Send Money To Singapore
As one of the leading economies in South East Asia, Singapore
is a global commerce, finance and transport center. Singapore is the third
largest foreign exchange market and financial center. It also has the third
largest oil refining and trading centre. As one of the most laissez faire
countries in the world, it’s no surprise that Singapore has become identified
as a tax haven. It also has the third largest oil trading center. In addition to
these economic credentials, Singapore is the 3rd highest country per
capita income.
Singapore
Popular money transfer services that send to
singapore
Currency Used
The currency of Singapore is the Singapore dollar. The
currency code for Singapore dollars is SGD, and the currency symbol is $. Its
worth noting that there is a history of exchangeability between the Singapore
and Brunei dollars as according to a historical interchangeability agreement.
In 2012. There was around $29 billion in circulation.
Send Money with Bank Deposit
The easiest way to transfer money to Singapore is to open an
international wire transfer. Whilst this is simple, its not the cheapest
option. You’ll be charged for transferring the money and you’ll be subjected to
poor exchange rates. If you go the full way and open a current account in
Singapore, you will be waiting longer as you will need to proof your residence
in Singapore.
International wire transfer allows you to send money to
someone overseas in person or over the phone. Some companies will offer you the
convenient option to transfer through a mobile app or online. In order to
transfer funds from your bank account, you can use cash or a credit or debit
card so that your recipient can receive the cash at the pickup location. The
majority of major banks will be capable of sending an international money
transfer but as mentioned above it will be much more expensive. In order to get
round this problem its important to look for a money transfer company who will
offer superior exchange rates and charge lower handling fees.
One particularly fast option is to send money through Western
Union through a national post office. This is the fastest way to transfer money
to Singapore. They are referred to as Sing-post post office branches. In order
to send you’re money overseas you’ll need to fill out the ‘To send’ form and
provide the receivers mandatory information. The form should then be handed in
to a member of staff. For this service there will be a transfer fee. Upon
sending the money transfer you’ll be issued a receipt with the Money Transfer
Control Number on. You’ll then need to contact the recipient to give them the
MTCN and other specific information such as the country the money was sent
from.
Send Money Through Cash Pickup
In order to send cash to your recipient in Singapore, you’ll
need to search for a cash transfer agent near you. Companies like Western Union
and Moneygram offer the opportunity to transfer cash overseas. In order to get
your cash over you’ll need to complete a form to send the money, give the agent
the cash including a transfer fee. You’ll then need to save your receipt and
tracking number. After saving your tracking number you’ll need to send over a
code in order for the recipient to be able to pick it up from an agent in
Singapore.
One of the perks of transferring you’re money this way is
that transfers can be almost instantaneous.
Money Transfer Regulations
Comparable in many ways to Hong Kong, there are no legal
restrictions on capital flows in and out of Singapore. This is primarily why
Singapore has developed a reputation of a Tax Haven. However, for those who
take part in cross border transactions, there may be fees. However, its worth
noting that money can generally be transferred free of charge from one Singaporean
account to another.
Like many other countries in the surrounding area, there is
no legal limit or regulation pertaining to the amount of cash you are able to
bring in, although you’ll need to declare large amounts of cash. In Singapore,
you can carry up to SGD 30,000 before you need to declare to customs. This
includes money in the form of bank notes, coins and travellers cheques.