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 — each with different fees, speeds, and trade-offs.

• 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 businesses access to market-leading FX rates and free transfers to 120+ countries via local rails, without the hidden costs and delays of traditional bank wires.

If your business needs to send money to an international bank account, the method you choose will directly 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 — covering banks, real-time payment links, and fintech providers — so you can choose the option that works best for your business.

8 ways 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:

The information in this table has been reviewed to be accurate as of 13 April 2026.

Costs vary depending on the provider, currency, and how you pay. Below, we go through each option — banks first, then fintech providers — so you can see exactly what you're paying for.

Singapore bank transfers

Most bank-to-bank international transfers from Singapore use the SWIFT network. This means your money doesn't travel directly to the recipient's bank — it passes through one or more intermediary banks, each of which may deduct a fee.

On top of cable and handling charges, banks also apply a markup to the exchange rate. This markup is often the biggest hidden cost, and it isn't always visible when you book a transfer. Here's how each major Singapore bank handles overseas payments.

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

DBS offers three ways to send money overseas: DBS Remit, OTT, and cross-border real-time transfers.

Option 1: DBS Remit

DBS Remit covers 50+ destinations in 19 currencies with S$0 transfer fees¹. Transfers submitted before the cut-off time on a business day are sent out the same day². DBS Remit is available only 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 transfers reach 200+ locations but cost more: S$20 in cable charges plus a handling commission of S$5 (up to S$5,000), S$10 (up to S$25,000), or S$35 (above S$25,000). Agent bank charges may also apply. OTT transfers typically take 2–4 working days.

Option 3: Cross-border real-time transfers

DBS also supports cross-border real-time transfers to India, Malaysia, and Thailand through PayNow-linked schemes. These are instant, fee-free, and 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 Singapore⁸.

• PayNow-DuitNow (Malaysia): Send to a Malaysian mobile number. Also available via Maybank SG, OCBC, UOB, and Liquid Group⁹.

• PayNow-PromptPay (Thailand): Send to a PromptPay-registered Thai mobile number. Also available via OCBC and UOB¹⁰.

Note that while DBS Remit advertises zero fees, DBS still applies a markup to the exchange rate. This markup is the hidden cost — it reduces how much your recipient gets compared to the mid-market rate.

OCBC: Overseas fund transfer

OCBC's overseas fund transfer service charges a handling commission of 1/8% of the remittance amount (minimum S$10, maximum S$100) plus a flat S$20 cable charge per transaction³. Agent bank fees may also apply depending on the destination.

Like DBS, OCBC adds a margin to the exchange rate. Transfers submitted before the currency-specific cut-off time are processed on the same business day³. OCBC supports 19 currencies for overseas transfers.

Worth knowing: OCBC's default daily overseas transfer limit is S$5,000. You may need to visit a branch or adjust settings online to increase this for larger business payments.

UOB: Cross-border instant transfers

UOB offers real-time overseas fund transfers to Malaysia (via PayNow-DuitNow) and Thailand (via PayNow-PromptPay) through the UOB TMRW app⁴.

These transfers are instant, and transaction fees are currently waived⁴. However, the daily limit is S$1,000 per participating country⁴, which is far too low for most business payments.

UOB's cross-border service currently covers only two countries:

• Transfers to Malaysia go through 3 participating banks (CIMB, Maybank, TNG Digital)

• Transfers to Thailand go through 5 banks (Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank)⁴.

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

Fintech providers

Fintech providers bypass the SWIFT network and use local payment rails instead. This typically means lower fees, better exchange rates, and faster delivery.

All three providers below are licensed by the Monetary Authority of Singapore (MAS) as Major Payment Institutions — the same licence category as traditional remittance companies, with strict rules on safeguarding customer funds.

Before choosing any provider, you can verify their MAS licence on the Financial Institutions Directory.

Airwallex

Airwallex charges zero transfer fees for local-rail payments to 120+ countries. 94% of our transactions go through these local rails; for SWIFT transfers, fees are S$20–S$35 per transfer. Currency conversions are 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 (Licence No. PS20200541). The Explore plan — which includes transfers, FX, and Global Accounts — is free.

Worth knowing: Unlike the other fintech providers listed here, Airwallex was built for businesses from day one. Other than transfers, it includes other features like approval workflows, Global Accounts, Corporate Cards, and more.

Wise

Wise uses the mid-market exchange rate — the one you see on Google — with no markup. You pay a variable percentage fee starting from 0.26%, depending on the currency pair and payment method. The total cost is shown upfront before you confirm.

Wise sends money to 140+ countries⁵. Half of all Wise transfers arrive within 20 seconds, and 90% arrive within 24 hours⁵. For Singapore customers, you can fund transfers by bank transfer, debit card, or PayNow.

Wise Business is free to set up. You get access to batch payments (up to 1,000 recipients at once), multi-user access, and accounting software integrations. Business accounts can hold and exchange 40+ currencies using the mid-market rate. To unlock local account details — which let you receive payments like a local in currencies such as SGD, USD, EUR, and GBP — there's a one-time S$99 activation fee⁵.

Worth knowing: Personal Wise accounts in Singapore have a holding limit of S$20,000 or equivalent — a requirement under the Payment Services Act⁵. Business accounts are exempt from this limit.

Instarem

Instarem charges transfer fees that vary by currency, amount, and payment method⁶. Like Wise, all costs are shown upfront before you confirm.

Instarem adds a small margin to its exchange rates. The total cost (fee + margin) is displayed before you send. Transfers reach 60+ countries for personal accounts, with most arriving instantly or on the same business day. For businesses, Instarem extends coverage to 160+ countries⁶.

Instarem is operated by Nium Pte. Ltd. and is regulated by MAS as a Major Payment Institution⁶.

Worth knowing: Instarem offers an InstaPoints loyalty programme — you earn points on every transfer, redeemable for discounts on future transfers or converted to KrisFlyer miles⁶.

Revolut

Revolut is regulated by MAS as a Major Payment Institution⁷. What you pay depends on which plan you're on — and whether you're using a personal or business account.

Personal accounts

Revolut shows all fees in-app before you send. Costs vary by plan⁷:

• Standard: S$11.50 per international bank transfer. Fee-free currency exchanges up to S$5,000/month; 1% fee beyond that. A 1% weekend surcharge applies on FX.

• Metal: Fee-free international bank transfers. Unlimited fee-free currency exchanges. No weekend FX surcharge.

Revolut uses the interbank rate during market hours for all plans.

Business accounts

Revolut Business charges S$8 per international transfer, or S$35 for a SWIFT OUR transfer (where Revolut covers intermediary bank fees). Business plans include multi-user access, expense management, and accounting integrations.

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)

Some corridors have additional requirements. For example, transfers to China may need supporting documents like an invoice or proof of payment.

Why businesses in Singapore choose to send money internationally with Airwallex

Airwallex is licensed by MAS as a Major Payment Institution (Licence No. PS20200541) and meets PCI DSS, SOC 1, and SOC 2 security standards. Customer funds are held in segregated trust accounts, separate from Airwallex's operating funds.

Here's what sets Airwallex apart from both banks and other fintech providers for businesses that make regular international payments:

Interbank FX rates with no hidden markups

Airwallex gives you access to interbank exchange rates — the same rates banks use when trading with each other. For major currencies like USD, GBP, EUR, and AUD, the margin is just 0.4% above interbank. For all other currencies, it's 0.6%.

With such competitive rates, you get to save up to 80% on FX fees, and the rate is shown before you confirm.

Free transfers to 120+ countries via local rails

Where possible, Airwallex routes payments through local payment rails to eliminate SWIFT cable fees and intermediary bank charges. In fact, 94% of our transactions use local rails — meaning you pay $0 in transfer fees for most transfers.

For routes where SWIFT is the only option, Airwallex charges S$20–S$35 per transfer, comparable to bank rates but without the hidden FX markup on top.

Speed that banks can't match

93% of Airwallex transfers arrive on the same working day. 45% arrive instantly. For comparison, DBS OTT takes 2–4 working days, and OCBC TT can take just as long outside of cut-off hours.

Built for businesses, not adapted from a personal app

Unlike Wise, Instarem, and Revolut — which started as consumer products and added business features later — Airwallex was built for businesses from day one. This shows in features that matter for finance teams:

• Batch transfers — pay up to 1,000 recipients in one go, across countries and currencies

• Approval workflows — customise multi-layer approval rules based on transfer amounts

• User permissions — control who can draft, review, and approve transfers

• Accounting integrations — sync directly with Xero and QuickBooks for automatic reconciliation

• Global Accounts — open local currency accounts in 20+ countries to receive payments from customers in their preferred currency, with no account opening fees or monthly charges

• Corporate Cards — issue multi-currency Visa cards to employees with 0% foreign transaction fees and real-time spend controls

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 2–4 working days¹. DBS Remit offers same-day delivery for 50+ destinations¹. Fintech providers like Wise and Airwallex are often faster — Airwallex delivers 93% of transfers on the same working day, with 45% arriving 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. Airwallex charges zero transfer fees for local-rail payments to 120+ countries, and its FX markup starts at 0.4% for major currencies. By contrast, bank SWIFT transfers typically cost S$20–S$55 in cable and handling fees¹ ³, plus a hidden exchange rate markup.

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. Airwallex, Wise, Instarem, and Revolut are all licensed as Major Payment Institutions.

Can I send money to an international bank account instantly?

For small amounts to India, Malaysia, or Thailand, Singapore's cross-border real-time payment links (PayNow-UPI, PayNow-DuitNow, PayNow-PromptPay) offer instant transfers at S$0 fees — but with a daily cap of S$1,000⁸ ⁹ ¹⁰. For larger business payments, Airwallex delivers 50% of transfers instantly through its local payment network, though exact speed depends on the destination and currency.

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/deposits/pay-with-ease/international-transfers

2. https://www.dbs.com.sg/personal/support/bank-overseas-funds-transfer-service-standards.html

3.  https://www.ocbc.com/assets/pdf/cfs_fee_and%20_charges%20brochure_23april.pdf

4. https://www.uob.com.sg/personal/digital-banking/overseas-payments/transfer-money.page

5.  https://wise.com/sg/blog/how-to-use-wise-singapore

6.  https://www.instarem.com/en-sg/

7.  https://www.revolut.com/en-SG/legal/standard-fees/

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

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

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

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.