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.
|United Overseas Bank||Singapore||UOVBSGSGXXX|
|Bank of Singapore||Singapore||INGPSGSGXXX|
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.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||AUD 1 = SGD 0.9801||AUD 1 = SGD 0.0062|
|Transfer fee||AUD 20||AUD 0|
|Amount received for AUD 2,000||SGD 1,940.60||SGD 1,992.40|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||SGD 51.80|
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.
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.
|WESTERN UNION IN SINGAPORE|
|HBZ International Exchange 111 North Bridge Road Peninsula Plaza 01 17 18 Singapore||JC Money Change 221 Boon Lay Place 01 128 Boon Lay Shopping Centre Singapore|
|Kranji Recreation Centre 11 Kranji Close #01-12 Singapore|
|MONEYGRAM IN SINGAPORE|
|Ameertech Remittance and Exchange Service 178 Toa Payoh Central #01-230 Singapore||Matchmove Pay Far East Plaza 14 Scotts Road 02-50b Singapore|
|Brunphil Express 304 Orchard Road #02-83 Lucky Plaza Singapore|
|RIA IN SINGAPORE|
|Toa Payoh 178 Toa Payoh Central #01-230 Toa Payoh Singapore||BKK Block 301 Ubi Avenue 1 01-275 Singapore|
|City Plaza 810 Geylang Road #01-09 City Plaza 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.
The transfer method you select has a bearing on the information you need to provide when sending money to 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.