All Posts,  Best of Singapore,  Lifestyle,  Services

10 Best Remittance and Overseas Money Transfer Services in Singapore | Best of Business 2023

Whether you’re a foreign worker in Singapore who needs to send money to your family back home, or a business owner who needs to tackle regular payroll for your remote team overseas, you can safely process your international funds transfer through either trusted remittance platforms or banks that offer money transfer services. The best money transfer services are those that are licensed, do not charge hefty prices on their processing, offer little to no minimum amount required of money to be transferred, provide fast processing, and can send money to a wide range of destinations and currencies. With an extensive list of options to choose from, which then is the best remittance and overseas money transfer services in Singapore? In our best of business series, we introduce the 10 Best Remittance and Overseas Money Transfer Services in Singapore, providing quality recommendations based on your needs.

This article was last updated on 11 January 2023.

Table of contents

Remittance Platforms

1. Wise

Best Remittance and Overseas Money Transfer Services Singapore Wise

Wise allows you to send money to 80 countries around the globe with low transparent fees charged. Online transfer only costs a minimum 0.35% of the converted amount in addition to a minimum flat transaction fee of SGD 0.50. What we love about Wise’s money transfer service is that it’s one of the fastest transactions around with some transfers received instantly! They also allow you to own a multi-currency account for free, in which you can hold over 50 currencies, and have your own international bank details to receive payments in USD, EUR, GBP, SGD, NZD, GBP, and AUD.

In addition to their basic remittance services, they also offer a debit card that you can use to spend money abroad at the mid-market rate. To get access, you only need to pay an affordable fixed one-off fee. It’s a convenient option for frequent international travellers if they wish to eliminate the hassle of over-the-counter currency exchange every time they travel.

While it only takes minutes to create an account online as long as you have your photo of ID and proof of address ready, Wise takes around two to three days to fully verify an account, so you should also take note of that especially if you wish for faster verification process.

Check out Wise > 
Address: 1 Paya Lebar Link #13-06 PLQ 2,
Paya Lebar Quarter, Singapore 408533
Contact form

2. Western Union

Best Remittance and Overseas Money Transfer Services Singapore Western Union

Western Union is a popular name when it comes to remittance services not just in Singapore but around the world. Well, that’s because the money transfer platform supports 150 currencies worldwide, so you’ll most likely find the destination you’re going to send money to, no matter how far it is from Singapore. What’s mind-blowing is that the platform is able to transfer money abroad in as fast as few minutes! If quick transaction is what you’re after, Western Union won’t disappoint. They also provide transparent money tracking options via the website itself, mobile app, SMS, email, or 24/7 phone call.

In terms of convenience and flexibility, Western Union is top-notch. Pay-in options include cash, bank transfer, debit card, and credit card, while pay-out options to choose from are bank deposit, cash pick-up, and mobile wallet deposit.

What’s great about Western Union is that they don’t impose a large minimum transfer amount. Theirs is only SGD 1, so you can send money abroad in the amount as little as this. The downside, however, with Western Union is that you cannot send larger sums of money, as their maximum transfer amount per day is only limited to SGD 1,000.

In addition to fast and smooth transactions, convenience, and flexibility in the options they provide, new clients will surely prefer Wester Union as the platform ensures that opening a new account is as hassle-free as possible. Unlike other money transfer services, new accounts are verified in as fast as within the day! Opening an account is also easy as it’s done online, and you only need to provide proof of identification and address.

Check out Western Union > 
Address: See multiple locations here
Tel: +65 6336 2000
Contact form

3. WorldRemit International Money Transfers

Best Remittance and Overseas Money Transfer Services Singapore WorldRemit

Similar to Western Union, WorldRemit supports up to 150 currencies around the globe. While their money transfer service isn’t as fast as real-time or within a few minutes, the timing is still remarkable as your recipient doesn’t need to wait several days to receive the fund, instead, it’s completed within the same day. Like Western Union, the minimum transfer amount is small—it’s only SGD 1. The difference between the two platforms is that WorldRemit allows you to send up to SGD 9,000 daily. So, if you need to send an amount as big as this, WorldRemit would be a great option.

When it comes to convenience and flexibility, WorldRemit won’t let its counterparts gain ground. There are several pay-in and pay-out options available which include bank transfer and deposit, debit card, credit card, mobile wallet deposit, and cash pick-up. What’s more, there’s even a home delivery pay-out option which means that the recipient doesn’t need to leave home to pick-up or withdraw the cash sent!

While there are more documentary requirements to open an account as compared to the top two options mentioned, WorldRemit’s account verification process is fast and reliable as they’re able to complete it within 24 hours. Once done, you can send money abroad hassle-free.

Check out WorldRemit > 
Address: 304 Orchard Road Level: 03 Unit:
#03-55 Lucky Plaza, Singapore 238863
Tel: +65 3159 0808
Contact form

4. SingX International Money Transfers

Best Remittance and Overseas Money Transfer Services Singapore SingX

SingX may not be as expansive as the other popular remittance platforms mentioned above, but if you want to take advantage of low fees and mid-market exchange rates, the best option is right here. With SingX, you can transfer money abroad to over 35 countries, and your recipient can expect to receive your remittance within the same day. The minimum transfer amount is only SGD 1, but the platform allows you to send as much as SGD 1,000,000. As of the moment, they offer bank transfer as the only pay-in option. Pay-out options on the other hand are plenty. These include bank transfer, cash pay-outs, and mobile wallet deposit. Note that cash pay-out is only available in the Philippines, and mobile wallet deposit is accessible in selected countries only. That said, it’s best to check whether your recipient’s selected pay-out option is available in his country.

Check out SingX > 
Address: 138 Cecil Street #04-01 Cecil Court,
Singapore 069538
Tel: +65 3158 4669
Contact form

5. OFX

Best Remittance and Overseas Money Transfer Service Singapore OFX

If we’re going to talk about what’s the cheapest money transfer service around, OFX would probably take home the trophy. That’s because they’ve slashed down their money transfer fees to zero on all foreign exchange transfers! Plus, you are not obliged to any account keeping charges as they allow their users to keep their accounts for free. What we like about OFX is that their remittance service has even wider scope than SingX as theirs is available in up to 55 currencies worldwide. On top of that, there’s no maximum limit in the amount you wish to transfer daily, and the minimum transfer amount only starts at SGD 1.

The downside is that there aren’t many options in terms of pay-in and pay-out. But if you and your recipient are both okay with bank transfer/deposit, then, OFX is still a remarkable option. Transfer speed is within one to two days, but this waiting period isn’t too long, so OFX is still great in this regard.

Check out OFX > 
Address: 6A Shenton Way
#04-02 to #04-08 OUE Downtown Gallery
Singapore, 068815
Tel: +65 6817 8747
Contact form

6. CurrencyFair

Best Remittance and Overseas Money Transfer Services Singapore CurrencyFair

Whether you are sending money back home, paying your kids’ tuition fees, buying property, or moving abroad, CurrencyFair can help you save on currency exchange transactions. The platform supports up to 21 currencies around the world, and your recipient can expect to receive your remittance within the same day. Note that some transactions can take up to four days, though, so if that would be a little inconvenient, switch to other options above that offer instant or within-minutes processing. What’s standout about CurrencyFair’s money transfer service is that there’s no maximum limit to what you can send abroad, while their minimum transfer amount is only SGD 1. On top of that CurrencyFair is regulated by Monetary Authority of Singapore (MAS), so rest assured that every transaction is convenient and secure.

Check out CurrencyFair > 
Address: 30 Raffles Place #12-01,
048622, Singapore
Tel: +65 (0) 3165 0282
Contact form

7. eRemit


Aside from the fact that it’s regulated by MAS, we like eRemit’s unique security feature that’s available in their mobile app—the biometric authentication sign-up. This means that only you can access your account, and there’s less chance that someone else will be able to log into your account. While their money transfer service is only available in 13 countries, we’re amazed at the speed of every transaction, ranging from instant to one day as the latest. You can make payments via AXS, PayNow, or bank transfer. Note that they cannot process anything lower than SGD 50 and higher than SGD 25,000 in a day.

Check out eRemit > 
Address: Kliq Pte Ltd,
249 Holland Road, Singapore (278599)
Tel: +65 8811 0202
Contact form

Bank Transfers

8. DBS Remit

DBS Remit

Banks like DBS can also process international fund transfers. So, if you can’t find the options or features that you’re looking for in a remittance company, your bank’s international fund transfer services might be more ideal. For example, DBS Remit is a cheaper alternative than other remittance platforms in Singapore. Would you believe that they impose zero remittance charges? Yup, you’ve read that right. You can send money securely within the same day to over 50 destinations as long as you don’t exceed the maximum transfer amount of SGD 200,000. Note also that some transactions might take longer to be completed, with four business days being the latest.

Check out DBS Remit > 
Address: 61 Mohamed Sultan Road
#01-11 Sultan Link, Singapore 239001

Tel: (65) 6560 2727

Contact form



HSBC gives you real time access to foreign exchange rates 24 hours a day from Monday to Friday, so you can track the best time to send funds abroad. What’s more, they provide competitive foreign exchange rates during the weekend—a perk you can’t find in other remittance platforms. Their maximum transfer amount is capped at SGD 1,000,000, so if you need to buy a property abroad, or send funds for the business you’re looking to start back home, HSBC is a good place to process your international fund transfer. While some of their transactions can take five business days, some transfers are successfully completed within the day. Another feature that we like about HSBC is that you can set recurring or future-dated payments which is ideal for those who need tackle the payroll for remote workers or freelancers overseas on a monthly basis.

Check out HSBC SG > 
Address: See multiple locations here

Tel: +65 6227 8889

Contact form

10. Citibank Payments & Transfers

Citibank Payments & Transfers

Citibank has branches not just in the island but also abroad, so if your international recipient has Citibank account, transferring funds is easy, cheap, and convenient as they do not charge transfers to Citibank accounts. You can transfer a maximum amount of SGD 250,000 daily, and the transaction will be completed within the same day or within three days for group one currencies. Group two currencies, on the other hand, can take somewhere between 7 to 10 business days. Citibank’s international fund transfer is available in 43 currencies, and even if you’re sending money to a non-Citibank account, you can enjoy better rates when you transfer larger amounts.

Check out Citibank > 
Address: 5 Changi Business Park Crescent
Tower 2 Level 3, Singapore 486027

Tel: +65 6225 5225

Contact form

We hope that our guide on the 10 Best Remittance and Overseas Money Transfer Services in Singapore has helped you to find the best money transfer service for your international remittances. Please share this with your family and friends if you have found it useful.

Related reads: