facebookWhich International Money Transfer Platform Is The Cheapest?


Which International Money Transfer Platform Is The Cheapest?

profileMing Feng

To transfer money overseas can sometimes be a real headache.

This is especially so for expats in Singapore where this form of service impacts them the most.

In fact, one can incur a loss every time they adopt a service to transfer money overseas due to a few reasons:

  • Every platform charges possible service or transfer fees
  • Platforms usually give consumers a less favourable exchange rate to increase their profit margin

For consumers making a huge amount of transaction, the need to optimise cost and fees becomes even more important.

TL;DR: Remittance Services in Singapore: CurrencyFair, eRemit, InstaReM, OFX, SingX, Wise, WorldRemit

  • All the stated players are Registered Remittance Business with the Monetary Authority of Singapore
  • According to the exchange rates as of 26 Feb 2021, InstaRem has the best rates for the most number of currencies – US Dollar (USD), European Euro (EUR), Indonesian Rupiah (IDR) and Chinese Yuan (CNY).

Comparing All Platforms With Commonly Used Currencies

To better determine the cheapest platform in the market, we compare them using the rates for some of the most exchanged currencies in the world.

*Note: All fees are deducted before conversion, and accurate as of 26 Feb 2021.

Best Platform To Send S$1,000 To US Dollar (USD)

 RateFeeTotal Amount To Receive
CurrencyFairUSD 0.7559SGD 4USD 751.90
InstaReMUSD 0.7583SGD 4USD 755.27
OFXUSD 0.7476SGD 15USD 747.60
SingXUSD 0.7583SGD 8 USD 752.23
WiseUSD 0.7592SGD 5.72
(0.44% + SGD 1.35)
USD 754.87
WorldRemitUSD 0.7442SGD 3USD 744.20

Best Platform To Send S$1,000 To Indian Rupee (INR)

 RateFeeTotal Amount To Receive
CurrencyFair INR 54.669SGD 0INR 54,669
eRemitINR 54.984SGD 3INR 54,820
InstaReMINR 54.927SGD 3.50INR 54,734.76
OFXINR 53.468SGD 15INR 53,468
SingXINR 54.941SGD 4INR 54,721
WiseINR 54.978SGD 5.89
(0.54% + SGD 0.52)
INR 54,651
WorldRemitINR 53.940SGD 3INR 53,940

Best Platform To Send S$1,000 To European Euro (EUR)

 RateFeesTotal Amount To Receive
CurrencyFair EUR 0.6188EUR 3EUR 615.80
InstaReMEUR 0.621SGD 3.50EUR 618.83
OFXEUR 0.6112SGD 15EUR 611.20
SingXEUR 0.6203SGD 7.50EUR 615.64
WiseEUR 0.6209SGD 4.74
(0.44% + SGD 0.36)
EUR 617.86
WorldRemitEUR 0.6131SGD 3EUR 613.19

Best Platform To Send S$1,000 To Philippine Peso (PHP)

 RateFeesTotal Amount To Receive
CurrencyFair PHP 36.680PHP 80PHP 36,600
eRemitPHP 36.7787SGD 3.50 PHP 36,650
InstaReMPHP 36.8035SGD 5
PHP 36,619.48
OFXPHP 35.6533SGD 15PHP 35,653.50
SingXPHP 36.8775SGD 6PHP 36,656.23
WisePHP 36.6630SGD 6.77
(0.58% + SGD 1.01)
PHP 36,414.79
WorldRemitPHP 36.0681SGD 3PHP 36,068.17

Best Platform To Send S$1,000 To Indonesian Rupiah (IDR)

 RateFeesTotal Amount To Receive
CurrencyFair IDR 10,625IDR 20,000IDR 10,605,330
eRemitIDR 10,674SGD 3.50IDR 10,637,000
InstaReMIDR 10,682SGD 4
IDR 10,639,170
OFXIDR 10,323SGD 15IDR 10,322,583
SingXIDR 10,683SGD 7IDR 10,608,219
WiseIDR 10,640SGD 5
(0.39% + SGD 3.88)
IDR 10,586,800
WorldRemitIDR 10,603SGD 3IDR 10,603,737

Best Platform To Send S$1,000 To Malaysian Ringgit (MYR)

 RateFeesTotal Amount To Receive
eRemitMYR 3.0621SGD 3MYR 3,053
InstaReMMYR 3.0619SGD 4.50MYR 3,048.12
OFXMYR 2.9801SGD 15 MYR 2,980.10
SingXMYR 3.0646SGD 6.50MYR 3,044.68
WiseMYR 3.0535SGD 6.30
(0.59% + SGD 0.44)
MYR 3,034.30
WorldRemitMYR 3.0237SGD 3MYR 3,023.76

Best Platform To Send S$1,000 To Chinese Yuan (CNY)

(per 1 SGD)
FeeTotal Amount To Receive
eRemitCNY 4.8613SGD 8.50CNY 4,820
InstaReMCNY 4.8905SGD 6CNY 4,861.16
OFXCNY 4.7333SGD 15CNY 4,733.30
SingXCNY 4.8891SGD 13.50CNY 4,823.09
WiseCNY 4.8771SGD 12.82
(1.16% + SGD 1.37)
CNY 4,814.62
WorldRemitCNY 4.8291SGD 3CNY 4,829.16

Remittance Service Platforms in Singapore: Platforms To Transfer Your Money Overseas

Fees are a huge thing when it comes to transferring money overseas, especially if you’re someone who has to do it frequently.

Do you have any experience transferring money with any online remittance platform, or have an even better alternative?

If you are looking to try out a new platform and hope to find some unbiased reviews… you know where to go. 😉


About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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