Mozo guides

Send money to Singapore

In this day and age, sending money to Singapore is a relatively stress free exercise. With advances in technology, there are many easy and convenient ways to transfer money, be it to relatives living in Singapore or maybe you need to purchase goods and services for your business over there. Whatever your purpose for making an international money transfer to Singapore, make sure you take the time to compare and analyse exchange rates and fees before booking the deal. You want to ensure you receive as many Singapore dollars as possible for your Australian dollars.

If you’re actually planning on jetting setting to Singapore for a holiday or business trip, this guide isn’t for you - head over to our travel money 502 section where you can compare everything from prepaid travel cards, exchange rates, holiday insurance to overseas debit card fees and travel credit cards.

Options for transferring money to Singapore

If you’re wanting to exchange AUD to SGD, you’ve got a number of avenues to choose from. So below we've outlined the pros and cons of some of the more common options: banks, foreign exchange specialists and standard wire transfers. 

Foreign exchange (FX) specialist


  • FX specialists offer attractive exchange rates compared to the banks ( you can check our 2021 Mozo Experts Choice Award winners for best value international money transfer)
  • Fees are low and some providers might even waive them if your transfer needs meet particular requirements
  • They offer a wide range of currencies to exchange in
  • Available 24/7


  • Some providers have minimum transfer limits which may not work in your favour
  • There are no branches available for customers who prefer in-person service



  • Good option if you’re in a hurry as you don’t need to set up an account with an IMT specialist
  • Fast and convenient if you need to make a small one off transfer
  • The money is debited directly from your bank account then transferred


  • Banks usually charge high conversion fees as well as a sending and receiving fee
  • The bank's exchange rate is often a lot more expensive than a foreign exchange provider
  • The bank's rates may ‘change without notice’ so you may not end up with the red hot rate you expected

Standard wire transfer


  • Recipient can access funds within minutes of the transfer happening
  • There’s the option of picking up the funds in cash from a branch
  • Over-the-counter service available in many places around the world 


  • The exchange rate generally isn’t as good as a bank or foreign exchange specialist
  • For larger amounts, you may have to visit a branch to make the transfer
  • May only be allowed to send limited amounts


Mr Smith has bought an investment property in Singapore and he’s deciding whether or not to stick with his Australian bank to transfer the regular mortgage repayments or to open an account with a foreign exchange specialist. To get the best value for his money Mr Smith compared the differences between a bank and a foreign exchange provider. Excluding fees and charges, Mr Smith realised he can save himself hundreds of dollars by choosing a foreign exchange specialist over a bank.

Bank FX Specialist
Exchange rate
1 AUD buys $0.9956 SGD
1 AUD buys $1.0488 SGD
Amount received for AUD$10,000
$9,950 SGD
$10,488 SGD
Transfer speed
1-3 days
1-2 days
Transfer fees
In person $30, online $6
Online or phone $0

Top 5 features to consider when comparing IMT providers for SGD

Keep in mind the following features when comparing the different methods you can use to transfer money to Singapore. Each feature can make a huge difference in how much SGD your recipient will receive and how quickly they receive their money.

#1 Exchange rate: This is one of the most important aspects to consider, as the current exchange rate will determine how much you’ll get for your Australian dollars. The higher the AUD/SGD exchange rate, the more Singaporean Dollars you will receive. Don’t go with the first provider you come across, take the time to compare exchange rates, as a cent or two difference could make a huge impact on your final amount.

#2 Fees and charges: Fees and charges can vary quite significantly between banks and money transfer specialists. General fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.

#3 Transfer limits: Some IMT providers have a maximum and minimum amount you can transfer at a time or even a month, so ensure any restrictions fit with your transfer. 

#4 Turnaround time: This is the time it takes from the moment you book the transfer, to the second the money hits your recipient's account. Generally speaking, sending money to Singapore can take between 1 and 5 days, depending on the provider.

#5 Transfer options: With the advancement of technology there’s no shortage of efficient and convenient ways to send money to Singapore. These include: online, on the phone, in person at a branch and some providers even have an app you can use.

What you’ll need to make an international money transfer to Singapore

So you’ve compared providers and considered the features that best suit your transfer needs now it’s time to gather all the information required to book the transfer. While each provider might require slightly different information, here’s the general info you’ll need.

  • Personal details: Name, address, date of birth, phone number
  • Account privacy: You’ll need to create a username, password and security question
  • Account details: Details of the account from which the transfer money will be withdrawn
  • Recipients banks details: Full name and address of the bank where the money is being transferred to including the SWIFT/BIC code
  • Recipients personal details: Name, address and bank account details
  • Amount: How many Australian dollars would you like to send or how many Singapore dollars would you like the recipient to receive.

Other IMT FAQs

What’s the best option for making a small one off money transfer to Singapore?

PayPal is a safe, trusted and affordable method for sending small one off transfers of around $200 or less. The transfer can be done electronically and only takes a couple of minutes but both you and the recipient will need a PayPal account. For convenience, you can also use your local bank but be sure to compare exchange rates and fees to get bang for your buck. 

I need to send money to Singapore on a regular basis. what type of provider should I choose?

To save yourself time and more importantly money, a foreign exchange specialist such as SendFXTorFX and OFX is definitely worth considering. Your recipient could potentially receive thousands more in Singapore dollars over the years with a foreign exchange provider than if you make those regular transfers with a bank.

What is a spot deal?

This refers to an arrangement with a provider where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal. If you want to secure the current rate for a future transfer, then you'll need to take out a forward exchange contract instead. 

What is a SWIFT or BIC code?

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC) is an 8 or 11 digit code that identifies banks around the world. This code is used to transfer money between banks via international wire transfers.

Can I track my international money transfer to Singapore?

Yes, you can check the status of your money transfer by checking in with your provider online or by phoning them. Some IMT providers even allow you to track your transfer in real time via their app. 

What happens if I need to cancel my transfer?

As long as the recipient has not yet received the funds, you should be able to cancel the transfer but it may come as a charge. It's best to check the specifics with your provider.

Where can I compare today's exchange rates?

Right here at Mozo! Our nifty tool below lets you customise your sending amount and view today's exchange rate offers for transfers from Australia to Singapore. Or you can jump on over to our international money transfers comparison hub for even more options. 

I want to transfer
Today’s foreign exchange rates
  • Excellent exchange rates, no transfer fees
  • 24/7 transfers online, over the phone or through the TorFX app
  • Personal account management and expert insights

$6,681 USD

  • $0.6681 USD

  • 1-2 days

  • $200 minimum

  • Send to 200+ countries and 100+ currencies globally
  • Dedicated Australia-based client services team with personal account management for transfers over $20,000
  • 48,000+ 5-star 'Excellent' ratings on TrustPilot

$6,667 USD

  • $0.6667 USD

  • 1-3 days

  • none

  • Fee Free transfers
  • Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
  • Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL

$6,666 USD

  • $0.6666 USD

  • 1-2 days

  • $250 minimum
    $500 monthly minimum for regular transfers

  • Fee free for selected countries on the first transfer
  • Transfer in minutes, 24/7 Live support
  • Wide range of options - Cards, Bank transfer, Wire, Cash pickup and E-wallet

$6,657 USD

  • $0.6657 USD

  • Within minutes

  • $0 minimum

Maria Gil
Maria Gil
Money writer

Maria Gil writes across all of our personal finance areas here at Mozo. Her goal is to help you think smarter about money and have more in your pocket. Maria earned a journalism degree in Florida in the United States, where she has contributed to major news outlets such as The Miami Herald. She also completed a masters of digital communications at the University of Sydney. When Maria isn’t busy with all things finance, you can find her tucked away reading fantasy books. She is also ASIC RG146 (Tier 2) certified for general advice.