Compare Money Transfer in Singapore

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19 live offers compared from 17 providers. Updated daily.

What is money transfer in Singapore?

Money transfer, or remittance, is the service of sending funds overseas, whether supporting family abroad, paying international tuition or settling foreign bills. Singapore is a major remittance hub thanks to its large expatriate and migrant workforce, and digital transfer specialists have transformed a once slow, bank-branch process into an app-based one that settles in minutes to a day. The category spans licensed money-transfer operators, digital wallets with multi-currency features and traditional bank telegraphic transfers.

How the Singapore market works

Providers make money two ways: an explicit transfer fee and a margin added to the exchange rate. Specialist fintechs often use the mid-market rate with a transparent flat or percentage fee, while banks and older operators tend to bundle a wider margin into the rate. Transfers can be funded by bank transfer, card or wallet balance and delivered to overseas bank accounts, cash-pickup points or mobile wallets. Speed and cost vary sharply by corridor and payout method.

Benefits

Lower total cost — Digital specialists frequently beat bank telegraphic transfers once the exchange-rate margin is included.

Speed — Many popular corridors settle within minutes or the same day rather than several business days.

Transparency — Leading apps show the exact rate, fee and amount the recipient will get before you confirm.

Convenience — Send from your phone at any time, track the transfer and reuse saved recipients.

How to choose

Always compare the total cost, meaning the fee plus the exchange-rate margin, for your specific amount and destination, since the cheapest provider changes by corridor. Check delivery speed and payout options, whether bank deposit, cash pickup or wallet. Confirm the provider is licensed by MAS and review transfer limits, which apply to individual transactions and rolling periods. For regular transfers, look at rate alerts and scheduling; for one-offs, prioritise the best rate on the day.

Leading providers in Singapore

Prominent services include Wise, Instarem, Revolut, YouTrip, WorldRemit, Remitly and Western Union. Fintechs such as Wise and Instarem are known for near mid-market rates and transparent fees, while Western Union and WorldRemit offer extensive cash-payout networks useful for corridors where recipients lack bank accounts. Multi-currency wallets like YouTrip and Revolut add card spending features. The best choice depends on the destination, amount and how the recipient wants the money.

What it costs

Costs combine a transfer fee, sometimes just a dollar or two or waived for larger sums, and the exchange-rate spread. Bank telegraphic transfers commonly charge a fixed fee of around S$20 to S$35 plus agent and cable charges, whereas digital providers often total under one percent of the amount. The real cost is best judged by comparing how much the recipient actually receives across providers for the same send amount and currency.

Protections and regulation

Money-transfer providers must be licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 as major payment institutions, which imposes safeguarding of customer funds, anti-money-laundering controls and conduct standards. Regulated providers ring-fence customer money and follow strict reporting rules. Consumers should verify a provider's licence status on the MAS register and keep transaction records. Disputes may be escalated to the provider and, where applicable, to relevant authorities.

Common questions

Is the cheapest fee always best? — No; a low or zero fee can hide a poor exchange rate, so compare the final amount received.

How fast are transfers? — Popular corridors often arrive within minutes to a day; less common ones or bank payouts can take longer.

Are there limits? — Yes, providers set per-transaction and periodic limits under their MAS licence conditions and anti-money-laundering rules.

Money Transfer in Singapore — FAQ