6 best international money transfer services in Singapore (2026)

Key Takeaways:

• The cheapest international transfer isn't always the one with the lowest transfer fee. FX mark-ups and intermediary charges can add significantly to the total cost.

• Check the provider's fees, FX rate, transfer speed and coverage for your specific destination and currency.

• 94% of Airwallex transfers go through local rails with $0 transfer fees. Airwallex also offers competitive FX rates of 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks.

Finding the best international money transfer service in Singapore depends on where you're sending money, how much you're sending, and how quickly it needs to arrive.

This guide compares seven international money transfer services available in Singapore, including banks and fintech providers. We'll look at their fees, FX rates, transfer speeds and key features to help you understand how each one works.

If you're still deciding which type of transfer method to use first, such as a bank, fintech provider or remittance service, start with our guide to the best ways to send money internationally.

Once you've chosen the method that suits you, you can compare the providers below.

What to look for in an international money transfer service

The right international money transfer provider depends on your situation: how much you're sending, where the money is going, and how often you send it. Before comparing providers, it helps to know which costs and features actually matter.

1. Transfer fees vs. FX mark-up

Don't just look at the transfer fee. The total cost can also include the FX markup and, depending on how the payment is routed, fees from intermediary or receiving banks.

For example, a provider might charge $0 for a transfer but add a 2% FX markup to your S$10,000 conversion. This translates into an extra S$200 that you’re paying.

When comparing providers, look at the total cost and the amount the recipient will actually receive, rather than just the advertised transfer fee.

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.

For example, 94% of Airwallex transfers go through local rails with $0 transfer fees. This helps you save cost on your international transfers.

3. Coverage and supported corridors

Don't assume a provider's overall country coverage means every route is supported in the same way.

Check that the provider supports the country and currency you need, and that any advertised transfer speeds or fees apply to that specific corridor.

4. MAS licensing

Money transfer providers operating in Singapore are regulated under the Payment Services Act 2019 and must hold the appropriate licence from MAS.

Providers can hold either a Standard Payment Institution (SPI) or Major Payment Institution (MPI) licence, depending on the services they provide and the regulatory requirements that apply.

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:

This information is based on publicly available information accessed on 24 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

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

Airwallex is a business account for companies that make regular international payments. It combines international transfers, FX, multi-currency accounts and business spending tools in one platform.

94% of Airwallex transfers go through local payment rails, with $0 transfer fees. 93% of our transfers arrive on the same day, and 45% arrive immediately. We also offer competitive FX rates of 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks.

Worth knowing: Airwallex is designed for businesses rather than personal remittances, particularly companies that make regular international payments and need to manage multiple currencies.

2. Wise

Wise is an international money transfer platform with both personal and business accounts. Its main strength is transparent international payments, with the mid-market exchange rate and the total cost shown upfront before you send.

For businesses, Wise Business goes beyond transfers. You can receive money using local account details in supported currencies, make international payments, issue debit cards for your team, manage business spending and connect your account to accounting software.

Wise also supports batch payments for businesses making multiple transfers at once.

Worth knowing: Wise is particularly geared towards businesses and individuals that regularly move money across currencies and want a clear view of the exchange rate and transfer cost before sending.

Information in this section is based on Wise’s official website as of 23 Sep 2026.

3. Instarem

Instarem offers international money transfers for both individuals and businesses. Individuals can send money to 60+ countries, while Instarem Business supports payments to 160+ countries.

For businesses, Instarem supports payments to overseas suppliers and employees, international collections in eight currencies, bulk payments and a business card for managing company expenses.

Worth knowing: Instarem combines international payments with business tools such as bulk payments, collections and a business card. For individuals, its InstaPoints rewards programme can also be redeemed for transfer discounts or KrisFlyer miles.

Information in this section is based on Instarem’s official website as of 23 Sep 2026.

4. SingX

SingX is a Singapore-based international money transfer platform for individuals and businesses. It lets users send money overseas through its online platform, with transfers available for both personal and business use.

For businesses, SingX offers a Global Account for managing international payments and receiving funds in multiple currencies. It also supports overseas payments to suppliers, employees and other business recipients.

Worth knowing: SingX operates seven days a week, including weekends and public holidays, which can be useful for businesses that need to manage international payments outside standard banking hours.

Information in this section is based on SingX’s official website as of 23 Sep 2026.

5. Western Union

Western Union is an international money transfer service that lets you send money online, through its app or in person at an agent location.

Depending on the destination, recipients can receive funds directly into a bank account, through a mobile wallet or as cash pickup.

Its large physical network is one of its more distinctive features. Western Union says it supports transfers to more than 200 countries and territories, while its Singapore service also offers more than 90 agent locations for sending money in person.

Worth knowing: Western Union can be useful when the recipient needs cash pickup or doesn't have access to a bank account, as well as for transfers that need to be arranged in person.

Information in this section is based on Western Union’s official website as of 23 Sep 2026.

6. DBS Remit

DBS Remit is DBS's international money transfer service, built into its digibank app.

It supports transfers in 19 currencies to 50+ destinations, with same-day processing for eligible transfers submitted before the relevant cut-off. You can also track eligible transfers through the app and receive status updates.

For destinations or currencies that aren't covered by DBS Remit, DBS also offers regular Outward Telegraphic Transfers (OTT), which support transfers to 200+ locations.

Worth knowing: DBS Remit is particularly convenient if you already bank with DBS and want to manage international transfers from the same app as your everyday banking.

Information in this section is based on DBS’s official website as of 23 Sep 2026.

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

The total cost of sending money internationally depends on your transfer amount, destination, currency and the payment method you use.

The key is to compare the total cost, not just the advertised transfer fee. A S$0 transfer can still be expensive if the provider adds a large FX markup, while a provider with a transfer fee can work out cheaper if it offers a better exchange rate.

For example, if you're a business paying a US$10,000 invoice, and the indicative mid-market rate is S$1 = US$0.74:

*Illustrative comparison only. Banks generally do not disclose their FX markup, and the 2% figure is an assumption. Actual costs vary by bank, currency, transfer method and timing.

For businesses making regular international payments, the difference between providers can add up over time.

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: Well-served by most providers in this list, with same-day settlement widely available. For small personal transfers, PayNow-DuitNow offers instant, fee-free transfers up to S$1,000 per day.

• Singapore to China: Most providers support this corridor well. Whether to pay in CNY or USD depends on your supplier's preference: CNY via local rails is typically faster and avoids a double conversion, but many Chinese suppliers invoice in USD. Check with your supplier before sending. For a full breakdown of the options, see our guide to transferring money to China from Singapore.

• Singapore to India: Well-served by most providers, with same-day settlement widely available. For small personal transfers, PayNow-UPI offers instant, fee-free transfers up to S$1,000 per day.

• Singapore to Indonesia and the Philippines: Both corridors are primarily driven by personal remittances. Coverage and speed vary by provider.

• Singapore to the US and Australia: Both corridors are well-served by all providers in this list, with same-day settlement available on most platforms.

For details on what information you'll need for each destination, see our guide to sending money to an international bank account.

Unlock free 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 add up quickly. That’s where Airwallex comes in.

With Airwallex, local-rail payments to 120+ countries come with S$0 transfer fees, while FX is priced at 0.4%–0.6% above interbank rates, saving you up to 80% on FX fees as compared to traditional banks.

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 generally offer the lowest total cost. For example, Airwallex gives you free transfers to 120+ countries via local rails, and prices its FX competitively at 0.4% to 0.6% above interbank, letting you save up to 80% on FX fees as compared to traditional banks.

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 several working days, and sometimes longer depending on how many correspondent banks are involved. For fast transfers, use Airwallex: 93% of our transfers arrive on the same day, and 45% arriv immediately.

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 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/business/send-payments, https://wise.com/help/articles/2596980/how-can-i-convert-money, https://wise.com/sg/pricing/business

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

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

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

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