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SINGAPORE

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

  • Rational FX
  • UKForex
  • CurrencyFair

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.