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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 ‘Orhhhhhhhh’.
In the past, telegraphic transfer were 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.
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
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:
Fees Incurred by Remittance Companies:
We have compiled the best remittance companies available in Singapore:
WorldFirst: Free for personal Transfers; Small Amount for business transfers (Depending on transfer Amount)
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)
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
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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