<p>Living or working in Singapore often involves sending money back home to family and friends. &nbsp;To choose the best money transfer service for your needs among the many that are offered in Singapore can be difficult.</p>
<p><img style="max-width: 69px; margin: 0 0 16px 16px; float: right;" src="/assets/blog/your-full-guide-to-money-transfers-in-singapore-0.png" width="100%"></p>
<p>In this guide, we will provide you with all the information you need to navigate money transfers in Singapore. We'll discuss several money transfer services, their costs, and exchange rates while also providing advice on how to pick the best one for you.</p>
<h3>Expatriates in Singapore: A growing community</h3>
<p>As of 31st December 2022, Singapore is home to an estimated 1.72 million foreign residents according to data provided by Singapore Department of Statistics (DOS). &nbsp;As Singapore has grown in popularity as a destination for international workers, this figure has been steadily rising in recent years.</p>
<p><img style="display: block; margin-left: auto; margin-right: auto;" src="/assets/blog/your-full-guide-to-money-transfers-in-singapore-1.png" width="100%"></p>
<h3>Evolving remittance landscape in Singapore</h3>
<p>Singapore's remittance environment has changed significantly in recent years. While banks traditionally dominated money transfer services, the market has seen an increase in digital platforms offering similar services. These platforms make it simpler for people to send money abroad by providing more affordable fees and better exchange rates. Due to the expanded possibilities provided by the increased competition, consumers can now send money for less money.</p>
<h3>Choosing the right money transfer service</h3>
<p>When selecting a money transfer service, several factors should be considered:</p>
<table class="table" style="border-collapse: collapse; width: 100%;" border="1"><colgroup><col style="width: 25.8406%;"><col style="width: 74.1594%;"></colgroup>
<tbody>
<tr>
<td>Amount of money sent</td>
<td>Service fees and exchange rates may vary depending on the transfer amount</td>
</tr>
<tr>
<td>Speed of transfer</td>
<td>Some services offer faster transfers than others. If timeliness is crucial, opt for a service that prioritises speed</td>
</tr>
<tr>
<td>Local customer service support</td>
<td>If you have any pressing issues, it's important to be able to get in touch with a customer service representative who can assist you. Some money transfer services do not offer live customer service as they do not have a local customer service team.</td>
</tr>
<tr>
<td>Personal preferences</td>
<td>Additional features such as transfer tracking may be important to you. Choose a service that offers the features you need.</td>
</tr>
</tbody>
</table>
<h3><img style="display: block; margin-left: auto; margin-right: auto;" src="/assets/blog/your-full-guide-to-money-transfers-in-singapore-2.png" width="100%"></h3>
<h3>Tips for cost-effective money transfers</h3>
<p>To save money on money transfers, keep the following tips in mind:</p>
<ul>
<li>Compare fees and exchange rates: Prior to initiating a transfer, compare fees and exchange rates among different services.</li>
<li>Send larger amounts: Whenever feasible, send larger amounts of money in a single transfer to minimise fees.&nbsp;</li>
</ul>
<p>Tip: With Wandr-E, fees are waived for transfers from S$800 and above.</p>
<p>To give you an idea of the differences between services, let's compare the fees and exchange rates for sending 30,000 AUD from Singapore to Australia, using Wandr-E, Instarem and DBS.</p>
<table class="table" style="border-collapse: collapse; width: 100%; height: 111.953px;" border="1"><colgroup><col style="width: 25.0311%;"><col style="width: 25.0311%;"><col style="width: 25.0311%;"><col style="width: 25.0311%;"></colgroup>
<tbody>
<tr style="height: 44.7812px;">
<td style="height: 44.7812px;">Service</td>
<td style="height: 44.7812px; text-align: right;">Fee (SGD)</td>
<td style="height: 44.7812px; text-align: right;">Exchange Rate (SGD to AUD)</td>
<td style="height: 44.7812px; text-align: right;">Amount payable (SGD)</td>
</tr>
<tr style="height: 22.3906px;">
<td style="height: 22.3906px;">Wandr-E</td>
<td style="height: 22.3906px; text-align: right;">0.00</td>
<td style="height: 22.3906px; text-align: right;">1.1030</td>
<td style="height: 22.3906px; text-align: right;">27,198.00</td>
</tr>
<tr style="height: 22.3906px;">
<td style="height: 22.3906px;">Instarem</td>
<td style="height: 22.3906px; text-align: right;">149.73</td>
<td style="height: 22.3906px; text-align: right;">1.10810</td>
<td style="height: 22.3906px; text-align: right;">27,223.10</td>
</tr>
<tr style="height: 22.3906px;">
<td style="height: 22.3906px;">DBS</td>
<td style="height: 22.3906px; text-align: right;">0.00</td>
<td style="height: 22.3906px; text-align: right;">1.101288</td>
<td style="height: 22.3906px; text-align: right;">27,240.84</td>
</tr>
</tbody>
</table>
<p>From the comparison, it's evident that Wandr-E offers the best overall value for sending 30,000 AUD to Singapore.</p>
<p>Visit <a href="https://www.wandr-e.com/">www.wandr-e.com</a> or download the <a href="https://www.wandr-e.com/mobileappdownload">Wandr-E mobile app</a> today.</p>
<p><small>This publication's information is offered for general informational purposes only and does not cover all aspects of the subjects covered. Before acting on its advice or relying on it in any way, you should seek out professional or specialised guidance. This article does not represent professional advice from Wandr-E or any of its affiliates regarding law, taxes, or other matters. Past results are not indicative of future outcomes. Wandr-E makes no warranties or guarantees, whether expressed or implied, regarding the accuracy, completeness, or timeliness of the information contained herein.</small></p>

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