Which International Money Transfer Platform Is The Cheapest?

Which International Money Transfer Platform Is The Cheapest?

2 min read

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 everytime they adopt a service to transfer money overseas due to a few reasons:

  • Every platform charges a 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 – Players in the market: Worldremit, Instarem, TransferWise, SingX, DBS

  • All the stated players are Registered Remittance Business with the Monetary Authority of Singapore
  • SingX transfers to 30+ countries worldwide including Australia, Bangladesh, Canada, Europe, NZ, Thailand, US, and the UK
  • Out of the 7 currencies, Instarem has the best rates for 5 currencies namely Indian Rupee (INR), European Euro (EUR), Phillippine Peso (PHP), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR).
  • Most platforms do not support Chinese Yuan (CNY) except Transferwise, Worldremit and DBS.

Further Reading: 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.

Best platform to send S$1,000 to US Dollar (USD)

 RateFeeTotal Amount To Receive
InstaremUSD 0.727SGD 2.50
USD 725.18
TransferwiseUSD 0.72703SGD 5.48
(0.35% + SGD 2.00)
USD 723.05
WorldremitUSD 0.72SGD 3.00USD 717.84
SingXUSD 0.7273SGD 8.00USD 721.48
DBSUSD 0.7288SGD 0USD 728.81

Best platform to send S$1,000 to Indian Rupee (INR)

 RateFeeTotal Amount To Receive
Instarem50.65 INRSGD 2.50
50,521 INR
Transferwise50.67 INRSGD 5.47
(0.5% + SGD 0.50)
50,395 INR
Worldremit49.27 INRSGD 3.0049,122 INR
SingX50.70 INRSGD 4.0050,497 INR
DBS49.99 INRSGD 049,990 INR

Best platform to send S$1,000 to European Euro (EUR)

 RateFeesTotal Amount To Receive
Instarem0.6373 EUR2.50 SGD
635.71 EUR
Transferwise0.6374 EUR4.48 SGD
(0.35% + 1 SGD)
634.55 EUR
Worldremit0.6293 EUR3 SGD623.62 EUR
SingX0.6373 EUR8 SGD632.20 EUR
DBS0.61860 SGD618.62 EUR

Best platform to send S$1,000 to Philippine Peso (PHP)

 RateFeesTotal Amount To Receive
Instarem38.8788 PHP2.50 SGD
38,782 PHP
Transferwise38.8895 PHP10.43 SGD
(0.65% + 4 SGD)
38,484 PHP
Worldremit38.4640 PHP3 SGD38,349 PHP
SingX38.8838 PHP6 SGD38,650 PHP
DBS38.7687 PHP0 SGD38,769 PHP

Best platform to send S$1,000 to Indonesian Rupiah (IDR)

 RateFeesTotal Amount To Receive
Instarem10,634 IDR2.50 SGD
10,607,685 IDR
Transferwise10,636 IDR7.46 SGD
(0.6% + 1.50 SGD)
10,556,364 IDR
Worldremit10,500 IDR3 SGD10,468,665 IDR
SingX10,636 IDR10 SGD10,529,640 IDR
DBS10,309 IDR0 SGD10,309,278 IDR

Best platform to send S$1,000 to Malaysian Ringgit (MYR)

 RateFeesTotal Amount To Receive
Instarem2.9786 MYR2.50 SGD
2,971 MYR
Transferwise2.9797 MYR7.46 SGD
(0.5% + 2.50 SGD)
2,957 MYR
Worldremit2.9560 MYR3 SGD2,947 MYR
SingX2.9803 MYR6 SGD2,962 MYR
DBS2.9464 MYR0 SGD2,946 MYR

Best platform to send S$1,000 to Chinese Yuan (CNY)

(per 1 SGD)
FeeTotal Amount To Receive
Transferwise5.0087 CNY19.70 SGD
(1.5% + 5 SGD)
4,910 CNY
WorldremitRequires number in China so we didn't try
DBS4.9505 CNY0 SGD4,951 CNY

Seedly Personal Finance Community’s Insight

  • Royston Lee: I use Transferwise. No issued so far and would recommend it
  • Dixon Soo: Just try to use DBS USA REMIT, 0% service charge. I always use it to transfer funds to Gemini.
  • Royston Cheng: DBS do have one of the better forex rates. However, I’ve been using Transferwise for the last 4 years. I was one of the earlier users. Have never looked back ever since.
  • Siti Putri: Just do DBS remit same day transfer. I transfer 4-digits too every month from DBS to my interactive broker account to invest. I find the exchange rate reasonable and it is free and 1 day transfer fast.

If you have any questions, head over to our Seedly Q&A to get your questions answered or read different perspectives as well. Check out our Seedly blog for more unbiased opinions on your personal finance journey.

Share with us if you have any experience with online remittance platform or even a better alternative by commenting below! Also, don’t forget to share this with your friends!

I’ll see you in the next one, and until then, may the Personal Finance force be with you!

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