How to Send Money to Singapore from the UK: Top Options

Regency FX is your best option if your goal is to send money to Singapore quickly. The platform specialises in speed and low cost. Your money will be converted and sent as soon as its received.

This means that if you fund your transfer with a fast payment payment method, it could be completed pretty much instantly! Keep in mind that traditional banks still need three to five business days to achieve the same thing.

The platform also lets you keep track of the transfer, which is another much-appreciated feature.

We said that Instarem is the cheapest service for sending money to Singapore. This is true, as the service charges zero fees for your first transfer. It’s also pretty quick, with most transfers being instant or same-day.

After the first transfer, the service charges a nominal fee that ranges between 0.25% and 1%. There are no other hidden charges, as the service believes in transparency with clients.

Meanwhile, the service offers competitive FX rates, much better than traditional banks. A standout feature is that you’ll earn ‘InstaPoints’ for every transfer. These can then be redeemed as discounts on future transfers.

The apps offered by Wise and Instarem are among the best for money transfers. They are easy to use, accessible, and you can use them on the go.

The Wise app checks exchange rates 24/7. Users can even set exchange rate alerts and repeat previous transfers seamlessly. You can hold money in multiple currencies from the Wise app as well. Instarem, on the other hand, shows users a full breakdown of exchange rates, offers reward points for each transaction, and provides easy tracking of the transfer amount.

Both have high ratings on trusted review sites like Trustpilot, usually with thousands of reviews. The apps are fast, secure, and offer all the benefits of the web version.

In Singapore, monetary transactions are overseen by the Monetary Authority of Singapore (MAS). The regulator monitors international transactions, especially ones with China.

While you are generally free to make transfers, they may be put on hold if the amount is large. The banks might freeze the payment to conduct due diligence checks. They might also ask the recipient to provide some documents and answer questions.

There are several reasons why banks might flag a transaction. Some reasons could include unusual behaviour and transactions that do not make economic sense. Banks might also be suspicious of transfers involving large amounts. Transactions from abroad or investment-related transfers could be suspicious as well.

Transactions involving unidentified parties or crime-related accounts will always be investigated.

Singapore does not tax gift money, but there is an inheritance tax governed by the Estate Duty Act (EDA). According to EDA, inheritance tax applies to persons who died before the 15th of February, 2008. For people who died after this date, there is no tax on the inheritance money.

Another thing to consider is the amount that you are sending to Singapore. Depending on the service you use, this could mean larger fees. Wise, for example, charges slightly over ₤5 per ₤1,000 sent to Singapore. So, if you send ₤3,000, your fee will be around ₤15.

Keep in mind that atypical large transfers might be suspicious to the authorities. The banks themselves are likely to ask for additional information or reasons. The best way to go about it is to simply be transparent about your reasons.

The same will be expected of the recipient. We recommend not trying to deliver the funds anonymously or in any dishonest way. Simply provide an explanation and any documentation that the bank or payment provider might ask for. It is possible that splitting the amount into several smaller payments could help. However, even smaller payments, if frequent, will likely lead to questions.

As mentioned, the cost of sending money to Singapore varies. It depends on the amount you are sending and the service you are using. Some services have higher fees than others or may have additional fees.

If you wish to send GBP to Singapore, a transfer fee and exchange rate are a given, regardless of the service. Some providers, like Wise, charge a fee and use mid-market exchange rates. Others, meanwhile, like Regency FX, don’t charge a fee but instead make a profit by adding a margin to the exchange rate.

Another thing that might impact your money transfer to Singapore is payment type. This could differ depending on your reason for the transfer. For example, funds sent as gifts will not be taxed, but they still come with all the transfer and conversion fees.

The situation is different if you are sending money to Singapore for business purposes. Companies are taxed on their foreign-sourced income separately from Singapore-sourced income.

Most money transfer services differentiate between personal and business accounts, as well. Business accounts may come with a number of benefits. Depending on the service, they might offer mass payments, multi-currency accounts, and other features.

Finally, you should also consider tax regulations in Singapore. One benefit is that overseas income received in Singapore is not taxable. This has been the case since 1 January, 2004. It even includes overseas income paid into a Singapore bank account.

Inheritance and gift transfers are also not subject to taxation. These laws make Singapore a perfect location for locals to receive payments from abroad.