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Top 2 Money Transfer Providers for USA to Singapore

Provider Amount Received Fee Exchange Rate Speed
OFX (US) OFX (US) SGD $13,476.11 No Fee 1.3476 1-3 days more...
Venstar Venstar SGD $13,482.91 No Fee 1.3483 1-3 days more...
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USA
The dollar, the world’s most traded currency, is held on a free-float exchange rate and is fully convertible to foreign currencies Read More
SINGAPORE
The Singapore Dollar (SGD) is a relatively easy currency to trade and there are few restrictions on sending money to Singapore or transferring money from Singapore Read More
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Send money from USA to Singapore

Top 2 Money Transfer Providers

Latest prices for transferring money from USA to Singapore
Exchange Rates as of 18 September 2020, 21:00

OFX (US)

Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info
Amount Received
SGD $13,476.11
USD $256.42
saved vs. banks

Venstar

Est. 1990
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
More InfoLess Info
FXcompared Rating
Amount Received
SGD $13,482.91
USD $261.42
saved vs. banks

How to Transfer Money from USA to Singapore

What is in this guide

USA to Singapore Guide

Summary

The United States and Singapore have strong political, trade, and investment ties. They are currently negotiating partners in the Trans-Pacific Partnership (TPP) initiative, and also collaborate on a number of trade and economic programs that seek to broaden business and investment opportunities in the United States and throughout Southeast Asia. The countries share a robust two-way trade relationship in goods and services. For American citizens who wish to exchange USD to SGN and transfer money from USA to Singapore, there are currently no restrictions.

Visas, work permits and residency

American citizens are not required to have a visitor’s visa if planning to stay in Singapore for less than four weeks. Upon arrival, Americans will be given a Visit Pass at the airport, which is typically valid for two to four weeks. If planning to stay longer, an official permit is required. The duration of the permit can vary, depending on the individual situation. Please refer to the Singapore Immigration & Checkpoints Authority website for more information on visa requirements, longer-stay permits, and what is required to work and live in Singapore long-term.

If planning to work in Singapore, American citizens will need to obtain an Employment Pass. Once the Employment Pass is granted and held for a period of time, the holder can submit an application for permanent residence.

Buying property in Singapore

Foreigners and non-residents are able to purchase apartments (called strata-titled properties) without the approval of the Singapore Land Authority (SLA). However, for American citizens who wish to purchase land, single-standing homes, or bungalows, they will need to obtain permission from the SLA. To find out more information on requirements for foreigners purchasing real estate, or to submit an application form for approval, please refer to the SLA website. Once the necessary requirements have been met, American citizens can arrange to transfer money from USA to Singapore to fund their property purchase.

Studying in Singapore

American citizens who plan to study in Singapore at a school or institution registered with the Ministry of Education are required to apply for a Student’s Pass. Applicants must first be accepted by the school where they will study, and must have a local sponsor who is a Singapore citizen or permanent resident.

Taxation

American citizens living and working in Singapore with an Employment Pass will be taxed on any income earned. Non-residents earning income who have spent less than 60 days in Singapore are exempt from Singapore income taxes. For those non-residents who spend more than 60 days but less than 183 days in Singapore, earned income is taxed at either the resident rate of between 2-28% or at 15%, depending on the non-resident’s tax bracket.

US citizens are also required to file a tax return with the US government for any income earned abroad, and may owe taxes on income earned from work done in Singapore. Currently, there is no tax agreement in place between Singapore and the United States. For American citizens who wish to transfer money from USA to Singapore to cover any taxes owed, there are no restrictions that limit money transfer options.

Healthcare

American citizens are not eligible for coverage under any of Singapore’s state medical plans. Most US citizens living and working in Singapore receive coverage from their employer’s health care plan, or take out private insurance. Although government health and medical facilities are available to visitors and non-residents, it is advisable for Americans visiting Singapore for a short period and for those living there to take out a private health insurance policy or traveler’s health insurance coverage.

Voting

American citizens living in Singapore are eligible to vote by absentee ballot in US primary, general, and presidential elections. They must first complete and return a voter registration/absentee ballot to the elections office of the last state where they lived before moving abroad. Once approved, they will receive their ballot by mail for each election and must return it via postal mail or a special delivery service such as UPS or FedEx.

Importing from the United States to Singapore

The United States and Singapore are both members in the Trans-Pacific Partnership negotiations, which seek to broaden trade and investment opportunities in the United States and throughout Asia Pacific. They also collaborate on a number of other trade and political initiatives with free exchange from the US dollar to Singapore dollar. Singapore is the United States’ seventeenth-largest goods trading partner, with total goods imported into Singapore from the US totaling approximately $31 billion USD in 2013. Two-way trade of combined goods and services totaled $68 billion USD in 2012. Top import categories in 2013 included machinery, mineral fuel, electrical machinery, aircraft, and optic and medical instruments. In 2012, US foreign direct investment and money transfers to Singapore totaled $138.6 billion USD, an increase of 16.9% from 2011.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from USA to Singapore. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.