Author, Andrew Gibson
Last Updated on August 26th, 2024
We have supported many customers with international money transfers from the UK to Singapore.
Our guide has everything you need to know about transferring money to Singapore. Including the cheapest ways, how long it takes, and how to keep your money secure.
How to Transfer Money to Singapore From the UK
Send money to Singapore with Key Currency in 4 simple steps.
1. Register as a Client
If you’re new to Key Currency, you will first need to register.
This process is a quick identification check where you’ll need to provide the following:
- Name
- Address
- Passport Number
Once complete, you won’t need to register again to transfer money internationally with us.
2. Secure an SGD Exchange Rate
Once registered, you’ll have a dedicated contact at Key Currency who will help you secure our best GBP to SGD exchange rate.
When you confirm that you are happy with the quoted rate, it will be locked in and won’t change.
3. Send in Your Money
Sending your money to us can be done through a domestic bank transfer.
Our details will be provided to you via a confirmation email you will receive after you have secured your rate.
4. We Convert and Send Money to Singapore
Once we receive your Pounds, we will convert them into Singapore Dollars and transfer them to the recipient’s bank account in Singapore.
Best Ways to Transfer Money to Singapore from the UK
To transfer money to Singapore, the best ways will be to use either your bank, a currency broker, or an online money transfer app/platform. These are the three main types of services that are the best for international money transfers from the United Kingdom.
The best one for you will depend on your requirements and how much you’re looking to send.
Let’s break this down…
Best for Large Money Transfers to Singapore
If you’re looking to send a significant amount of money to Singapore then a currency broker will be your best way to do so.
This is because:
- They’re specialists in international money transfers.
- Like ourselves, at Key Currency, they will provide consistent support throughout the process (important on large money transfers, for customer peace of mind).
- Most do not add on transfer fees.
- Their exchange rate margins are much lower compared to high street banks.
We’ll go more into the costs of a money transfer to Singapore below, but, usually for large money transfers abroad, currency brokers will help you keep costs much lower than the other two services.
Best for Small Money Transfers (remittance) to Singapore
For smaller money transfers to Singapore (under £2,000), that you may want to do quickly, online money transfer platforms that are everywhere these days, will be your best option.
This is because they offer more competitive exchange rates and add on much less fees compared to your bank.
They will also offer certain payment methods such as the use credit or debit card, which will allow for transfer times to be much quicker (although it will come at an extra cost!).
The reason for this type of service is better for small amounts and not larger transfers is that the fees they add will increase the more you look to send.
A lot of the time, for transfers under £2000, their fees will be either free or under £15 – this will vary depending on where you’re wanting to send the money however!
| Popular Online Transfer Services | Transfer Fee & Exchange Rate Charge (For £2,000 transfer to Singapore) |
| Wise | £10.51 |
| Revolut | £14.00 |
| Western Union | £0.99 |
How Much Does a Money Transfer to Singapore Cost?
All international money transfers consist of transfer fees and charges on the exchange rate margin.
Depending on the money transfer service you choose, these fees will vary.
Typically, high-street banks in the UK will charge the highest transfer fees and margin on the exchange rate for international money transfers.
Fees will vary from bank to bank, but usually, for a one-off international money transfer, banks will charge a fixed transfer fee of around £15 to £40.
Their margin on the exchange rate can also be around 2-3% higher than other services, such as currency brokers or online money transfer platforms such as Wise or Revolut.
Especially with larger money transfers abroad, a higher percentage charge on the exchange rate can be costly.
To give an example, if you were looking to send £100,000 to Singapore from the UK, and a bank was charging a margin of 3%, that would mean £3,000 would be taken from your transfer as a charge.
This is why using your bank isn’t always the best option for international money transfers, they’re not experts in this area!
For information on how costs work for international money transfers, our guidance will be able to help!
No Transfer Fees with Key Currency
It will cost you £0 in Transfer Fees to send money to Singapore with us at Key Currency.
Unlike other international money transfer services and high-street banks, we do not add a transfer fee for a money transfer to Singapore.
How to Save on Exchange Rate Charges
Exchange rate charges are a percentage of the amount of money you want to send to Singapore.
Compared to banks, our overheads are much lower.
This allows us to charge 2-5% less in GBP to SGD exchange rate charges; giving these savings back to you.
What is the Cheapest Way to Send Money to Singapore?
An international bank transfer is usually the cheapest way to transfer money to Singapore from the UK. This method can take longer than alternative methods such as debit cards or credit cards, but it is the best value for money and much more secure.
An international bank transfer is the best option, especially for those looking to transfer large amounts of money to Singapore.
Our guide on everything you need to know about ways to pay for international money transfers will provide an in-depth look at each one!
How Long Will a Money Transfer to Singapore Take?
A money transfer to Singapore from the UK via an international bank transfer will usually take between 1 to 2 working days.
The time it takes for an international money transfer to complete can vary, and at times be longer than the time-frame mentioned above.
This is because of different delays that can occur, for example, different banks receiving the funds will have different processes in place to clear funds, which can cause delays.
Your dedicated contact at Key Currency will give you consistent updates on your transfer to Singapore, giving you peace of mind.
They will confirm with you when the Singapore Dollars have arrived in the recipient’s bank account.
What Details Do You Need for a Transfer to Singapore?
For a money transfer to Singapore, you will need to provide the recipient’s SWIFT/BIC code. IBAN transfers are recognised in Singapore, but they use the SWIFT transfer system instead.
You will need to provide the following information for the recipient:
- Full name
- Address
- Bank name
- Branch name
- Account number
- SWIFT/BIC code
It is important to make sure the details above are correct for a smooth and efficient money transfer to Singapore.
How to Get the Best Pound to Singapore Dollar Rate
When making an international money transfer to Singapore, or anywhere abroad, finding the best exchange rate possible is an essential part of the process.
Getting a better exchange rate will result in you saving money and getting the most value possible.
With all of the services out there, sifting through the different exchange rates on offer can be quite a long and daunting task.
Another reason as to why a currency broker might be a great option, where their experienced traders can monitor the Pound to Singapore Dollar rate for you.
Exchange rate offers aren’t had to find, there are lots of comparison sites showcasing them online.
However, one important tip:
Make sure you get genuine customer quotes by getting in contact with the transfer provider directly.
Why?
The rates you see online are mid-market rates or ‘interbank rates’.
These are exchange rates between GBP to SGD that the banks use to trade between one another. They aren’t available to the general public.
Getting a genuine quote, from the services you see, will allow you to compare accurately, and save a surprise when it comes to transferring the money and a different rate is given, it can be quite a shock!
Finding a Secure International Money Transfer to Singapore from the UK
It is important to make sure for any money transfer internationally, you choose a company that is regulated by the FCA.
This means the company will comply with their rules and regulations.
All the money transfers are then done for customers through safeguarded client accounts.
This gives you peace of mind that your money is safe and will be carried out properly.
To find out if the companies you are looking at are regulated and authorised by the FCA, you can use their register.
Quick Summary
- An international bank transfer is one of the best and cheapest options.
- It will usually take 1 to 2 working days for your money to arrive in Singapore from the UK.
- Unlike banks, we do not add on any transfer fees for a money transfer internationally.
- You should always ensure the service you choose is FCA-regulated for international money transfers.
At Key Currency, we pride ourselves on providing a professional and personal money transfer service for our customers. We support you with every step of the process. We are an FCA-regulated and Authorised institution and with over 2,500+ reviews on Trustpilot with an excellent rating, we are a currency broker you can trust. Our expert team of money transfer specialists is always monitoring exchange rates to find you the best GBP to SGD exchange rate and the right time to transfer. No one should have to pay exorbitant fees for international money transfers to Singapore. We make sure that doesn’t happen to you. If you want to send money to Singapore, get a free quote with us today!International Money Transfers to Singapore with Key Currency
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