Sending Money from Singapore
Sending money abroad isn’t easy and in most cases, it can involve large sums of money, therefore doing it right can save you time, money and a major headache. Here you will find all you need to know about sending money aboard, including how, why and where to compare the best transfer rates. Our aim is to arm you with the right information to make an informed comparison of the different ways you can transfer money.
Best money transfer providers in Singapore
Finding the best wire transfer provider in Singapore isn’t easy, especially as they are so many to choose from and we are so accustomed to using traditional banks. However, an online transfer provider could save you a considerable amount of cash and speed up the time it takes to receive your money in your chosen territory. In fact, the team here at EnjoyCompare regularly uses an online transfer provider for all our business needs.
Top 3 Transfer Providers
Cost of transferring money from Singapore
When transferring money from Singapore to an international bank account, you need to look out for two key costs, which all providers should clearly display. If you find that your only given one cost with no breakdown, then question the provider, so you can make an informed comparison.
With every money transfer, your bank or transfer provider will charge a fee for the service. These fees can range from 0 to 3% depending on the amount you are transferring and to which country.
When you transfer money from Singapore, your provider will have to convert Singapore Dollars to your chosen destinations currency i.e. Great British Pounds (GBP). When doing this transfer they will share with you the exchange rate they have used. Transfer service providers historically make a portion of their margin from offering slightly different rates between the interbank exchange rates and the rates they offer to you. The exchange rates offered are usually locked-in for a certain period of time, as the interbank exchange rate is constantly fluctuation. Therefore make sure to understand how long you have to compare before the rate will change again and you are back to square one.
The transfer provider has two way to make money, openly charge a transfer fee and make a hidden margin on the exchange rate offered. If a provider offers a ‘No Fee’ transfer service it is possible that they are hiding the real cost in the exchange rate offered. Therefore the best way to compare provider is by the ‘Amount Received’ at your final destinations i.e. Singapore dollars (SGD) to Great British Pounds (GBP).
How to choose the best transfer provider
Find the best transfer provider isn’t necessarily about just the amount received, although cost is a major factor. You might also want to consider the following.
- Speed– The time it will take for the transaction to be completed. With most online transfer providers taking 1-3 days, while traditional banks are usually longer at 3-5 working days.
- Currency Availablity– Not all providers will offer the currency or destination routes, therefore you might need to shop around for a provider that will transfer to less common countries.
- Convenience – Most online transfer providers have simple to use, mobile applications, while traditional banks still rely on you to complete a form and personally visit a local branch. Do what feels comfortable to you and don’t be rushed or pressured into making a transfer.
How you want the money to be accessed at the final destination is a major factor in choosing the right transfer provider. This can be more important if you are transferring money to someone without a bank account, or if the sum of money doesn’t warrant any major consideration i.e. splitting the bill. Therefore these are the options available.
- Cash– Sending cash to a person is possible with some, but not all providers. Money transfer providers like Western Union or MoneyGram are key players in this space, with a network of retail stores to send and receive money.
- Bank Account– The easiest option by far, with most, if not all providers offering this solution.
- Prepaid Card– Money is transferred to a prepaid cash card, which allows the recipient to spend the funds. This payment method can sometimes be slower, however, the recipient can use an ATM to turn the funds into cash. However, some fees may apply.
- Mobile Banking– The funds are received via the recipient’s mobile bank account, which can then be spent quickly and easily. This is normally as quick at using a bank account and can even be instant with PayPal and Facebook Payments.
How to save money
This is an easy question to ask, but a difficult question to answer. However, some common sense rules apply, along with some terminology that will help you distinguish the good from the bad providers.
Be aware of the cost breakdown, which will let you do a fair comparison of the cost of transfer. The transfer fee and exchange rate are critical to this decision, but the final ‘Amount Received’ is the main focus. Watch out for hidden charges and make sure you are comparing the live rates and charges, not an estimation, which can change depending on when you go ahead with the transfer. What’s more, fees are sometimes charges in incremental “steps”, therefore it may be advantageous to transfer more money at the same time.
The time it takes to transfer the moneyis sometimes critical, but don’t pay for a guaranteed delivery date if it’s not necessary. Shop around for a payment solution that fits your needs and only pay for service deliverables that you need.
Combine your paymentsand don’t pay additional fees, this might sound simple but think ahead. Will you need additional money in your chosen currency in a few months time. If so, transfer in one lump sum and save on time, money and effort.
Change your behaviourand run a tab with friends. If you are constantly sharing the bill and transferring small sums of money to and from your bank account with friends and loved ones, then simply keep a running tally of what you owe to each other. That way you save on the transfer fee for each micropayment.
Avoid issues when transferring money from Singapore
- Double Check– Make sure you have confirmed the destination details, it can be very difficult to get the money back if you send funds to the wrong account.
- Repeat the numbers– Ask the transfer representative to repeat the account details and final amounts or check read over the numbers again to make sure they are entered correctly.
- Don’t go overdrawn– Make sure you have the available fund when scheduling future transfers, it’s easy to get lost when you have many recurring transfers set up.