Currency Converter

Send Money to Singapore

How to send money to Singapore using a money transfer service or foreign exchange broker to a Singapore bank account.

Send Money to Singapore

Transferring Money to Singapore

When transferring money to Singapore either to relocate or purchase an investment property there is a range of ways to help your chances of acquiring an excellent SGD exchange rate, excellent service and guarantee you send out money to Singapore safely. 

Ways to Send Money to Singapore

  • Debit Card – when acquiring items on Singaporean web sites or using a web retailer you may be offered the ability to pay with a debit card, internet sites are not likely to provide affordable foreign exchange rates when sending money to Singapore or buying things on a foreign debit card. You are most likely to be charged an admin fee from your bank to make the SGD payment and potentially be charged by the seller’s financial institution. Those needing to transfer money to Singapore to purchase a house or pay a lawyer expense could be required to move money to Singapore, for that reason they will need to transfer Singaporean dollars via their banks or ideally a foreign exchange broker. Numerous FX brokers accept debit cards as form of payment, leaving you to make payment with ease, whilst avoiding costs, and acquiring a much better SGD currency exchange rate.
  • Credit Card – Suitable for leasing accommodation before showing up in Singapore, bank credit cards provide simplicity and additionally possible compensation from your card company if all isn’t as it shows up. Nevertheless please realise charge card patronise uncompetitive SGD currency exchange rates and will certainly probably bill, occasionally this can be balanced out by air miles or points.
  • Bank Transfer – Many will select to transfer money directly to Singapore from their worldwide checking account. Typically the foreign exchange rate to move money to Singapore will not be as competitive as the one the foreign exchange broker will provide and you could have to come by your financial institution to move a significant amount to Singapore. When sending out money to Singapore using an overseas financial institution you will have to pay a transfer charge or fee corresponding to ₤ 10-30 or foreign money equivalent.
  • Swift – Swift settlements pertain to money transfers outside the EU. Within the EU and therefore not applicable when sending out money to Singapore is the SEPA repayments system. Because of the use of the swift system money transfer to Singapore can take a few days longer than transfers within the EU as the swift payments system is adopted.

Required Bank Details to Transfer Money to Singapore

Identification – when you send money globally utilising a bank you will be requested to show 1-2 examples of a picture ID and will need to have your current account bank card on your person. Transfers to Singapore normally will have to be made in your regional branch. If you have the choice to send money to Singapore utilising your online account, you will probably require your debit card reader and login to hand to access your online account.

When making use of a Foreign exchange broker, your ID papers will all have been kept when you opened up the account, your currency account manager will ask you some incredibly easy questions to verify the account over the phone. Their online trading platforms resemble those of retail financial institutions with much better online Singapore buck currency exchange rates.

SWIFT CODE – A Singapore Swift code will start with a four-letter bank code, followed by two-letter country code, then a two letter location code and concluded by a 3 digit branch code. The country doesn’t use the IBAN system.

Time taken to send money to Singapore

  • Typical time – for a foreign exchange broker to get your international currency, transform to SGD, and also send your money transfer to a Singaporean account or recipient you have to allow in between 2-4 working days. Commonly the beneficiary’s financial institution may take a while to assign funds sent from abroad. If making use of a bank to send funds to Singapore you should allow 1-2 days extra as their handling is generally slower.
  • Same-day transfer – if funds are located in your foreign exchange transfer account you have a likelihood of transferring your SG dollars to Singapore and them clearing the next day. A same-day transfer to Singapore is highly unlikely when utilising the swift payments system. It can take the recipient checking account 1 day or more to allot funds. Banks will take a lot longer, typically 2-4 working days.

Cost to Transfer Money to Singapore

  • Commission – FX commissions that are taken by global financial institutions vary from one organisation to the next. However, one shared similarity is they remain uncompetitive when compared to foreign exchange brokers. A Foreign exchange broker will commonly be able to save their customers around 1-4% when sending cash to Singapore as well as various other places outside of Europe.
  • Transfer Fees – An overseas bank will generally charge anywhere between ₤ 10 -₤ 40, or local currency equivalent to move your money to Singapore. A lot of foreign exchange brokers do not charge transfer charges. As an example, none featured on Foreign exchange Live do.
  • Exchange Rate – A bank will usually use a ‘daily FX rate’ which will be calculated when the branch opens in the morning. To reduce any kind of FX market variants in the SG dollar rate a margin or spread will be added to cover any type of daytime SGD volatility. Foreign exchange brokers, contrarily, work from live market currency exchange rates allowing you to make the most of positive trends along with helping if the SG dollar price depreciates.

Fees for Receive Money in Singapore

Singapore adopts the swift payment service which when compared to SEPA can be costly and slow if you are sending money to Singapore you are likely to be charged an intermediary cost or fee. A foreign exchange broker will typically absorb the fee but banks will charge.

Limits on Money Transfers to Singapore

You shouldn’t be limited on how much money you can move to Singapore providing you or the company can validate the SGD money transfer. If your currency broker authorises the money transfer, there is no set restriction on just how much you can trade.

Typically if a transfer exceeds ₤ 500,000+ or local currency equivalent your foreign money broker can request a duplicate of a bank statement to confirm your ability to satisfy the SGD currency contract, they could additionally ask for documents to show the reason for the transfer (e.g Singapore residential property acquisition).

Transfer a Deposit to Open a Singapore Bank Account

An international financial institution or money broker will be happy to assist with transferring funds to deposit a brand-new Singaporean bank account. Just make sure any paperwork, as well as your Singapore account information, is to hand, your financial institution or broker can then help with your bank down payment transfer and send your cash to Singapore.

Singaporean financial institutions will normally expect you to credit your account quickly with around SG$ 1000, nonetheless, some banks open the account with absolutely no balance.

Safely Send Money to Singapore

Fortunately Foreign exchange brokers are extremely conscious of worldwide settlements scams, they will be diligent on your behalf as well as run beneficiaries through their systems and flag any kind of dubious payments.

  • FCA – Always verify your UK foreign exchange broker is financial conduct authority (FCA) approved. A UK foreign exchange broker should never hesitate to share their FCA registration number or an on the internet link to the FCA’s register. They should also publicise information regarding their regulation on their web site.
  • Guarantees – Whilst even one of the most certified foreign exchange broker will have no ability to offer guarantees, their segregated customer accounts have to be held with tier 1 organisations. All customer funds are held within these ring fenced accounts as well and set apart from their financial working capital if something was to take place to the foreign exchange broker this allows you to obtain the funds straight from the tier 1 financial institution.
  • Protection –Credible foreign exchange services abide by substantial anti-money laundering protocol to ensure they are only dealing with the transfers of respectable clients and also businesses. This is continued when they trade money and also transfer funds to Singapore, to make certain standards continue to be high currency exchange brokers could request added information on transfers whose recipients look suspicious. Money broker’s FX trading systems are electronically safeguarded, they additionally make use of high degrees of internet encryption to prevent the opportunity of their customer’s data being obtained.
  • Fraud – Despite these preventative procedures, fraudulent transfers can take place within the international transfers market. You can, nonetheless, take measures to lower your chances of ending up being a transfer fraud victim. Never send your password or security logins over e-mail or be pressurised to make a money transfer by a foreign exchange broker. Guarantee interaction with your broker is from an ideal business e-mail address. If you are telephoned out of the blue by an unidentified member of the broker’s group or brand-new currency account manager deal to call them back to guarantee they are an employee of the money exchange broker you collaborate with.

Reasons to send money to Singapore

  • Bills – Your Singapore residence or company will have regular associated costs. These can consist of local state real estate tax, remodelling charges, or utility costs. A Foreign exchange broker will be happy to establish payments to cover up your Singapore account and care for any type of continuous money transfers to Singapore.
  • Loans – If you have been lent cash from a friend or family member in Singapore you might want clear the debt if SG dollar rates move in your favour. Alternatively, if you have a home mortgage on your Singaporean property and the SG dollar rate is in your favour you might considering sending money to Singapore to clear part of your SGD property mortgage.
  • Family – Birthday celebration celebrations and family occasions, are never far away. Your foreign exchange brokerage account can be a fantastic means to send economic presents to members of the family in Singapore.
  • Property – When the SG dollar currency exchange rate relocate your favour, you might take into consideration capitalising and renovate your home.
  • Inheritance – Regretfully countless experience loved ones passing away overseas. You may need to repatriate inheritance to Singapore. A broker can sensitively handle the procedure.
  • Car – If moving to Singapore you might wish to rent out or get a car to commute or discover the country
  • Holiday – If leasing a residence or condominium for a trip to Singapore your fx broker will use a much better SGD fx rate than your bank or debit card.
  • International wholesalers – When getting oversea products or supplies you can use solutions from an fx broker to mitigate FX risk connected with obtaining products from providers that market in SGD.

Foreign Exchange Brokers

Considering the services of a credible foreign exchange broker is the best way of guaranteeing to save money when sending money abroad. Savings between 1-4% are feasible which will be significant on regular transfers and Singapore property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in Singapore.

Finding a reputable Foreign Exchange Broker

Clients can compare the offerings of transfer services and foreign exchange brokers in many ways when they need to transfer money to Singapore.

  • Regulation – always ensure the foreign exchange broker you use is regulated, in Singapore, for example, brokers must be authorised by the FCA (financial conduct authority)
  • Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Singapore and dealt with many different scenarios.
  • Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Singapore are small. A transfer fee can typically outweigh the advantages of sending the money to Singapore via a bank or broker even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.
  • Online transfer, telephone transfers or both – online Apps are great for small transfers to Singapore. Recourse can be slow if the money goes astray. Customer service when dealing solely online can vary. Much of this service is via a chat/text box or email. An established foreign exchange broker will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.

Find The Right Broker To Transfer Money To Canada

Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients all over the globe and saving them thousands of pounds in the process.

  • Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments, but don’t offer prompt customer support if an issue arises. Foreign exchange brokers offer a consistent service. All clients receive a personal account manager with a direct email address and phone number to enable easy contact and customer service if required.
  • Safety And Security – All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines, we strongly advise to check with your broker on the exact details.
  • No Expensive Fees Or Charges – Depending on the bank, for each transaction, it could cost anywhere from £10 to £4o or local currency equivalent. A foreign exchange broker will process your transfer to Singapore with no transfer fees and narrow margin (or spread).
  • Better Exchange Rates – A bank will, as a rule, be making a spread of between 2-6% whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.

Foreign Exchange Contracts

A foreign exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:

  • Spot contracts – Arranging a transfer and agreeing on a rate and sending the money to Singapore shortly after
  • Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. guaranteeing the cost of your purchase and avoiding foreign exchange volatility.
  • Stop-loss – If your currency pair is trending lower a stop-loss protects your currency from depreciating too much, the currency is traded automatically when it hits the agreed level
  • Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.
  • Option contract – as with the forward contract but also having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.
  • Regular international transfers – A payment plan to send money overseas regularly

Documents needed for a foreign exchange broker account

The application to open your foreign exchange account can be completed within minutes. The first step is to apply online giving personal details and a brief overview of transfer needs. Once complete you will typically need to supply the following to get your account approved

  • A valid form of photo ID
  • Recent utility bill or address proof (less than 3 months old)

List of Foreign Exchange Brokers

  • Boutique brokerages such and Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their clients’ FX risk.
  • Midsize brokerages such as Rational FX operate both corporate and private client operations with a focus being on key markets such as France and Spain.
  • Large multi Geographic operations such as Moneycorp operate in multiple jurisdictions and have many local offices to best serve their global clientele.

Banks in Singapore

Opening a bank account in Singapore

Setting up a bank account as an expat isn’t difficult in the slightest with everything geared towards ease for internationals. Whether you are intending to live in Singapore or would just like to hold money there and reside elsewhere, you can open an account with our visiting the branch. Documents required to open an account aren’t difficult to source

  • Valid passport
  • Recent proof of residential address
  • A reference letter from the applicant’s current bank

Proof of source of funds (banks statement showing the amount to credit new account)
It warrants checking the details of the documents needed before you attend a Singapore bank branch in person. As an example, you may need to possess a passport which has 6 months or more left, a government-issued proof of Singaporean residence may only be acknowledged if you’re from a FATF – Financial Action Task Force – member country.

Banks in Singapore

If you have just recently arrived in Singapore you will have experienced many banks and financial institutions in your proximity. Yet only a few of these Singaporean financial institutions provide personal banking solutions. One of the most popular financial institutions in Singapore for expatriates and citizens alike consist of:

  • POSB and DBS– These two local financial institutions have combined a lot of their solutions which can operate reciprocally. POSB/DBS ATM’s are also the most prevalent in Singapore.
  • UOB – A local bank that has a decent ATM coverage.
  • OCBC
  • Citibank
  • HSBC
  • Criterion Chartered Financial Institution
  • CIMB
  • RHB

Singaporean Bank accounts don’t always carry a monthly charge or fee, however minimal money requirements might apply. These may range from SGD 500 to SGD5,000. It’s worth checking if your bank will charge you if you temporarily fall below the minimum level.

Singaporean bank details

Singaporean bank details follow a familiar format. As an example, this is the bank account code for DBS.

  • Bank Code – 7171

Bank Branch codes – If there are 10 digits in your bank account number, the Bank branch code is the 3 first digits of your account number. Example, if your account number is 9876543215, the branch code is “987”.

Relocating to Singapore

When relocating to Singapore its worth considering how you’ll send money to Singapore. Foreign exchange brokers are highly competitive and worth considering when you need to transfer money to Singapore.

Ranked highly amongst the best locations for expats to reside Singapore has a lot to offer. Its cleanliness laid back attitude and multi cultured background has motivated expats from all areas to relocate there.

Culturally Singapore is made up of the following Chinese, Indian, Malaysian, and British. Many finding that Singapore provides a portal to the rest of Asia, whilst offering excellent levels of safety.

Although Singapore can be comparably expensive when compared to other cities in Asia its high quality of living sees it regularly featured in the most desirable places to live in the world. Recently voted number 1 by the HSBC expat global survey

Technology in Singapore

The city’s job offerings are dominated by the technology, finance and marketing. The expat workforce is believed to be in excess of 1.2m with over 600,000 working in highly skilled roles technology roles.

Some of the biggest employers in Singapore include.

  • Bank of Amercia
  • Microsoft
  • Capital Land
  • Singtel
  • Singapore Airlines

Many day traders also locate in Singapore and Forex Trading has become somewhat of a hub in Singapore.

Tips when relocating to Singapore

Collating a list and thinking of everything will be a tough challenge when moving halfway around the world, especially if you are moving a family and attempting to ensure all their needs are being looked after. Below are a few pointers covering what we consider the basics.

Employment in Singapore

You will need to verify your eligibility to work in Singapore before making the first moves toward employment. Once your suitability is confirmed we advise doing research on your job sector in Singapore before making moves for visas etc. Visa’s vary greatly subject to the role you are applying for.

The visa you apply for will be specific to your role and there isn’t a ‘one size fits all’ visa available. Once you’ve done this research you can pursue jobs available within your field of expertise, alternatively you can research a list of in demand job roles which might be suitable.

Once you are certain that you will be eligible and can bring expertise to Singapore there are a number of ways you begin your job hunt. There are a number of recruiters online which will have a multitude of opportunities for you to apply for. These include total jobs, indeed and job street.

Alternatively, if you have your own contacts and network or if you posses a niche skill or experience you could approach potential recruiters via LinkedIn.

Highly skilled Visas for Singapore – As highlighted in the employment section, the type of visa you will require will be subject to a few factors. It is however a well-known fact that foreign workers which brings skills to Singapore are very welcome and vias application process shouldn’t be feared. These are the main visas available.

  • Employment Pass – aimed at those pursuing senior positions earning SGD3,300 or more per month. Suitable qualifications must be held in order to qualify.
  • EntrePass – aimed at budding entrepreneurs the Entrepass is excellent for those looking to develop a business in Singapore.
  • Personalised Employment Pass – For high earners the Personalised Employment Pass allows holders to operate in numerous roles and sectors. Even offering the ability to switch employers and change jobs.
  • S Pass – Typical applicants will be mid-level skilled workers. To qualify you will need to earn a minimum of SGD 2,200 and pass an assessment.

In many cases your new employer will assist with the process and be aware of the process if not applications can be made directly with the Singaporean ministry of manpower.

International schools

Once your job offer is secured and your visas are in process, if you have a child, a key priority will be ensuring securing a school place for them. Fortunately, Singapore boasts a number of excellent schools and with English being the primary language, so they should get acclimatised quickly.

Each international school caters to a different nation including, Australia, Canada and the UK with similar teaching techniques to the nation it’s aligned with, for example.

  • Canadian International school – ‘’ At CIS, we celebrate both our internationalism and the uniqueness of the 74 plus nationalities represented among our students and staff”
  • Chatsworth international school – ‘’ An international school in Singapore, Chatsworth provides a balanced and quality education through the International Baccalaureate (IB) curriculum, for ages 3 to 18. It is accredited by the Western Association of Schools and Colleges and is Edutrust certified.”
  • GEMS world academy – ‘’ GEMS World Academy (Singapore) is a truly international school in Singapore with over 60 nationalities, delivering an IB continuum of education (PYP, MYP, DP, CP) from Nursery to Grade 12 (2-18 years). Blending a caring, child-focused environment, cutting-edge facilities, low student-teacher ratio and globally experienced and passionate teaching faculty, GEMS (Singapore) provides diverse extracurricular activities and outstanding learning opportunities for the international student community in Singapore”

A foreign exchange broker can also help transfer money to Singapore to cover school costs.


With your list of completed tasks growing as your move approaches a key objective will be to source suitable accommodation. As we have eluded to in previous sections Singapore is a very friendly and diverse place to live and therefore there aren’t any areas which should be avoided. The business districts are in the south and the east and this may govern your choice. Especially as owning a car in Singapore can be a very expensive luxury. Popular locations include

  • Orchard
  • Tanglin
  • Holland Village
  • Novena

Whilst viewing is highly advised you can begin your property research via online listings. Monthly rental prices typically range between SGD 5,000 – 7,000 for a private 2-3 bed apartment near the city centre. Those outside the capital will begin at SGD 3,000+.

If you decide to make prolong your stay and invest in a property in Singapore well done! Singaporean property easily ranks in the top 5 most expensive locations and commands a staggering $1093 per sqft. If you opt to invest in Singapore you can work with your foreign exchange broker to mitigate foreign exchange risk and ensure you send money to Singapore at a good rate. If the property is a new build and has a payment schedule they can work towards a higher rate in order for you to transfer money to Singapore effectively.

Regular money transfer to Singapore

If you receive a salary or even a pension in a foreign currency your foreign exchange broker can establish a regular money transfer plan to ensure this payments arrives promptly. The can devise a plan for you to send money to Singapore on a regular basis and even fix the rate if it’s attractive.

Foreign Exchange Live