Transfer fees explained: Save on international payments with Airwallex

Key takeaways:

• International transfer fees add up fast: businesses lose an average of 6.49% per transfer¹ due to hidden FX mark-ups, handling fees and intermediary charges.

• Not all providers are equal. Many international transfer services lack multi-currency accounts, batch payment features, or access to local payment networks, which slows down operations.

• Airwallex makes global payments simpler. By connecting to local payment networks in 120+ countries, Airwallex helps most transfers land quickly with no SWIFT fees. You can pay suppliers, contractors, and employees worldwide from one platform and sync everything with your accounting tools for easy reconciliation.

Sending money overseas can get expensive, and the fees aren’t always obvious. Hidden FX mark-ups, transfer charges, and deductions from intermediary banks can add up quickly. 

In this article, we’ll break down the different types of international transfer fees and show you how to reduce costs. We’ll also explain how Airwallex makes sending money abroad faster, simpler, and more transparent.

What are transfer fees?

Transfer fees are the costs you pay whenever you send money abroad. They come in different forms, and each type affects your total cost in a different way. Here are the main types of transfer fees:

1. Handling or transfer fee

This is a fixed or percentage-based charge you pay to process your transaction. The fee usually depends on whether you send the money online, through a branch, or on the type of account you hold.

2. Cable or SWIFT message fee

This fee covers the cost of sending payment instructions through the SWIFT network. Banks typically charge around US$10–50 per transfer; for example, Standard Chartered lists a US$50 SWIFT fee for outgoing international transfers². 

If you use a provider that can route payments through local rails instead of SWIFT, like Airwallex, you can avoid this fee altogether.

3. Intermediary or agent fees

These are charges applied by other banks involved along the transfer route. They typically appear in traditional SWIFT transfers when multiple banks handle the payment, but you can reduce or avoid them by using providers with direct local connections, like Airwallex.

4. Receiving fee

This is a charge the beneficiary’s bank may deduct when crediting the funds to their account. You can sometimes cover this fee yourself by choosing the “OUR” option, so your recipient gets the full amount.

5. FX margin

This is the mark-up added when converting one currency to another. It's often the largest hidden cost in international transfers, especially with traditional banks.

6. Amendment or cancellation fees

If you need to change or cancel a transfer, traditional banks often charge a fee. These usually range from around S$10–50, depending on your provider. For example, DBS charges amendment fees of S$30 and cancellation fees of S$35 per transaction³. 

How do international transfers work?

When you send money abroad, there’s more happening behind the scenes than you might think. Here’s a simple breakdown of the process:

1. Payment initiation

You send funds through a transfer provider – this could be a traditional bank or a modern fintech platform like Airwallex.

2. Transfer processing

Your provider sends the payment instructions to the recipient’s bank. With traditional banks, this usually goes through the SWIFT network and sometimes passes through intermediary banks, which can add extra fees and slow things down. 

3. Transfer completion

The money lands in your recipient’s account, typically within a few business days for traditional transfers. 

How to calculate total transfer cost

When you compare providers, don’t just look at the headline fee. The real cost of sending money internationally comes from adding up all the charges:

Total cost = Transfer fee + FX mark-up + Intermediary fees + Receiving fee

Say you're sending S$10,000 to a supplier in the US.

With a traditional bank:

• Transfer fee (via SWIFT)²: US$50 (~S$63)

• FX mark-up (assuming 3% on mid-market rate): S$300

• Intermediary fee: S$20

• Receiving bank fee: S$15

• Total estimated cost: S$398 (3.98% of the transfer amount)

With Airwallex:

• Transfer fee (via local rails): S$0

• FX mark-up (0.5% above interbank rate): S$50

• Intermediary fee: S$0

• Receiving bank fee: S$0

• Total estimated cost: S$50 (0.5% of the transfer amount)

By cutting out SWIFT fees and offering lower FX mark-ups, Airwallex lets you spend less on transfers and get money to your suppliers, employees, or partners faster.

Money transfer comparison: Banks, financial institutions, and money transfer services in Singapore

Different providers structure their international transfer fees in very different ways. This table highlights how major banks and fintechs in Singapore compare on transfer costs, additional charges, and exchange rates.

The information in this table has been reviewed to be accurate as of 6 February 2026.

Ultimately, fees and FX mark‑ups vary widely depending on the provider and transfer method. Traditional banks often charge a flat transfer fee plus additional agent or SWIFT fees, and their FX margins aren’t typically transparent. 

Fintech providers like Airwallex offer more clarity on rates and, in many cases, lower overall costs, especially if you use local payment rails instead of SWIFT.

How to send money overseas with low fees

Now that you know where fees come from, here’s how you can reduce them and make international transfers easier.

1. Choose providers with low or no transfer fees

Traditional banks often charge handling and transfer fees. In comparison, Airwallex lets you send local transfers to 120+ countries without SWIFT fees.

2. Compare FX rates

Most providers add a hidden markup when you convert currencies. Look for providers with transparent rates close to the interbank rate, like Airwallex. With Airwallex’s competitive FX rates, you can save up to 80% on your FX fees. 

3. Use multi-currency accounts

Holding funds in multiple currencies lets you pay suppliers directly in their local currency, without unnecessary conversions. With Airwallex Global Accounts, you get local account details in 20+ currencies, without having to open separate bank accounts manually. That way, your payments reach suppliers quickly, just like a local transfer, with no extra fees.

4. Consolidate your payments

By combining multiple smaller payments into larger batches, you’ll cut down on per-transaction fees. You can do this with Airwallex, which lets you process up to 1,000 transfers in a single batch.  Set up approval workflows and automatically sync everything with your accounting software, making bulk payments faster and easier to manage.

5. Plan your transfers

When it comes to international payments, timing matters. Here are a few things to keep in mind:

• Business hours: Send during 9 am–5 pm local time for same-day processing.

• Holidays & weekends: Avoid delays in Singapore or the destination country.

• Lead time & peak periods: Schedule 2–3 days ahead, and watch for month-end or quarter-end spikes.

• Time zones: A Friday evening transfer from Singapore might only process on Monday elsewhere.

Simplify international transfers with Airwallex

Sending money globally doesn’t have to be expensive or complicated. Airwallex lets you see exactly what you’re paying, access interbank FX rates, and make payments in 120+ countries using local rails – so your transfers are fast and more predictable. In fact, 93% of transactions that go through Airwallex arrive on the same working day.

Managing multiple currencies is easy too. With Global Accounts, you can hold, convert, and send funds on your own terms. Opening local accounts in 20+ currencies helps you avoid unnecessary conversions and keeps your margins protected when exchange rates change.

All of this comes together in one platform. You can batch payments, automate bills, create payment links, and manage expenses – and sync everything with your accounting tools. That means less manual work, faster approvals, and fewer headaches when reconciling accounts.

Frequently asked questions (FAQs)

When is the best time to transfer money internationally?

The best time to transfer money internationally is when exchange rates are in your favour and during business hours on weekdays. Sending funds when your currency is strong saves you money, and initiating transfers during local banking hours results in faster processing. 

With Airwallex’s Global Accounts, you can hold funds in multiple currencies and wait for rates to reach your target before sending, giving you more control and potential savings.

How do I ensure my business complies with international money transfer regulations and requirements?

To ensure your business complies with international money transfer regulations, make sure your provider is licensed by the Monetary Authority of Singapore (MAS) and completes proper KYC checks with the right business documentation. You should also stay up to date on local and international regulatory requirements, including anti-money laundering (AML) rules, and work only with providers that monitor transactions for suspicious activity.

What are the risks of sending money internationally using digital platforms?

The main risks of sending money internationally using digital platforms are cybersecurity threats, such as phishing, malware, and data breaches. You can reduce these risks by using providers with strong security measures, like bank-grade encryption (AES-256), multi-factor authentication, and 24/7 fraud monitoring.

How do exchange rate fluctuations affect international money transfers?

Exchange rate fluctuations affect how much your money is worth when sending it abroad. If your home currency weakens, you’ll need more to send the same amount; if it strengthens, transfers cost less. Airwallex lets you hold funds in different currencies and make payments directly, helping you avoid unnecessary conversions and reduce the impact of volatility.

What are typical international transfer fees?

Typical international transfer fees are high: on average, businesses lose around 6.49% of every international transfer in total costs¹ once you add up FX mark‑ups, transfer and handling charges, and deductions taken by intermediary banks along the way.

To reduce your international transfer fees, use Airwallex, which routes payments through local payment rails instead of SWIFT wherever possible, removes SWIFT and intermediary bank fees on most routes, and offers transparent FX margins that are typically around 0.4–0.6% above the interbank rate.

Sources:

1. https://remittanceprices.worldbank.org/

2. https://www.sc.com/tz/uploads/sites/73/content/docs/SCB-CIB-TARIFF-2025.pdf

3. https://www.dbs.com.sg/personal/support/bank-overseas-wrong-funds-transfer.html

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

5. https://www.ocbc.com/business-banking/outward-telegraphic-transfer

6. https://www.uob.com.sg/business/help-support/rates-fees/remittance-fees-outward.page

7. https://wise.com/sg/pricing/business

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

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

10. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

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

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.