Send money overseas: Fast, cost-effective business transfers

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 a local payout network 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.

If your business works with global suppliers or a remote team, sending money internationally can quickly become a headache – and a costly one.

Using modern fintech tools helps reduce that pressure while giving your business more flexibility. In this article, we’ll explore practical ways to send money internationally, highlight where fees often hide, and share tips to keep more of what you earn. We’ll also look at how platforms like Airwallex address common cross-border payment challenges for businesses.

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. 

Best ways to transfer money overseas from Singapore

The best way to send money overseas from Singapore is to use online payment providers like Airwallex. These platforms are built for international transfers, offering faster processing times, more transparent fees, and access to local payout networks that help reduce unnecessary FX costs.

Alternatively, some businesses still rely on traditional options such as SWIFT transfers or legacy banks, but these usually involve higher fees, less favourable exchange rates, and longer processing times.

Option 1: Online money transfer services

Online money transfer services are digital platforms offered by fintech companies that let you send money internationally at lower cost than traditional banks. They also simplify the process by consolidating multiple currencies in one account and providing clear records of each transactions. This makes managing cross-border payments easier for businesses and freelancers.

Option 2: SWIFT/international wire transfers

Wire transfers are electronic transfers that financial institutions use to move money between accounts. 

In Singapore, SWIFT is the most common way to send money abroad. It’s reliable, but because payments often pass through multiple banks, transfers are typically slower and more expensive than other methods. 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 let you send money internationally without going through a traditional bank. You can do it online, through an app, or even in person.

For consumers, Western Union is one of the most well-known providers, while their business-focused arm, Convera, handles cross-border payments for companies.

Best (and cheapest) ways to send money internationally from Singapore

When you’re sending money overseas from Singapore, you care about two things: how much it costs and how well the provider handles bigger or batch payments. 

The table below compares some of the main options on both fronts, so you can see fees, FX mark‑ups, coverage, speed, and limits in one place.

The information in this table has been reviewed to be accurate as of 2 February 2026.

You can see a clear pattern in the table: providers that route payments over local networks (like Airwallex) tend to be both cheaper and faster for most day‑to‑day business transfers, while traditional banks and SWIFT‑heavy options become more relevant only when you need niche currencies or very specific corridors.

In practice, that means most Singapore businesses are better off using a fintech with strong local payout coverage and transparent FX for recurring supplier or payroll runs, and keeping their bank for occasional edge cases where local rails aren’t available yet.

How to send money internationally: Step-by-step guide

As we’ve discussed in the article, the easiest (and often cheapest) way to send money internationally is with Airwallex. Once your account is verified, head to Transfers or Wallet on the Airwallex web or mobile app, and then follow the instructions below:

Step 1: Create a Global Account

Open the currency account you need and add the amount you wish to send. If you already have the currency account, navigate to Transfers or Wallet and click New Transfer.

Step 2: Select your recipient

Click on the Existing Recipient field to select a beneficiary you've added previously, or choose Someone New to add a new recipient. Our mobile app only handles transfers to existing recipients.

Step 3: Enter the amount and transfer method.

Select the currency you've just topped up, then choose whether to send via SWIFT or local payouts. You'll see one or both options depending on your destination country and currency. Local payouts have no transfer fees.

Step 4: Add additional transfer details.

Enter the transfer date, purpose of the transfer, and reference code.

Step 5: Review and send. 

Click Submit for Approval if the transfer needs a manager's sign-off, or click Create to proceed with the payment.

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 offer 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.

Best ways to pay overseas suppliers or vendors

Paying overseas suppliers can be time-consuming and error-prone, especially if you’re entering payment details manually. Delays and mistakes can hurt cash flow, and transaction fees chip away at profits.

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.

Best ways to transfer payroll internationally

Managing global payroll comes with its own challenges: different currencies, payment schedules, and countries. Airwallex makes it easier by letting you pay up to 1,000 employees or contractors at once, with Batch Transfers removing the need to enter details manually for each worker.

Approvals are just as simple: finance leaders can authorise payments with one click on the mobile-friendly platform, making it easy to stay on top of payroll even while on the move. Endowus’ CFO, Dominic Ong, for example, uses the Airwallex app to approve payments quickly, streamlining the process while cutting Endowus’ overseas transaction costs by up to 90%.

Consider Airwallex for cost-effective international money transfer services

International transfers can be complex and expensive. To save time and money, look for a provider with low fees, multi-currency accounts, and competitive exchange rates.

Airwallex provides a cost-effective alternative to traditional SWIFT transfers, helping businesses manage global payments efficiently. Here’s what you get:

• Local currency accounts in 21 countries with local bank details – so you can collect and pay like a local without opening separate bank accounts in each market.

• eCommerce payment gateway to accept payments from customers in 180+ countries via 160+ local payment methods.

• Built-in Expense Management for better control and oversight over employee spend.

• Multi-currency Corporate Cards you can issue to employees in 60+ markets, so your team can spend in multiple currencies from your Airwallex balances, with built‑in controls to manage budgets and approvals.

• Integrations with accounting software like Xero, making reconciliation and bill payments faster and more automated.

Over 200,000 businesses worldwide use Airwallex to simplify their financial operations, cut costs, and manage cross-border transactions with confidence. Learn more about Airwallex Global Accounts.

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?

Transfer limits vary by provider, method, and currency. Business-focused platforms like Airwallex typically offer higher limits, with specific thresholds visible when creating each transfer.⁹

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.

Sources:

1. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf

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

3. https://www.worldfirst.com/sg/pricing/

4. https://www.dbs.com.sg/sme/day-to-day/payments/prioritypay-telegraphic-transfer

5. https://www.dbs.com.sg/sme/day-to-day/payments/cross-border-fund-transfers/telegraphic-transfers

6. https://www.worldfirst.com/sg/help-center/making-payments/how-long-will-my-payments-take

7. https://wise.com/help/articles/2663240/guide-to-batch-payments

8. https://www.worldfirst.com/sg/product/pay/

9. https://help.airwallex.com/hc/en-gb/articles/900001756666-What-are-the-limits-for-payouts-and-deposits-on-my-account

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.