Singapore guide
Best Money Transfer Services in Singapore (2025)
Sending money internationally from Singapore can be expensive if you use traditional banks, which often add hidden markups to exchange rates and charge high fees. Fortunately, specialist money transfer services offer much better rates and lower fees. This guide compares the best options available in Singapore, including Wise, Revolut, Remitly, and OFX. Whether you are sending money to family abroad, paying for international services, or managing cross-border business transactions, choosing the right provider can save you significant amounts on every transfer.
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How to Use This Guide
Follow these steps to get the most out of this best money transfer services in {country}.
- 1
Compare providers
Compare at least three money transfer services to find the best rate for your specific transfer amount and destination.
Use the calculator → - 2
Create an account
Sign up with your chosen provider. Most services in ${locale.name} offer free account setup with online verification.
- 3
Check the exchange rate
Lock in a rate if it is favorable. Some providers allow you to set target rates and execute automatically.
- 4
Send your transfer
Enter recipient details and fund your transfer via bank transfer, debit card, or credit card depending on the provider.
- 5
Track your transfer
Monitor the transfer status online or via the provider app. Most services provide real-time tracking. Confirm receipt with your recipient.
Why Use a Specialist Money Transfer Service in Singapore?
Banks in Singapore typically use exchange rates that include a hidden markup of 3-5% above the real mid-market rate. This means if you send S$1,000 abroad, you could lose S$30-50 just to the exchange rate markup, before any additional transfer fees. Specialist money transfer services like Wise use the real mid-market exchange rate and charge a small, transparent fee. For example, sending S$1,000 from Singapore with a bank might cost S$45 in hidden fees and exchange rate markup, while the same transfer with Wise might cost just S$5-10. Over multiple transfers, these savings add up significantly. Specialist providers also offer faster transfer times, typically 1-2 business days compared to 3-5 days for banks, and better customer service focused on international transfers.
Top Money Transfer Services Available in Singapore
1. **Wise** — Real exchange rates with low, transparent fees. No hidden markups on currency conversion.. 2. **Revolut** — Multi-currency account with interbank exchange rates. Send money in 50+ currencies.. 3. **Remitly** — Fast transfers with both express and economy options. Great for recurring transfers.. 4. **OFX** — Specialist provider for larger transfers with dedicated support and competitive rates.. Each service has strengths depending on your transfer amount, destination currency, and speed requirements. Wise is best for small to medium transfers with transparent pricing. Revolut is ideal for frequent travelers and multi-currency account holders. Remitly works well for recurring transfers to specific countries. OFX offers competitive rates for large transfers.
How to Choose the Right Money Transfer Service in Singapore
When choosing a money transfer service in Singapore, consider the following factors. Transfer amount - some services offer better rates for larger amounts. Destination currency - not all providers support every currency pair equally well. Transfer speed - express options cost more but deliver faster. Frequency - regular transfers may qualify for better rates or fee waivers. Account type - personal vs business needs differ significantly. Always compare the total cost including both the fee and the exchange rate markup. A service with a higher fee but better exchange rate might be cheaper overall than one with a low fee but poor rate. Use comparison tools to find the best deal for your specific transfer.
Tips for Saving on International Money Transfers from Singapore
To get the best deal on international transfers from Singapore, always compare at least three providers before sending. Avoid weekend transfers when exchange rates are typically less favorable. Consider using a multi-currency account if you transfer money regularly. Watch for promotional offers - many services offer free first transfers or reduced fees for new customers. For large transfers, negotiate rates directly with providers like OFX that offer account management. Set up rate alerts to send money when exchange rates are favorable. Finally, check if your recipient has a preferred method - some countries have specific services that work better for local bank integration.
Key Takeaways
- ✓Traditional banks in Singapore typically add 3-5% markup on exchange rates, while specialist services offer near-real rates with low fees.
- ✓Wise (formerly TransferWise) uses the real mid-market exchange rate with transparent, low fees starting from 0.41%.
- ✓Revolut offers interbank exchange rates on weekdays with fee-free transfers up to certain limits in Singapore.
- ✓For large transfers (S$10,000+), OFX often provides better rates and dedicated account management.
- ✓Compare total costs including both fees and exchange rate markups, not just the advertised fee.
Last Updated: June 2026 — Reviewed Against Official Sources
Official Sources
Singapore calculators use data from the following official government agencies:
- Inland Revenue Authority of Singapore (IRAS) — Personal income tax rates, reliefs, and rebates.
- SingStat (Department of Statistics Singapore) — Economic indicators, wage data, and household statistics.
- Ministry of Finance (Singapore) — Fiscal policy, GST rates, and government budget data.
- CPF Board — CPF contribution rates, allocation ratios, and withdrawal rules.
Methodology
Our Singapore calculators follow income tax rates, CPF contribution rates, and GST rates published by IRAS and the Ministry of Finance. Economic data is sourced from SingStat and the Department of Statistics. All figures are for educational purposes and should be verified with a qualified professional.
Data Sources
All tax brackets, contribution rates, and economic data used in our calculators are sourced from the official government publications listed above. Rates are updated at least annually to reflect the latest tax year and regulatory changes. Users should verify critical figures with official sources or qualified professionals.
Last updated: June 2026. Information may change; always verify with official sources.