Do you want to send money from India to Singapore or vice versa? But you don’t know how to get started with it?
If yes, here we will discuss how to send money from India to Singapore or vice versa in fast, easy & economical ways.
Relationships between India and Singapore
Singapore enjoys bilateral relations with India. The relations between Singapore and India were established in 1965.
Discover how to send money from India to Singapore or vice versa
Their relationship expanded considerably in the 1990s. Singapore was one of the priorities in response to India’s “Look East” Policy in developing its economic, cultural and strategic relationships in Southeast Asia to enhance their value as a powerful country.
Singapore is the 3rd biggest trading partner in ASEAN. In 2003-2004, India was Singapore’s 14th biggest trading partner, with a total trade of 4.86 billion dollars. This considerable rate of growth in recent years has been attributed to the economic relationship between Singapore and India.
In 2017, Singapore was India’s 5th biggest trading partner. Over 500,000 people of Indian origin are living and working in Singapore.
The cumulative investment in India reached 3 billion dollars in 2006 and is expected to greatly increase in the next following years.
Over the last two decades, Singapore has kept itself as the center of India’s economic and strategic relationships in Southeast Asia. This country is the 8th biggest source of investment in India and the biggest among ASEAN member nations.
India’s economic liberalization and “Look East” policy made a considerable expansion in bilateral trade, increasing between 2.2 billion in 2001 and 9 billion –10 billion in 2006 – a 400% leap in growth in 5 years – and to 50 billion dollars in 2010. This is a greatly impressive performance.
Singapore made up 38% of India’s trading with ASEAN community and 3.4% of its total foreign trade. More than 50% of Singapore’s exports to India are the re-exports: items imported from India.
India has been Singapore’s 4th biggest tourist destination and over 650,000 Indians visited Singapore in 2006.
Due to the strong connection and huge demand of economic exchange, especially for business purposes, there are different and effective ways to transfer money from India to Singapore or vice versa.
In India, the official currency is the Indian rupee (INR). The Singapore dollar (SGD) is the official currency in Singapore.
Here is how to send money from India to Singapore or vice versa. Hopefully, it can work well for you!
Send money from India to Singapore or vise versa through bank transfer
Currently in India, there are 34 nationalized banks in total, including 12 government banks and 22 private banks.
Until 2022, there are 131 banks in Singapore, 4 of them are local banks.
Bank transfers are a secure and convenient method to send money overseas, especially if you want to send a huge amount of money. You wouldn’t worry about your security or any information leak.
However, bank transfers often give you a high fee and unfavorable exchange rate from INR to SGD.
If you send a small amount of money many times, the total fee can be very costly. So, it’s better to send a large amount once instead.
Telegraphic or wire transfer is the easiest and the most secure way to send foreign currency overseas.
In this step, the foreign currency is transferred from one bank account to an international bank account with a SWIFT network which offers the secure messaging services.
It has a network of correspondent banking connections with different top banks to facilitate the secure transfer of money.
To transfer money to Singapore from India, you need to visit a local bank. It’s compulsory to give some personal information to the bank about the beneficiary name, address and their bank account number.
You will also need to know the beneficiary bank SWIFT code, bank’s name and detailed address.
Also, there is an alternative way for you to send money from India to Singapore. Of course, you can regard it as the best way to send money from Singapore to India, too.
Send money from India to Singapore or vice versa through online transfer
As mentioned above, there is a great demand for economic exchange between India and Singapore.
In the Fintech age, online trading transactions are a necessity. All financial institutions are an inevitable solution for international transfers nowadays (including from India to Singapore or vice versa).
In fact, the outgoing wire transfers from India can’t be conducted in Rupee. Accordingly, transferring money from India can be hard because of currency restrictions.
Luckily, various online money transfer providers are available as the optimal solution to transferring money from India to Singapore or vice versa.
It’s strongly believed online transfer is the optimal way to transfer money from India to Singapore or vice versa. You can quickly send money overseas to any bank account via online payment, including in India and Singapore.
You’re offered not only competitive exchange rates but also know the exact funds that the beneficiary will receive in their account. Also, you will get the best exchange rate at the lowest price possible.
For large amounts of money, when compared to bank transfers, you can be charged heavy fees for sending the funds internationally.
Instead, an online money transfer provider is better because of the reasonable fee and quick delivery time.
Also, the online money transfer providers are often highly regulated by legal institutions around the world.
After shortening the list of several trustworthy providers, here are some typical online money transfer providers: DNBC Financial Group, Western Union, XE, Remitly, TransferWise, WorldRemit, TransferGo, OFX, CurrencyFair,…
At DNBC Financial Group, you will be offered the lowest possible rate and professional services.
The beneficiary in Singapore or in India can get the remitted money in one-three days or less in some emergent cases.
In addition, you can pick alternatives to transfer money: CurrencyFair, Western Union, Remitly, TransferGo, WorldRemit, TransferWise …
More information of DNBC Financial Group
DNBC Financial Group is an online money transfer provider with more than 5 years of experience in international transactions.
DNBC Financial Group’s mission is to facilitate global financial payments, secure transactions, and ensure each customer always meets their international payment goals.
If you want to find the best way to send money from Singapore to India or vice versa, DNBC Financial Group is the optimal solution for you.