You are in

WhatsApp WhatsApp

Financial Foundation

Best way to send money to Singapore fast and cost-effectively

DNBC Team DNBC Team

Jan 12, 2023

Table of Content

There are numerous methods to send money to Singapore worldwide quickly. However, they will mostly rely on the company you choose. The best options for sending money to Singapore fast and affordable are listed below.

Best way to send money to Singapore fast and cost-effectively

Best way to send money to Singapore fast and cost-effectively

Methods of Sending Money to Singapore

You can send money to Singapore using a variety of means. International wire transfers, internet money transfers, and in-store cash transactions are three of the most common.

Wire transfers around the world to send money to Singapore

You can transfer funds from your home bank to a bank in Singapore. If both you and the recipient have bank accounts, this channel works nicely. Most banks in foreign countries accept online bank transfers, in-person branch transfers, and mobile banking transactions.

Bank transfers to Singapore may be delayed depending on the country from which you are transferring and the time of day. For example, if you send money to Singapore from the United Kingdom via Barclays Bank PLC, you will be charged £15 for Online Banking.

Bank transfers to Singapore may be delayed depending on the country from which you are transferring and the time of day. For example, if you send money to Singapore from the UK via Barclays Bank PLC, you will pay £15 for Online Banking and £25-£40 for branch or telephone transfers.

Given the expensive bank transfer fees and its long-lasting for money to reach the receiver, it may not be cost-effective to use them for modest payments, whether you have a better option.

Transferring Money Online

Singapore, as previously indicated, has many money transfer operators. Most of them are global behemoths with extensive sending and disbursing network reach. You will appreciate online money transfer services’ convenience, flexibility, speed, and affordability when sending money to Singapore.

Signing up for an account is easy and quick. All you should do is provide your personal information, including your email and physical address, and you’re ready to go. The verification process usually takes between 30 minutes to a couple of hours.

Depending on the supplier, you will have different transfer payment choices and other criteria. Most online money transfer services allow credit cards, debit cards, and bank transfers as payment methods.

The expenses of sending vary depending on transfer fees and exchange rate margins.

For example, if you send 1000 GBP from the UK to Singapore with a DNBC account, it will offer a charge of 0.35% + 50 GBP in transfer costs, which means 80 GBP and you can switch the currency that you want. All the international transactions within DNBC are free of charge, including Internet Banking, Mobile Banking. Frequently, it takes two to five days, depending on your choice in specific services

In-Store Cash Transfers

Western Union and MoneyGram are the two largest cash transfer companies that offer in-store cash transfers. Their users in the United Kingdom can send money to Singapore via cash pickup or bank deposit. The cash pickup payout option is the quickest, taking only a few minutes for your money to reach the recipient. Deposits made directly to a bank can take up to three business days.

Reload Airtime

You can recharge the recipient’s phone immediately using Xoom. In Singapore, Xoom collaborates with three carriers: Singtel, M1, and Starhub. Recharges are immediate, and the recipient is notified by SMS.

How to send money to Singapore

With internet money transfers, sending money to Singapore should be a breeze. The information required is simple, albeit it varies per supplier.

  • A photo document of government-issued ID. Depending on the country you are transmitting, you may use a passport, social security card, or driver’s license.
  • The recipient’s name that appears on their legal paperwork
  • The recipient’s physical address and phone number
  • If you are sending straight to a bank account, including the recipient’s bank account information (bank name, branch and account number)
  • The amount of money for sending, the transfer payment type, and the payout methods

The majority of this information is required when opening the transfer account. Only a few recipient-specific data are necessary for subsequent transfers.

Epilogue

Sending money to Singapore is easier, faster, and less expensive when using money transfer services. Consider using your trusted online money transfer operators for rapid and cost-effective payments to Singapore when organizing your overseas transfer. Make sure you compare prices across the board, looking at each supplier before deciding on the best one.

Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.