In the ‘good old days’, every time I transferred money overseas for the mortgage on the UK property, or to pay for my kids’ uni fees or rents in Melbourne, I would have to fill in a form, stand in a queue and wait. Each time would cost me the best part of an hour out of the office. There was always a transfer fee, and the ‘bad’ exchange rate. When it would be cleared was a bit of a mystery too. It was a ‘wait and see’.
These days, I watch Netflix and do it all (while barely moving) from my sofa! So, we know all this – internet banking is great, and overseas fund transfers are relatively easy. However, some banks still have a charge for overseas fund transfers – for certain countries, anyway. And it can still be fairly unclear if there’s any additional FX cost.
Easy overseas transfers
Standard Chartered has a remittance promotion that’s very straightforward and saves us money – which is what we like!
SC Remit lets you send money to the US, UK, Australia, India, Malaysia, Indonesia, Hong Kong, Pakistan and the UAE with $0 Transfer Charges and 0% FX Cost for qualifying remittance transactions.
You get real time FX rates, 24/7 online access via the Standard Chartered Mobile App or Standard Chartered Online Banking. Plus, the bank is not charging a fee or imposing an additional FX Cost on the currency exchange rate.
Some of the ways to use SC Remit
- Sending money back home to family
- Funding for kids overseas education and rent
- Paying for investments or savings plan overseas
- Mortgage payments in any of these countries
This table shows you the eligible currencies and countries that SC Remit applies to:
So, if you’ve got some remittances to do over the next couple of months it’s an opportunity to save money – which is what we all like!
Find all the details on the Standard Chartered website here.
Written in collaboration with Standard Chartered Bank (Singapore) Limited (“SCBSL”). All views expressed in the article are the independent opinions of Expat Living. All information provided is for informational purposes only and is not intended to be construed as advice or an offer for any product or service. SCBSL is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.
To participate in the SC Remit Promotion (“Promotion”), you must during the Promotion Period (13 January to 30 June 2020, both dates inclusive) successfully complete an online remittance transaction using Online Banking or Mobile Banking from a bank account (held with Standard Chartered Bank (Singapore) Limited (the “Bank”)) to the eligible countries in the eligible currency pairs (each, a “Qualifying Remittance Transaction” or “QRT”).
Under the Promotion, all transfer charges and expenses imposed by the Bank for your QRT will be waived, and the Bank will also not impose any additional FX costs on you for your QRT. The available foreign exchange (“FX”) rate applied for your QRT differs according to the QRT and refers to (a) the Bank’s proprietary wholesale FX rate, (b) the FX rate provided by the Bank’s service provider to the Bank for the QRT, or (c) a combination of (a) and (b). The Bank shall not be responsible for any fees and charges levied by the beneficiary bank in connection with the QRT.
Please check here for the Promotion Terms and Conditions.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.