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Updated April 2021

Best Remittance

Compare and read real user reviews on Remittance in Singapore

12 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

    4.4

    Ease of Transfer

    4.6

    User Experience

    4.5
    ZM

    "[Hidden Charges] Stay away from Instarem if you plan to transfer USD to..." 9h ago

    Customer Support

    4.9

    Ease of Transfer

    4.7

    User Experience

    4.7
    Kevan Soh Ee-Kjan

    "It's all about the service and less about the BS in my..." 2d ago

    % of transfers and type of currency

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1-2 days

    TRANSFER SPEED

    60+

    SUPPORTED COUNTRIES

    Customer Support

    4.0

    Ease of Transfer

    4.3

    User Experience

    4.3
    Wong Chou Soon

    "[Exchange Rates] The rate is good. However, I prefer to use CIMB to..." 4w ago

    0.25% to 1% of Mid-market rate

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1 day

    TRANSFER SPEED

    30+

    SUPPORTED COUNTRIES

    A

    "Singx provides the best Exchange Rates out there. The transfer is seemless..." 9mth ago

    From $3 + Margin in exchange rate

    TRANSACTION FEES

    $3

    MIN. TRANSFER AMOUNT

    1 to 3 days

    TRANSFER SPEED

    10+

    SUPPORTED COUNTRIES

    Santhosh Nair

    "User friendly App with just 3 clicks for the completion of the..." 3mth 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..." 9mth ago

    $3.99 + % of Exchange rate

    TRANSACTION FEES

    $1

    MIN. TRANSFER AMOUNT

    1-2 days

    TRANSFER SPEED

    130+

    SUPPORTED COUNTRIES

    AR

    "Only thing what enticed me about their service was no fee for..." 2mth 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..." 7mth 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..." 18mth ago

    From $3 + Margin in Exchange rate

    TRANSACTION FEES

    None

    MIN. TRANSFER AMOUNT

    1 day

    TRANSFER SPEED

    200+

    SUPPORTED COUNTRIES

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

    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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