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Top 3 Money Transfer Providers for UK to Singapore

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 17,940.49 £0.00 1.794 1-3 days more...
Moneycorp Moneycorp 17,895.42 £0.00 1.7895 1-3 days more...
OFX (UK) OFX (UK) 17,754.78 No Fee 1.7755 1-4 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy 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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Singapore Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Singapore money transfer regulation
  • Singapore’s regulatory authority
  • Business and investment environment
  • Visas and work permits for Singapore
  • Taxation for expats in Singapore
  • Singapore’s economic background
  • Currency and denominations
  • Summary

    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. The Monetary Authority of Singapore (MAS) regulates foreign exchange operations under the Money-Changing and Remittances Business Act.

    Singapore money transfer regulation

    To receive MAS authorisation, money transfer businesses in Singapore must have specific systems in place, including mechanisms to report suspicious transactions in line with anti-money laundering and terrorism financing legislation. Money transfer businesses must record transactions and complete customer due diligence for all transfers equivalent to S$5,000 or more.

    The list of licensed money-changing and remittance businesses can be found on the Financial Institutions Directory hosted by MAS. When sending money to and from Singapore, we strongly recommend using only licensed service providers.

    Singapore’s regulatory authority

    The central bank, the Monetary Authority of Singapore (MAS), is responsible for setting monetary policy, stabilising the country’s foreign exchange reserves and monitoring the health of the banking, insurance and other financial service sectors.

    The value of the Singapore dollar is determined by a weighted basket of currencies made up of country’s key trade partners and competitors. The dollar’s exchange rate is kept on a managed float system, where its value is allowed to fluctuate within a policy band set semi-annually by the central bank.

    Business and investment environment

    Many of the world’s largest banks are present in Singapore’s highly developed financial system, which simplifies the process of sending overseas money transfers. Citibank, Bank of America, HSBC, JP Morgan Chase and Standard Chartered are some of the most well-known international banks in Singapore. To open a local bank account, non-residents need a copy of their passport, a letter from their employer and a bank statement from their home country.

    Singaporean law provides equal status and consideration to domestic and foreign investment, although exceptions apply to certain areas including telecommunications, news media, financial services, legal and other professional services. Foreign investors are not required to enter into partnership with domestic firms in most cases. Capital repatriation and transfers of profits and other investment income are unrestricted.

    Visas and work permits for Singapore

    Foreigners are able to apply for an Employment Pass either to be employed or do business in Singapore. The Ministry of Manpower in Singapore provides the guidelines relating to eligibility. If you have an Employment Pass, you can apply for dependent passes for a spouse and for children under the age of 21. Once you have been granted an Employment Pass, you are eligible to apply after a certain period of time to become a Permanent Resident.

    Taxation for expats in Singapore

    The tax year in Singapore runs from January 1st to December 31st. An expat who does not spend more than 60 days in a calendar year is exempt from Singapore income taxes. If you are a non-resident and are in Singapore for more than 60 days but less than 183 days your income from employment is taxed at the higher of either 15% or at the local resident rates which range from 2-28% depending on the tax bracket. Only the days when you are physically in Singapore are taken into account for these calculations.

    Singapore’s economic background

    Singapore’s economy is heavily reliant on foreign trade of goods and services. The authorities have established an open foreign exchange policy to facilitate trade, and the country is consistently ranked among the easiest environments to do business.

    Currency and denominations

    The Monetary Authority of Singapore issues the national currency, the Singapore dollar, which is abbreviated as S$. Banknotes are produced in values of S$2, S$5, S$10, S$50, S$100, S$1,000 and S$10,000. Coins are issued in values of 5, 10, 20 and 50 cents and S$1.

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    Top 8 Money Transfer Providers

    Exchange Rates as of 13 December 2019, 21:55

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

    More InfoLess Info

    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    More InfoLess Info

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
    More InfoLess Info
    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    Special offer

    InstaReM

    ?
    Est. 2014

    Use code FXINSTA10 and get a Bonus of the equivalent to $10 on your first transaction

    Headquartered in Singapore, InstaReM offers overseas money transfer service maintaining transparency in transactions by displaying an accurate break-out of transactions.

    More InfoLess Info

    Headquartered in Singapore, InstaReM offers overseas money transfer service maintaining transparency in transactions by displaying an accurate break-out of transactions.

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    More InfoLess Info

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    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.