Best ways to send money internationally from Singapore (2026)

Key takeaways:

• If you're sending money internationally from Singapore, your main options are online money transfer services (like Airwallex), SWIFT/wire transfers, and traditional bank transfers. Each comes with different costs and speeds.

• When comparing providers, look beyond headline fees: factor in FX mark‑ups, transfer speed, and features like batch payments and multi‑currency accounts, which help you avoid unnecessary conversions on frequent international payments.

• Using a provider with local payment rails is often the fastest and cheapest method. For example, Airwallex lets you send S$0 local rail transfers to 120+ countries, with 93% of funds arriving on the same day.

The best way to send money internationally from Singapore depends on what you're sending, where it's going, and how often you do it.

For most business payments, a fintech platform using local payment rails is faster and cheaper than a traditional bank wire. But the right method varies; a same-day supplier payment to Malaysia is a different problem from a one-off wire to a US vendor in a niche currency.

This article breaks down the main methods available from Singapore, what each one costs, and when to use it.

What is an international money transfer?

An international money transfer lets you send money to someone in another country. The process moves funds across different currencies and banking systems, and is handled by banks or money transfer services.

How international money transfers work from Singapore

There are several ways to send money overseas from Singapore. You can use online money transfer services, traditional bank transfers such as SWIFT, or money transfer operators.

Each method works slightly differently and can have different fees, exchange rates, transfer speeds and supported destinations. Here's what to know about each one.

Option 1: Online money transfer services

Online money transfer services are digital platforms that let you send money internationally without using a traditional bank's international transfer service.

Many offer multi-currency accounts, local payment rails and upfront pricing, which can make regular cross-border payments easier to manage.

For example, Airwallex lets you send transfers to 200+ countries. 94% of our transfers go through local rails with $0 transfer fees, and 93% of transfers arrive on the same day.

Option 2: SWIFT/international wire transfers

Wire transfers are electronic transfers between financial institutions. SWIFT is one of the main networks used to send money internationally, particularly when the destination isn't supported by a local payment rail.

SWIFT transfers are widely supported, but a payment may pass through intermediary banks before reaching the recipient. This can add fees and processing time.

For example, Singapore-based company Igloohome was paying over S$100 per SWIFT transfer before switching to Airwallex.

Option 3: Money transfer operators

Money transfer operators specialise in sending money between countries outside the traditional bank-transfer process. Depending on the provider and destination, you may be able to send money online, through an app or in person, with the recipient receiving funds in a bank account, mobile wallet or as cash.

Western Union is one of the best-known examples, with options for both online transfers and cash pickup through its agent network.

Best ways to send money internationally from Singapore

The right method depends on your destination, transfer size, and how often you send. Here's a quick overview of the main options:

For a full comparison of providers and fees within each category, see our guide to the best international money transfer services.

If you've already decided you're doing a bank account transfer and want to know exactly what information you'll need, see our guide to sending money to an international bank account.

How to avoid common mistakes with international money transfers

International money transfers are essential for doing business globally, but even small mistakes can lead to delays or extra costs. Here are five common mistakes to watch out for:

1. Incorrect recipient details

A wrong account number or bank code can delay your transfer, or worse, send money to the wrong account.

2. Ignoring transfer limits

Exceeding your provider’s limits can cause transactions to be blocked or delayed. Always check limits before sending large payments.

3. Overlooking time zones

Sending money outside banking hours or across different time zones can slow down your transfer.

4. Transferring during public holidays

Holidays in your country – or your recipient’s – can delay processing.

5. Not stating the purpose of the transfer

Some banks or providers require a reason for the payment. Skipping this step can hold up your transfer.

How to save money on international transfer fees

Beyond comparing fee schedules, here are four ways you can save money on international transfers:

1. Explore alternatives to SWIFT payments

Check what other payment methods your provider offers. For example, Airwallex routes payments over its own local payment network in 120+ countries, so you can make international transfers with zero transfer fees on those routes and avoid SWIFT fees and delays.

2. Manage foreign exchange risk with technology

Airwallex offers tools in eligible markets to help you lock in exchange rates or set automated conversion rules. That way, you reduce FX risk, avoid nasty rate swings, and get more predictable costs on every international payment.

3. Use a multi-currency account

With a multi-currency account, you can hold and manage funds in different currencies without constantly converting them. This helps you avoid paying FX fees every time money comes in or goes out.

For example, you can receive USD from customers and pay USD invoices from the same balance, instead of converting back and forth via SGD.

4. Negotiate transfer fees

If you make regular, high-volume transfers, ask your provider for better rates.

5. Match the method to the transfer size and frequency

For small, occasional transfers under S$1,000 to ASEAN countries, PayNow-linked schemes such as DuitNow, UPI and PromptPay can offer instant, low-cost transfers.

For regular business payments, a fintech platform with local-rail coverage can avoid SWIFT fees and speed up settlement.

For large or infrequent transfers in currencies without local-rail support, a fintech provider offering SWIFT may be more cost-effective than a traditional bank.

How to pay overseas suppliers or vendors

Paying overseas suppliers can be time-consuming, especially if you're making multiple payments or entering payment details manually. Delays and mistakes can also affect cash flow, while transfer and FX fees add to the cost of each payment.

With Airwallex, international supplier payments are simpler and faster. Batch Transfers let you pay multiple suppliers at once: just fill in a template and upload it. You can make up to 1,000 payments in a single go, saving time and reducing errors.

For industries where suppliers rely on fast, frequent payments, this makes a real difference. For instance, fashion brand Saturday Club switched to Airwallex for their global supplier payments and saved 99% on foreign transaction fees.

Endowus also reduced its transaction costs by up to 90% using Airwallex transfers:

Unlock free transfers with Airwallex

Airwallex provides a cost-effective alternative to traditional SWIFT transfers, helping you send money affordably. Here’s what you get with Airwallex:

• Free transfers via local rails. 94% of our transfers go through local rails with $0 transfer fees.

• Competitive FX rates. We charge 0.4% to 0.6% above interbank, helping you save up to 80% on FX fees as compared to traditional banks.

If you need to make both local and international transfers, Airwallex also offers free local transfers via FAST and GIRO.

Frequently asked questions (FAQs)

How do exchange rates impact the amount received in international transfers?

Exchange rates directly affect how much your recipient receives in their local currency. Unfavourable rates can reduce the final amount, so check current rates before sending to make sure your recipient gets what you expect.

Are there any specific tax implications when sending money overseas?

Singapore businesses don't pay taxes on overseas transfers, but funds representing Singapore-earned income (like salaries or profits) are subject to local income tax before transfer. Make sure you've covered all local tax obligations before sending funds abroad.

What are the differences between SWIFT and SEPA transfers?

SWIFT and SEPA are both systems for transferring money, but they serve different purposes. SWIFT is a global messaging network that banks use to send international payments in any currency. It allows money to reach banks worldwide, but transfers can be slower and come with higher fees. SEPA, on the other hand, is the Single Euro Payments Area, designed specifically for euro-denominated payments within the EU and a few partner countries. SEPA transfers are faster and more cost-effective than SWIFT, but they are limited to euros and participating countries.

How can I track my international money transfer?

You can track your international money transfer using the tracking number provided by your payment provider. Modern platforms like Airwallex offer real-time tracking through their app or dashboard, along with email notifications so you always know the status. This helps you anticipate when funds will arrive and quickly address any issues if a transfer is delayed.

Are there limits on how much money I can send abroad per transaction?

Yes. International money transfer limits can vary by provider, destination, currency, payment method and account type. Banks and money transfer services may set their own per-transaction, daily or monthly limits, and some destinations may have additional requirements for larger transfers. Before sending a large amount, check your provider's current limit.

What documents are required to send money internationally?

You typically don't need additional documents if you're sending money internationally from a business account in Singapore. If you can make international transfers from your account, your financial institution has already verified your business.

What are the best ways to send money overseas?

The best way to send money overseas depends on your goal, but for most businesses the most efficient option is to use a platform like Airwallex that routes payments over local banking networks instead of relying only on SWIFT. This keeps transfer fees low, improves FX rates, and speeds up delivery to same day or faster. For high‑value or niche‑currency payments where local rails aren’t available, SWIFT transfers via a bank or specialist fintech are a reliable fallback.