The Best Way to Safely Transfer Money to Singapore:
1. Compare your local banks and money transfer services
2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available
3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Singapore. You also may need to pay for the transfer before the money is sent abroad
How to Find the Cheapest Way to Transfer Money to Singapore
Compare The Total Cost
The total cost of the transfer comes down to 2 things:
1. Transfer Fees
Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.
2. Exchange Rate Margin
There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
Money Transfer Comparison Tool
Singapore Money Transfer Guide
Transferring a Large Amount of SGD
If you are sending more that $10,000 between Australia and Singapore, you should examine
1. Banks and money transfer companies that are regulated with a strong history of international payments
2. The exchange rate being offered
3. Any extra fees they charge
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Moving from Singapore to Australia
Every Australian bank lets you transfer money to and from Singapore in US dollars, however not all banks will accept Singapore Dollars (SGD).
You will seldom find the best possible exchange rate on offer through the banks. On top of that, you will be charged a high international money transfer fee.
To avoid these excessive fees, use an online money transfer service to compare and get the best rates.
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Friends and Family
A couple of transfer services like Western Union will give you the best exchange rate for small amounts (maybe sending a birthday red packet back home to your mum or dad). If you have a larger amount, some transfer services might offer to waive the transaction fee.
To really get the most out of your individual needs, you’ll have to look around or speak with a currency exchange and money transfer specialist.
Our Verdict: With the right foreign exchange specialist like OFX it is possible to get a spread of 1% or lower.
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Buying or Selling Property
Looking to buy property in Singapore? Track down a money transfer provider with a strong presence in Australia and Singapore. This way you’ll have the flexibility and support to close the deal.
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Business Currency Transfers
Transferring money for your business? Find the best option with these 2 key points:
1. The exchange rate margin – this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get
2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders
Our Verdict: Consider using TransferWise, a company based in London that offers you the wholesale exchange rate that you see on xe.com or Google. They also reduce their percentage based fee for larger amounts.
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Typical full time university fees range between of $15 000 to $50 000 or more annually, depending on your course. That’s before adding living expenses, accommodation and bills to the equation. When large amounts like this are due for payment, it is crucial to find the best exchange rate.
If you are an exchange student or taking a part time course in Singapore – and only need to transfer a small amount. Be sure to compare and receive the lowest transfer fees.
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Fee Free Offer
OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their international money transfers, regardless of the size of the transaction.
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Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.
Related Video: Cheaper Ways to Transfer Money Overseas
Frequently Asked Questions
Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.
Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:
Setting things up (only has to be done once)
- Log on to their website and register your details. You’ll need to have some I.D handy
- Once your account has been approved, you’ll get a login and password
- Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”
- Get a quote for the amount you want to send
- Confirm the details including the rate and how much it is in Australian dollars
- You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.
1. A Bank
Banks in Australia have higher fees and uncompetitve exchange rates compared to Singaporean Banks. But this doesn’t mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.
This is a great option for anyone sending smaller amounts under $1000. The exchange rate you’ll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.
3. A Money Transfer Company
Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Singapore and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overeas, you’ll need the following information of the bank account you are sending the money to:
Beneficiary or Recipient Details
- The Account Name of your Recipient (person/business you are paying)
- Their address
- The SWIFT Code of their bank
A note about sending money to Singapore:
It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.
Here is a list of SWIFT codes for the biggest banks in Singapore:
DBS Bank : DBSSSGSG
United Overseas Bank : UOVBSGSG
OCBC Bank : OCBCSGSG
Standard Chartered Bank : SCBLSGSG
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