Best Remittance in Singapore 2025

Money Transfer: What is Remittance? 

You would have probably heard of or seen locals and foreigners alike remitting money. If you have never remitted money before, you must be wondering what exactly is remittance and how to go about it? By definition, remittance is a payment of money to another party. Nowadays, remittance is most often synonymous with describing a sum of money sent home by someone working abroad. 

To generalise, there are two types of money transfer service:

• Domestic money transfer involves local funds transfer in Singapore
• Cross-border money transfer (also known as remittance) involves transferring funds to parties outside the country

In the past, telegraphic transfer was the only way to transfer funds internationally. Today, remittance leverages on money transfer services to transfer money across borders in a much more convenient and simplified manner. 

How do I Remit Money Overseas?

Presently, the most common method of remitting money is through an electronic payment system by engaging a money transfer service (or platform) or through a local bank. 

For the uninitiated, you can choose to remit money overseas either through banks or remittance platforms. In Singapore, it is illegal to provide money transfer services without a license from the Monetary Authority of Singapore (MAS) since money transfer services are regulated by the MAS. As such, it is important to engage remittance platforms or merchants with valid license to transfer your money safely overseas. 

If you have already have an existing banking account with a local bank, you can remit money directly either through online banking or in-person at any of your local bank branches. Do note that banks may charge a different fee for online or in-person transfers. Often, this method of transfer may be the more expensive option as compared to remittance platforms. 

If you have decided to engage remittance platforms, simply create an account with the platform of your choice to get started. Then, transfer your funds from your bank account to the platform to complete your transfer on the platform itself.  

Transfer fees are especially significant when it comes to transferring money overseas, especially if you have to do it on a regular basis. Regardless of which method of transfer you decide to go with, do note that banks and licensed money transfer service providers/platforms may offer differing exchange rates while some may also charge a transfer fee. It is thus important to compare the rates and costs before committing to engage a money transfer service.

Best Remittance Service Platforms in Singapore 2022

Instarem: Best For Low Fees & Frequent International Transfers  

Boasting low transaction fees of 0.25% to 1% with a wide internation reach to 55+ countries, Instarem offers swift instant or same-day transactions.  

Besides the ability to transact in wide global market, Instarem also rewards frequent transfers through their Rewards program. With each transfer, you will be rewarded with InstaPoints that is redeemable as discount on future transfers. Instarem also offers the ability to lock in an exchange rate once you have submitted a transaction request. This makes Instarem ideal for those who make frequent international transfers. 

SingX: Best For Same Day, Large Transfers 

SingX offers affordable global and same-day transfers to an extensive coverage of countries worldwide. SingX also has its own wallet feature which removes the hassle of repeated transfers for each transaction, since users can top-up their funds once for their subsequent and multiple transfers abroad. 

An important selling point of SingX is that it does not charge any fees to the recipients for receiving the money remitted. Banks often charge an fee for receiving incoming international transactions by taking a cut of the incoming payment to your recipient. This is especially significant if you are remitting large sums of money frequently. SingX is hence an ideal option for individuals who makes large international transfers and who prioritises quick transactions.  

TorFX, OFX & WorldFirst: Best For No-Fee Transfers

TorFX, OFX, and WorldFirst are remittance platforms that do no charge any fees for international transactions. TorFX offers access to more than 60 currencies within one business day, OFX enables access to more than 50 currencies within a similar transfer time, while WorldFirst offers access to 68 currencies at a similar transfer speed as well. Besides these features, each platforms also have their own unique selling points. 

TorFX is known to offer good customer service as users are assigned dedicated account managers to answer queries related to or regarding their transfers. As for OFX, similar to Instarem, OFX allows users to lock in an exchange rate with a grace period of two days to twelve month. This removes the worry of constantly tracking exchange rates and protects your transfers against currency fluctuations. WorldFirst has a strong track record in Singapore, making it one of the top international money transfer services in Singapore. WorldFirst does not impose any minimum or maximum transfer limits.   

Best Bank Remittance Service in Singapore 2024

Best Bank Money Transfers: DBS Remit

For online international transfers, DBS Remit may be one of the best options to do so, especially if you already have a DBS account. DBS offers same-day transfers to more than 50 destinations and 19 currencies with no transaction fees. This makes it an affordable option with a wide market access. DBS also offers locked-in rates when you transfer, although it is important to note that DBS charges a $3 service fee for transactions of $500 or less to Malaysia. You can even enjoy preferential rates when you remit $50,000 or more.  

Are Banks or Remittance Service Platforms Better?

In general, remittance platforms may be more affordable than banks it involves transferring if you only need to transfer small amounts of funds. This is because many platforms only tack on a margin of you exchange rate and charge a lower one-time transfer fee. Remitting with banks, on the other hand, may involve additional or hidden fees. However, this may not always be the case as the cost of remitting is largely dependent on other factors, such as the amount of money you are remitting and the frequency of remittance. 

Frequently Asked Questions

Why do exchange rates matter?

To understand the impact of exchange rates on remittance, it is importance to understand what it means. Exchange rate is defined as the value of one country's currency to that of another country. While remittance broadly refers to the payment of money to another party, it typically involves the transfer of funds to parties residing abroad. Hence, exchange rate is crucial as it determines the value of money that you can exchange for with the domestic currency.

How long does it take to complete a remittance

While the duration to complete a remittance is dependent on the bank or platform of choice, remittance can generally be completed within one to five business days.

Are remittance services safe?

Remittance services are secure means of transferring funds abroad so long as you engage a licensed service provider. Licensed money transfer service providers and platforms are regulated by the Monetary Authority of Singapore.

How much can I transfer using remittance services?

Transfer limits are largely dependent on the terms of your remittance service platform

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