Send Money To Singapore

Currency Symbol and Swift Codes

The Singapore dollar (SGD) is the official currency of Singapore. The Singapore dollar also serves as legal tender in Brunei because of the Currency Interchangeability Agreement between the two countries. Consequently, the Brunei dollar is used as legal tender in Singapore. In 2016, the Singapore dollar was the 12th most traded currency in the world.

If you wish to carry out an overseas money transfer to a bank account in Singapore you will need the receiving bank’s SWIFT code. Here are SWIFT codes of some prominent banks in the region.

Case Study

Lim decided to move from Singapore to Australia when he found a suitable job there. His younger brother was still studying in Singapore, where he continued living with their mother. Since both were financially dependent on Lim, he had to keep sending them money regularly. Lim used the services of a popular Australian bank for the first few transfers, after which he compared it with some of the top money transfer companies. This is what he found.

By using the money transfer company instead of the bank, Lim’s mother ended up receiving a little extra money each month. The company he selected let him lock in exchange rates if he found them to be favorable, and he was also given the ability to schedule his transfers.

Cash Pickup Locations in Singapore

If your main aim is to send money to Singapore in a hurry, or if the recipient does not have a bank account, you may consider using the services of companies such as Western Union, MoneyGram, and Ria.

Safety Tips for Picking Up Cash in Singapore

Remain watchful of petty crime such as bag snatching and pickpocketing, especially at areas frequented by tourists, at hotels, on public transportation, and at airports. Do not leave your belongings unattended in parked vehicles. Use hotel safes to safeguard your valuables and travel documents when possible.

What Information Do I Need to Transfer Money to Singapore?

The transfer method you select has a bearing on the information you need to provide when sending money to Singapore.

• Bank account. You will need the recipient’s complete name and bank account number as well as the receiving bank’s name and SWIFT code.
• Cash pickup location. You will need to provide the location of a desired cash pickup center along with the recipient’s complete name. To collect the money the recipient will need to provide a reference number and an acceptable form of ID.

Regulations When Transferring Money To and From Singapore

The Singapore dollar is a free floating fully convertible currency, so you may make money transfers to and from Singapore easily. The Monetary Authority of Singapore oversees the region’s financial services sector and is responsible for setting the country’s monetary policy. The exchange rate of the Singapore dollar fluctuates within a policy band that the country’s central bank sets twice a year.

There are minimal restrictions when it comes to moving money in and out of Singapore. Businesses have to report all transfers that exceed SGD 5,000 to relevant authorities.