When you first find that you need to transfer money to Singapore, the options available to you can be a little overwhelming.
But stick with it and do your research because you really only have three main options to choose from.
Will you transfer money to Singapore through a bank, a Money Sending Bureau or a foreign exchange broker?
If you need to transfer money to a bank in Singapore, perhaps an account with the Islamic Bank of Asia or the DBS Bank, then calling into a local bank in your country of residence might be one option for you to consider.
You can usually transfer money to Singapore this way with just one phone call or visit, so it's certainly a convenient option.
Unfortunately, you are likely to find that this convenience comes with some unnecessary costs.
Per-transfer fees will probably be imposed on each transaction you make and the foreign exchange rates on the Singapore dollar will be less than ideal.
Your second option is to use a Money Sending Bureau. The main advantage of this method is that you can transfer money to Singapore, even if the recipient does not have access to a bank account.
However, the per-transfer fees involved in this option can be as high as 15 per cent and, again, the Singapore dollar exchange rate will be quite poor.
If you want to access some of the most competitive exchange rates on the market then it might be worth seeing if a foreign exchange broker can help you transfer money to Singapore.
These companies can offer you very good rates due to the sheer volume of currency they move everyday.
But RationalFX can go one further: We offer great currency exchange rates and a low fee service when you transfer money to Singapore with us.
Why not open an online account with RationalFX today? It's quick, free and easy and will allow you to view and compare the exchange rates on offer.