Two different problems, often confused
Most expats in Singapore need to move money internationally at some point. But "international money transfer" covers at least two distinct problems, and the right tool depends on which one you're solving.
Sending SGD home to a foreign bank account, receiving salary from an overseas employer, or paying an overseas mortgage. These involve real currency conversion and often meaningful fees. Getting this wrong on a regular basis adds up.
Paying in a foreign currency while travelling, or holding balances in multiple currencies. The apps that solve this best are not always the best answer for large recurring transfers — they serve a different need.
The four options at a glance
| Option | Best for | FX cost | Speed |
|---|---|---|---|
| Wise | Regular transfers, most destinations | Low and transparent; varies by corridor and amount | 1–2 days |
| Local bank (DBS / OCBC / UOB) | One-off or urgent transfers, SGD payroll receipt | Indicatively 1.5–3%+ above mid-market; varies by bank and corridor | Same day to 2 days |
| Remittance specialists | Sending to South/SE Asia, Philippines, India | Low to nil on popular corridors | Often same day |
| Revolut / YouTrip | Card spending abroad, multi-currency balances | Near mid-market, with limits and plan-dependent conditions | Instant (card) |
Wise — a popular choice for many expats
Wise (formerly TransferWise) is widely used among Singapore expats for cross-border transfers. It uses the mid-market exchange rate and charges a transparent fee that varies by corridor and transfer amount — the cost is shown clearly before you confirm, which makes it easier to compare against alternatives.
The Wise account also functions as a multi-currency wallet — you can hold SGD, USD, GBP, EUR, AUD and other currencies, and receive payments in those currencies to local account details. This is especially useful if you receive income in multiple currencies or want to hold funds before transferring.
Local banks — DBS, OCBC, UOB
Singapore's three main retail banks all offer international wire transfers. They are reliable and widely accepted, but the cost structure is typically less transparent than specialist transfer services — banks usually charge a flat transfer fee plus an FX margin built into the exchange rate, which is indicatively in the range of 1.5–3%+ above mid-market, though this varies by bank, corridor, and transfer size.
For many regular transfers this makes local banks more expensive than dedicated transfer services on a like-for-like basis. However, banks have advantages in specific situations: very large transfers where familiarity and bank-to-bank certainty matters; transfers to countries or currencies with limited specialist coverage; and payroll receipt, where salary arrives in SGD directly and no conversion is needed.
DBS offers a "Remit" service within its digibank app that is often cheaper than a standard telegraphic transfer on supported corridors. OCBC and UOB have similar digital transfer tools worth checking if you're already banking with them.
Remittance specialists
For expats sending money to South Asia, Southeast Asia, or the Philippines, specialist remittance providers often offer competitive rates on those specific corridors — sometimes with low or no transfer fees on popular routes. Western Union and MoneyGram are globally recognised and useful for urgent transfers, particularly when the recipient needs to collect cash rather than receive a bank deposit.
Any provider sending money on your behalf should be licensed by MAS under the Payment Services Act. Always verify licensing via the MAS Financial Institutions Directory before using an unfamiliar service.
Moving, Managed — Your Singapore Relocation, Simplified
Getting your finances set up before and after you arrive is one of the trickier parts of relocating. Moving, Managed helps expat families coordinate every aspect of the move — so the practical details don't fall through the cracks.
Revolut & YouTrip — spending tools, not transfer rails
Revolut and YouTrip are popular with Singapore expats for travel and foreign currency card spending, where both offer near mid-market rates. They are better understood as multi-currency spending tools than as the primary answer for large or recurring cross-border transfers.
Revolut has transfer functionality, but free plan limits apply and rates may vary at weekends. YouTrip does not support transfers to third-party bank accounts — it is a prepaid card only.
Receiving money into Singapore
Not all international money movement is outbound. Several common expat situations involve receiving money into Singapore — and the right approach varies by situation.
Moving larger sums
Routine monthly transfers are one thing. Moving larger sums — repatriating savings when you leave Singapore, transferring proceeds from a property sale, or consolidating accounts when changing jobs — requires a bit more consideration.
For amounts above SGD 50,000–100,000, it's worth getting quotes from more than one provider. Both banks and specialist transfer services handle large transfers, but rates and fees diverge more noticeably at this scale. Some providers offer dedicated support or better rates for larger amounts — it's reasonable to ask.
When transferring large sums from property sales or investments, banks may require additional documentation and timelines can be longer due to compliance checks. Having evidence of the source of funds ready — employment records, property sale documents, or similar — will help avoid delays.