Best Way to Send Money to Singapore

There are a handful of ways to send money to Singapore.

While most people transfer money using their regular UK bank, this is usually slower and more expensive than other methods.

In this article, I will explain the best way to send money to Singapore so you can save time and money. 

Best Way to Send Money to Singapore: My Verdict

Generally, online money transfer services are the best way to send money to Singapore.

TorFX offers competitive exchange rates and no transfer fees, making it the cheapest option for sending money to Singapore. 

Similarly, Wise offers the fastest transfer times, with funds arriving within seconds. This is ideal for urgent payments where speed is crucial. 

Although convenient, Wise’s transfer fee may mean the recipient receives slightly less than other options.

Alternatively, bank transfers are a secure and reliable way to send money to Singapore.

They’re widely accepted and suitable for larger transfers, but they often take longer to process, charge higher transfer fees, and have less competitive exchange rates than other methods.

What’s the Cheapest Way to Send Money to Singapore from the UK?

For most people, TorFX is the cheapest way to send money to Singapore, offering a competitive exchange rate and no transfer fees.

TorFX, OFX, and Currencies Direct all offer free transfers. However, TorFX has a slightly better exchange rate, meaning you’ll get more dollars for your pounds.

It’s essential to compare the total cost of the transfer and not just fees, as many providers that don’t charge a transfer fee have a less favourable exchange rate. 

Although Wise charges a transfer fee, at the time of writing, it also offers the best exchange rate of 1.7034. However, unless you send at least £10,000 to Singapore, your recipient still receives more SGD using TorFX than Wise.

What’s the Fastest Way to Send Money to Singapore from the UK?

Wise is the fastest way to send money to Singapore, with transfers received within seconds. This is great if you need to send money urgently.

Remitly is also relatively fast, offering transfers within minutes if you pay by card or within 2 hours if you use a bank transfer. This is handy if you need the money to reach Singapore quickly but can wait a little longer than Wise, especially as Remitly typically charges lower transfer fees.

If speed isn’t your top priority but you still want a reasonably quick transfer, TorFX can get your money there on the same day to 2 working days.

Whichever money transfer service you choose, you should expect your recipient to receive funds in Singapore within five working days.

Can I Send Money to Singapore Online?

There are several ways you can send money to Singapore online.

1. Money Transfer Services: Providers like Currencies Direct and XE offer more competitive exchange rates, lower fees and faster transfers than traditional bank transfers. However, some services may limit transfer amounts, which could be a problem if you send a large amount of money to Singapore. 
2. Bank Transfers: You can electronically send money from the UK to popular banks in Singapore, such as DBS, OCBC, and Maybank. Bank transfers are best used for securely sending large amounts of money but may involve higher fees and longer processing times. The recipient may also incur a fee for receiving an international transfer. 
3. Digital Wallets: Platforms like PayPal and Skrill enable you to send money to Singapore using your linked bank account, card or wallet balance. Ideal for sending small amounts to friends and family or online merchants, digital wallets usually have higher fees for currency conversion and low maximum transfer amount limits. 
4. Cash Pickup Services: You can send money online for the recipient to collect as cash from designated locations in Singapore using services like Western Union and MoneyGram. This method is excellent for emergencies when recipients need immediate access to funds, but it is less convenient and has higher fees than other methods.
5. Pre-Paid Cards: Services like Revolut and Payoneer offer cards to load funds onto and transfer the balance online to Singapore or use the card for purchases. Suitable for recipients without a traditional bank account, using your prepaid card may have fees for loading funds or ATM withdrawals. 
6. Cryptocurrency Transfers: You can send money to Singapore using currencies like Bitcoin or Ethereum. Although fast, with potentially lower fees, the volatility in cryptocurrency prices can lead to fluctuating transfer amounts.

Sending Large Amounts of Money to Singapore

Online money transfer services like Currencies Direct, OFX and TorFX are the best way to send large amounts of money to Singapore.

These services have no maximum transfer limit, allowing you to send large amounts without restrictions.

They also offer competitive exchange rates and no transfer fees, helping you to minimise costs and maximise the amount of Singapore dollars your recipient will receive.

However, as you can see from the table, some services limit the maximum amount you can send, which could be a drawback for large transfers. 

Although online-based, customer service is still a priority. Customers who make large transfers using Currencies Direct, OFX and TorFX will be given a dedicated account manager to guide them through the transfer process. 

Alternatively, you can transfer money to popular banks like Citibank and UOB by requesting a bank transfer with your UK bank. 

Bank transfers are a familiar and trusted method for many people, offering security and reliability.

However, they often charge higher transfer fees than online money transfer services and offer less competitive exchange rates, resulting in higher costs for your currency conversion. 

Depending on the size of your transfer, you may also need to provide additional documentation, like proof of address or source of funds, to comply with verification checks and regulatory compliance.

Can I Set Up Regular Payments to Singapore?

There are a few ways you can set up regular payments to Singapore.

1. Online Money Transfer Services: Providers like TorFX and OFX are easy to use and have lower fees than traditional bank transfers. However, some services like Remitly have a maximum amount you can transfer within a certain period, making it less suitable for regularly sending large amounts of money. 
2. Standing Orders: You can instruct your bank to make regular payments of a fixed amount through standing orders. Whilst convenient, this method lacks flexibility for adjusting payment amounts of frequencies without setting up a new standing order.
3. Direct Debits: You can authorise a 3rd party business in Singapore to withdraw funds from your UK bank account. This method requires trust in the 3rd party to withdraw funds from your bank account, as you won’t have control over the timing or amount of payments once authorised. 
4. Digital Wallets: Platforms like PayPal and Skrill allow you to send regular payments to individuals or businesses in Singapore using your linked bank account, card or wallet balance. Best suited for smaller payments, digital wallets have lower transfer limits than other transfer methods.

Sending Money to Businesses in Singapore

The best way to send money to businesses in Singapore from the UK is often through online money transfer services like Wise or XE. 

These services offer competitive exchange rates, transparent fees, and faster transfer times than traditional bank transfers, which maximises the amount of dollars the businesses receive in Singapore. 

You can initiate transfers from anywhere with an internet connection, making it easy and convenient to send money.

However, some services may limit the maximum amount you can send in one transaction.

Alternatively, you can arrange a bank transfer directly from your UK bank account. 

Whilst secure and reliable, bank transfers can take longer to process than online money transfer services, making them unsuitable for urgent and time-sensitive payments.

When sending money to businesses in Singapore, consider the existing relationship with the recipient business, including factors such as trust, reliability, and experience with financial transactions. Prioritise providers or banks with a proven track record of reliability and professionalism.

You may need to provide extra documentation to comply with regulations governing international money transfers and business transactions, including anti-money laundering (AML) and know-your-customer (KYC) requirements. These documents could include a contract, invoice and source of invoice.

How to Send Money to Singapore

How you send money to Singapore depends on your transfer method and provider.

Some of the most common include:

1. Bank Transfer: Direct and secure, bank transfers are most suitable for large or regular transfers with sufficient funds in your bank account. However, processing may take longer, delaying your transfer to Singapore. 
2. Credit Card: This method is best for emergencies when you don’t have access to the full transfer amount. Although you’ll get additional benefits like fraud protection, it typically incurs higher fees than other payment methods. 
3. Debit Card: Transfers made using a debit card are fast but often have lower fees than credit cards. Although widely accepted, it’s unsuitable for larger transfers due to daily withdrawal limits.
4. Digital Wallet: Platforms like PayPal and Skrill are most suitable for online transactions and sending small amounts to friends and family. Although convenient, transfer fees are higher, and exchange rates are less competitive than other methods.  
5. Cash: Although cash payments are suitable for those without a traditional bank account or who prefer in-person transactions, they’re less convenient than electronic methods and have limited acceptance.  
6. Cheque: Payments made by cheque are suitable for large or one-time payments and provide a paper trail for recording transactions. However, they’re usually processed slower and have a higher risk of fraud than other methods.

What Details Do I Need to Send Money to Singapore?

You’ll need the following details and documents to send money to Singapore from the UK:

1. Your Details: Most services require you to provide your full legal name and UK address. Depending on the service provider and the amount being sent, you may also need to upload a copy of a government-issued ID, such as a passport or driver’s licence.
2. Recipient’s Details: You’ll need the recipient’s contact details, including address, telephone number and e-mail address.
3. Recipient’s Bank Details: This includes the recipient’s bank account number, the bank’s name, and the address in Singapore. You will also need the 8-11 character alphanumeric SWIFT/BIC code that identifies the bank. 
4. Other Payment Details: If you’re using a digital wallet, cash pickup service, prepaid card or another alternative transfer method, you’ll need to provide the email address and mobile number associated with the recipient’s account you’re sending the money to.
5. Purpose of Transfer: Some services may require you to specify the reason for your transfer, such as personal, business, or investment, to ensure compliance with relevant regulations.
6. Additional Requirements: Further documentation may depend on the service provider and the amount sent. This could include providing proof of income or a source of funds for larger transactions, especially for business-related transfers.

It’s essential to provide accurate and complete information to ensure the smooth and secure processing of your money transfer to Singapore. Double-check all details before initiating the transfer to avoid any errors or delays.

How Much Does it Cost to Transfer Money to Singapore?

The typical types of costs associated with sending money to Singapore from the UK include

Transfer Fees 

The money transfer service or bank imposes charges for processing the transaction. 

Transfer fees can be a flat fee, a percentage of the total amount transferred or a combination of the two. 

They vary between providers, with bank transfers usually costing between £0 to £30 and online money transfer services costing £0 to £10. 

Exchange Rate Margins

Money transfer services and banks often apply a margin to the exchange rate when converting your currency to Singapore dollars. 

This margin represents their profit and can affect the amount received by the recipient.

Online money transfer services usually have a margin between 0.5% and 2%.

In contrast, banks’ exchange rate margin can range from 2% to 5%+, meaning you’ll get less Singapore dollars for your British pounds.

Currency Conversion Fees

If you send money in British pounds or another currency other than Singapore dollars, the recipient’s bank may charge a fee to convert the funds into their local currency.

Currency conversion fees charged by banks can be around 2% to 3% of the transaction amount.

Some online money transfer services offer fee-free currency conversion or charge lower fees, typically ranging from 0.5% to 2%

Recipient Fees

Some banks or financial institutions in Singapore may impose fees on the recipient for international transfers, especially if they receive funds in a different currency like GBP.

These fees are usually around SGD 10 to SGD 20 per incoming international transfer. 

Additional Charges

Depending on the transfer method and service provider, additional charges for expedited transfers, cancellations, or amendments to the transaction may exist.

Express delivery often costs between £2 to £30+ depending on the transfer method and urgency.

How Long Does it Take to Send Money to Singapore from the UK?

Sending money to Singapore from the UK using a bank transfer typically takes 1 to 5 working days. The exact time can vary depending on factors like the banks involved, any intermediary banks, and the transfer method chosen.

With online money transfer services like Wise or Remitly, the transfer time can be much quicker. Depending on the service provider and the transfer method selected, it can take just a few minutes to a few hours for the recipient to receive the funds. Some services offer instant transfers, while others may take slightly longer but still deliver faster than traditional bank transfers.

Bank transfers and debit card payments may take longer than credit card payments or instant bank transfers.

Similarly, Transfers involving less common currencies or larger amounts may require additional processing time or verification steps.

Transfers initiated outside of regular banking hours or on weekends may experience delays until the next business day.

Frequently Asked Question