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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 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 provider. Numerous FX brokers accept debit cards as a payment form, leaving you to make payment with ease whilst avoiding costs and acquiring a much better SGD currency exchange rate.  

    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 foreign exchange provider will provide. 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 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. You 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 choose 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 using a Foreign exchange specialist, your ID papers will all have been kept when you opened up the account. Your currency account manager will ask you some elementary questions to verify the account over the phone. Their online trading platforms resemble 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 a 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 Needed to Transfer Money to Singapore

  • Typical time – for a foreign exchange broker to get your international currency, transform to SGD, and send your money transfer to a Singaporean account or recipient, you have to allow between 2-4 working days. Commonly the beneficiary’s financial institution may take a while to assign funds sent from abroad. If using 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 of Making a Money Transfer Singapore

  • Commission –   FX commissions that global financial institutions take vary from one organisation to the next. However, one shared similarity is they remain uncompetitive when compared to foreign exchange brokers. A Foreign exchange provider will commonly be able to save their customers around 1-4% when sending cash to Singapore and 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 specialists 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 it opens in the morning. To reduce any FX market variants in the SG dollar rate, a margin or spread will be added to cover any daytime SGD volatility. Foreign exchange specialists contrarily work from live market currency exchange rates, allowing you to make the most of positive trends and help 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 will likely be charged an intermediary cost or fee. A foreign exchange specialist 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 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. 

Do Foreign Exchange Brokers Transfer Money to all Singaporean Banks?  

If your Singaporean bank is locally approved and regulated, there will be no restrictions on sending money to the Singaporean bank.   

Safely Transferring Money to Singapore

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

  • FCA – Always verify your UK foreign exchange provider is financial conduct authority (FCA) approved. A UK foreign exchange broker should never hesitate to share their FCA registration number or 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 specialists 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 and set apart from their financial working capital if something was to take place to the foreign exchange provider. 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 also use 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 specialist. 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, 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 continuous money transfers to Singapore.  
  • Loans –   If you have been lent cash from a friend or family member in Singapore, you might want to 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 consider 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 purchase – 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 overseas 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 to save money when sending money abroad. Savings between 1-4% are feasible, 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 providers in many ways when they need to transfer money to Singapore.

  • Regulation – always ensure the foreign exchange specialist 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 deal 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 e-mail. 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 Singapore

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 e-mail 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 checking 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 specialist will process your transfer to Singapore with no transfer fees and a 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 FX 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 and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.  
  • Regular international transfers – 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 payment arrives promptly. A broker can devise a plan for you to send money to Singapore regularly and even fix the rate if it’s attractive.  

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

Arranging a transfer to Singapore  

When you’ve selected the foreign exchange provider you wish to work with, and your foreign exchange account is open. The next step is to agree to a Singaporean dollar exchange rate with the foreign exchange provider, pay the currency amount and provide the bank details for your Singaporean account. The broker will then process the currency transfer and arrange the transfer to your Singaporean account.   

If you opt to trade online, the process will have a similar format, but rather than being prompted by an individual. You will be prompted online.   

Large Money Transfer to Singapore  

If you are transferring a large amount of money to Singapore, your international payment timing will be crucial.   

For example, when converting £1000 to SGD, if the exchange rate moves by 3%, the monetary term’s impact will be £30. However, on a large money transfer to Singapore, a 3% currency movement when exchanging £100,000 into SGD will be £3000, meaning timing the transfer correctly can make a huge difference in the amount of Singapore dollars you receive.   

Instant Money Transfers to Singapore  

A few providers offer instant money transfers to Singapore. These providers will charge a transfer fee comparable to that taken by a bank. The rate will be slightly worse than that offered by a bank and significantly worse than that offered by a Foreign exchange specialist. Typically, the SGD exchange rates on offer will be comparable to those offered in Bureaux de changes in train stations and airports.   

When should I use an Instant Money Transfer Service?  

Due to its hefty transfer fees and uncompetitive exchange rates, instant money transfer services should only be considered in an absolute emergency. If, for example, a friend has been pickpocketed and urgently needs money to return home. 

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 many of their solutions to operate reciprocally. POSB/DBS ATM’s are also the most prevalent in Singapore.  
  • UOB – A local bank that has 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.  

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 intend to live in Singapore or would like to hold money there and reside elsewhere, you can open an account with our visiting 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 that has 6 months or more left. Government-issued proof of Singaporean residence may only be acknowledged if you’re from a FATF – Financial Action Task Force – member country.  

Can I Send Money from a Singaporean Account to the UK?  

Providing you have your UK bank account details to hand; your bank or foreign exchange specialist will be more than able to transfer money from Singapore to a UK bank account.    

Can I Send Money from a Singaporean Bank Account to a US Bank Account?  

Likewise, sending money from a Singaporean bank account to a US bank account should pose no issue. You will need your US bank account details, including a swift code to facilitate the payment via bank or your foreign exchange specialist.   

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. For example, if your account number is 9876543215, the branch code is “987”. 

Relocating to Singapore

When relocating to Singapore, it is 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 in, 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 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.

Sending Bank Deposits to Singapore   

Foreign exchange providers and banks will be pleased to send bank deposits to Singaporean banks. You’ll need your Singaporean bank details, including a swift number, to do so. 

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