Money Remittance Service in Singapore 2025

In today’s globalised world, the need for efficient and cost-effective remittance services has never been greater. Whether you are sending money to family overseas or conducting business transactions, choosing the right remittance service can make a significant difference. In Singapore, a hub for international finance, there are numerous options available. This article will explore the best money remittance services in Singapore, focusing on their features, benefits, and how they can help you transfer money efficiently across borders.

Why Use Remittance Services?

When you’re sending money internationally, it’s crucial to select a remittance service that offers competitive exchange rates, low fees, and fast transaction times. Traditional banks may not always provide the best value for your money, which is why many people turn to specialised money remittance services. These services are tailored for both personal and business transactions, making it easier for you to manage your finances internationally.

Best Money Remittance Services in Singapore

Western Union

Credit: Western Union

One of the most recognised names in global money transfer, Western Union offers a reliable way to send money without borders. With a vast network of agents and locations worldwide, you can transfer funds easily to the recipient’s bank or for cash pickup. Western Union’s services include:

• Speed: Transfers can be completed instantly or within a few hours.
• Accessibility: Numerous physical locations and a user-friendly online platform.
• Flexibility: Send money directly to a bank account or for cash pickup.

Western Union is ideal for urgent transfers and has a long-standing reputation for reliability.

Wise (Formerly TransferWise)

Wise is known for its transparent fee structure and real mid-market exchange rates. When you’re looking for a cost-effective way to send money internationally, Wise stands out because:

• Low Fees: Charges are clearly displayed before you make a transfer.
• Speed: Transfers usually take 1-3 business days, depending on the destination.
• User-Friendly: The platform is designed for easy navigation, making it simple to send money.

Wise is perfect for those who need to transfer larger amounts without hidden fees.

Remitly

Credit: Remitly

If you are sending money to developing countries, Remitly is an excellent choice. This service focuses on fast remittances, offering various delivery options such as:

• Express Service: This is for immediate transfers, which can be delivered within minutes.
• Economy Service: A lower-cost option for those who can wait a few days for their funds.
• Multiple Payout Options: Including bank deposits, cash pickups, and mobile money.

Remitly is particularly beneficial for expatriates sending money back home to their families.

SingX

Credit: SingX

SingX is a rising star in the remittance sector, offering competitive rates and an intuitive platform. This service is designed to simplify the process of sending money internationally from Singapore:

• Instant Transfers: Most transactions are completed within minutes.
• Transparent Pricing: No hidden fees, with rates displayed upfront.
• Multi-Currency Accounts: You can hold and manage different currencies easily.

SingX is an ideal option for those who frequently send money to various countries.

Statrys

Credit: Statrys

For businesses and freelancers, Statrys offers a comprehensive online banking solution alongside their remittance services. They provide:

• Multi-Currency Accounts: Manage different currencies in one account.
• Competitive Exchange Rates: Enjoy better rates than traditional banks.
• Fast Transactions: Most transfers are completed quickly and efficiently.

Statrys is particularly suitable for entrepreneurs and small businesses looking to manage their finances across borders.

Tips for Choosing the Best Remittance Service

When looking for the best money transfer service, consider these factors:

• Transfer Fees: Always check the upfront transfer fee. Compare different services to find the most cost-effective option.
• Exchange Rates: Look for an exchange rate with no markup. Rates may vary depending on the service provider and destination country.
• Payment Method: Some options, such as debit cards, may incur additional costs. Consider bank transfers for lower fees.
• Transfer Speed: If you need the payment to arrive quickly, look for services that offer fast transfers or direct deposits.
• Customer Support: Select a service that offers reliable customer support to assist you if any issues arise.

Consider services that offer great exchange rates and competitive transfer amounts. For example, workers in Singapore sending money to the Philippines often prefer services with great exchange rates in the local currency.

Also, check for minimum transfer amounts and whether the service is licensed. Some services, like Western Union, offer transfers to over 180 countries with competitive fees and exchange rates.

By evaluating these factors, you’ll find a service that fits your needs for sending money overseas or transfers from Singapore.

Simplify International Money Transfers

Navigating the world of money remittance can be daunting, but with the right information, anyone can choose a service that meets their needs. From Western Union’s extensive network to Wise’s transparent pricing, Singapore offers a variety of options for sending money without borders. By keeping the tips provided in mind, money transfers can be both efficient and cost-effective.

For foreign professionals working in Singapore, selecting the right remittance service can make a significant difference, not only in terms of fees but also in overall financial planning. Choosing a reliable option helps manage cross-border transactions smoothly, and any money saved along the way could be redirected into a savings account, offering added security and a smarter way to prepare for future commitments.