Today, with a large number of international businesses and exchange students, the volume of international transfers has reached an all-time high. That’s why there are so many diverse options today in the remittance industry. Many still prefer using a bank transfer service to send money to Singapore, despite the paperwork and hefty fees.
On the other hand, some don’t want to pay a £40 fee for every transfer and wait more than two days for the money to arrive. They instead opt for online remittance providers that charge considerably less and offer far more speed than banks or other traditional transfer methods. In this article, we’ve picked the top five remittance providers for sending money to Singapore.
Xendpay ranks high on the list that supports more than 50 countries and currency pairs. While its exchange rate margin is far better than banks, it still comes up short when it comes to those that provide mid-market rates. Xendapay’s transfer fee policy charges you about 0.7% from the exchange rate plus an additional 1% rate as transfer commission.
In addition, any transfer above the £2,000 limit will undoubtedly mean an additional fee. Xendapay’s transfer window depends on the destination country and the currency pair. However, in most cases, the money will arrive in 24–48 hours.
In 2011, Wise was created with the mission of lowering transfer fees for international money transfers. We can say that the mission is almost accomplished about ten years later because Wise charges transparent, reasonable fees for most currency pairs.
What’s more, there are no hidden fees in the exchange rate margins, making Wise a trusted name in the remittance market. Wise charges a 1% transfer fee for most transfer methods, but if you plan on using your credit/debit card, you have to pay an additional 3%. While the exact delivery time varies, for Singapore, it’s 36 hours maximum.
TransferGo is a well-known remittance service that has captured a solid customer base with its easy signup process and a wide range of support for more than 50 countries worldwide. TransferGo charges 1% of the transfer amount as a fee and an additional 1% for using credit/debit cards. Despite having an impressive 30-minute delivery window for some currency pairs, the exchange rate significantly drops once you cross a specific transfer limit.
InstaReM customers can send money to Singapore on various user-friendly platforms. In addition to getting bonuses and special offers, InstaReM’s most loyal customers can quickly send funds to any Asian country, including Singapore. However, InstaReM does not accept credit cards/digital wallets as pay-in options. Another downside is the on-and-off customer support.
Lycaremit is a consistent presence among the top choices for international transfers. People trust Lycaremit because there are no additional fees buried within the exchange rate margins. Besides, unlike the percentage fees in most competitors, Lycaremit’s fixed fee of 2.5 GBP makes it a suitable option for large and/or small transfers.
Lycaremit is one of the few remittance services with a solid customer base in Asian countries, allowing your loved ones or business partners back in Singapore to receive the money in 24 hours. Moreover, you’ll have access to customer support 24/7, even during holidays.
It’s always great to find a company that can send money to Singapore in less than a day. However, such companies usually come with exorbitant fees and obscured exchange rates. Then there are those that offer flexible rates and fees but provide less than standard services outside Europe.