5 Best Money Remittance Services In Singapore

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The best money remittance platforms provide low fees, transparent pricing and some nifty features. 

When you need to send money back home to your loved ones, banks may be one of the first options that pop to mind. Sure, banks offer robust networks and safety in transferring your funds where they need to go. However, such services often come with fees, charges and markups, some of which you may not even know about.

As a result, you may be losing chunks of your hard-earned money every time your transfer funds overseas. Just think how more useful that additional money will be to your family.

Thankfully, there are alternative platforms you can use to safely remit your money without expensive fees and hidden markups. Some of these even come with useful perks that can help you further save money. 

Here are 5 best money remittance services in Singapore you should check out the next time your siblings need to pay their school fees. 

5 best remittance platforms in Singapore 

FeesTransfer amountsTransfer money to Transfer speedPerks
TransferWise0.35% to 1% No minimum transfer amount
Maximum amount depends on currency
Bank accountSame day to 3 business daysDebit Mastercard
Multi-currency account 
Western UnionVariesOnline: Up to $1,000 daily, $3,000 weekly or $6,000 monthlyCash, bank account or mobile wallet3 to 5 business days Physical locations available
WorldFirst0.15% to 0.50% Minimum $2,000Bank account1 to 4 businessPrice match guarantee
RevolutUp to 2%, plus 0.5% after monthly exchange limit

No minimum transfer amount
Maximum amount depends on currency
Bank account
Other Revolut users
3 to 5 business daysVirtual debit card

SingX0.25% to 1%  Up to SGD1 million, but individual limits may apply for different countriesBank account1 to 2 business daysZero cost for receiving money 

Above, we have summarised the main features and characteristics of five popular money remittance platforms in Singapore. When deciding which platform makes the cut, we placed emphasis on fees, transparency, and ease of use. 

Do note that while we strive for utmost accuracy, you should take the data in the table as a guide, instead of gospel truth. This goes especially for information such as fees, which may change according to your remittance amount or unique circumstances. 

We highly recommend getting a quote or a round of comparison before committing your funds transfer, especially since these transactions are typically speedy and may be irreversible. 

With that said, let’s have a deeper look at each of these platforms.


Created with a mission to slash charges for international money transfers, TransferWise prides itself on its transparency and low fees. 

Its website and app lets you easily and quickly get a quote for your money transfer, with fees clearly stated upfront — all without having to sign up for an account. 

The platform pegs its conversion rates to mid-market rates, and adds fees between 0.35% and 1% per transfer. There’s no minimum transfer amount, but each currency has its own maximum transfer cap. 

Transferwise is fast; transactions for popular currencies may be completed within hours. Otherwise, most transactions are completed within 3 working days or less. 

Signing up will also qualify you for a free Debit Mastercard linked to a multi-currency account, which lets you hold up to 50+ currencies. You’ll also receive a local bank account for selected currencies, which lets you receive funds without paying any fees. 

Your Debit Mastercard also allows you to spend like a local and withdraw up to SGD350 at overseas ATMs every 30 days without paying bank fees.

For whom is TransferWise best for: Digital nomads and savvy travellers seeking low cost, transparent fees and speedy service, coupled with convenient travel perks. 

Western Union

The most ‘traditional’ money remittance service on the list, Western Union’s (WU) claim to fame perhaps lies in acting as a less intimidating alternative to dodgy-looking remittance dens usually found in Chinatown, or the snaking, boisterous queues of Lucky Plaza. 

While it doesn’t advertise nor publish its rates, you can still easily look up how much your intended money transfer plus fees will cost you on the website or app. WU states that it does earn from exchange rates (read: they put their own mark-up), so you may not be getting the absolute cheapest rates.

However, WU offers the greatest flexibility in terms of how your recipient may receive the money: you can choose bank transfer, mobile wallet or a cash payout. 

Another advantage is the presence of physical counters for you to send (and receive) money, whether through credit card, debit card or cash.

For whom is Western Union best for: Workers seeking a transparent, fuss-free option to send money back home, especially if cash terms are the preferred option for recipients.  


Another platform playing the ‘low-fees’ card, WorldFirst offers international money transfers at between 0.15% to 0.5%, pegged at the total amount you transfer annually. From their website:

That’s certainly an eye-catching offer, but WorldFirst doesn’t allow you to get a quote for your fund remittance, not without signing up for an account first.

However, you’ll need to transfer at least $2,000 per transaction, which means you may need to accumulate your funds in between remittances. 

But you’ll be happy to know that WorldFirst offers a price-match guarantee, and has pledged to match the verifiable rates offered by any other provider.

For whom is WorldFirst best for: Individuals looking to remit large sums of money at some of the lowest rates out there.


As its name suggests, Revolut is all about revolutionising your relationship with money. 

The multi-fangled banking and financial platform not only allows you to send money to bank accounts worldwide, you can also transfer money instantly if your recipient is a Revolut user too. That’s right, we’re talking peer-to-peer instant funds transfer.

Your Revolut account also doubles up as a financial tracker with analytics and budgets you can set. And to complete the futuristic look and feel, you can also apply for virtual debit cards which expire after one use to protect yourself against dodgy merchants. (You can always generate more debit cards for subsequent purchases).

What about fees? Well, Revolut offers three tiers of subscription plans, with the lowest tier being free of charge. 

Here’s where it gets a bit confusing: Depending on the currency you exchange, and the day you perform your exchange, you may be subject to up to 2% markup. On top of this, you will be charged an extra 0.5% if you exceed your total monthly exchange limit (includes fiat currency and digital currency like crypto). 

The other two paid plans ($9.90/mth and $19.90/mth) do not come with a monthly exchange limit.

Due to its unconventional fee structure, it may be difficult to tell if Revolut provides good value as a remittance platform. 

For whom is Revolut best for: Digital natives looking for convenient and instant peer-to-peer money transfer. 


A home-grown money remittance platform that promises low fees and transparency, SingX’s unique selling point is that it guarantees there won’t be any fees for your recipient to receive the money. 

Don’t overlook this seemingly minor detail. Banks often charge a fee for receiving your remittance, and while remittance platforms try to absorb this fee, they may not do so in every case. This bank fee is deducted from the amount dispensed to your recipient, creating another money sink that reduces your monthly contribution to your family. 

However, SingX has it set up such that instead of a cross-border transaction, your recipient will receive the funds as a local transaction, avoiding any additional fees. 

Its service fees are also attractive; it ranges from 0.24% to 1% markup, with typical transactions hovering around the 0.5% mark.

For whom is SingX best for: Anyone wishing to avoid extra bank charges when sending money. 

Read these next:
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Mobile Wallets in Singapore: A Complete Guide
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Top Credit Card Promotions And Deals On SingSaver

By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.