Want to visit or move to Singapore? Then be sure to read our Singapore Money Transfer Guide and take notes because it will help you save a lot of money on wire transfer fees. At the same time, if you receive money from other countries, why not get the full amount and skip overpaying the banks for their services?
Start doing it better, quicker and most importantly, a lot cheaper!
The Guide’s Topics:
- Best Way to Send Money to Singapore
- Best Company to Transfer Money from Singapore
- Today’s Singapore Dollar Rates
- Reasons to Move Funds into Singapore
- Regulation and Limitations
Best Company To Send Money To Singapore
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
WorldFirst provides a wide range of services for their client’s money transfer needs and has been doing that for many years, maintaining a very high-quality standard which can be seen in the customer feedback posted around the web.
But one of the most important aspects for you, as a client, is the fact that they have a local office in Singapore (very rare). The regulatory institutions in Singapore are very strict and work hard to avoid money laundering so in some instances the beneficial owner needs to have a face-to-face meeting with them. It is just another step in making sure that your money is in the right hand and secure for the entire process.
Another important thing that we need to point out, is their mobile app. It is very user-friendly and helps you make money transfers in a matter of seconds and a few clicks.
TorFX is able to send money to Singapore for free from almost any country in the world, and with a minimum transfer amount of only £100, it makes it very accessible for anyone.
The company has great feedback from its customers, as you can see from their dedicated page on TrustPilot. Or you can simply check out the review we have written here to better understand their services.
MoneyCorp provides similar services as the previous two listed companies but with an even lower minimum amount of only £50. Being one of the biggest and oldest FX company in the UK, MoneyCorp has an impressive number of customers, both companies and private clients. As in with every company, longevity shows the traits of a good company with a good product.
Best Company to Send Money from Singapore
|Min. Transfer: £ / € 1,000.|
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
Supported Regions & Currencies
The Singapore dollar is a freely convertible currency and there are no restrictions on money transfers to or from Singapore. This means that money transfer operators can provide their services with ease to clients from all over the country.
Currencies: With WorldFirst you can rest assured that whichever destination you might have for your money, they can make it possible. You can easily send money from Singapore to the US, Canada, Australia, New Zealand, China, India or any other country, big or small.
Tip: If you need to make smaller transfers on a regular basis, we suggest using TransferWise because of their small and fixed fees. With WorldFirst, the benefits grow when the amount to be transferred grows.
Today’s Foreign Exchange Rates for SGD
Singapore dollar behaviour
Low inflation and a strong current account provide powerful support. Given trade dependency and an exchange rate target for monetary policy, global economic swings are pivotal for short-term currency trends.
The Singapore Monetary Authority (MAS) has a mandate to maintain price stability conducive to sustainable growth in the economy.
The MAS is also one of the most independent global central banks which gives a strong underlying currency trend.
The MAS is also very unusual globally in that it sets monetary policy directly through the exchange rate rather than through interest rates. It will target a weaker currency if growth is weak and inflation too low while it will aim for a stronger currency if there are excessive growth and rising inflation.
The current account position is extremely strong having been in surplus since 1987 and above 10% of GDP since 1995 on an annual basis. This strength provides very strong backing to the currency and Singapore is also unusual in that it has no external debt.
Trade is a key component and revenue generator for the Singapore economy. Singapore is therefore geared to the global economy and, in particular, the trends in the US and Asian growth. The currency will, therefore, tend to weaken when the global economy is in recession and strengthen when there is strong growth in global demand. These moves are amplified by the MAS monetary policy.
Sending Money To A Singapore Bank Account
Singapore has a highly developed market economy which has received a lot of praise in the past years as being one of the most dynamic and most business-friendly economies in the world. The 2015 Index of Economic Freedom ranks Singapore as the second freest economy in the world and according to the Corruption Perceptions Index, it is consistently ranked as one of the least corrupted countries in the world.
This kind of economy has allowed the country to rank #1 in an exclusive list – The Highest Percentage of Millionaires in the World. According to a 2012 article published by The Wall Street Journal, more than 1 in 6 residential houses you see will be inhabited by a millionaire.
Business: Singapore is a leader in several economic sectors with its top contributors being the financial services, manufacturing and oil-refining (Singapore was the 3rd largest oil-refining centre in 2012). As far as the financial sector is concerned, the country is well represented worldwide thanks to the like of the Oversea-Chinese Banking Corporation (OCBC), Development Bank of Singapore (DBS) and United Overseas Bank (UOB). These financial institutions were classified by a Bloomberg survey in 2011 as the 1st, 5th, 6th strongest banks in the world
Real Estate: Real Estate is also a big market for investors as the Q1 of 2016 shows a total investment sales of more than SGD 2.40 billion, out of which the Residential sector accounts for almost 80%. The biggest competition is focused on the prime locations as this can yield big prices or big rents, making it very profitable in the long run. For example, a small apartment in the city centre will cost the renter between 2.000 and 3.000 US dollars.
Tourism: More than 15 million people have visited the country last year which ranks tourism as one of the large sectors of Singapore’s economy. The big number of tourists is partly based on the fact that gambling has been legalised since 2005. The big number of tourists is supported every year by Singapore Airlines which is a company majority-owned by the Singapore government.
Remittances: The estimated population in 2015 is 5.5 million people, out of which 39% were permanent residents or foreign students/workers. With this big number of non-citizens, we can clearly understand that there is a high demand for remittances transfer providers, with the biggest corridor being China (74% of residents are of Chinese descent). But Singapore has also a big number of international students which means that many people also transfer money to Singapore.
Thinking Of Relocating To Singapore?
If you consider moving to Singapore and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Singapore:
- Safety: Singapore has a very low crime rate and a zero tolerance policy when it comes to drugs.
- Public transport: It is very cheap and very well organized. By bus or MRT (Mass Rapid Transit), you can arrive at any corner of the city very quickly.
- Travel quick and easy: If you want to make a short vacation to some exotic Asian retreats, you can get a cheap flight ticket to any part of Southeast Asia.
Disadvantages Of Moving To Singapore:
- Education: If you are not a local expect to pay expensive school fees, be it public or private.
- Expensive Housing: Because it is such a small territory, every piece of land or house is very expensive.
- High Cost of Living: According to a Mercer survey, Singapore took the 4th spot in the list of most expensive locations for employees working abroad.
How To Send Money To Singapore For Cheap
An FX company is, without doubt, the best way to transfer money to Singapore. Why? They’re cheaper than banks and remittance companies. Additionally, they are also known to offer excellent exchange rates. And don’t forget: they’re fast!
FX companies are able to offer such fantastic rates because they carry out the majority of their business over the internet. Low overheads mean lower costs and the benefits are passed on to you, the customer. So how do they make their money if they aren’t charging outrageous fees? These brokers make their money on the currency exchange rate.
And as an added bonus, many people are starting to use these brokers when buying a house overseas because the fees are much lower than any bank and they provide the ability to set up recurrent international payments without additional fees.
Info you need in order to send money to Singapore
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.
If you are a citizen or resident in Singapore and want to send money abroad, there are a few information that needs to be provided like:
- Full name
- Residential address (Must be in Singapore)
- Date of birth
- Source of funds/wealth
- Purpose of transfer (at registration and for each transfer)
- Usual destination and source of funds
- Currencies required
- Expected volumes and frequency
Besides all of the above, be sure to have near you the NRIC (national identity card) for the photo and proof of address verification.
Our Company Recommendation:
- Send Money to Singapore: Companies that provide international money transfers to Singapore.
- Send Money from Singapore: Companies that take on Singaporeans.
Regulations and taxes when transferring money to and from Singapore
The Singapore currency is the Singapore Dollar (SGD). The SGD is a fully convertible, free-floating currency, making transfers in and out of Singapore relatively simple.
The SGD is pegged by the Brunei dollar at par and it is divided into 100 cents.
The Singapore Monetary Authority
The Monetary Authority of Singapore is responsible for the monetary policy and monitoring the health of the financial service sector. The dollar’s exchange rate is allowed to fluctuate within a policy band set semi-annually by the central bank.
The Singapore dollar is fairly easy to trade currency and has very few restrictions on sending money to/from Singapore. This restrictions mainly regard the money transfer businesses who must record all the transactions equivalent to S$5,000 or more.
Taxation on foreign income
Singapore residents are taxed on any foreign income. Non-residents are taxed only on income originating in Singapore. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Singapore
- DBS Bank
- OCBC Bank
- United Overseas Bank
- Post Office Savings Bank