The 7 Best Ways to Transfer Money Locally and Overseas

Updated: 24 Jul 2025

Learn the best ways you can transfer money both overseas and locally within Singapore.
SingSaver Team

Written bySingSaver Team

Team

This means overseas remittances are a necessity for many who live and work in Singapore, as well as overseas Singaporeans who need to send money back home.

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>>  LEARN: Your 2025 guide to mobile wallets in Singapore

Sending money in Singapore: Explore online, mobile, or in-person methods

  • Bank wire transfers: Due to associated fees, bank wire transfers are best used for sending large amounts.

  • PayNow: Best for instant transfers within Singapore.

  • Wise: Best for low-cost international transfers.

  • Instarem: Best for competitive transfer rates.

  • Revolut: Best for multicurrency accounts & travellers.

  • Airwallex: Best for business money transfers.

Here’s a quick overview of the best ways to send money anywhere in the world.

Bank wire transfers: For sending large amounts between bank accounts 

Why it’s our top choice

  • A secure method that’s widely available from all major banks.

Bank wire

    Bank wire transfers in a nutshell

    Key bank wire transfer facts

>>  LEARN: See money changers in Singapore with the best exchange rates.

PayNow: For bank transfers within Singapore

Why it’s our top choice

  • Conduct instant SGD transfers with just your mobile, NRIC or UEN. PayNow transfers are free for retail customers, and for businesses till sometime in 2025.

  • Available via all major banks like DBS, OCBC, UOB, CitiBank and HSBC and participating non-financial institutions. 

PayNow

    PayNow in a nutshell

    Key PayNow facts

Wise: For low-cost, transparent international transfers

Why it’s our top choice

  • One of the cheapest ways available for sending funds overseas.

  • Supports transfers to over 60 countries.

Read our review

Wise

    Wise in a nutshell

    Key Wise facts

Instarem: For competitive exchange rates

Why it’s our top choice

  • Rated 4.7 stars on Seedly.

  • Earn rewards and cashbacks by linking your existing credit cards with Instarem’s amaze card.

Instarem

    Instarem in a nutshell

    Key Instarem facts

Western Union: For cash pickups & extensive global coverage

Why it’s our top choice

  • Great for sending money to recipients who prefer cash terms, or for people without bank accounts.

Western Union

    Western Union in a nutshell

    Key Western Union facts

Revolut: For multicurrency accounts & travellers 

Why it’s our top choice

  • Another great pick for frequent travellers, Revolut users can transfer funds instantaneously with each other.

  • Choose from 3 plans; Standard, Premium and Metal. Standard plans are free.

Revolut

    Revolut in a nutshell

    Key Revolut facts

Airwallex: For business fund transfers

Why it’s our top choice

  • Airwallex is perfect for businesses operating in multiple countries, thanks to multi-currency accounts and high-speed international transfers across 180 countries.

Airwallex

    Airwallex in a nutshell

    Key Airwallex facts

Product Name
Hot Reward Pick
SingSaver Reward
DBS digiPortfolio
DBS digiPortfolio
-
-
POEMS
POEMS
-
-
UOB Kay Hian
UOB Kay Hian
-
-
moomoo SG
moomoo SG
S$1,269
Webull Singapore
Webull Singapore
S$1,941
Saxo Markets
Saxo Markets
S$100
CMC Invest
CMC Invest
S$742
Tiger Brokers
Tiger Brokers
S$1,149

Things to consider when sending money

As you have seen, there are various options available for making local and international money transfers. Depending on your provider, these methods may be:

  • 100% virtual—all you need is your smart phone and a working internet connection.

  • A mix of virtual and in-person services. The latter is crucial for cash pick-ups or people without bank accounts.

Note that while some money transfer services may be free, some may come with service fees.

>>  Learn: Here’s why multi-currency accounts are essential for digital nomads.

Know your exchange rates & transfer fees

Exchange rates and transfer fees can vary wildly. This is especially true for lower-value transactions, as per-transfer fees and margins charged by remittance services typically work out to be less expensive than unfavourable exchange rates and hidden fees implemented by banks.

Overseas bank transfers to underdeveloped countries can be slow. This is in contrast to transfers conducted via remittance service providers, which tend to be quicker. 

General guidelines for international money transfers

Only make transfers with remittance service providers licensed by the Monetary Authority of Singapore (MAS). Check if your provider is listed under MAS’ Financial Institutions Directory.

Check for any foreign exchange controls that may apply. A 2023 advisory issued by the Chinese Embassy in Singapore requested Chinese nationals to limit money transfers back home to official channels, such as Singapore banks. This was due to Chinese law enforcement freezing remittance funds.

Some countries impose a legal limit on funds received in their territory. For example, Taiwan has a hard limit of $450,000 TWD per transaction.

The best way to transfer funds in 2025

The best way to transfer funds in 2025

We did the work for you so you can save on your local and international money transfers.

Frequently asked questions about local and overseas money transfers

    How do I make instant money transfers?

    Are there ways to send money without paying fees?

    How can I transfer money online securely?

>>  LEARN: Essential online banking tips for safeguarding your money.

How we evaluated local money transfer services

We covered fees, transfer amount limits, transfer speeds and perks. We also took a look at where you can transfer your money to. For local transfer services, this generally translates to bank-to-bank transfers.

Services by financial institutions surveyed include DBS Remit, SC Remit, OCBC Overseas Fund Transfer, HSBC Worldwide Transfers and CitiBank Payments and Transfers. 

How we evaluated international money transfer services

We covered fees, transfer amount limits, transfer speeds and perks. Unlike local transfers, remittance services and multi-currency wallets offer more flexible transfer terms. For example, Western Union lets you do cash pick-ups and Revolut lets you transfer instantly to other Revolut users. 

Remittance platforms surveyed include Wise, Western Union, Instarem, Revolut and SingX

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About the author

SingSaver Team

SingSaver Team

At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.