Singapore attracts international professionals with its numerous employment opportunities. If you work in Singapore and send money to the Philippines, India, Pakistan and Bangladesh, you’ve probably tested numerous money transfer services.
What’s the biggest problem with those? It usually boils down to the massive charges. What is a Money Transfer Fee and How to Avoid it? Every financial institution that wires money abroad charges you a fee.
Sometimes, the charge is declared in advance and you know how much you’ll have to pay for the transfer (an upfront fee). In some instances, you will be forced to pay an additional fee that occurs as a result of the exchange rates. That hidden fee can cost you up to SGD 100, depending on the country you’re sending money to.
While you can’t completely avoid money transfer fees, you can limit the amount by choosing a service that best fits your budget. The following tables will help you compare most popular money transfer services and find the most affordable way to send money from Singapore to other countries.
| Table 1: Sending 1000 SGD from the Singapore to Philippines | ||||
|---|---|---|---|---|
| Transfer method | Fees to send 1000 SGD | Hidden currency conversion cost | Total fees | Time for the transfer to arrive |
| OFX* | 0 | 7.5 | 7.5 | 1-2 days |
| Pay2Home | 5 | 9 | 14 | 1-3 days |
| Prime Exchange | 5 | 12 | 17 | 3-5 days |
| MoneyGram (fast) | 17 | 7 | 24 | In Minutes |
| Western Union (fast) | 18 | 10 | 28 | In Minutes |
| IME | 20 | 12 | 32 | 1-3 days |
| Exchange4free | 0 | 36 | 36 | 3-5 days |
| Al Ansari Exchange | 8 | 84 | 92 | 1-3 days |
| Skrill | 53 | 51 | 104 | 3-5 days |
| Table 2: Sending 1000 SGD from the Singapore to India | ||||
|---|---|---|---|---|
| Transfer method | Fees to send 1000 SGD | Hidden currency conversion cost | Total fees | Time for the transfer to arrive |
| ICICI Bank | 2 | 5 | 7 | 3-5 days |
| OFX* | 0 | 7.5 | 7.5 | 1-2 days |
| Remit Guru | 0 | 9 | 9 | 1-3 days |
| Remit2India | 8 | 2 | 10 | 2-4 days |
| Primexchange | 1 | 9 | 10 | 3-5 days |
| MoneyGram (fast) | 9 | 3 | 12 | In Minutes |
| IME | 15 | 5 | 20 | 1-3 days |
| Western Union (fast) | 20 | 12 | 32 | In Minutes |
| Exchange4free | 0 | 36 | 36 | 3-5 days |
| Al Ansari Exchange | 8 | 56 | 64 | 1-3 days |
| Paysera | 21 | 70 | 91 | 2-3 days |
| Skrill | 53 | 50 | 103 | 3-5 days |
| Table 3: Sending 1000 SGD from the Singapore to Pakistan | ||||
|---|---|---|---|---|
| Transfer method | Fees to send 1000 SGD | Hidden currency conversion cost | Total fees | Time for the transfer to arrive |
| OFX* | 0 | 7.5 | 7.5 | 1-2 days |
| IME | 0 | 27 | 27 | 1-3 days |
| Exchange4free | 0 | 40 | 40 | 3-5 days |
| Al Ansari Exchange | 8 | 54 | 62 | 1-3 days |
| Western Union (fast) | 80 | 16 | 96 | In Minutes |
| MoneyGram (fast) | 70 | 29 | 99 | In Minutes |
| Skrill | 53 | 50 | 103 | 3-5 days |
| Table 4: Sending 1000 SGD from the Singapore to Bangladesh | ||||
|---|---|---|---|---|
| Transfer method | Fees to send 1000 SGD | Hidden currency conversion cost | Total fees | Time for the transfer to arrive |
| OFX* | 0 | 7.5 | 7.5 | 1-2 days |
| MoneyGram (fast) | 5 | 10 | 15 | In Minutes |
| Prime Exchange | 5 | 10 | 15 | 3-5 days |
| Western Union (fast) | 6 | 13 | 19 | In Minutes |
| Exchange4free | 0 | 35 | 35 | 3-5 days |
| IME | 15 | 46 | 61 | 1-3 days |
| Al Ansari Exchange | 8 | 90 | 98 | 1-3 days |
| Skrill | 53 | 50 | 103 | 3-5 days |
| Table 5: Total Cost of Sending Money including HIDDEN Fees | ||||
|---|---|---|---|---|
| Transfer method | To Philippines | To India | To Pakistan | To Bangladesh |
| OFX | 0.75% | 0.75% | 0.75% | 0.75% |
| ICICI Bank | Not available | 0.7% | Not available | Not available |
| RemitGuru | Not available | 0.9% | Not available | Not available |
| Remit2India | Not available | 1% | Not available | Not available |
| Pay2Home | 1.4% | Not available | Not available | Not available |
| Prime Exchange | 1.7% | 1% | Not available | 1.5% |
| MoneyGram (fast) | 2.4% | 1.2% | 9.9% | 1.5% |
| Western Union (fast) | 2.8% | 3.2% | 9.6% | 1.9% |
| IME | 3.2% | 2% | 2.7% | 6.1% |
| Exchange4free | 3.6% | 3.6% | 4% | 3.5% |
| Al Ansari Exchange | 9.2% | 6.4% | 6.2% | 9.8% |
| Paysera | Not available | 9.1% | Not available | Not available |
| Skrill | 10.4% | 10.3% | 10.3% | 10.3% |
Note:
- Worldremit can also send money from Singapore to Philippines, India, Pakistan and Bangladesh but through Mobile Airtime service. This Mobile Airtime service has been providing by telecommunication companies which varies country to country and their charges plus tax also varies.
- Minimum transfer of 500 SGD for OFX.
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.