When living in Singapore, you’ll probably need to send money abroad at some point, whether it’s back home or to pay for expenses such as university fees or investments. Not sure where to start? Here are some suggestions of the best ways to transfer money internationally.
Money Transfers with DBS Bank
What: DBS Remit is an overseas money transfer feature offered on the DBS digibank app (identified by the Overseas Transfer tile). DBS Remit offers competitive locked-in exchange rates; so what you see during your transaction confirmation is what you’ll get. You’ll be able to send funds to 49 destinations in 17 different currencies. The transaction is done entirely within the same app, without needing to top up a separate holding account.
In order to use this feature, you’ll need a DBS bank account (you can sign up online using MyInfo). Existing DBS customers who don’t have the digibank app can download it on their smartphone, top up their account and remit money.
How: Tap on “Overseas Transfer” on the digibank login screen, enter the amount, choose the currency and pick a recipient. You can save your recipients and their details for future transactions.
Processing time: Your recipient can also receive the funds on the same day if sent before the cut-off timing. If not, the money will be transferred on the next working day.
Minimum amount: None. For amounts above S$50,000, you can get special exchange rates for your transfer. Note that there are daily transfer limits for different destinations.
Fees: All locations eligible for DBS Remit have no transfer fees (look out for the DBS Remit or Zero-Fee icon).
Money Transfers with Pay2Home
What: Pay2Home is a licensed remittance specialist offering money transfer services to the UK, Australia, New Zealand, Hong Kong, all Euro zone countries and others.
How: The first step is to make a payment to a Pay2Home settlement bank account. Either visit one of their branches or transfer via internet banking or their mobile app. Your money is tracked in real-time and with SMS and email updates, you and your beneficiary will be notified upon completion of the payment.
Processing time: Depending on your destination country and chosen method of transfer, it can take one to three business days to complete the transaction.
Minimum amount: None
Fees: Pay2Home charges a single flat fee of $20 regardless of transaction amount.
Transfer Money via OFX
What: OFX offers a secure and easy solution for international money transfers.
How: Sign up for a money transfer account and track the status on their mobile app. You’ll need to transfer the money from your bank account. Cash, credit card, cheques or bank drafts are not accepted.
Processing time: For most countries, it takes one to two business days.
Minimum amount: AU$250 (or equivalent)
Fees: OFX charges AU$15 for amounts below AU$10,000. AU$10,000 and above is free.
PayPal Money Transfers
What: PayPal is a service that enables you to pay, send money, and accept payments online without revealing your financial information.
How: Both the sender and receiver need to open an account with PayPal. You can choose whether you or the recipient covers any fees. Receiver will get an email or text notification prompting them to log in online to get the money.
Processing time: The transfer is almost instantaneous (between PayPal accounts) but it takes three to five days for the money to appear in the receiver’s bank account and be ready for withdrawal.
Minimum amount: $1
Fees: PayPal transaction fees depend on your country/region and also if the transfer is a commercial or personal one. These are subject to change so ensure that you check before making your transfer.
Get more helpful tips about living in Singapore.
