Sending Money from Singapore? Here are Your Best Options

Singapore is home to hundreds and thousands of expats – thanks to its modern and techy lifestyle as well as its highly diverse culture. Owing to this fact, there are many foreign residents working in Singapore to support their families abroad.

ALSO READ: 12 Things to Know for Pinoys Who Plan to Work in Singapore

That said, one of the most important things any foreign resident living in the country must know is how to send money abroad or back home. In this guide, we will share some of the most common options you can try to send money to your loved ones back home, the most convenient way possible.

Sending Money Abroad from Singapore? Here Are Your Best Options

How To Send Remittances Abroad from Singapore

Many expats send money overseas for a variety of reasons. This could either be to support their families, send their kids to school, finance a business, pay taxes, and the list could just go on and on. That said, you need to know what are the most convenient options available to you should you ever need to send money overseas, and here are a few of them:

1. DBS Remit

This is an overseas money transfer service offered on the DBS digibank app. DBS Remit offers competitive locked-in exchange rates, meaning, what you see during your transaction confirmation is what you’ll get. Moreover, you’ll be able to send transfer funds to at least 49 destinations in 17 different currencies. What’s great about this app is that all transactions are entirely done all within one application, without having to top up a separate holding account.

The only requirement for you to use this service is that you must have a DBS bank account. You can do this by signing up online.  Meanwhile, existing DBS customers who don’t have the digibank app can download it on their smartphone, top-up their account, and remit money.

How to Use

On your DBS Digibank app, tap on “overseas transfer”, enter the amount, choose the currency, and pick a recipient.

Note:  You can save the profile of your recipients for future transactions.

How long does it take to process a transaction?

Your recipient will be able to receive the funds within the same day if it has been transferred before the cut-off timing. Otherwise, the money will be transferred on the next working day.

There is no minimum amount for your transactions. However, for amounts greater than SGD 50,000, you can get special exchange rates for your transfer. Also, do note that there are daily transfer limits for different destinations.

It is also worth noting that all locations eligible for DBS remit do not charge any transfer fees. To be sure, check if there is a DBS Remit or Zero-Fee icon.

2. Pay2Home

This is a licensed remittance service provider that offers money transfers to the UK, Australia, New Zealand, Hong Kong, and all Eurozone countries and others.

How to Use

Before you can send any remittances through this service, you need to make a payment to a Pay2Home settlement bank account. You can do this by either visiting any of their branches or transfer via internet banking or through their mobile app. Once you have successfully completed a remittance transaction, your money will be tracked in real-time. You will receive SMS and email updates. Upon completion of the payment, you and your beneficiary will be notified accordingly.

How long does it take to process a transaction?

This will depend on your destination country and chosen method of transfer. Typically, this can take anywhere between one to three business days.

There is no minimum amount required to make any transaction via Pay2Home. However, there is a single flat fee of SGD 20 regardless of the transaction amount.

3. MoneyGram

This money transfer service is one of the most popular ones across the world. With a straightforward app to use, sending money and paying bills have never been easier wherever you may be in the world. This service offers various options for customers to send and receive money through bank accounts, mobile wallets, at thousands of locations, and online.

How to Use

You can start sending money from anywhere in the world by downloading the MoneyGram app or visiting their website. Simply input the amount you want to send and the destination country. There are more than 350,000 agent locations worldwide. You can also track the status of your remittances via their website and mobile app for safety and security purposes.  For this reason, it’s quite simple and convenient to send and withdraw cash through this service.

How long does it take to process a transaction?

Sending money via this service typically takes only a day.

And if you’re sending money to the Philippines, the minimum amount that you need to send is PHP 1. But you will be charged USD 9.99 for each transaction.  But of course, you will need to send a higher amount or even more than you intend to send because remittance fees can hurt your budget if you don’t plan your transfers well, as with the case of any money transfer services.

4. Western Union

Another popular money transfer service most Filipinos use in Singapore is Western Union. It’s become one of the go-to transfer services because it is relatively quite simple to use. You can either process your transactions via their website or through their mobile app. By using this service, you can send money for payout in 130 different currencies to more than 200 countries and territories within minutes. And aside from sending money overseas, you can also use this service to pay your bills and earn reward points from any qualifying transactions.

How to Use

To start, you can either log on to their website or mobile app, select the destination of your money to be transferred, the payment method you prefer and then finally the details of the recipient. Then, you can track the status of your transfer either via their website or mobile app, too.

How long does it take to process a transaction?

It won’t take any longer than a day to complete a transaction with Western Union. And if you’re sending money to the Philippines, the minimum amount that you need to send is PHP 1. But you will be charged 3.4% for each transaction. That said, the higher the amount of transaction you process, the more value you can get from this service.

5. OFX

This service offers an easy and secure solution for international money transfers.

How to Use

The first thing you need to do is to sign up for a money transfer account and track the status on their mobile application. Next, you’ll need to transfer the money from your bank account. Do note, however, that cash, credit card, cheques, or bank drafts are not accepted.

How long does it take to process a transaction?

The average time it takes for transactions to be completed in one to two days only.

OFX requires a minimum of AUD 250 (or equivalent) for each transaction. Moreover, they charge AUD 15 for amounts lower than AUD 10,000. Transactions above this amount is free of charge.

6. PayPal

Last but not least is PayPal. This money transfer service enables you to pay, send money, and accept payments online without revealing your financial information.

How to Use

For any transaction to take place, both the sender and receiver must have a PayPal account. You can then choose whether you or your recipient will shoulder the cost of the transaction. The recipient will then receive either an email notification or an SMS prompting them to log in online to get the money.

How long does it take to process a transaction?

If the transaction is done between PayPal accounts, the transfer is almost instantaneous. However, it takes three to five days for the money to appear in the recipient’s bank account and be ready for withdrawal.

Do note that PayPal requires a minimum amount of USD 1 per transaction and charges fees for each depending on your country/region and also if the transfer is a commercial or personal one. These, however, are still subject to change so ensure that you check before making your transfer.

There you have it! These are just some of the common money transfer services you can use when you’re in Singapore. Of course, you can also do bank-to-bank transfers, especially if your bank in Singapore has a corresponding bank in your home country. You just need to have the name, address, and the bank code of the receiving financial institution. Also, you need to have the receiver’s name, address, account name, account number, and International Bank Account Number (IBCN). However, if you need to send money as soon as possible, then consider using any of the above online money transfer services that suit your needs and requirements.

What money transfer services do you use or have tried using in Singapore? Are there any new ones you can recommend or add to the list? Let us know by leaving a comment in the section below! We’d love to hear from you!  

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