In this article, we’ll explain how you can send money to Singapore. This will be relevant to you if you’re sending funds to a third party in Singapore or looking to deposit money into a Singaporean bank account.
This article is part of our series on Asia’s top banking jurisdiction, Singapore, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How Can You Send Money to Singapore?
- Can I Transfer Money From a US Bank to a Singapore Bank?
- Frequently Asked Singapore Banking Questions
- Ready to Open an Offshore Bank Account?
How Can You Send Money to Singapore
You can send money to Singapore using a number of transfer methods, including sending international bank transfers, money orders through MoneyGram, and even digital transfers through platforms like DBS Remit.
When it comes to choosing how you’ll send money to Singapore, there are some key considerations to keep in mind. These considerations include the amount being sent, the originating currency, fees, and exchange rates.
Here’s a closer look at these factors and more that you will want to consider when sending money to Singapore.
What to Consider When Choosing How to Send Money to Singapore?
- Exchange rates between home currency and the Singapore Dollar (SGD)
- Transfer fees charged by the sending bank
- Transfers fees charged by the receiving bank
- Processing time for sending the transfer
- Security of the transfer being sent
- Regulatory restrictions impacting the transfer (e.g. FATF)
- Enhanced due diligence requirements (e.g. extra documentation)
When it comes to fees, all transfer methods will have their own fee structures and banking requirements for sending money internationally. So, before sending money to Singapore you should first compare the transfer fees and Singapore banking costs of the transfer service and the processing time before choosing a transfer method.
Do You Want Our Free Offshore Banking Guide?
Sign up here to receive our Free Offshore Banking Guide and weekly updates on the best account opening options available:
Can I Transfer Money From a US Bank to a Singapore Bank?
Yes, you can transfer money from a US bank to a Singapore bank. In fact, you can send a money transfer by using a wire transfer, an online money transfer service, or a mobile banking app.
While there are many different transfer methods you can choose from, most people can transfer money from a US deposit bank account to a Singaporean personal bank account without too much hassle. The same goes for sending money to a corporate account holder or a Singapore business bank account as well. Of course, the transfer method best suited for you will depend on the type of account you have, whether it’s a private bank account in Singapore, a personal bank account, or a business bank account. But also, on the bank you are with, the amount of money you are transferring, your tolerance for fees, and the level of security you need.
That said, if you are looking to tap into certain banking incentives or specific Singapore banking benefits and sending and receiving international money transfers are a must-have, it’s important to choose banks that offer this service.
It’s important to take these factors into consideration when choosing how to send money to account holders and Singapore banks since each service has different requirements, limits, and fee structures. This is especially true since there are some financial restrictions and risks to banking in Singapore that non-residents should be aware of.
Of course, in most cases, you can choose from standard transfer services when sending money to an international account, foreign account, or when banking offshore in Singapore. Here are some of the methods you can consider when sending money to an international bank, domestic bank, or even one of the best banks in Singapore from a US bank.
Available Money Transfer Providers for Sending Money From US to Singapore
- Wire transfer
- Bank transfer
- MoneyGram
- Western Union
What App Can I Use to Transfer Money to Singapore?
There are several apps you can use to send money to Singapore. The apps available to you will depend on your country of residence, the deposit institution, and whether it’s the largest bank in Singapore or the smallest. The most commonly used apps for transferring money to Singapore are Wise, PayPal, and DBS Remit.
Note: In order to use any personal financing solutions or banking services in Singapore to send funds to Singapore, you will need the correct recipient account details and to confirm with the recipient that their bank accepts transfers from third-party applications.
Before you use these or any other money transfer apps, it’s important to confirm the fees you may be charged and the processing time for the money transfer to be completed.
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people trying to determine how to send money to Singapore. If you have further questions you would like answered, don’t hesitate to get in touch.
How Long Does It Take for a Money Transfer to Singapore?
How long it takes for a money transfer to Singapore ultimately depends on the country you are sending money from, the amount of money being sent, the transfer method being used and more. Most transfer methods can take up to 1-2 business days, while some take only a few hours.
What Is the Best Way to Send Money to Singapore?
The best way to send money to Singapore is usually the most cost-effective option. Some of the most cost-effective ways to send money to Singapore are through bank transfers, wire transfers, and mobile transfer apps.
Can I Transfer Money to a Singapore Account?
Yes, you can transfer money to a Singaporean account. Of course, it will depend on the transfer service you use, the country you’re sending money from, the amount of money you’re transferring, and other factors.
Does Singapore Use MoneyGram?
Yes, Singapore does use MoneyGram. In fact, MoneyGram is a popular money transfer app that is often used by people looking to send money to and from Singapore.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
