How to transfer money to India from Singapore (2026 guide)

Key Takeaways

• Businesses in Singapore have five main ways to send money to India: UPI-PayNow, SWIFT bank transfers, bank remittance portals, fintech providers like Wise and Instarem, and Airwallex.

• Each method differs on speed, cost, and what recipient details you need. Choosing the right one can reduce what you spend on every transfer.

• With Airwallex Transfers, you can send INR payments through local Indian clearing networks and convert SGD to INR at competitive FX rates that save you up to 80% on FX fees as compared to traditional banks. 93% of our transfers arrive on the same day.

If you need to transfer money to India from Singapore, you have several options, from bank transfers and remittance services to fintech platforms and cross-border payment networks.

The best option depends on how much you're sending, how quickly it needs to arrive, and whether you're paying suppliers, employees, or other business recipients.

This guide breaks down the main ways to send money from Singapore to India, what each option costs, how long it takes, and which method makes the most sense for different business needs.

How to transfer money to India from Singapore

Businesses in Singapore have five main ways to send money to India. Here’s a quick overview:

1. UPI-PayNow

In February 2023, the Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) launched a real-time link between Singapore's PayNow and India's Unified Payments Interface (UPI).¹

UPI-PayNow lets individuals transfer funds between the two countries instantly, using just a mobile number or UPI identity. Transactions complete within minutes and the service runs 24/7.¹

However, there are two important limits for businesses to know:

• The daily cap is ₹60,000 (equivalent to around S$1,000) per day.²

• The RBI currently restricts UPI-PayNow to person-to-person (P2P) remittances for "Maintenance of Relatives Abroad" and "Gift" purposes only.² Business payments, supplier invoices, and intercompany transfers are not permitted through this channel.

Best for: Personal remittances only. Not suitable for business transfers.

2. SWIFT transfer via bank

The SWIFT network is the most common way businesses send money internationally. Your Singapore bank sends a payment instruction through the SWIFT network, which passes through one or more correspondent banks before reaching your recipient's Indian bank.

You can expect transfers to take 2–5 business days, depending on cut-off times and how many intermediary banks are involved.³ Each bank in the chain may also deduct fees, which means your recipient can receive less than you sent, and you often won't know the exact deduction in advance.

There is no cap on the amount you can send via SWIFT, which makes it suitable for large, one-off payments.

Best for: Occasional or high-value transfers where amount limits matter more than cost.

3. Bank remittance portals

Some Singapore banks offer dedicated online portals for transfers to India. These still use SWIFT or internal bank networks, but they are faster to initiate and sometimes carry lower visible fees than a standard wire.

Settlement typically takes 1–4 business days. The FX margin is still applied, and hidden costs from intermediary banks can still reduce the final INR amount your recipient receives.

Best for: Businesses that want a digital experience without changing banks.

4. Fintech business accounts

Fintech business accounts such as Airwallex offer an alternative to traditional bank remittances for businesses sending money to India.

Rather than routing payments through SWIFT and multiple correspondent banks, Airwallex can use local Indian clearing networks such as NEFT, RTGS and IMPS to deliver INR directly to the recipient.

With Airwallex, businesses in Singapore can:

• Pay Indian suppliers, contractors and other recipients through local clearing networks such as NEFT, RTGS and IMPS.

• Send money to 200+ countries from the same business account.

• Convert SGD to INR at competitive FX rates that save you up to 80% on FX fees as compared to traditional banks.

• Avoid SWIFT fees. 94% of transfers routed through local payment rails rather than SWIFT, which translates into $0 SWIFT fees.

• Get fast settlement. 93% of our transfers arrive on the same day.

Best for: Businesses making regular payments to India that want multi-currency accounts and international transfers managed from one platform.

What details do you need to transfer money to India from Singapore?

Before you initiate any transfer, confirm these details with your recipient. Missing or incorrect information is the most common cause of delayed or rejected payments.

• Full name: exactly as it appears on the recipient's Indian bank account. Even a minor spelling difference can cause a payment to be held.

• Bank account number: confirm this directly with your recipient; don't rely on an old invoice.

• IFSC code: an 11-character code assigned by the RBI to every bank branch in India, required for NEFT, RTGS, and IMPS transfers. Your recipient can find it in their passbook, cheque book, or banking app.

• Bank name and branch: some providers require this alongside the IFSC code.

• Recipient's address — required by most banks for compliance, especially on larger transfers.

• SWIFT/BIC code: only needed for SWIFT transfers. This is separate from the IFSC code; your recipient's bank can provide it.

• Purpose of transfer: Indian banks are required by the RBI to record the purpose of inward remittances (e.g. trade, services, payroll). Clear documentation helps avoid delays at the receiving end.

Regulatory requirements for sending money to India from Singapore

Cross-border payments are regulated in both Singapore and India. The requirements are fairly straightforward for most legitimate business payments, but having the right documentation can help prevent delays.

In Singapore: MAS and the Payment Services Act

Singapore regulates cross-border money transfers under the Payment Services Act (PSA), with the Monetary Authority of Singapore (MAS) overseeing licensed payment providers.

When choosing a provider:

• Check that the provider is MAS-licensed to provide cross-border money transfer services.

• Expect identity and business verification: Licensed providers must carry out customer due diligence and comply with anti-money laundering (AML) requirements.

• Banks and licensed fintechs can provide cross-border transfers: Airwallex, for example, operates in Singapore as a licensed Major Payment Institution.

In India: RBI and FEMA

India regulates foreign exchange transactions under the Foreign Exchange Management Act (FEMA), with the Reserve Bank of India (RBI) overseeing the country's foreign exchange framework.

For businesses sending legitimate payments for goods or services:

• Commercial payments are generally permitted: Payments for imports, services and other legitimate business transactions fall under permitted current-account transactions, subject to applicable rules.

• Use an authorised channel: Cross-border payments should be processed through RBI-authorised banks or payment providers.

• Keep supporting documents ready: The recipient's bank may request documents such as invoices, contracts or service agreements, particularly for larger or unusual transactions.

• Allow for bank checks: Even when a transaction is permitted, the receiving bank may review the payment and request additional information before releasing the funds.

The easiest way to avoid delays is to use a regulated payment provider and make sure your invoice, contract and payment details are consistent.

3 tips for sending money to India from Singapore

A few practical steps can save you time, money, and follow-up headaches on every transfer.

1. Plan your documentation early

Indian banks regularly request supporting documents on inbound business payments, including invoices, contracts, purchase orders, or service agreements. Have these ready before you initiate the transfer.

Delays usually happen because the receiving bank is waiting on paperwork, not because of a technical issue with the payment itself.

2. Check for withholding tax obligations

Certain payments to India, including royalties, technical service fees, and contractor payments, may be subject to Tax Deducted at Source (TDS) under Indian tax law.

If this applies to your payments, you'll need to account for the correct deduction and provide tax certificates to your recipient.

These obligations sit alongside your banking arrangements and are separate from the transfer itself. Speak to a tax advisor familiar with the India–Singapore corridor if you are unsure whether TDS applies to your payments.

3. Know your provider's transfer limits

The RBI does not cap legitimate business payments for trade or services, but individual banks and payment providers impose their own daily or per-transaction limits.

Confirm these with your provider before scheduling large or time-sensitive transfers; finding out at the point of payment can cause costly delays.

How Airwallex helps Singapore businesses transfer money to India

Airwallex gives you an easy way to convert SGD to INR and pay Indian suppliers, employees or contractors from your Singapore business account. Here’s how it works:

Pay via local clearing, not SWIFT

Airwallex routes INR payments through local Indian clearing networks, including NEFT, RTGS and IMPS, instead of relying on the SWIFT network. This means you can avoid SWIFT fees and intermediary bank deductions. Globally, 93% of our transfers arrive on the same day.

Save up to 80% on FX fees

Need to convert SGD to INR? Airwallex gives you access to highly competitive fees of 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks.

Pay suppliers worldwide

India doesn't have to be the only destination. With Airwallex, you can send payments to 200+ countries from the same business account, making it easier to manage supplier, payroll and contractor payments across multiple markets.

Frequently asked questions (FAQs)

How long does it take to transfer money to India from Singapore?

It depends on the method. UPI-PayNow transfers settle in seconds but are limited to personal remittances. SWIFT transfers via a bank typically take 2–5 business days.³ Fintech providers often settle within one business day. With Airwallex, 93% of our transfers arrive on the same day.

Do I need an IBAN to send money to India from Singapore?

No. India does not use the IBAN system. Instead, you need your recipient's bank account number and their IFSC code: the 11-character branch identifier assigned by the RBI. For SWIFT transfers, you will also need the recipient bank's SWIFT/BIC code.

How much does it cost to transfer money to India from Singapore?

Costs vary by provider and method. SWIFT transfers via a bank typically carry a flat transfer fee plus an FX margin built into the exchange rate, and intermediary banks may deduct additional fees along the route. Fintech providers generally offer more transparent pricing, with fees and exchange rates shown upfront before you confirm. The FX margin is often the largest cost on any transfer, so always compare the all-in rate, not just the headline fee.

What is an IFSC code and how do I find it?

An IFSC code is an 11-character code that identifies a specific bank branch in India. It is required for transfers routed through NEFT, RTGS, and IMPS networks. Your recipient can find their IFSC code in their bank passbook, cheque book, or banking app. You can also look it up on the RBI's website using the bank name and branch location.

Can I use UPI-PayNow for business payments to India?

Not currently. The RBI restricts UPI-PayNow to person-to-person remittances for "Maintenance of Relatives Abroad" and "Gift" purposes only, with a daily cap of ₹60,000 (around S$1,000).² For business payments such as supplier invoices, payroll, or intercompany transfers, you will need to use SWIFT, a bank remittance portal, or a fintech business account.

Is there a limit on how much I can send to India from Singapore for business purposes?

The RBI does not impose a fixed cap on legitimate business payments for trade or services. However, your bank or payment provider may apply their own daily or per-transaction limits. For larger transfers, your recipient's Indian bank will typically ask for supporting documentation such as invoices, contracts, or purchase orders to comply with FEMA requirements. Check your provider's limits before scheduling large or time-sensitive payments.

Sources

1. mas.gov.sg/news/media-releases/2023/launch-of-real-time-payments-between-singapore-and-india

2. rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=3415