How to send money to an international bank account (2026 Singapore guide)

Key takeaways:

• Singapore businesses can send money to an international bank account through banks (SWIFT or OTT), real-time cross-border payment links, or fintech providers.

• Cross-border real-time links like PayNow-UPI, PayNow-DuitNow, and PayNow-PromptPay offer instant, zero-fee transfers, but daily limits of S$1,000 make them impractical for most business payments.

• Airwallex gives you free transfers to 120+ countries via local rails. You also get access to competitive FX rates that let you save up to 80% on FX fees as compared to traditional banks.

If your business needs to send money to an international bank account, the method you choose will affect how much it costs and how quickly the funds arrive.

Singapore businesses have more choices than ever. You can wire money through your bank, use a real-time cross-border payment link, or work with a fintech provider that specialises in international transfers.

Each route comes with different fees, exchange rate markups, transfer speeds, and limits.

This guide compares the main ways to send money to an overseas bank account from Singapore in 2026, so you can choose the option that works best for your business.

How to send money to an international bank account from Singapore

Here’s a quick overview of the different ways you can send money to an international bank account from Singapore:

For a full comparison of providers and fees, see our best international money transfer services guide.

Sending money internationally via banks

If you're looking to send money to an international bank account from Singapore, your options depend on the destination, currency and amount you're sending.

Banks offer several methods, from standard telegraphic transfers to dedicated remittance services and real-time payment links for selected countries.

Here's how DBS, OCBC and UOB handle overseas payments, including their fees, transfer speeds and available destinations.

DBS: Remit, OTT and cross-border real-time transfers

DBS offers three ways to send money overseas.

Option 1: DBS Remit

DBS Remit covers 50+ destinations in 19 currencies with no transfer fees.¹ Transfers submitted before the cut-off time on a business day are sent out the same day.

Note that DBS Remit is only available when you send in the destination country's local currency, for example, AUD to Australia or USD to the US.

Option 2: DBS OTT

For destinations not covered by DBS Remit, you'll use the Outward Telegraphic Transfer (OTT). OTT reaches 200+ locations but takes several working days and carries cable and handling charges. Agent bank fees may also apply.²

Option 3: Cross-border real-time transfers

DBS supports cross-border real-time transfers to India, Malaysia, and Thailand through PayNow-linked schemes. These are instant and fee-free, but capped at S$1,000 per day:

• PayNow-UPI (India): Send to a UPI ID at any of 19 participating Indian banks. Only available via DBS and Liquid Group in Singapore.³

• PayNow-DuitNow (Malaysia): Send to a Malaysian mobile number. Also available via Maybank SG, OCBC, UOB, and Liquid Group.⁴

• PayNow-PromptPay (Thailand): Send to a PromptPay-registered Thai mobile number. Also available via OCBC and UOB.⁵

Note that while DBS Remit advertises zero fees, DBS still applies a markup to the exchange rate.

OCBC: Overseas fund transfer

OCBC's overseas fund transfer service charges a handling commission plus a flat cable charge per transaction, with agent bank fees potentially applying depending on the destination.

Transfers submitted before the currency-specific cut-off time are processed the same business day. OCBC supports 19 currencies for overseas transfers.⁶

UOB: Cross-border instant transfers

UOB offers real-time overseas transfers to Malaysia (via PayNow-DuitNow) and Thailand (via PayNow-PromptPay) through the UOB TMRW app.

These are instant, with fees currently waived, but the daily limit is S$1,000 per country, which may be low for business payments.

• Transfers to Malaysia go through 3 participating banks: CIMB, Maybank, and TNG Digital.

• Transfers to Thailand go through 5 banks: Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Krungthai Bank, and Siam Commercial Bank.

For all other destinations, UOB offers standard telegraphic transfers comparable to DBS OTT and OCBC TT.

Sending money internationally via fintech providers

Fintech providers can offer a cheaper and faster way to send money internationally, particularly when they can route payments through local payment rails instead of SWIFT. They also tend to show exchange rates and fees upfront, making it easier to see the total cost before you send.

Below are four fintech providers available to Singapore users, including how they handle international bank transfers, their fees and transfer speeds.

Airwallex

94% of Airwallex transfers are routed via local rails with $0 transfer fees. FX is charged at 0.4% to 0.6% above interbank, saving you up to 80% on FX fees.

Speed is another area where Airwallex pulls ahead: 93% of transfers arrive on the same working day, and 45% arrive instantly.

Airwallex is regulated by MAS as a Major Payment Institution. There are no monthly fees and no setup fees on the free Explore plan.

Wise

Wise sends money to 160+ countries.⁷ To send, you'll enter the recipient's account number and the relevant local routing code for their country (sort code for the UK, BSB for Australia, routing number for the US, and so on), or a SWIFT/BIC code where required.

Wise shows you the exact rate and total cost before you confirm, with no changes on arrival.

Instarem

Instarem supports transfers to 60+ countries for personal accounts and 160+ for businesses.⁸

The send flow asks for standard recipient bank details: account number plus the relevant local routing code or SWIFT/BIC depending on the destination. All costs are shown before you confirm.

Revolut

Revolut supports international bank transfers to 150+ countries.⁹ You'll need the recipient's account number and local routing code or IBAN depending on the destination; the app guides you through exactly what's required for each country.

What information do you need to send money to an international bank account?

Regardless of which provider you choose, you'll need certain details before you can send money to an international bank account. Have these ready before you start:

• Recipient's full name: exactly as it appears on their bank account

• Recipient's address: some providers and corridors require this

• Bank name and address: the name of the recipient's bank and the branch (if applicable)

• Account number: the recipient's bank account number. In Europe, this is an IBAN (International Bank Account Number)

• SWIFT/BIC code: a unique code that identifies the recipient's bank internationally. Required for SWIFT transfers but not always needed for local-rail transfers

• Local routing codes: depending on the country, you may also need a BSB (Australia), sort code (UK), routing number (US), or IFSC code (India)

Required details by destination

On top of the general details listed above, some destinations require additional routing codes or identifiers. Here's what to have ready for the most common corridors from Singapore:

Common mistakes when sending money to an international bank account

International transfers can be straightforward, but a small mistake in the recipient's details or transfer instructions can cause delays, extra fees or even a rejected payment. Here are some of the most common things to check before you hit send.

Wrong or incomplete SWIFT code

A SWIFT/BIC code identifies the recipient's bank and, in some cases, a specific branch. If you enter the wrong code, the transfer may be rejected, delayed or held by an intermediary bank.

Getting a payment returned can also take time. Ask your recipient to confirm their SWIFT/BIC directly with their bank rather than relying on an old record or memory.

Name mismatch

Make sure the recipient name you enter matches the name on their bank account. For business payments, this usually means using the company's registered legal name rather than its trading or brand name.

If you're unsure, ask the recipient to confirm the exact name their bank has on file.

Sending in the wrong currency

Check which currency the recipient's account is set up to receive before sending the payment. For example, if their account is denominated in CNY but you send USD, their bank may convert the funds on arrival, potentially at a less favourable exchange rate.

Sending in the account's supported currency can help avoid an unnecessary conversion.

Intermediary bank fees on SWIFT transfers

International SWIFT payments can pass through one or more correspondent banks, which may deduct fees before the money reaches the recipient. As a result, the recipient may receive less than the amount you originally sent.

Using local payment rails where available can avoid intermediary banks and make the final amount more predictable.

Missing the cut-off time

Banks often have daily cut-off times for international transfers, and these can vary by currency and payment method. If you submit a payment after the cut-off, it may not be processed until the next business day.

Why businesses in Singapore choose to send money internationally with Airwallex

If you need to send money internationally, Airwallex is an easy way to get started. You can manage FX and international transfers from one account, with competitive pricing that helps you save on both FX fees and transfer fees.

• Save up to 80% on FX: Airwallex prices its FX at 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks.

• $0 transfer fees via local rails: Airwallex routes 94% of transactions through local payment rails, avoiding SWIFT cable fees and intermediary bank charges.

• Faster transfers: 93% of Airwallex transfers arrive on the same working day, while 45% arrive instantly. This can be significantly faster than traditional bank transfers, which may take several business days depending on the bank, currency and cut-off time.

Frequently asked questions (FAQs)

How long does it take to send money to an international bank account from Singapore?

It depends on the provider and transfer method. Bank SWIFT transfers typically take several working days. Fintech providers are often faster. For example, 93% of Airwallex transfers arrive on the same working day, and 45% arrive instantly.

What is the cheapest way to send money overseas from Singapore?

The cheapest method is usually a fintech provider that uses local payment rails instead of SWIFT. For example, Airwallex charges $0 transfer fees for local-rail payments to 120+ countries. By contrast, bank SWIFT transfers typically cost more. For example, UOB Business charges 1/16% for electronic outward telegraphic transfers, subject to a $10 minimum and $240 maximum, plus cable and agent charges where applicable.¹⁰

What is a SWIFT code and do I need one?

A SWIFT code (also called a BIC) is a unique identifier for a bank on the SWIFT network. You'll need one if your transfer is routed via SWIFT, which is the case for most traditional bank transfers. If your provider uses local payment rails instead, a SWIFT code may not be required. Your provider will tell you what's needed based on the destination.

Is it safe to send money internationally from Singapore?

Yes, as long as you use a provider licensed by the Monetary Authority of Singapore (MAS). All banks and licensed fintech providers in Singapore are subject to strict regulations on safeguarding customer funds. You can verify any provider's licence on the MAS Financial Institutions Directory.

Can I send money to an international bank account instantly?

Yes, some international transfers can arrive instantly, but it depends on the destination country, currency, payment rail and provider. For smaller transfers to India, Malaysia and Thailand, Singapore's real-time payment links connect PayNow with UPI, DuitNow and PromptPay, allowing eligible users to send money directly between participating accounts.

Do I need to pay tax on international money transfers from Singapore?

Singapore does not tax outgoing money transfers. However, if the funds represent Singapore-sourced income (such as salary or business profits), that income is subject to income tax before you transfer it. The transfer itself is not taxed. If you're unsure, consult a tax professional.

Sources:

1. https://www.dbs.com.sg/personal/support/bank-overseas-dbs-remit.html

2. https://www.dbs.com.sg/personal/deposits/pay-with-ease/international-transfers 

3. https://www.dbs.com.sg/personal/deposits/pay-with-ease/paynow/paynow-upi

4. https://www.dbs.com.sg/personal/deposits/pay-with-ease/paynow/paynow-duitnow

5. https://www.dbs.com.sg/personal/deposits/pay-with-ease/paynow/paynow-promptpay

6. https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

7. https://wise.com/sg/business/send-payments

8. https://www.instarem.com/en-sg/, https://www.instarem.com/en-sg/business/ 

9. https://www.revolut.com/en-SG/business/money-transfers/ 

10. https://uob.com.sg/business/transact/payments/telegraphic-transfers.page