7 best international money transfer services in Singapore (2026)

Key Takeaways:

• The cheapest international money transfer from Singapore isn't always the one with the lowest headline fee — FX mark-ups and intermediary charges are often the bigger cost, and most people don't realise this until they check what actually arrived.

• All reputable money transfer providers operating in Singapore must be licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act — this is your first check when evaluating any service.

• For businesses making international payments from Singapore, Airwallex routes transfers through local payment rails in 120+ countries, with 93% of transactions settling the same day, and no transfer fees on local rail payments.

Singapore sits at the centre of one of the busiest cross-border payment corridors in the world. Businesses pay suppliers in China, India, and Indonesia. Expats send money home to the Philippines and Bangladesh. Founders pay remote teams across Southeast Asia and beyond.

But choosing how to transfer money internationally isn’t easy. Transfer fees vary, exchange rates are marked up in ways that aren't always obvious, and a "zero fee" transfer can still cost more than a flat-fee one depending on where the FX mark-up is hidden.

This guide covers the best international money transfer services available from Singapore in 2026. It explains what the costs actually look like, what to check before choosing a provider, and which services are best depending on whether you're sending money as an individual or business.

What to look for in an international money transfer service

The "best" international money transfer provider depends entirely on your situation — how much you're sending, where it's going, and how often you send.

Before comparing providers, it's worth understanding what actually determines whether a transfer is good value.

1. Transfer fees vs. FX mark-up

Most people look at the transfer fee and stop there. That's a mistake.

The true cost has three parts: the transfer fee, the FX mark-up, and any intermediary or receiving bank fees.

The FX mark-up is the least visible — it's the gap between the mid-market rate (what you see on Google) and the rate a provider actually gives you. A provider charging S$0 in transfer fees but applying a 2% FX mark-up on a S$10,000 transfer is still taking S$200 from you. It's just hidden in the rate.

Always check the total cost: what the recipient actually receives, not just what you send.

2. Transfer speed

Same-day transfers are common when local payment rails are used, while SWIFT transfers typically take up to a few business days. If speed matters, check whether your provider uses local rails for your specific corridor.

3. Coverage and supported corridors

The most common destinations for international transfers from Singapore are Malaysia, India, Indonesia, the Philippines, China, Australia, and the US. Check that your provider covers the currencies and countries you actually need — and that their speed claims apply to those specific routes, not just their most popular ones.

4. MAS licensing

Any money transfer provider operating in Singapore must hold a licence under the Payment Services Act 2019, regulated by MAS. Providers either hold a Standard Payment Institution (SPI) or Major Payment Institution (MPI) licence.

You can verify any provider's licence through the MAS Financial Institutions Directory¹. If they're not listed, don't use them.

Best international money transfer services from Singapore

There are more options than ever for sending money overseas from Singapore. The table below gives you a quick overview — the sections that follow explain each one in more detail.

The information in this table has been reviewed to be accurate as of 16 March 2026.

Note: Some comparison articles include Revolut in this list. We've excluded it here because Revolut's full feature set is primarily designed for UK and European users. Singapore users have access to a limited version of the product, which makes a like-for-like comparison with the providers above misleading.

1. Airwallex

Of all the providers in this list, Airwallex has the lowest transfer fees: S$0 to send funds to 120+ countries via local payment rails. On top of that, it converts currency at highly competitive rates, at just 0.4%–0.6% above the interbank rate for major currencies. The difference adds up quickly: businesses that switch to Airwallex save up to 80% on FX fees.

Beyond individual transfers, Airwallex is the only platform in this list that also gives you multi-currency Global Accounts, batch payment capability, and direct integrations with accounting software like Xero and QuickBooks.

Worth knowing: Airwallex is a business account. It's designed for companies making regular international payments, not for personal remittances.

2. Wise

Wise offers both a personal account and Wise Business. Opening Wise Business is free, and you can start sending money internationally from day one at the mid-market rate with fees from 0.26%. If you also want local account details to receive payments in multiple currencies, there's a one-time S$99 fee to unlock that.

Wise Personal works on the same fee structure and is free to open, but carries a S$100,000 annual send limit⁷. Whether you’re using Wise Personal or Business, you see exactly what you're paying and exactly what the recipient receives before you send, with no surprises on arrival.

Worth knowing: Unlocking the full Wise Business account — including local account details to receive payments — requires a one-time S$99 fee.

3. Instarem

Instarem serves both individuals and businesses, but the two products have meaningfully different reach. For individuals, you can send money to 60+ countries at near mid-market FX rates, but fees are not published upfront.

For businesses, Instarem for Business extends that coverage to 160+ countries, with no setup or subscription fees, and batch payment capability for up to 20 recipients at a time.

What sets Instarem apart from others in this list is its rewards programme. Every transaction earns InstaPoints, which can be redeemed as discounts on future transfers or converted to KrisFlyer miles.

Worth knowing: Instarem's batch payment limit of 20 recipients at a time is modest compared to dedicated business payment platforms. Businesses managing high volumes of international transfers — payroll runs, multi-supplier payments — will likely find this limiting.

4. SingX

SingX is a Singapore-headquartered transfer service that uses live interbank exchange rates with no mark-up, and charges a single fee per transfer — though the exact amount is only shown once you enter your transfer details.

Transfers typically arrive within a day, and the platform operates 7 days a week, 365 days a year. For businesses, SingX offers a Global Account that holds funds in 15 currencies, with local currency payments to 50+ countries and broader reach across 180+ countries overall.

What sets SingX apart from others in this list is its operating schedule. Being available every day of the year, including weekends and public holidays, gives it a practical edge for businesses or individuals who can't always wait for the next working day.

Worth knowing: SingX doesn't publish its transfer fees upfront: you only see the amount after entering your transfer details. Wise and Airwallex are more transparent on this point.

5. Western Union

Western Union is the most widely recognised name in international money transfers, moving money from Singapore to over 200 countries and territories.

Its key distinction is cash pickup: recipients don't need a bank account to collect funds at a Western Union agent location, making it one of the few options for sending money to people in countries where access to formal banking is limited — including parts of South Asia, Southeast Asia, and sub-Saharan Africa. For online transfers from Singapore, you can send directly to a bank account or mobile wallet.

The trade-off is transparency. Western Union doesn't publicly disclose its transfer fees or exchange rate mark-ups on its Singapore site, so the true cost of a transfer is only visible once you go through the send money flow.

Worth knowing: Western Union's lack of published pricing makes it difficult to compare costs upfront. If your recipient has a bank account, the other providers in this list offer more transparent pricing — and in most cases, lower total costs.

6. DBS Remit

DBS Remit's main appeal is convenience. If you already bank with DBS or POSB, you can send money internationally without opening a separate account, straight from the digibank app.

Transfer fees are S$0 with same-day transfers to 50+ destinations, but if you need to send transfers outside of these locations, costs jump quickly. You’ll pay a S$20 cable charge plus a handling commission of S$5–35, before any agent bank fees are added on top.

The FX rate applied is also not publicly disclosed as a specific percentage, so the true cost of a transfer is difficult to assess upfront.

Worth knowing: DBS Remit is a personal banking product with no batch payment capability, no multi-currency accounts, and no accounting integrations. For businesses making regular international payments, you’ll be better off with a dedicated business payments platform offers.

What's the cheapest way to send money internationally from Singapore?

The honest answer is: it depends on how much you're sending, where it's going, and how often you do it. But the most important thing to understand is that the transfer fee is rarely the biggest cost — the FX mark-up usually is.

Here's a practical example. Say your Chinese supplier invoices you for US$10,000. To pay that invoice, you need to send enough SGD to cover US$10,000 after fees and FX conversion. Here's how much that costs across different provider types:

Based on an indicative mid-market rate of SG$1 = US$0.74. Figures are illustrative — actual rates and fees vary by provider and timing.

On a single US$10,000 payment, using a fintech provider like Airwallex costs you S$340–540 less than sending the same payment through a Singapore bank, purely from lower fees and a better FX rate.

For a business making that same payment every month, the saving adds up to S$4,000–6,500 a year. That's money staying in your business rather than going to your bank.

Top international money transfer corridors from Singapore

Singapore businesses and individuals send money to a wide range of destinations, but a handful of corridors account for the bulk of outbound transfers.

Singapore to Malaysia

PayNow-DuitNow cross-border transfers are available for personal transfers up to S$1,000 per day⁸. For larger business payments, local rail transfers via providers like Airwallex are faster and cheaper than SWIFT.

Singapore to China

Most Singapore businesses pay Chinese suppliers in USD rather than CNH (offshore RMB), but paying in CNH can work out cheaper as it avoids a second currency conversion on the recipient's end. Either way, local rail transfers to China settle faster than SWIFT and avoid intermediary deductions along the way.

Singapore to India

PayNow-UPI cross-border transfers are available for personal transfers up to S$1,000 per day⁹. For business payments, local rail transfers are faster and more cost-effective compared to SWIFT.

Singapore to Indonesia and the Philippines

Both corridors are primarily driven by personal remittances. Most fintech providers in this list support same-day settlement to both destinations, though transfer speed and fees can vary significantly by provider and payment method.

Singapore to the US and Australia

The US and Australia are common destinations for businesses paying for software, services, and professional fees denominated in USD or AUD. Both corridors are well-served by all providers in this list, with same-day settlement available via local rails on most platforms.

How to make an international money transfer from Singapore with Airwallex

Sending money internationally with Airwallex takes just a few minutes once your account is set up. Here's how it works.

Step 1: Open your account

Sign up and open your account. It only takes a few minutes to fill in your details, and once your account is approved, you'll get a dedicated account number with a local branch and bank code for your business.

Step 2: Add your recipient

Use the Contacts feature to add your recipient's details. Select the destination country and Airwallex guides you through exactly what information is required, whether that's a SWIFT code, IBAN, or local account number.

Step 3: Enter the transfer amount

Enter the amount you want to send and select the destination currency. You'll see the exact FX rate and total cost before you confirm. There are no hidden charges added after the fact.

Step 4: Set up approvals if needed

For businesses with finance teams, you can set up approval workflows — one team member drafts the transfer, another approves it — with multi-factor authentication for added security.

Step 5: Confirm and send

Review the details and confirm. Where local rails are available, your transfer will be routed automatically for same-day arrival.

Fee-free international transfers to 120+ countries with Airwallex

Most Singapore businesses default to their existing bank for international payments because it's familiar, and the occasional transfer fee doesn't seem significant. But for businesses making regular overseas payments, the costs compound quickly.

Switching to Airwallex means S$0 transfer fees on local rail payments to 120+ countries and FX rates at just 0.4–0.6% above interbank, saving you up to 80% on FX fees. If you’re paying overseas suppliers, contractors, or employees on a regular basis, it’s worth making the switch.

Frequently asked questions (FAQs)

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

Fintech providers like Airwallex generally offer the lowest total cost — S$0 transfer fees on local rail payments in 120+ countries and FX rates close to the interbank rate. Traditional banks are typically more expensive: DBS, for example, charges S$25–55 in transfer fees¹⁰ via its Outward Telegraphic Transfer service, on top of an undisclosed FX mark-up.

How long does an international money transfer from Singapore take?

It depends on the provider and the destination. Transfers via local payment rails typically arrive the same working day. Transfers via SWIFT take two to four working days, and sometimes longer depending on how many correspondent banks are involved.

Is there a limit on how much money I can send internationally from Singapore?

There is no regulatory cap on how much you can send internationally from Singapore, but individual providers set their own limits. MAS-licensed providers are required to conduct due diligence on larger transfers, and you may be asked to provide documentation on the source of funds or purpose of transfer for high-value transactions.

Do I need to pay tax on money I send overseas from Singapore?

Singapore does not impose a withholding tax on outbound personal remittances. For businesses, payments to overseas vendors or contractors may have tax implications depending on the nature of the payment. Check with a tax advisor if you're making large or regular business payments abroad.

What should I look for when choosing an international money transfer service?

The four key factors are: total cost (transfer fee plus FX mark-up, not just one or the other), transfer speed, country and currency coverage, and whether the provider is licensed by MAS. For businesses, batch payment capability and accounting integrations are also worth considering.

What is MAS licensing and why does it matter for money transfers?

MAS — the Monetary Authority of Singapore — regulates all money transfer providers operating in Singapore under the Payment Services Act 2019. A valid MAS licence means the provider is subject to regulatory oversight, anti-money laundering requirements, and consumer protection obligations. You can verify any provider's licence through the MAS Financial Institutions Directory before using their service.

Sources:

1. https://eservices.mas.gov.sg/fid

2. https://wise.com/sg/

3. https://www.instarem.com/en-sg/

4. https://www.singx.co/

5. https://www.westernunion.com/sg/en/home.html

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

7. https://wise.com/help/articles/7An4EGbMZwNgDIFa35QFM9/sending-and-spending-limits-if-you-live-in-singapore 

8. https://www.mas.gov.sg/news/media-releases/2023/launch-of-cross-border-real-time-payment-systems-connectivity-between-singapore-and-malaysia

9. https://www.mas.gov.sg/news/media-releases/2023/launch-of-real-time-payments-between-singapore-and-india 

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

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.