Damon Mcknight
There are several ways to transfer money from Singapore to Australia, each with its own pros and cons. You can use a bank transfer, a specialist money transfer service, an e-wallet, or a physical money remittance store. Bank transfers are secure but often come with higher fees and slower processing times. Specialist money transfer services like Wise, Remitly, and Western Union can offer lower fees and faster transfers. Digital wallets like PayPal are convenient but may not provide the best exchange rates. To get started, log into your bank or provider account, enter the amount and currency, select the payout option, and enter the recipient's details.
| Characteristics | Values |
|---|---|
| Transfer methods | Bank transfer, debit card, credit card, cash, PayNow, PayID, POLi |
| Transfer speed | Within seconds to 1 business day |
| Cost | A small, flat fee + a percentage of the amount converted |
| Account setup | Sign up online or via an app |
| Recipient details | Name, bank account details, payout method |
| Transfer amount | No upper limit for online transfers |
| Exchange rates | See exchange rates on the app |
| Security | 2-factor authentication, encryption, fraud prevention |
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What You'll Learn
Transfer money via a bank transfer or a debit/credit card
Transferring money from Singapore to Australia can be done via a bank transfer, debit card, or credit card.
Bank transfer
To send money from a Singapore bank account to an Australian bank account, you will need the recipient's Australian bank name, bank code, and account number. You can make the transfer through a money transfer service like Wise or Xe, or directly through your bank. Bank transfers usually offer the best value for money, but they can be slower than debit or credit card transfers.
Debit/credit card
You can also use a debit or credit card to transfer money from Singapore to Australia. This method is usually faster than bank transfers, but it can be more expensive. Wise and Xe are two services that allow you to pay with a debit or credit card. If you are paying with a credit card, Wise accepts Visa and Mastercard.
Fees and timing
When transferring money from Singapore to Australia, there may be fees involved, and the timing can vary depending on the payment method. For example, Wise charges a small, flat fee of 1.37 SGD + 0.22% of the amount converted for transfers from Singapore to Australia. The transfer should arrive within seconds, but sometimes it can take longer depending on payment methods or verification changes.
It is important to note that the information provided here may not cover all the requirements or steps needed to transfer money from Singapore to Australia. Additional steps or requirements may be necessary, depending on the specific banks or financial institutions involved.
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Use a specialist money transfer service
Specialist money transfer services are a great option for transferring money from Singapore to Australia. These services offer a convenient, cost-effective, and quick alternative to traditional bank transfers.
There are several reliable specialist money transfer services to choose from, each with its own unique features and benefits. Here are some of the most popular ones:
Wise (formerly TransferWise)
Wise is an international money transfer service available in Singapore and over 90 other countries and territories, including Australia. It offers an online platform that allows individuals and businesses to send money globally, supporting over 40 currencies. Wise provides competitive fees, fast transfers, and flexible payment methods. You can send money via direct bank transfers or Wise multi-currency accounts, with transfer limits of up to SGD 2 million for bank transfers and SGD 15,000 for linked bank accounts.
Remitly
Remitly is an online remittance service with a global presence in over 170 countries. It specialises in helping individuals, particularly expats and foreign workers, send money to their families abroad. Remitly offers competitive fees, multiple delivery options, and a user-friendly platform. Transfers can be made via debit cards, credit cards, and bank account transfers, and recipients can access the funds through cash pickup, mobile wallets, home delivery, or direct transfer to a bank account.
Western Union
Western Union is a popular provider with an extensive agent location network. It offers international money transfers from Singapore to Australia, with competitive fees. Western Union provides multiple payment options, including cash pickup and transfers to bank accounts.
Xe
Xe is a well-established money transfer service with over 30 years of experience in the industry. It provides simple, fast, and secure international money transfers. Xe offers competitive exchange rates without any hidden fees and supports various payment methods, including debit and credit cards, direct debit (ACH), and bank transfers.
When choosing a specialist money transfer service, it is important to compare the fees, exchange rates, transfer speeds, security, and convenience offered by each provider to determine which one best suits your specific needs.
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Compare exchange rates and fees
When comparing exchange rates and fees for money transfers from Singapore to Australia, it's important to consider multiple options to find the best value. Banks are a common option for international money transfers, but they may not always offer the most competitive rates and fees.
Online money transfer services, such as Wise and Western Union, often provide more favourable terms. For example, Wise offers a flat fee of SGD 1.37 plus 0.22% of the converted amount for transfers from Singapore to Australia, with no hidden fees. Western Union also offers competitive rates and allows you to find out the fees and exchange rates in advance.
Additionally, consider using a platform like Monito, which compares international money transfer services to help you find the best option. According to their data, the average user saves significantly compared to using traditional banks or cash transfer services. For example, they found that the cheapest online provider for AUD to SGD transfers resulted in 0% fees and exchange rates, while the most expensive option was 7.7%.
It's also worth noting that transfer fees and rates can depend on the payment method. For instance, Wise mentions that bank transfers usually offer better value than debit or credit cards, but they may be slower.
Finally, some companies, like Xe, offer great exchange rates and transparency around additional fees. They also provide delivery time estimates, allowing you to make an informed decision.
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Use a multi-currency account
If you frequently send money from Singapore to Australia, you may want to consider opening a multi-currency account. This type of account allows you to hold, send, and receive money in multiple currencies, including Singapore dollars (SGD) and Australian dollars (AUD), all in a single account.
Benefits of a Multi-Currency Account
A multi-currency account can simplify the process of sending money overseas and may offer several advantages over traditional bank transfers:
- No need for multiple bank accounts: With a multi-currency account, you can manage transactions in multiple currencies from a single account, eliminating the need to open separate bank accounts for each currency.
- Competitive exchange rates: Multi-currency accounts often offer competitive exchange rates, allowing you to convert currencies at favourable rates when needed.
- Faster and cheaper transfers: Some multi-currency accounts, such as Wise (formerly TransferWise) and HSBC, offer faster and cheaper international money transfers compared to traditional bank transfers. Wise, for example, allows you to send money from Singapore to Australia within seconds or the same day.
- Convenience and flexibility: These accounts provide a convenient and flexible way to manage your finances when travelling, living, or doing business in multiple countries.
- Additional features: Some multi-currency accounts come with added benefits, such as cashback rewards, bonus interest, and physical or virtual cards for contactless payments in the local currency.
How to Use a Multi-Currency Account to Transfer Money
If you have a multi-currency account with a provider like Wise or HSBC, transferring money from Singapore to Australia can be straightforward:
- Log in to your multi-currency account.
- Set up your money transfer as you normally would, entering the amount you wish to send and the recipient's payment information.
- Choose your multi-currency account as the payment method.
- Your recipient will receive the money in their Australian bank account, usually within a short timeframe.
Choosing a Multi-Currency Account Provider
When selecting a multi-currency account provider, it's important to compare the features and benefits offered by different options. Consider factors such as the number of currencies supported, transfer speeds, fees, security, and any additional perks.
Additionally, ensure that the provider you choose supports transfers from Singapore to Australia. For example, Wise multi-currency accounts can send money to over 90 countries and territories, including Australia.
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Send money to a cash pick-up location
To send money from Singapore to Australia for cash pickup, you can use a specialist money transfer service, such as Western Union or Xe Money Transfer.
Western Union
Western Union has over 1,200 agent locations in Singapore for cash pickup. You can transfer money online, using the Western Union app, or in person at an agent location. To transfer money in person, you will need to bring a valid government-issued ID or phone number to the counter. You will also need to provide the recipient's bank and account details, and the purpose of the transaction. You can pay with cash or a US bank-issued debit card. You will then receive a tracking number (MTCN) that can be shared with the recipient to follow the money transfer.
Xe Money Transfer
With Xe Money Transfer, you can send money to cash pick-up locations throughout Singapore. This option is available exclusively on the Xe app. To use this service, you will need to sign in to your Xe account or sign up for a free account. Then, enter the currency you'd like to transfer and the amount. Next, add the recipient's payment information, such as their bank account details. Finally, confirm and fund your transfer.
Other Options
Other options for sending money from Singapore to Australia include using your bank's online transfer system or a specialist international money transfer service. You can also use an e-wallet or visit a physical money remittance store.
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Frequently asked questions
There are several ways to transfer money from Singapore to Australia. You can use a bank transfer, a specialist money transfer service, an e-wallet, or visit a physical money remittance store.
The cost of transferring money from Singapore to Australia varies depending on the provider. Bank transfers are generally the most expensive option, with an average total cost of 7.8% of the transfer amount. The cheapest option is usually a specialist money transfer service, with an average total cost of just 0.59% of the transfer amount.
Transfer times can vary depending on the provider and payment method. Specialist money transfer services can deliver payments instantly or within a few minutes, while banks typically take 3 to 5 days.
Yes, there are several alternatives to transferring money through a bank. You can use a specialist money transfer service such as Wise, Remitly, or Western Union, which often offer lower fees and faster transfer times. You can also use a digital wallet service such as PayPal or a multi-currency account.
