SingX

When sending money overseas with SingX, there are a few key details to keep in mind: 

• Exchange rate and fees: In most cases, especially for stable and popular currencies, SingX gives their customers the mid-market or interbank exchange rate (the rate you see on Google). A transaction fee of up to 0.5% is then charged on top of that mid-market rate. However, additional fees may apply if you’re trading in less common or more volatile currencies. SingX may charge an exchange rate mark-up (a margin on top of the mid-market rate) and/or a flat fee, and you could also be subject to third-party transaction fees.

• Transfer limits: The minimum amount per transfer is AU$1 and there are no maximum limits. Just bear in mind that because SingX charges a percentage-based transaction fee, larger transfers could be more costly.

• Transfer speed: Transfers usually take 1-2 working days to reach SingX. Once they’ve received your funds, the money should arrive in your recipient’s account in another 1-2 working days’ time, depending on the speed of internet banking transfers in the receiver's country.

• Payment methods: SingX accepts online bank transfers or POLi payments. However, credit card transactions and cash pick-ups are not supported.

It can be tricky navigating the world of IMT, but the good news is, SingX offers a range of nifty features that can help with your money transfer, whether you’re making a single transaction overseas or setting up monthly payments to suppliers abroad.

Recurring transfersRecurring transfers	Paying bills to contractors overseas? If you’re looking to transfer funds to the  same recipients on a regular basis, SingX can help. While SingX doesn’t accept standing orders, it does store all the bank account information of previous receivers. So if you wish to send money to the same recipient, there’s no need to re-enter any of those details. Instead, the process is as easy as pressing the ‘Re-book’ button next to an old transaction, checking the exchange rate and confirming the transfer.
Multiple accounts in one Multiple accounts in one	SingX makes it possible for customers to send money from more than one bank account. You can add as many bank accounts as you’d like to your SingX account, as long as they are all under your name.
Rate alerts Rate alerts	To help you stay on top of your target currency and take advantage of favourable exchange rates, SingX offers two types of rate alerts: one when the rate hits your target value, and another when the rate is at a two-week high. Registered users can choose to receive alerts via both email and SMS, and they can set a maximum of one rate alert for each currency pair.

When it comes to picking a money transfer provider, you’ll find yourself spoiled for choice. But here are some of the reasons why SingX is worth considering: 

• Offers the mid-market rate, so it’s more competitive than the big banks

• Transparent about its fees - no nasty surprises!

• No transfer limit per transaction

• Wave goodbye to heaps of paperwork, and say hello to online convenience - internet transfers are available 24/7

• Safety is a big focus - SingX is fully licensed and regulated by ASIC, and just like the banks, it implements a host of security measures including a two-step authentication process

• Any questions or concerns? Contact their customer service team via email or ‘Live Chat’ (12am-9pm on weekdays), and they’ll help you out

• Be in the know - you can set up rate alerts with SingX for free, to stay up-to-date with the latest currency movements.

Just beware that: 

• All transactions come with a fee - usually up to 0.5% of the mid-market rate

• You can’t make cash, cheque or credit card transfers

• SingX has no branches for face-to-face transactions or customer service

• The bank at destination may also charge you a third-party transaction fee

• Exchange rates on the SingX website are subject to change until you officially lock in your transaction, even if it’s on the same day you make your transfer

• If your transaction fails, the money will be returned to the bank account you used for the transfer, although some transaction charges could apply.

Signing up with SingX is free and done through the website. Your personal account will be activated instantly once you’ve provided personal details (e.g. name, date of birth, address) and two identification documents (driver’s licence, medicare number or passport) for verification purposes. For businesses, it’ll take about one working day before your account is activated. 

As for sending money overseas with SingX, it takes just three easy steps after signing in: 

• Enter your transaction details including the amount and currency you’d liked to send

• Add in your sender and receiver bank details

• Make a local funds transfer to SingX via online banking or POLi - they’ll then handle the rest!