It’s the age-old question for expats living in Singapore: “What is the best way to transfer money internationally?” When making an overseas bank transfer, we all want to know that it’s safe, fast and with competitive foreign exchange rates and transparent fees. Here we take a look at a couple of international money transfer services that can help make sending money abroad as seamless as possible.
Singtel Dash offers an attractive and secure solution for those who need money transfer services from Singapore. Exchange rates and fees are shown in real-time on the Singtel Dash app, so you know exactly what you’ll be getting upfront.
For overseas bank transfers to Australia and supported European countries (including United Kingdom), a fixed fee of only $4 per transaction is applicable. This means you can transfer any amount you wish, within the daily and monthly limits, without worrying about paying more (terms and conditions apply).
Transfers are fast, with funds arriving in about 15 minutes for banks in Europe on the instant transfer scheme. For New Payment Platform enabled accounts to Australia, funds are received within the day. Handily, you will also get an SMS notifying you of the successful transfer.
Download the app on your phone from the App Store or Google Play by searching for Singtel Dash. To start remitting, simply complete the in-app sign-up process, add recipient and hit send! New users enjoy $3 cashback on the first remittance, no minimum amount required. And, sending a minimum of $100 (excluding fees) will also give you an opportunity to opt in for 30-Day Dash Protect, a free personal accident insurance plan.
Singtel Dash is provided by SingCash Pte Ltd, licensed by the Monetary Authority of Singapore and a subsidiary of Singtel, Singapore’s largest telecommunications provider. For transfer details for all supported countries and first use promotion terms and conditions check out the Singtel Dash website.
Founded in 2014, Instarem is a Singapore-headquartered cross-border payments platform that enables consumers and small businesses to send and collect international money transfers conveniently and securely. It started out with one simple aim – to make money transfers easier and faster. The company’s technology eliminates overseas complexities and provides simple, cost-effective transactions for customers all over the world.
The foreign exchange rates offered are based on Reuter’s mid-market rates. Depending on the country pairing, the exchange rate is kept as competitive as possible for the benefit of the customers. When it comes to fees, they’re all deducted upfront, with no hidden additional charges. That way you’ll have a clear understanding of what’s being charged and how much will be received by the beneficiary.
The majority of transactions are completed in as little as five minutes end to end. And, Instarem offers a guaranteed time frame of 48 hours from the time of receiving funds. Customers have access to each step of the transaction, from scheduling the transaction to the final delivery of funds. Being assertively compliant, the company ensures that the customer stays updated on each stage of their transaction.
Instarem is licensed to operate in Singapore, Australia, Malaysia, Hong Kong, Indonesia, Japan, India, Europe, United Kingdom, United States and Canada. And it has a network that allows transfers to over 190 countries from these locations.
While you can process your transfer on desktop, you’ll have access to value add services if you use the app. Each money transfer will reward you with InstaPoints. The bigger the amount, the greater the number of points earned. And you’ll earn extra points when you sign up, complete your e-verification and/or refer a friend. If you want to know more – check out some customer reviews on Trustpilot.
Now you’ve got a few money transfer services up your sleeve for foreign exchange, why not relax at a champagne brunch? We also have loads of helpful information about setting up a business in Singapore.
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