the flexibility to manage transfers on the go.
|
| Partnerships with Remittance Services | Some Singapore banks partner with remittance service providers specialising in international money transfers. These services often offer competitive exchange rates and lower fees compared to traditional bank transfers. Customers can typically access these services through the bank’s online banking platform or by visiting designated remittance service centres. |
Remitting via the bank may not be the cheapest option as there may be hidden charges and fees.
But with banks, it’s more or less secure as they are licensed by the Monetary Authority of Singapore (MAS).
This is the breakdown of the different bank charges:
| Banks | Transfer fees | Foreign exchange fees | Daily Transfer Limit | Transfer money to | Coverage | Transfer speed | Remarks | Promotions |
|---|---|---|---|---|---|---|---|---|
| DBS remit | $0 | Based on real-time FX rates | Up to S$200,000 | Bank account | 50+ destinations | Same day and up to 4 business days | - Competitive rates - For remittances to Malaysia, there will be a S$3 service fee for transactions of S$500 or less - Preferential rates when you send S$50,000 or more - $10 Handling Commission Fee is charged for crediting to a SGD or Foreign Currency Current Account (Waived for Treasures Customers) - No fees are charged for crediting to a Foreign Currency Fixed Deposit Account | New to DBS Remit: Receive S$12 cashback when you remit at least S$300 within the same calendar month. Enter promo code NEWREMIT before making a transfer. Promotion ends 30 June 2023. Current users: very month, from 1 April to 30 June 2023, remit a minimum of S$1,000 in a single transfer to earn S$50 cashback. Repeat for three months and you could earn up to $150 cashback! Enter promo code REMIT50 to qualify. |
| SC Remittance | $0 | 0% FX cost for eligible remittance transactions | Up to your daily limit | Bank account | 12 destinations | Same day and up to 4 business days | $0 transfer fees are only applicable when the currency you're sending is in SGD or USD, AND for the following payee markets: United States of America (USD), UK (GBP), India (INR), Australia (AUD), Canada (CAD), China (CNY), Hong Kong (HKD), Indonesia (IDR), Japan (JPY), Malaysia (MYR), Pakistan (PKR), Philippines (PHP), Spain/Germany/France (EUR), United Arab Emirates (AED), Vietnam (VND) | - |
| OCBC overseas funds transfer | S$0 | Based on real-time FX rates | Up to S$100,000 | Bank account | 18 destinations | Same day and up to 4 business days | Preferential FX rates when you send money overseas via digital banking in the following 18 currencies: Australia Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Hong Kong Dollar, Indian Rupee, Indonesian Rupiah, Japanese Yen, New Zealand Dollar, Norwegian Krone, Philippine Peso, Singapore Dollar, Sri Lanka Rupee, Swedish Krona, Swiss Franc, Thai Baht and United States Dollar. Agent fee applies and will be variable fees depending upon the remittance amount and currency. | Waived Cable Fee, Commission Fee, and Commission-in-lieu (for Foreign Currency accounts only, on top of Commission). promotion valid till 31 December 2023 for online overseas funds transfer. * Withdrawal from SGD Accounts: 1/8% commission (min S$10, max S$100) + Agent Fee (if applicable): fixed fee based on remitting currency + Cable Charge (flat fee of S$20) ** Withdrawal from Foreign Currency Account Without Foreign Exchange: 1/8% commission (min S$10, max S$120): 1/8% commission (min S$10, max S$120) + 1/8% commission-in-lieu of exchange (min S$25, max S$120) + Agent Fee (if applicable): fixed fee based on remitting currency + Cable Charge (flat fee of S$20) |
| HSBC Global Money Transfers | S$0 | Based on real-time FX rates | - Accounts held in other banks: Up to SGD250,000 (or its equivalent in foreign currency) - China via UionPay cards issued in Mainland China: Up to USD10,000 (with a single transaction limit of USD3,000) - Other third-party HSBC accounts: Up to SGD250,000 (or its equivalent in foreign currency) | Bank account | - Funds transfer: 50 markets - SWIFT, in foreign currencies: > 200 markets - Third-party HSBC personal accounts: > 20 countries/territories | Same day and up to 5 business days | Real-time rates are available from Monday at 09:30 until Saturday at 05:00 Singapore Time, excluding bank holidays. Exchange rates are subject to a higher bank spread during market closure. | - |
| Citibank Overseas Fund Transfer | No fees charged for transfers to Citibank accounts - 0.125% commission fee charged (min. S$20, capped at S$200) and a cable fee of S$30 (S$25 for Citi Priority and S$20 for Citigold and Citigold Private Clients) for transfers made to non-Citibank accounts | Based on real-time FX rates | Group 1 & 2 currencies: Up to S$250,000 The minimum transaction limit for Korean Won (KRW), Taiwan Dollar (TWD), Laotian Kip (LAK) and Nepalese Rupee (NPR) is USD25.00 equivalent. | Bank account | 43 destinations | - Group 1 currencies: Same day to 3 business days - Group 2 currencies: 7 to 10 business days | Rates provided are an "All in Rate", which will be different from the prevailing interbank market rate of the time of execution, as it includes a Bank Spread. Spreads charged are determined by the Bank in its discretion according to the amount placed, and will not exceed 3%. | - |
Remittance Service Platforms
In addition to banks, licensed money remittance platforms regulated by MAS also provide secure funds transfer services.
The greatest advantage of such services is that they are often transparent in their fees and you don’t have to worry about hidden fees.
CurrencyFair Money Transfer
With a Trustpilot rating of 4.4 out of 5 (6,583 reviews), CurrencyFair Money Transfer is a formidable provider that has proved its worth in the market.
CurrencyFair offers two helpful features: Currency Exchange Rate Alerts and the CurrencyFair Exchange. With Rate Alerts, you receive email notifications about exchange rate changes, ensuring you never miss out on favourable rates.
The CurrencyFair Exchange is a unique Person-to-Person foreign exchange platform. It enables buyers and sellers to bid for their preferred exchange rates. This allows you to secure your desired exchange rate and proceed with the transfer at your convenience.
It’s worth noting that CurrencyFair supports 20 currencies only. Additionally, to utilize the exchange platform, you must fund your CurrencyFair account through a bank transfer before initiating conversion requests.
| Platform | Transfer money to | Transfer fees | Foreign exchange fees | Transfer amount | Coverage | Transfer speed | Perks |
| CurrencyFair Money Transfer | Bank account | $5 + 0.25% to 0.6% of transaction amount | Based on other banks’ exchange rates, and lower | Min. $5 | 150 countries in 20+ currencies | Same-day transfer to 1-2 days | – |
eRemit Money Transfer
eRemit Money Transfer is a provider backed by Merchantrade Asia Sdn. Bhd and Kliq Pte Ltd. Our industry-leading solution enables safe and secure money transfer and remittance services between individuals as well as b2b payment transfers.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| eRemit Money Transfer | Cash, Bank account | From $3 + Margin in exchange rate + $2 service fee | Min. $3
AXS: Up to $9,990 PayNow: Up to $25,000 |
10+ countries | Same-day transfer to 1-2 days | Can link to PayNow or AXS for the remitting service |
Instarem Money Transfer
If you’re a miles chaser, you would’ve heard of Instarem Amaze card. By extension, you might’ve heard of Instarem Money Transfer too.
Offering competitive FX rates, Instarem is a strong contender among remittance service providers and with a Rate Watch feature, you can receive notifications when the rates have dropped to your desired exchange rate.
Similarly, you can earn rewards points as you make the transactions.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| Instarem Money Transfer | Bank account | 0.25% to 1% of the Mid-market rate | – No minimum transfer amount – Maximum amount depends on currency |
40+ countries | Same-day transfer to 1-2 days | – |
| Apply Now | Apply Now | |||||
MoneyGram Money Transfer
With MoneyGram, you will be able to transfer money internationally through mobile wallets and bank accounts online.
If you want to earn a zero-fee transfer, you can refer someone to download and use the app too!
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| MoneyGram Money Transfer | Bank account, Mobile Wallet | From $3 + Margin in Exchange rate | – No minimum transfer amount
– Online: Up to $13,500 |
200+ countries | Same-day transfer to 1-2 days | – |
OFX Money Transfer
OFX has a 4.5 out of 5 stars rating on Trustpilot (6,022 reviews)!
If you are using a bank to transfer money, you should know that they can often charge large margins on your transfers in addition to a flat transaction fee. At OFX, they offer bank-beating exchange rates and have waived their OFX transfer fee for eligible transfers.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| OFX Money Transfer | Bank account, BPAY, Electronic Funds Transfer and Direct Debit | Based off the current Market Rate and includes our margin but excludes any fees (if applicable) | Min. USD $150 | 170+ countries | Same-day transfer to 1-2 days | – 24/7 hotline – Fix a rate for future transfer |
Revolut Money Transfer
Revolut is a versatile financial platform that allows you to send money globally. You can enjoy instant peer-to-peer transfers if your recipient is also a Revolut user.
In addition to its banking capabilities, your Revolut account serves as a financial tracker with analytics and customizable budgets.
When it comes to fees, Revolut grants you access to interbank exchange rates, regardless of your pricing plan. Markups only apply to select illiquid currencies and transactions outside London Forex trading hours.
For local currency transfers, remittance fees are 0.40% of the transferred amount. Foreign currency transfers incur fees ranging from S$5 to S$9. If you opt for SWIFT international transfers, the fee is S$5 for USD, EUR, GBP, and CHF, or S$9 for other currencies.
Revolut offers three pricing plans to choose from:
- Standard: Free of charge. Benefits include a
- Premium: S$9.99 per month. Benefits include
- Metal: S$19.99 per month. Benefits include
Revolut is ideal for digital natives seeking convenient and instant peer-to-peer money transfers.
| Plan | Price | Transfer money to | Transfer fees | Transfer amount | Coverage | Perks | Apply Now |
| Standard | Free of charge | – Bank account
– Other Revolut users |
0.3%, pegged to a maximum of S$9 | – No min. transaction amount
– Max. amount depends on currency |
190+ countries | Complimentary Revolut Junior account for one child and fee-free international ATM withdrawals of up to S$350 per month. | Apply Now |
| Premium | $9.99/month | One free remittance per month and a monthly transfer limit of S$15,000. | Apply Now | ||||
| Metal | $19.99/month | Unlimited free remittances and no transfer limit. | Apply Now |
SENTBE Money Transfer
SentBe is a licensed overseas remittance company registered in South Korea.
With this app, you can have a virtual account (SentBe Wallet) which allows you to change up to 5 million Korean Won.
This is probably the best for Koreans living and working in Singapore.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| SentBe | Bank account, Cash, Mobile Wallet | 0.50% to 1% of transaction amount | Min. $1 | 50 countries | Same-day transfer to 1-2 days | – |
SingX Money Transfer
SingX is a local money remittance platform that stands out for its low fees and transparency. Its unique feature is that it guarantees no fees for your recipient when receiving the money.
This seemingly small detail is significant because banks often charge fees for receiving remittances. While other platforms may try to absorb this fee, they may not always succeed. As a result, the bank fee is deducted from the amount your recipient receives, reducing the contribution to your family.
SingX avoids this issue by ensuring that the funds are received as a local transaction instead of a cross-border transaction, eliminating additional fees.
Furthermore, SingX offers attractive service fees, typically ranging from 0.25% to 1% markup. Most transactions fall around the 0.5% mark.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| SingX Money Transfer | Bank account
Cash payouts available in Philippines |
$0 for recipient | Up to S$1 million, but individual limits may apply for different countries | 30+ countries | Same-day transfer to 1-2 days | – |
Western Union Money Transfer
With Western Union (WU), you have the flexibility when choosing recipient’s options for receiving the money. You can select from multiple methods, including bank transfer, mobile wallet, or a cash payout.
One of the key benefits is the convenience of physical counters available for both sending and receiving money. Whether you prefer to use a credit card, debit card, or cash, WU provides accessible locations for your transactions.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| Western Union Money Transfer | Bank account, Cash, Mobile Wallet | A percentage of exchange rate | Online: Up to S$1,000 daily, S$3,000 weekly or S$6,000 monthly | 200+ countries | Same-day transfer to 1-2 days | – |
Wise Money Transfer
Besides Revolut, you might’ve heard of Wise, which is another multi-currency account that comes with a card, and prides itself on low fees.
You can get a free debit Mastercard that’s linked to your multi-currency account that allows you to hold 50+ currencies. You’ll also receive a local bank account for selected currencies, which lets you receive funds without paying any fees.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| Wise Money Transfer | Bank account, Debit card | % of the currency
SGD to MYR, you pay a small, flat fee of 0.45 SGD + 0.67% of the amount that’s converted |
– | 70+ countries | Same-day transfer to 1-2 days | Get a free debit Mastercard that’s linked to your multi-currency account that allows you to hold 50+ currencies. |
WorldFirst Money Transfer
WorldFirst provides affordable remittance services that guarantee fast and secure transfers with incredibly competitive FX rates for businesses and online sellers only.
It guarantees fast and secure transfers with incredibly competitive FX rates, where you can anytime, 24/7, through a dedicated account manager or online platform.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| WorldFirst Money Transfer | Bank account | % of the currency | No limit | 37 currencies | Same-day transfer to 1-2 days | – |
WorldRemit Money Transfer
With WorldRemit, you can securely send funds to over 150 countries with ease and convenience. Experience fast, reliable, and cost-effective transfers, making supporting your loved ones and businesses worldwide simpler.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| WorldRemit Money Transfer | Bank account, airtime top-up, cash pickup, debit card, credit card | $3.99 + % of Exchange rate | Varies based on currencies | 130+ countries | Same-day transfer to 1-2 days |
No fee with the code 3FREE |
ZhongGuo Remittance Money Transfer
ZhongGuo Remittance specialises in seamless money transfers to and from China
you can securely send funds to various Chinese locations, ensuring your transactions are efficient and reliable.
Experience hassle-free remittance services that easily connect you with your loved ones and business partners in China.
| Platform | Transfer money to | Transfer fees | Transfer amount | Coverage | Transfer speed | Perks |
| ZhongGuo Remittance Money Transfer | Bank account | $0; % of Exchange rate | No min. and limit | 10+ currencies | Same-day transfer to 1-2 days | – |
PayNow-UPI
For the uninitiated, Paynow-UPI is a new payment service established between Singapore and India that enables Indian nationals in Singapore to transfer money instantly to their Indian counterparts overseas.
Here’s a guide to how to use the PayNow-UPI service!
Pros And Cons of Each Type of Remittance Service in Singapore
In summary, you need to know the pros and cons of banks and digital remittance services:
| Online Remittance Service | Bank Remittance Service | |
|---|---|---|
| Pros | Convenient and user-friendly platform | Wide network of branches and physical locations |
| Faster transfer times | Direct integration with your bank account | |
| Competitive exchange rates | Established reputation and trust | |
| Lower transaction fees | Personalised customer service | |
| Variety of payout options (bank transfer, mobile wallet, cash pickup, etc.) | Potential for discounted fees with premium banking relationships | |
| 24/7 accessibility and availability | Enhanced security measures and fraud protection | |
| Cons | Limited physical presence and in-person assistance | Lengthier processing times |
| Reliance on Internet connectivity | Higher transaction fees in some cases | |
| Some services may have country restrictions | Exchange rates may be less competitive | |
| Potential for technical issues or service interruptions | Limited payout options and flexibility | |
| Limited currency options | Possible additional fees for intermediary banks |
What Is the Cheapest Type of Remittance Service?
If price is your only concern, I’d say an online remittance service would likely provide a better offer.
However, without the Internet, it would be difficult for you to perform any transactions. Do weigh your pros and cons carefully before settling with one!
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