It has never been challenging to transfer money from Singapore to Australia. However, if this is the first time you transfer money internationally, it can be that confusing.
This article will update you on how to transfer money from Singapore to Australia and discover the best way to transfer money from Singapore to Australia.
Take a glance at Singapore and Australia relationships
Singapore and Australia have a close and comprehensive relationship in Southeast Asia. Singapore and Australia also have corporations in different sectors.
Update how to transfer money from Singapore to Australia
Trade & business activities between Australia and Singapore are active. Singapore is Australia’s biggest trade and investment partner in ASEAN and the 5th biggest trading partner with a total of 35.9 billion dollars in 2021.
The links between Australia and Singapore are strong. Since 2014, more than 3,000 Australian students have studied and done internships in Singapore under the New Colombo Plan. Over 5,000 Singaporean students are learning in Australia in 2022.
Singapore and Australia are equivalent in the tourism industry. Singapore was Australia’s 4th biggest inbound tourism market in 2022.
Singapore has a dynamic and sophisticated economy and is the major hub for multinational businesses operating in Asia. As a fast growing nation, Singapore is a main cornerstone to development and driving growth in Asia. Also, Singapore offers foreign investors access to global connectivity, including in Australia.
The Singapore dollar (SGD) is the official currency in Singapore. It’s abbreviated with the dollar symbol and adding the letter S to distinguish it from others.
The Australian dollar (AUD) is the official currency in Australia. It’s abbreviated with the dollar sign ($), with A$ or AU$ to differentiate it from others.
Best way to transfer money from singapore to australia
When trying to send money from Singapore to Australia, you will have different options. Most of them can confuse you if you’re new to transferring money internationally.
But here are 2 suggestions for you. It’s trustworthy and convenient.
Transfer money from Singapore to Australia via a local bank
Banks are a popular choice among people because it’s secure and convenient. You just visit the local bank and ask the bank staff for international transfers. You don’t need to cover everything.
However, a bank transfer consists of high fees and an unfair exchange rate from Singapore Dollar to Australian Dollar.
Paying for your overseas transfer with a credit card or cash can often involve the fees cranked up as well.
Typically, sending money from Singapore to Australia will be much faster using a money transfer provider compared to a bank which can take 3-5 business days.
Anyway, this is a good choice if you send a large amount of money due to security and being charged once instead of being charged many times with a small amount of money.
Thus, it’s believed that an online transfer provider is the best way to transfer money from Singapore to Australia.
Transfer money from Singapore to Australia via an online money provider
There’s not a single best way to send money from Singapore to Australia. It all depends on your preferences. Different providers have different pros and cons.
Picking a random international money transfer provider can be risky. To transfer money from Singapore to Australia with a service provider, you need to consider more: security, fee, exchange rate, convenience, delivery speed, promotion and offer…
In which, it’s worth considering the fee the most. The total fee often depends on the amount of money sent, and the final destination in Australia…
If sending money directly to a bank account in Australia, you should choose a service provider with the cheapest and quickest way to make your international payment.
Each provider has their own processes to make overseas payments. Basically, there are 4 basic steps to send money with a money transfer provider:
1. Create an account
After choosing a suitable provider, register a new account by entering your contact details and some personal information. You can log in through Google or Facebook accounts with ease.
2. Verify your identity
Depending on the payment type you’re making, you need to verify your account by uploading some personal information such as an image of your ID documents. This step is compulsory to make sure your account is secure and transparent.
3. Top-up your account
Add the money to your account. It can be made via a bank transfer or card payment.
4. Add beneficiary details and send money
Once you’re prepared to make an international payment, add your beneficiary’s personal and bank account details, check the exchange rate and total fee added to your payment, then confirm.
Now it’s time for your money to be sent, and you can track your delivery progress online via website or transfer app.
By picking a suitable online payment provider like DNBC Financial Group, it’s considered as the best way to transfer money from Singapore to Australia
More about DNBC Financial Group
DNBC Financial Group is an outstanding startup in Fintech as an online transfer service provider, which is available to transfer money from Singapore to Australia.
We’re a financial institution operating in the international financial market, providing business and personal customers with a smart digital banking system, a convenient online payment platform, and an overseas money transfer /receipt service around the world.
DNBC Financial Group’s mission is to simplify global financial payments, secure transactions. We offer full online payment solutions, money transactions in 173 countries with multiple currencies with fast delivery speed. DNBC Financial group is always willing to support you 24/7.