Running a small or medium-sized import/export business means dealing with international suppliers. Even if your SME operates in another industry, future business expansion may require cross-border transactions — especially if you plan on transferring large sums of money internationally.
These transactions often involve using an international money transfer service. Understanding how international bank money transfers work and the available options in Singapore can help ensure your payments are secure, fast, and cost-effective. Here’s a guide to help you navigate the best ways to transfer money overseas.
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How International Money Transfer Works
An international money transfer lets you send funds from a Singapore-based account to a recipient overseas. Depending on the provider, this can be done via:
- Bank remittance services
- Online money transfer platforms
- Payment apps or digital wallets
Each option comes with different transfer fees, exchange rates, and processing times. The easy way to transfer money internationally is to compare providers based on your business needs — whether it’s low fees, faster delivery, or higher transfer limits.
List of International Money Transfer Services from Singapore
There are several reliable international money transfer services in Singapore, each offering different benefits. Here is a look at the most popular options and their advantages:
1. Wise
Wise (formerly TransferWise) has a transparent fee structure. Before initiating a transfer, Wise provides a clear breakdown of costs so you know exactly how much you pay.
Additionally, Wise offers the mid-market exchange rate, meaning you get the real currency conversion rate without unnecessary markups. Therefore, it is a cost-effective option for businesses making frequent international payments. Furthermore, Wise offers a multi-currency account, allowing businesses to hold and exchange money in different currencies.
2. SingX
SingX is a Singapore-based money transfer service offering competitive rates and a user-friendly platform. It has lower fees than traditional banks, one reason being that its exchange rate has no hidden markups. Furthermore, it processes most transfers within one business day to ensure the funds arrive at your recipient’s account as soon as possible.
3. Western Union
Western Union is a well-known international money transfer service that offers cash pickup. This service is handy for businesses that need to send money to partners or suppliers without bank accounts. Western Union also supports multiple payment methods, including bank transfers, credit cards, and cash deposits.
Another notable benefit of Western Union is its speed. You can complete transactions within minutes or in less than one working day, which is perfect for urgent payments. Lastly, with its vast global network operating in over 200 countries, Western Union remains a convenient and accessible option for international business transactions.
4. PayPal
PayPal is ideal for businesses that deal with overseas clients and online payments. This international money transfer service lets you quickly send funds from your PayPal account without needing the recipient’s bank details. It will benefit you if you deal with freelancers and international e-commerce platforms since it’s widely accepted worldwide. For extra peace of mind, it provides buyer protection to safeguard business owners and consumers against fraudulent activities.
5. Bank remittance service
Most major banks in Singapore, such as DBS, UOB, and OCBC, offer safe and reliable international money transfer services. Since transactions are handled within the banking system, businesses can trust that their money will be transferred safely.
Banks also offer higher transfer limits, making them ideal for SMEs dealing with large international payments. The process is straightforward for those with a business account, ensuring ease of use. Moreover, banks provide direct customer support, so business owners can quickly seek assistance if any issues arise during the transaction.
What to Prepare Before Transferring Money from Singapore
Before you make an international money transfer, ensure you have the following details ready:
- Recipient’s name: The exact name that appears on their bank account.
- Bank account details: Bank name, account number, and SWIFT/BIC code for wire transfers.
- Purpose of transfer: Some services require you to state the reason for the transaction.
- Business verification: Some providers may ask for a tax identification number, business permit, or other documents to confirm legitimacy.
Factors to Consider When Choosing International Money Transfer Services
When selecting a provider for international bank money transfers, keep the following in mind:
- Exchange Rates
The exchange rate directly affects how much your recipient receives. Some providers offer the mid-market rate (real exchange rate), while others add a markup to make a profit. If you’re transferring large sums of money internationally, even a small rate difference can lead to significant cost savings or losses.
Tip: Use online comparison tools or check the provider’s real-time rate before you transfer.
- Transfer Fees
Fees can either be fixed or a percentage of the total amount transferred. Some providers also charge additional fees depending on the currency or destination country. Always look at the full fee breakdown — not just the upfront costs.
Tip: Look for services that show you the total amount your recipient will get after all charges.
- Speed of Transfer
Depending on the provider and destination, transfers can take from a few minutes to several business days. If you’re making urgent payments to suppliers or partners, pick a service that guarantees same-day or next-day delivery.
Tip: Services like Western Union and SingX are generally faster than traditional banks for international transfers.
- Transfer Limits
Different services have different minimum and maximum limits. If you’re a business transferring large sums of money internationally, make sure the service allows for high-value transactions without unnecessary delays or extra paperwork.
Tip: Banks usually offer higher limits but may come with more stringent verification steps.
- Payment and Delivery Options
Some services let you fund the transfer via bank transfer, debit/credit card, or even cash. On the receiving end, options may include direct bank deposit, mobile wallet credit, or cash pickup.
Tip: Choose a provider that offers flexibility on both ends — especially if your recipient has limited banking access.
- Security and Regulation
Your money should only go through licensed and regulated providers. In Singapore, all legitimate international money transfer providers must be regulated by the Monetary Authority of Singapore (MAS). This ensures your funds and data are protected.
Tip: Always check that the service is MAS-licensed, especially if it’s a newer or online-only platform.
- User Experience and Support
If you’re managing multiple overseas payments regularly, the platform’s ease of use matters. A smooth onboarding process, transparent dashboards, and responsive customer support can save you time and prevent errors.
Tip: Choose providers that offer 24/7 or business-hours customer support, in case you need help with a delayed or failed transaction.
Final Thoughts: Choosing the Best International Money Transfer Service
Singapore offers many reliable international money transfer services for business owners. The best option depends on your priorities — whether it’s lower fees, faster transfer speeds, or higher transfer limits.
Always compare multiple providers before making a decision. Understanding how international money transfer works will help you manage overseas payments more efficiently and support your business’s global growth.
