If you are someone who sends money to Singapore, you probably know that there are good ways of doing so and some not so good ways. If you are an expat strapped for time, you may not have the time to carry out the necessary research. You would be better off consulting an international money transfer service comparison site like MoneyTransfers.com and easily obtain all the information required to make a decision.
Things that Expats Need to Know About Transferring Money to Singapore
If you are a Singaporean student, businessperson or traveller abroad who needs to remit money home or receive a money transfer, you need to know the following things:
A Plethora of International Money Transfer Service Provides
Being the international trade and commerce destination that Singapore is, it has no dearth of international money transfer service providers that one can sign up with to send money there. These include 228 banks and 98 money transfer operators. You can choose the option that best suits your purpose. Some of the popular money transfer service providers are Transferwise, World Remit, World First Asia, Currencyfair, Western Union Currency Solutions and so on.
Principal Ways of Sending Money to Singapore
There are several ways of remitting money to Singapore:
You can make an international wire transfer from the bank you are currently using to a local bank in Singapore. You can make such transfers personally, online or via mobile banking. The speed of the transaction will depend upon which country you are making the transfer from and what time of the day you initiate a transfer. The problem with these kinds of transfers is that they can be both expensive and time-consuming. If you need to make small transfers, this may not be the ideal method for you to use.
Online Money Transfers
Sending Cash through a Store
Cash transfer operators like Western Union and MoneyGram enable in-store cash transfers that take minutes to reach the destination in Singapore. You can also opt for an online option using a debit card, credit card or bank transfer.
You can load the recipient’s mobile phone with airtime through telecom service provider Zoom. The loading happens instantly and the recipient will receive a text intimation.
Factors that Help You Decide Which Money Transfer Service to Use for Money Transfer to Singapore
Exchange Rate and Fee
This is the foremost factor that determines one’s choice. A favorable exchange rate and fee will make you money go further in Singapore. There are some companies that charge a high fee but provide a great exchange rate and vice versa. Other companies will not charge you a fee on Iarge transfers. You have got to choose what suits you best.
An international money transfer operator will enable a money transfer either to a recipient’s bank account or facilitate a cash pick up by the latter. In cases where the recipient in Singapore may not have a bank account, cash pick-up may be the preferred choice.
Convenience of Transfer
The large mainstream banks would have you visit the branch to initiate an international money transfer to Singapore. Alternatively, your method of transfer could be online, via a phone, through an app or a store visit. You should choose what works best for you.
There are times when you might need to remit the money really quickly and may not want to transfer the money via a bank account as that may take a few days. A cash pick up would be the option of choice in such a case.
Minimum Transfer Amount
You should check the minimum transfer amount allowed by the money transfer service provider before you start using their services. There are some who have a minimum threshold of as much as a £1000, while others may be happy to transfer even a single pound. You should obviously go with whoever suits you requirements best.
The last thing you want to do is to tear your hair in frustration if something inadvertently goes wrong with your money transfer to Singapore. You, therefore, want to work with an international money transfer company that has an efficient 24×7 customer support service to redress such a situation.