Wire Transfer Fees of Banks in Singapore

While FAST and telegraphic transfers are popular for domestic transfers in Singapore, there's a rising demand for efficient cross-border transfers. Fintech disruptors like Wise and Airwallex are also entering the scene. This guide will outline typical wire transfer fees from major Singapore banks, how to save on costs, and explore alternative transfer options.

How much does it cost to do a wire money transfer? 

The cost of a wire funds transfer in Singapore can vary. For international transfers, expect a typical range of approximately S$10 to S$40. Local transfers, often done via FAST or GIRO, are usually free or incur very low costs. However, wire transfer fees can differ based on factors like:

• Inward vs. outward transfers

• Whether the transfer is in SGD or a foreign currency

• Whether the transfer is initiated online or at a bank branch

Keep in mind that banks may also charge agent fees or correspondent bank fees, especially for international wire payments.

Wire transfer fees of banks in Singapore

Singapore's major banks have varying wire transfer fee structures, often based on the currency, transfer amount, and channel used (online vs. branch). Premium accounts may offer discounted rates or fee waivers.

DBS / POSB wire transfer rates

• Inward: S$10 (waived for certain accounts)

• Outward (international): Approximately S$20 

• Uses SWIFT network

• DBS Remit available for selected corridors at zero fees (Wise-style flat FX rates)

OCBC wire transfer rates

• Inward: Approximately S$10 (free for certain accounts)

• Outward: Approximately S$20

• Additional fees for branch transfers or currency conversions may apply

• Online FX service available with preferential rates

UOB wire transfer rates

• Inward: S$10 to S$20 (free in some cases)

• Outward: Approximately S$20

• FX margin applies

• Time taken: 1 to 3 working days

HSBC wire transfer rates

• Inward: Approximately S$10 (waived for some accounts)

• Outward: Approximately S$20>> Read more: 10 Best money remittance/ money transfer services in Singapore (2023)

Compare fees at other banks

Local and overseas fees

For local transfers in Singapore, FAST and GIRO are low-cost options, often even free through digital banking or promotional offers, with FAST providing near-instant transfers. 

Meanwhile, Telegraphic Transfers (TT) used for international wires may involve higher costs and longer processing times. These higher costs are due to factors like FX margin, SWIFT fees, and potential intermediary charges. 

Domestic FAST transfers are increasingly replacing wire transfers for local needs due to their speed and affordability.

Additional costs of international bank wire transfers

A key hidden cost in international wire transfers is the FX margin, where banks offer less favourable exchange rates, effectively increasing the cost.

Agent, intermediary, or correspondent bank fees can also reduce the amount received by the beneficiary. For instance, sending S$1,000 to the U.S. could result in S$25 to S$40 in transfer fees, plus additional losses due to unfavourable exchange rates. 

To avoid these hidden costs, it's recommended to use platforms like Wise to check the mid-market exchange rate and compare it against the rate offered by your bank, which can help you identify and minimise these potential losses. 

How to cut costs while transferring money

Beyond traditional wire money transfers, here are alternative methods to move money, often with lower costs:

• Send via online banking: Opt for online banking for transfers, which is often cheaper than initiating them at a bank branch.

• Strategically choosing currency for transfer: Sending money in a foreign currency when better FX margins are available can be more cost-effective. For example, instead of converting beforehand, you can send SGD directly to the U.S.

• Use zero-fee platforms: Some platforms like Wise and DBS Remit offer zero-fee transfers to selected corridors, significantly reducing transfer costs.

Alternative ways to transfer money at lower costs

If you're looking for alternatives to traditional bank-to-bank wire transfers, several fintech options offer cheaper money transfer services in Singapore:

• Wise: Known for its mid-market exchange rates, low fees, and transparent pricing structure.

• Airwallex: Focuses on SMEs and businesses, offering FX savings and global payment solutions.

• Western Union: A legacy provider that is still widely used, though fees can vary.

For local transfers, peer-to-peer (P2P) services like PayNow are also available and often free. Credit cards and e-wallets like GrabPay and Revolut are other alternatives, but come with their own set of tradeoffs, such as potential fees and exchange rate markups.