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Updated December 2021

Best Remittance

Compare and read real user reviews on Remittance in Singapore

13 Products Found

    Most Popular
    Most ReviewedHighest RatingA-Z

    0.25% to 1% of Mid-market rate

    TRANSACTION FEES

    $200

    MIN. TRANSFER AMOUNT

    1 to 2 days

    TRANSFER SPEED

    40+

    SUPPORTED COUNTRIES

    Customer Support

    4.5

    Ease of Transfer

    4.7

    User Experience

    4.6
    MN

    "Very quick hassle free transfer. Rate also very good and flexibility to..." 5d ago

    Customer Support

    4.9

    Ease of Transfer

    4.7

    User Experience

    4.7
    Toh Kheng Yong

    "[Ease of Transfer] The fund transfer platform is simple and easy to use...." 1mth ago

    % of transfers and type of currency

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1-2 days

    TRANSFER SPEED

    60+

    SUPPORTED COUNTRIES

    Customer Support

    3.9

    Ease of Transfer

    4.3

    User Experience

    4.3
    shesha

    "I use Wise since they support the broadest basket of countries among..." 4w ago

    0.25% to 1% of Mid-market rate

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1 day

    TRANSFER SPEED

    30+

    SUPPORTED COUNTRIES

    R

    "Seamless, accredited transfer of foreign currencies. Easy application via Singpass. Rates were..." 1mth ago

    From $3 + Margin in exchange rate

    TRANSACTION FEES

    $3

    MIN. TRANSFER AMOUNT

    1 to 3 days

    TRANSFER SPEED

    10+

    SUPPORTED COUNTRIES

    Yong Jin

    "Pretty easy to sign up and good experience, I always use this..." 7mth ago

    $15

    TRANSACTION FEES

    $100

    MIN. TRANSFER AMOUNT

    1 to 2 days

    TRANSFER SPEED

    50+

    SUPPORTED COUNTRIES

    Michelle Ang

    "Heard good things about OFX from Singapore friends who migrated to Australia..." 17mth ago

    $3.99 + % of Exchange rate

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1 to 2 days

    TRANSFER SPEED

    130+

    SUPPORTED COUNTRIES

    AR

    "Only thing what enticed me about their service was no fee for..." 10mth ago

    % of Exchange rate

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1 to 5 days

    TRANSFER SPEED

    200+

    SUPPORTED COUNTRIES

    Damien Devillian

    "DO NOT USE if you are in URGENT need of money. Two..." 15mth ago

    No Fees

    TRANSACTION FEES

    $150

    MIN. TRANSFER AMOUNT

    Immediate to 2 days

    TRANSFER SPEED

    110+

    SUPPORTED COUNTRIES

    YM

    "Transfer of fund was simple and Competitive rates. Customer service is..." 2d ago

    $5 + 0.25% to 0.6% of transaction amount

    TRANSACTION FEES

    $5

    MIN. TRANSFER AMOUNT

    1 to 2 days

    TRANSFER SPEED

    150+

    SUPPORTED COUNTRIES

    Renee Leong

    "I transfer various currency for our personal and business use wasting a..." 26mth ago

    Disclaimer: Products with a "Visit Site" button pay to access additional features


    Seedly's Product Comparison Page Listing Guidelines
    For Remittance products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

    • Monetary Authority Singapore (MAS) Licensed Remittance Provider
    • Able to remit online, without having to visit a physical location
    • Supports remittance services with over 10 different currencies and countries

    Best Remittance Service Platforms in Singapore Review 2021

    Need to remit money overseas or back home? Check out the best remittance service platforms and remittance companies available in Singapore:

    CurrencyFair

    InstaRem

    OFX

    SingX

    TorFX

    TransferWise

    WesternUnion

    WorldFirst

    WorldRemit

    Can't figure out which one to go with? Just click or tap on the individual remittance services to find out more about what they do, and read real user reviews on SeedlyReviews to see which is best for your use!

    What is Remittance?

    Even though the term remittance sounds chim and complicated, but in layman terms, Remittance simply means sending or transferring money to another party, usually in another country of a different currency. Summarised in 4 words – International Money Transfer Service.

    I can already hear you saying ‘Ohhhh’.

    In the past, telegraphic transfer was the only way to transfer funds internationally. Today, Remittance leverages on the money transfer service to transfer the money in a much easier and convenient manner.  Instead of you constantly stalking the exchange rates to get the best rates, then having to head down all the way to the Remittance Centre at Lucky Plaza to send the money out, Money Transfer Services cuts all the trouble and makes remittance as simple as 1,2,3.

    Guide to Remittance: How Do I Remit Money Overseas?

    Now we know what remittance means, but how do we do so?

    To remit some money overseas, you can either send via banks or remittance companies. The 4 main things to take note when considering which platform to use would be:

    1.       Sending Transfer Fee

    2.       Intermediary Bank Fees

    3.       Exchange Rate Markup

    4.       Recipient Transfer Fee

    Regardless of which platform you use, you also need to obtain some key information:

    1.       SWIFT code/ BIC (Bank Identifier Code) - It helps to identify the bank/platform that to be transferred or to be transferred to. It helps to denote the country, bank and branch using unique letters and numbers.

    2.       IBAN (International Bank Account Number) – Identifies individual account in individual transaction

    Banks vs Remittance Service Platforms: Which is better?

    Most of you would probably recall DBS Remittance, for it does not incur any fee or charges for the transfer. Free transfer free? So shiok ! It would seem as though, without the additional fees, the overall conversion using DBS Remittance would be cheaper. Like duh? However, banks like DBS offer comparatively lower exchange rates, which results in the transferred amount not being any better.

    Furthermore, most banks would require you to be an existing customer to utilize their wise transfer services, if not, you would need to open a new account. And to do so, you would have to fill in a lot more information for authentication purposes.

    Fees Incurred by Banks:

    • Sending Transfer Fee
    • Intermediary bank fees
    • Exchange Rate Mark Up
    • Recipient Transfer Fee

    Fees Incurred by Remittance Companies:

    • Transfer Fee

    Fees for Remittance: How Much Does It Cost to Remit Money?

    InstaRem: 0.25% 

    WorldFirst: 0.10% to 0.50%

    TransferWise: Up to S$180k: 0.42% + S$0.76 ; > S$180k: 0.42% on initial S$180k + 0.32% on anything over + S$0.76

    Western Union: Varies

    SingX: 0.25% to 1% (depending on the currency)

    WorldRemit: S$3.99

    OFX: Standard fee of AUD 15 if transferring under AUD 10,000; Free if more than AUD 10,000

    CurrencyFair: €3 or the equivalent amount

    Which Is The Best Remittance Service To Use?

    When comparing between providers, the factors to look out for would be the cost of transfer fee and the exchange rate. Overall, the Best and Cheapest Remittance Company and Service is based on your choice of transfer destination and the cost may fluctuate due to the ever changing exchange rate. The main trick is to look for lower transfer fees and the exchange rates closest to the mid-market rate at the time of transfer.

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