Remittance Calculator Singapore

Provider Comparison

The Remittance Calculator Singapore helps you compare money transfer costs, exchange rates, and fees when sending money overseas from Singapore. This calculator provides accurate estimates for various service providers including banks, online services, and remittance agents.

Remittance Services in Singapore Overview

Singapore is a major financial hub with numerous options for international money transfers. From traditional banks to modern fintech solutions, residents and businesses have access to competitive remittance services with varying costs, speeds, and convenience levels.

Remittance Calculator Components

A comprehensive Singapore remittance calculation typically includes:

• Send Amount—the amount you want to transfer in your local currency.
• Exchange Rate—the rate at which your currency is converted to the recipient's currency.
• Transfer Fees—fixed fees charged by the service provider.
• Receiving Fees—fees that may be deducted from the recipient's amount.
• Transfer Speed—how quickly the money reaches the recipient.
• Service Provider—the company or institution facilitating the transfer.

Types of Remittance Services

Traditional Banks

Bank	Transfer Fee	Exchange Rate Margin	Transfer Time
DBS Bank	SGD 15-25	2-4%	1-3 business days
OCBC Bank	SGD 20-30	2-4%	1-3 business days
UOB Bank	SGD 15-25	2-4%	1-3 business days

Online Money Transfer Services

Service	Transfer Fee	Exchange Rate Margin	Transfer Time
Wise (TransferWise)	0.5-1% of amount	0.5-1%	1-2 business days
Remitly	SGD 3-10	1-2%	Minutes to 3 days
InstaReM	SGD 8-15	0.5-1.5%	1-2 business days

Traditional Remittance Agents

Service	Transfer Fee	Exchange Rate Margin	Transfer Time
Western Union	SGD 15-50	3-5%	Minutes to 3 days
MoneyGram	SGD 12-40	3-5%	Minutes to 3 days
Local Agents	SGD 10-30	2-4%	Same day to 2 days

Understanding Exchange Rates

Mid-Market Rate

• The "real" exchange rate between two currencies
• The rate you see on Google or financial news
• No service provider offers exactly this rate
• Used as a benchmark to compare provider rates

Provider Exchange Rate

• The rate offered by your money transfer service
• Always less favorable than the mid-market rate
• The difference is called the "exchange rate margin" or "spread"
• This is how providers make money on currency conversion

Exchange Rate Margin Calculation

Exchange Rate Margin = ((Mid-Market Rate - Provider Rate) / Mid-Market Rate) × 100%

Example: If mid-market rate is 0.74 and provider rate is 0.72:

Margin = ((0.74 - 0.72) / 0.74) × 100% = 2.7%

Transfer Fees Structure

Fixed Fees

• Transfer Fee—Flat fee charged by sender's provider
• Receiving Fee—Fee deducted from recipient's amount
• Intermediary Bank Fee—Fees charged by correspondent banks
• Cash Pickup Fee—Additional fee for cash collection

Percentage-Based Fees

• Service Fee—Percentage of transfer amount
• Currency Conversion Fee—Additional fee for currency exchange
• Express Fee—Extra charge for faster transfers
• Credit Card Fee—Surcharge for card payments

Transfer Speed Options

Instant Transfers (Minutes)

• Available for digital wallet to digital wallet
• Higher fees and less favorable exchange rates
• Limited to certain corridors and amounts
• Best for urgent, small amounts

Express Transfers (Same Day)

• Bank to bank transfers within business hours
• Moderate additional fees
• Available for most major currencies
• Good balance of speed and cost

Standard Transfers (1-3 Days)

• Most cost-effective option
• Best exchange rates and lowest fees
• Suitable for regular, planned transfers
• Most reliable and widely available

Economy Transfers (3-5 Days)

• Lowest cost option
• May involve multiple intermediary banks
• Best for large amounts where cost savings matter
• Less predictable timing

Popular Transfer Corridors from Singapore

High-Volume Corridors

Destination	Typical Cost	Transfer Time	Best Providers
India (INR)	0.5-2%	Minutes to 2 days	Remitly, InstaReM
Philippines (PHP)	0.5-2%	Minutes to 1 day	Remitly, Wise
China (CNY)	1-3%	1-3 days	Banks, InstaReM
Malaysia (MYR)	0.5-1.5%	Same day to 1 day	Banks, Wise
United States (USD)	0.5-2%	1-2 days	Wise, Banks

Regulatory Requirements

MAS Licensing

• All remittance businesses must be licensed by MAS
• Ensures consumer protection and compliance
• Regular audits and reporting requirements
• Deposit insurance for customer funds

Anti-Money Laundering (AML)

• Customer Due Diligence (CDD) requirements
• Transaction monitoring and reporting
• Limits on cash transactions
• Enhanced due diligence for high-risk countries

Transaction Limits

Customer Type	Daily Limit	Annual Limit	Documentation Required
Individual (Basic)	SGD 5,000	SGD 20,000	ID only
Individual (Enhanced)	SGD 20,000	SGD 200,000	ID + Income proof
Business	SGD 100,000	No limit	Business registration + financials

Cost Optimization Strategies

Timing Your Transfer

• Monitor exchange rate trends
• Use rate alerts for favorable rates
• Consider forward contracts for large amounts
• Avoid transfers during market volatility

Choosing the Right Provider

• Compare total cost, not just fees
• Consider transfer speed requirements
• Check recipient's preferred receiving method
• Look for promotional rates and loyalty discounts

Transfer Amount Optimization

• Larger amounts often get better rates
• Consider consolidating multiple small transfers
• Check for volume discounts
• Balance frequency vs. amount for regular transfers

How to Use the Calculator

To use the Singapore Remittance Calculator:

1. Enter the amount you want to send
2. Select the currencies (from and to)
3. Choose your preferred transfer method
4. Select a service provider
5. Include transfer details like speed and purpose
6. Add exchange rate and fee information if known
7. Click "Calculate" to see the total cost breakdown

The calculator will show how much the recipient receives, total costs, and effective exchange rate.

Important Considerations

When sending money from Singapore:

• Total Cost—Consider both fees and exchange rate margins
• Transfer Speed—Faster transfers usually cost more
• Recipient Convenience—Choose methods convenient for the recipient
• Regulatory Compliance—Ensure all documentation is complete
• Exchange Rate Risk—Consider rate volatility for large amounts

This calculator provides estimates based on typical market rates and fees. Actual costs may vary based on current exchange rates, promotional offers, and specific provider terms. Always verify final costs with your chosen provider before completing the transfer.

Related calculators: Currency Converter, Singapore Tax Calculator, Travel Cost Calculator

	Search