Guide to international money transfer fees and charges in Singapore (2025)

Key takeaways

• Singapore businesses lose an average of 6.49% per transfer when sending SWIFT-based transfers through traditional banks – thanks to hidden FX markups, handling fees, and intermediary bank charges. 

• Many international transfer providers lack multi-currency accounts, batch payment features, or access to local payment rails across currencies – leaving gaps in compliance, scalability, and operational efficiency.

• Airwallex connects to local payment networks in 120+ countries so you don’t have to rely on the SWIFT network – 95% of transfers land the same day, with no hidden fees. Pay suppliers, manufacturers, and employees worldwide from one platform, and sync everything with your accounting tools for easy, end-to-end reconciliation.

International transfer fees are a regular part of doing business. But if you're paying wholesalers in Vietnam, running payroll across Southeast Asia, or making regular payments to your Australian logistics partners, these charges can quickly erode your margins. The World Bank puts the average cost of an international transfer at 6.49% of the amount sent.¹ If you're sending funds regularly, those costs will escalate quickly.

This guide explains how international money transfers work and compares fees across Singaporean banks and financial institutions. You'll discover practical strategies to cut your transfer costs and find more efficient alternatives to traditional banking – including how Airwallex's global payment platform delivers substantial savings on FX fees with same-day processing for most transfers.

What are transfer fees and charges for overseas fund transfers?

Transfer fees are what you pay to move money between accounts. For example, a quarterly payment to your Hong Kong distribution partners costs around S$30 in transfer fees alone – and that’s before foreign exchange markups or agent bank charges. Multiply that across suppliers, markets, and months, and you're losing far more than you think.

Three factors determine these costs:

• Transfer provider type: Traditional banks typically charge fixed fees plus a percentage of the amount sent. Fintechs and specialised payment platforms may offer different pricing models and fee arrangements.

• Fee calculation method: Transfer costs are calculated in two ways: flat fees or percentages of the transaction value.

• Payment routing: Some international transfers require intermediary banks, which affects your total fees.

Most banks use the SWIFT network for international transfers. While reliable, SWIFT transfers pass through multiple intermediary banks and require currency exchanges across different countries' regulatory systems. You pay additional fees at every step of this multi-step process.

Airwallex connects directly to local payment networks in 120+ countries, skipping the SWIFT system entirely. That means fewer fees, faster settlement, and 95% of payments arriving the same day – without hidden charges.

What are transfer fees?

Every international payment involves several types of fees – some visible, others buried in the fine print. Understanding what each fee covers helps you identify where costs can be reduced.

Here are the the main types of transfer fees you’ll pay when sending money abroad:

• Handling or transfer fee: A fixed or percentage-based charge applied by the sending bank or provider to process your transaction. The amount varies depending on the transfer channel (online vs. branch) and account type.

• Cable or SWIFT message fee: The cost of sending payment instructions through the SWIFT network or similar systems. It is usually a fixed amount per transaction and may appear separately on your statement.

• Intermediary or agent bank fees: The deductions applied by correspondent banks along the transfer route when the sending and receiving banks do not have a direct relationship. They are most common in SWIFT transfers.

• Receiving bank fee: A fee charged by the beneficiary bank to credit funds to the recipient’s account. It's often deducted from the transfer amount unless the sender selects the “OUR” option, which means they cover all related fees.

• FX margin: A markup added to the exchange rate when converting currencies – often the largest hidden cost in traditional transfers.

Fortunately, you don’t have to accept these costs and delays. J&Co Jewellery used to rely on telegraphic transfers to pay overseas suppliers. High fees and slow settlement times made it difficult to manage cash flow across its growing retail operations. Since switching to Airwallex, most of its transfers arrive within the same day, helping it strengthen vendor relationships and keep its supply chain moving smoothly.

How much do banks charge for international transfers?

Transfer fee models

Transfer fees are fixed or percentage-based charges that banks or financial institutions apply when sending money across borders. Many also set minimum and maximum thresholds to limit the cost of larger transfers.

For example, DBS Bank charges 0.125% of the transaction amount from S$10 to S$120 for outgoing telegraphic transfers, plus additional fees like cable charges.²

Exchange rate markup

Banks usually add a 2–4% markup on top of the mid-market rate when converting currencies. That’s on top of the transfer fee. In contrast, Airwallex gives you access to competitive ‌interbank rates for major currencies like USD, EUR, and AUD without any hidden charges. 

Receiving bank charges

When you send funds via SWIFT, the receiving bank may deduct a processing fee – usually between S$10–30. This means your recipient may receive less than you intended.

Amendment and cancellation fees

If you need to change or cancel a transfer, traditional providers often charge amendment or cancellation fees of around S$20–50. These charges can apply even while a transfer is being processed. With Airwallex, fees are always shown upfront – so you know exactly what to expect.

How to send money overseas with low fees?

After all this talk of fees, you’re probably ready to learn how to avoid them. Here are several strategies that can help you reduce your transfer costs.

Select financial providers with no or low transfer fees

Traditional banks typically charge handling and transfer fees for international money transfers. Airwallex offers free local transfers to 120+ countries, helping you save straight away.

Compare FX rates

Exchange rates come into play whenever you convert SGD to another currency. Beyond the published exchange rate, many providers embed markups into their rates.

Look for transfer providers that offer transparent, competitive rates close to the interbank rate. Airwallex provides access to interbank FX rates, helping you save significantly on currency conversion costs compared to traditional banks and other money transfer services that often embed substantial markups into their rates.

For non-urgent transfers, you have even more flexibility to optimise your costs. Use Airwallex's rate alert feature to automatically notify you when rates hit your target levels for specific currency pairs, ensuring you transfer funds at optimal rates.

Adopt multi-currency accounts

Multi-currency accounts let you receive and hold money in multiple currencies without the usual conversion hassles. With Airwallex Global Accounts, you can open accounts online in 20+ currencies, each with dedicated local account details.

This way, your overseas suppliers receive payments as domestic transfers, eliminating international delays, fees, and traditional cross-border transfer charges. When it's time to make payments, you can send directly from your existing currency balances without any conversion costs.

Plan for transfers

To ensure your transfers process smoothly, keep these timing considerations in mind.

• Schedule transfers during regular banking hours, which typically run from 9am to 5pm local time

• Avoid weekends and public holidays in both Singapore and your destination country

• Plan transfers 2–3 business days ahead for time-sensitive payments to account for potential delays

• Account for higher volumes during month-end, quarter-end, and year-end periods when businesses worldwide process bulk payments

• Factor in time zones – starting a transfer on Friday evening in Singapore means it may not be processed until the following Monday in Europe or the Americas

Consolidate payments

Instead of executing multiple smaller transactions and paying fees on each transaction, combine payments to suppliers or employees into fewer, larger batches. This consolidation strategy can significantly reduce your per-transaction costs.

However, managing bulk payments across borders can overwhelm finance teams without the right tools. Airwallex's batch transfer feature processes up to 1,000 global transactions with one approval, using intuitive templates and flexible, no-code payouts that adapt to your business needs. Multi-layer approval workflows keep payments secure, while automatic syncing with your accounting software saves time on reconciliation and reduces FX costs.

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

Agent fees: fees charged by other banks during the money transfer process.

Handling fees: fees for using the bank’s transfer service.

Note: The information in this table has been reviewed to be accurate as of 1 September 2025

Transferring money overseas shouldn’t come with guesswork – but with traditional banks, it often still does. Overseas transfers can set you back S$40 per transaction, and that’s before handling fees, cable charges, and agent bank deductions. Costs vary by currency, payments stretch across days, and the more markets you operate in, the more complexity you inherit.

Airwallex simplifies your international payments. You can send S$0 local transfers to over 120 countries – no hidden fees or slow intermediaries. Payments land faster because we connect directly to domestic payment networks, not the SWIFT system. And with access to competitive interbank exchange rates, you stay in control of your margins. Whether you’re paying suppliers in China, contractors in Australia, or teams across Southeast Asia, Airwallex gives you one clear advantage: fast, affordable transfers.

How does international remittance work?

When you send money to another country through a bank, here's what happens behind the scenes:

1. Payment initiation: Funds are sent to a transfer provider – either a bank or fintech platform like Airwallex.

2. Transfer processing: Payment instructions are sent to the recipient's bank through SWIFT, often via intermediary banks that charge additional fees.

3. Transfer completion: The transferred funds are credited to the recipient's account within several business days.

Airwallex connects directly to local payment rails in 120+ countries, bypassing correspondent networks. This way, transfers are faster and more cost-effective – 95% of transfers arrive within hours or even instantly, with lower fees than traditional methods.

Consider Airwallex for faster, more cost-effective overseas transfers

Global payments don’t need to be expensive or unpredictable. Airwallex gives you transparent fees, access to interbank FX rates, and the ability to pay out in more than 120 countries using local rails. That keeps transfers fast and affordable.

If you work in multiple currencies, Global Accounts give you the flexibility to hold, convert, and send funds on your terms. You can open local accounts in minutes, reduce unnecessary conversions, and protect your margins when rates shift. That’s less money lost to FX and fewer surprises on your balance sheet.

Everything connects in one platform. You can send batch payments, automate bills, create payment links, manage expenses, and sync it all with your accounting tools. That means less manual work for your finance team, faster approvals, and fewer reconciliation headaches.

Frequently asked questions (FAQs)

When is the best time to transfer money internationally?

The best time is when exchange rates are favourable to minimise costs – when your currency is strong against the recipient's currency. For timing, conduct transfers during banking hours and avoid public holidays in either country to prevent processing delays.

Airwallex’s Global Account lets you hold and send funds in 20+ currencies with real-time exchange rates, avoiding costly FX fluctuations and saving up to 3% compared to traditional banks.

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

Start by following these steps:

• Choose a licensed provider: Verify your money transfer service is properly licensed by the Monetary Authority of Singapore (MAS) for global remittance and currency exchange operations.

• Complete KYC requirements: Be prepared to provide business identification documents and information about your financial activities. All legitimate money transfer providers are required to verify customer identities and monitor for suspicious activity.

• Stay informed: Follow regulatory changes and ensure your staff receive regular training on Singapore's compliance requirements.

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

When using digital platforms for international transfers, you face cybersecurity risks like phishing attacks, malware, and data breaches that could expose your financial information. Scammers also target digital transfer users, so it’s important to use a provider with strong security measures.

Airwallex safeguards your transactions with bank-grade encryption (AES-256), required multi-factor authentication, and 24/7 fraud monitoring powered by machine learning – so you can focus on growing your business, not security risks.

How do exchange rate fluctuations affect international money transfers?

Exchange rate fluctuations directly affect how much you pay for international transfers. When your currency weakens, you'll need more money to send the same amount. When it strengthens, your transfer costs less.

Airwallex Global Accounts let you hold funds in 20+ currencies and make international payments directly – bypassing exchange rate volatility and saving up to 3% on FX costs compared to traditional banks.

What are typical international transfer fees?

Typical international transfer fees range from S$20–S$40 in fixed bank charges, plus an FX markup of around 2– 4% on the exchange rate. For transfers routed through the SWIFT network, intermediary banks may also deduct S$10– 30 along the way.

Who pays these fees depends on the payment arrangement. Under BEN, the beneficiary pays most fees; under SHA, fees are split; and under OUR, the sender covers all costs so the recipient receives the full amount. Altogether, the total cost can reach 6% or more of the amount sent, depending on the corridor and the banks involved.

With Airwallex, businesses can avoid these fees by routing payments through local payment rails instead of SWIFT wherever possible. This helps lower costs, speed up delivery, and provide full transparency across every transfer.

Sources:

1. https://remittanceprices.worldbank.org/sites/default/files/rpw_main_report_and_annex_q125_1_0.pdf

2. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679bf

3. https://www.dbs.com.sg/documents/276102/283026/DBS_PricingGuide_200113_e-version-1.pdf/04f19656-1edc-a1c2-780e-160913944fef

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

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

6. https://www.uob.com.sg/assets/pdfs/personal/deposits/Revision-of-Fees-and-Charges-for-UOB-Deposit-Accounts-and-Services-Website.pdf

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

8. https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

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

10. https://www.westernunion.com/gb/en/send-money/app/price-estimator

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.