Send money to Singapore

By Mozo ·

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 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 options. Which option you choose will depend on your money transfer requirements but two things should always be top of mind, the exchange rate you’ll get and the fees you’ll need to pay.

Foreign exchange specialist


  • Foreign exchange specialists offer attractive exchange rates compared to the banks
  • 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


  • Some providers have a minimum and maximum transfer limit which may not work in your favour
  • Technical issues can delay the transfer



  • 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 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


  • Bank to bank 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


  • The exchange rate generally isn’t as good as a bank or foreign exchange specialist
  • For larger amounts around $5000 you may have to visit a branch to make the transfer


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 Foreign Exchange Provider

Exchange rate

1 AUD buys $0.9355 SGD

1 AUD buys $0.9901 SGD

Amount received for AUD$10,000

$9,334 SGD

$9, 9901 SGD

Transfer speed

2-5 days


Transfer fees

In person $30, online $22


Make sure you compare the day’s best exchange rates right here!

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 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, a cent or two difference could make a huge impact on your final amount.

#2 Fees and charges: As you would have learnt above, 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 international money transfer providers have a maximum and minimum amount you can transfer at a time or even a month.

#4 Turnaround time: This is the time it takes from the moment you book the transfer to the second it hits the recipient's account. 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: Account number from which the transfer money will be deposited from
  • 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.


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 the exchange rate will be pretty poor and as we mentioned above their fees and charges are pretty hefty.

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 OFX, World First and CurrencyFair is definitely worth considering. Your recipient will receive thousands more in Singapore dollars over the years with a foreign exchange provider than if you make the 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.

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.

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. Check with your provider.