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)
| Rate | Fee | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | USD 0.7559 | SGD 4 | USD 751.90 |
| eRemit | NA | ||
| InstaReM | USD 0.7583 | SGD 4 | USD 755.27 |
| OFX | USD 0.7476 | SGD 15 | USD 747.60 |
| SingX | USD 0.7583 | SGD 8 | USD 752.23 |
| Wise | USD 0.7592 | SGD 5.72 (0.44% + SGD 1.35) | USD 754.87 |
| WorldRemit | USD 0.7442 | SGD 3 | USD 744.20 |
Best Platform To Send S$1,000 ToĀ Indian Rupee (INR)
| Rate | Fee | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | INR 54.669 | SGD 0 | INR 54,669 |
| eRemit | INR 54.984 | SGD 3 | INR 54,820 |
| InstaReM | INR 54.927 | SGD 3.50 | INR 54,734.76 |
| OFX | INR 53.468 | SGD 15 | INR 53,468 |
| SingX | INR 54.941 | SGD 4 | INR 54,721 |
| Wise | INR 54.978 | SGD 5.89 (0.54% + SGD 0.52) | INR 54,651 |
| WorldRemit | INR 53.940 | SGD 3 | INR 53,940 |
Best Platform To Send S$1,000 ToĀ European Euro (EUR)
| Rate | Fees | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | EUR 0.6188 | EUR 3 | EUR 615.80 |
| eRemit | NA | ||
| InstaReM | EUR 0.621 | SGD 3.50 | EUR 618.83 |
| OFX | EUR 0.6112 | SGD 15 | EUR 611.20 |
| SingX | EUR 0.6203 | SGD 7.50 | EUR 615.64 |
| Wise | EUR 0.6209 | SGD 4.74 (0.44% + SGD 0.36) | EUR 617.86 |
| WorldRemit | EUR 0.6131 | SGD 3 | EUR 613.19 |
Best Platform To Send S$1,000 ToĀ Philippine Peso (PHP)
| Rate | Fees | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | PHP 36.680 | PHP 80 | PHP 36,600 |
| eRemit | PHP 36.7787 | SGD 3.50 | PHP 36,650 |
| InstaReM | PHP 36.8035 | SGD 5 | PHP 36,619.48 |
| OFX | PHP 35.6533 | SGD 15 | PHP 35,653.50 |
| SingX | PHP 36.8775 | SGD 6 | PHP 36,656.23 |
| Wise | PHP 36.6630 | SGD 6.77 (0.58% + SGD 1.01) | PHP 36,414.79 |
| WorldRemit | PHP 36.0681 | SGD 3 | PHP 36,068.17 |
Best Platform To Send S$1,000 To Indonesian Rupiah (IDR)
| Rate | Fees | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | IDR 10,625 | IDR 20,000 | IDR 10,605,330 |
| eRemit | IDR 10,674 | SGD 3.50 | IDR 10,637,000 |
| InstaReM | IDR 10,682 | SGD 4 | IDR 10,639,170 |
| OFX | IDR 10,323 | SGD 15 | IDR 10,322,583 |
| SingX | IDR 10,683 | SGD 7 | IDR 10,608,219 |
| Wise | IDR 10,640 | SGD 5 (0.39% + SGD 3.88) | IDR 10,586,800 |
| WorldRemit | IDR 10,603 | SGD 3 | IDR 10,603,737 |
Best Platform To Send S$1,000 To Malaysian Ringgit (MYR)
| Rate | Fees | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | NA | ||
| eRemit | MYR 3.0621 | SGD 3 | MYR 3,053 |
| InstaReM | MYR 3.0619 | SGD 4.50 | MYR 3,048.12 |
| OFX | MYR 2.9801 | SGD 15 | MYR 2,980.10 |
| SingX | MYR 3.0646 | SGD 6.50 | MYR 3,044.68 |
| Wise | MYR 3.0535 | SGD 6.30 (0.59% + SGD 0.44) | MYR 3,034.30 |
| WorldRemit | MYR 3.0237 | SGD 3 | MYR 3,023.76 |
Best Platform To Send S$1,000 To Chinese Yuan (CNY)
| Rate (per 1 SGD) | Fee | Total Amount To Receive | |
|---|---|---|---|
| CurrencyFair | NA | ||
| eRemit | CNY 4.8613 | SGD 8.50 | CNY 4,820 |
| InstaReM | CNY 4.8905 | SGD 6 | CNY 4,861.16 |
| OFX | CNY 4.7333 | SGD 15 | CNY 4,733.30 |
| SingX | CNY 4.8891 | SGD 13.50 | CNY 4,823.09 |
| Wise | CNY 4.8771 | SGD 12.82 (1.16% + SGD 1.37) | CNY 4,814.62 |
| WorldRemit | CNY 4.8291 | SGD 3 | CNY 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. š
