Is it easy to transfer money overseas from Singapore?
Yes, the process is quite simple. You can either do this through a bank or on several other platforms available.
How to Choose a Money Transfer Service?
Some of the most important factors that you must consider when transferring money:
- The amount you want to send – Take note of which platform allows small or large amounts as some might have minimum and maximum before charging you any fees.
- Where are you sending your money to – Certain platform provides no transfer fees to certain countries such as India, Australia and Malaysia
- How often do you send money – You should consider the platforms that give you better services if you transfer money frequently.
- Time taken to transfer – When you are transferring money overseas, the sooner it reaches the destination, the better it is (except in other cases). Look for those that give you the fastest transfer time.
What platforms can I use to transfer money overseas?
Besides the foreign exchange rate of the currency you are transferring to, you might need to consider if the platform charges you certain fees when you remit money overseas. Here are some of the platforms and their main features.
World First – For intermediate users with larger transfers
If you are planning to transfer at least S$2,000, then World First is your ideal platform. There are no charges involved for the amount more than S$2,000 and they will be completed within 1 to 2 days with access to about 36 types of currencies.
SendFX – Great platform to transfer Australian Dollars
If you are transferring to or from Australia, this platform is among the best. They do not charge transfer fees and comes with price matching for foreign exchange pairs. It has a minimum of AUD 500 for 1-day transfers and can accommodate more than 30 types of currencies.
OFX – Low-cost platform for any amount
OFX does not have any minimum transfer amount which means you can send small amounts easier. Through OFX, you can transfer Singapore Dollars through over 50 types of currencies and they provide quick transfers too.
WorldRemit – Quick transfer of funds
Using WorldRemit allows you to send a maximum of S$10,000 on the same day to more than 150 countries across the world. There is a service fee of S$1 to S$4. This is a popular platform for users who like the quick transfer feature.
TorFX – No fees and excellent customer service
You would appreciate the superb customer service on TorFX especially when it involves money. They assign an account manager to help you through the process. This is great for new users where you will learn how to transact the transfer as well as to track the entire process. You can transfer over 60 different currencies and they are usually completed within one business day with a minimum of S$150 transfer.
SingX – Fast transfer to large amounts
This platform sends your money on the same day and it can be exchanged to about 19 currencies. If you are transferring to India, there is no limit while you can send as much as S$1 million to most countries. The fees are 0.25 to 1% of the funds you are transferring.
CurrencyFair – Great for sending money to India
You can remit up to S$200,000 within a day. There are charges incurred depending on which country you are sending money to although there are no charges for India.
Volopay – Platform for regular transfers
Volopay is a payment platform where it allows businesses to make payments to vendors overseas. This platform is ideal if you run a business where you need to make regular transfers to other countries. It has a Volopay credit card which comes with cashback features so you actually save on cost. Through Volopay, you enjoy no minimum or maximum transfer rates.
DBS Remit – Transferring money with the largest bank
You know your funds are absolutely secure and safe when you deal with DBS Bank. This is the best way for those who prefer a more traditional method of sending money overseas. If you are sending to the 16 countries (like Malaysia and India), there are no charges imposed and some can be done within 1 business day. There is a $10 fee for any amount below S$200,000.