The 7 Best Ways to Transfer Money Locally and Overseas

• Secure and regularly used for high-value transactions, this is often the default option for conservative users or transfers between established institutions.

• Available via all major banks like DBS, OCBC, UOB, CitiBank and HSBC.

• Although you can log onto your internet banking account at any time of day to do international wire transfers, your bank may have same-day cut-off times that apply. Check for a list of cut-off times, especially for urgent transactions.

• It’s also a good idea to check for minimum transaction amounts for overseas transfers. For example, OCBC mandates a minimum of $100 SGD or USD for each transaction. 

• Participating banks began offering PayNow services in 2017, while non-financial institutions came onto the scene in 2021.

• PayNow is free for all retail customers and is available 24 hours a day, 7 days a week.

• Many retail merchants in Singapore display PayNow QR codes, allowing their customers to make easy and seamless payments with their smart phones.

• PayNow transfers give users the ability to make transfers without knowing each other’s bank account number.

• As Singapore’s most popular domestic Fast Payment System (FPS), PayNow will be interlinked with the FPS of the Reserve Bank of India and Malaysia, Thailand and the Philippines. The cross-border transfer system is expected to go live sometime in 2026. 

• Similar to transfers between private individuals, companies can also now make use of instantaneous transfers via PayNow Corporate. This is done through linking their Unique Entity Number (UEN) to their bank account; which lets companies make transfers without knowing each other’s bank account details.

• Formerly known as TransferWise, Wise was founded in 2011 and is a multi-currency e-wallet that allows users transfer money across borders effortlessly.

• Wise card users get complimentary ATM withdrawals of up to $350 each month.

• Wise card payments are accepted in more than 200 countries.

• Frequent travellers can convert currencies on the move with Wise, and get better rates than banks or money changers.

• Signing up for an account is free. You can also receive foreign currencies like USD, EUR, AUD, GBP and more for free and transfer as little as $1.

• Wise claims transfers arrive in seconds and has a funds transfer calculator on their site to guarantee their rates, as proof of transparency.

• Founded in Asia Pacific, Instarem was established in 2014.

• Instarem supports up to 35 currencies worldwide.

• Customers can enjoy same-day overseas money transfers with Instarem’s International Money Transfers.

• No minimum or maximum transfer limits. 

• Amaze card users pay zero annual or admin fees; they can also make foreign currency transactions for free. (Domestic transactions incur a small fee, if your amaze card is linked to a debt or credit card.)

• Frequent flyers can convert their rewards, or InstaPoints, to KrisFlyer miles.

• Read our review of Instarem’s amaze card to get the lowdown on how to stack rewards.

• Founded in 1851, Western Union was originally a telegraph company based in New York, in the United States of America.

• With multiple physical locations available across Singapore, anybody who needs help making overseas transfers can do so easily.

• Customers may choose between cash, bank or mobile wallet transfers.

• While domestic money transfers occur within 24 hours, international transfers can take anywhere from 1-5 business days.

• Revolut was founded in 2015, in the United Kingdom and is currently the most valuable tech company in the European Union. 

• The Revolut app comes with a financial tracker that helps you manage your budget.

• Revolut’s services cover 190 countries, with no minimum amount set for transactions.

• Revolut is a powerful tool for digital natives who need convenient ways to do instant peer-to-peer transfers. 

• Founded in 2015, in Melbourne, Australia— Airwallex is now headquartered in Singapore. Global payment services in Singapore were launched in 2022.

• Airwallex allows you to sync transactions with the accounting or e-commerce system of your choice, which is great for streamlining expense management. Some of the popular platforms supported include Lazada, Shopee, QuickBooks, WooCommerce and Amazon.

• Unlike typical corporate cards, Airwallex corporate cards are free and have no eligibility requirements. There are also no foreign currency transaction fees, so multinational Small and Medium-sized Enterprises (SMEs) can use this to their advantage.

• Airwallex tackles common business-related headaches by streamlining corporate expense tracking and providing cost-effective foreign currency transactions. This makes it an ideal choice for SMEs.

• Companies can get unlimited corporate cards at zero additional cost, and choose between virtual or physical cards. This means no more time wasted on processing reimbursement claims, since employees can easily make authorised transactions on behalf of the company.

• Airwallex users based in Singapore can make both domestic transfers in GIRO, MEPS and FAST, as well as international transfers in USD, AUD, JPY, HKD, EUR, just to name a few.

For domestic payments within Singapore, you can do this through bank wire transfers and electronic funds transfer methods like PayNow and FAST. 

PayNow is free for retail customers in Singapore and is available 24 hours a day.

Check if your financial institution or remittance service of choice is registered with MAS. Also, read our reviews on the best money transfer services available in Singapore to find what works best for you.