A Practical Guide to Transferring Money to Singapore

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

Exchange Rate Comparison Tool


Singapore Money Transfer Guide

Transferring large amounts of currency

Transfering 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

Winner: TorFX
Read more about TorFX


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.

Winner: Transferwise
Read more about Transferwise


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.

Winner: OFX
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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.

Winner: TorFX
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Transferring currency for business

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.

Winner: Transferwise
Read more about Transferwise


Studying Overseas

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.

Winner: World First
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How much will it cost to transfer money to or from Singapore?

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren't always obvious. Here are the most common charges to transfer money from one bank account to another

1. Standard Fees

These are the most common fee types.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.

2. Bank Surcharges

These are fees that your bank may or may not charge you for.

Money transfer bank fees

Corrospondent Bank Fees

This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.

Money transfer receiving bank fee

Recieving Bank Fee

If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.

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Ready to go?

Get your first two transfers to Singapore with OFX for free


How To Transfer Money Online

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"

Tranferring Money
  • 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.

2. Paypal

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
  1. The Account Name of your Recipient (person/business you are paying)
  2. Their address
  3. 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.

Swift Codes

Here is a list of SWIFT codes for the biggest banks in Singapore:


United Overseas Bank : UOVBSGSG


Standard Chartered Bank : SCBLSGSG

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