The best way to send money overseas from Singapore is the one that delivers the most foreign currency to the recipient after every charge, from a provider licensed by MAS. That is not always the one with the lowest fee, because the exchange rate can hide a larger cost. As at November 2026, Wise states a fee from 0.19% at the mid-market rate, and OCBC waives its own cable and commission fees on online transfers until 31 December 2026.
This guide shows how to compare, and what each kind of provider states.
The Two Costs When You Send Money Overseas From Singapore
Every transfer has two costs.
- The fee. A flat amount, a percentage, or both. It is shown to you.
- The exchange rate margin. The gap between the rate you get and the mid-market rate. It is not shown as a charge.
Bank transfers can carry a third: fees taken by agent or intermediary banks along the way. OCBC, for example, states that agent fees are not waived and vary by amount and currency.
So the only fair comparison is the final amount received. Ask each provider: “If I send S$5,000 today, how much arrives?”
A Worked Example: Sending S$5,000
Illustration only. The rates and fees are hypothetical, chosen to show the method. Assume the mid-market rate would turn $5,000 into 100,000 units of a foreign currency.
| Provider type | Fee shown | Rate margin | Other deductions | Recipient gets | True cost |
|---|---|---|---|---|---|
| A: percentage fee, mid-market rate | 0.5% ($25) | None | None | 99,500 | $25 |
| B: “zero fee”, weaker rate | $0 | 1% | None | 99,000 | $50 |
| C: bank transfer, own fees waived | $0 | 0.6% | Agent fee equal to $20 | 99,000 | $50 |
| D: cash pickup service | $8 | 1.5% | None | 98,340 | about $83 |
Provider B looks cheapest and is not. Provider D costs the most but may be the only one whose recipient can collect cash in a village the same day.
For one real figure: at Wise’s stated minimum of 0.19%, the fee on $5,000 would be $9.50. The fee for your currency may be higher, and Wise shows it before you pay.
The short version: Ignore “zero fees”. Get quotes at the same moment from two or three licensed providers and compare the amount that arrives. That one number contains every cost.
What Each Kind of Provider States
All statements are from the providers’ own pages as at November 2026.
| Provider | What it states | Worth knowing |
|---|---|---|
| Wise | Mid-market rate; fee varies by currency, from 0.19%; a discount on transfers above $30,000 | Cannot send or spend more than $100,000 from balances a year (1 April to 31 March) |
| OCBC online transfer | $0 cable and commission fees until 31 December 2026; 19 currencies | Agent fees not waived; minimum $100; same-day cut-offs from 9.30am depending on currency |
| Instarem | Sends to 60+ countries; rates “close to mid-market”; fees vary by amount, currency and payment method | No fixed fee table on its main page; get a quote |
| Western Union | Sends to over 200 countries and territories; cash pickup | States that it “also makes money from currency exchange” |
| Revolut | Standard plan: a percentage fee with a minimum that varies by currency when sending in the recipient’s local currency; a flat $5 or $9 otherwise; shown in the app | A $5,000 monthly exchange limit and a 1% weekend fee apply on the Standard plan |
Other banks offer their own online transfer services. We could not read DBS’s or UOB’s fee pages for this article, so check your own bank’s site. OCBC’s page and its terms showed different end dates for the waiver when we checked, so confirm the current date before relying on it.
What each does not suit
- Wise does not suit transfers that would push you past its $100,000 yearly send-and-spend limit (counted 1 April to 31 March), or recipients who need cash in hand. See our Wise review.
- Bank transfers do not suit small amounts where an agent fee takes a noticeable share, or anyone who needs certainty on the amount arriving.
- Instarem does not suit people who want to see the full price before signing up.
- Western Union does not suit large bank-to-bank transfers, where the rate margin matters most.
- Revolut does not suit weekend transfers on the free plan. See our Revolut review.
Check the MAS Licence First
In Singapore, sending money abroad for customers is a regulated payment service. A provider should be a bank or hold a payment institution licence that covers cross-border money transfer.
You can check in a minute:
- Open the MAS Financial Institutions Directory.
- Search for the company’s legal name, which is usually in the website footer.
- Confirm the licence type and that “cross-border money transfer service” is listed.
The directory lists Wise Asia-Pacific Pte. Ltd. and Revolut Technologies Singapore Pte. Ltd. as major payment institutions with that service. Western Union Global Network Pte Ltd and Remitly Singapore Pte. Ltd. also appear in the list of major payment institutions. We did not confirm Instarem’s licensed entity for this article, so look it up before using it.
MAS has said that major payment institutions must safeguard customer money by the end of the next business day, and that cross-border transfers must reach the beneficiary within seven business days.
A licence is not a guarantee against loss, and money in transit with a payment institution is not a bank deposit. But an unlicensed remitter gives you none of these protections.
Avoiding Common Mistakes
- Comparing fees and ignoring the rate. See the table above.
- Paying by credit card. Some providers charge more for card payments, and your card issuer may treat the payment as a cash advance. Paying by bank transfer or PayNow is usually cheaper.
- Missing the cut-off. OCBC’s cut-offs range from 9.30am to 6pm depending on currency. A late transfer moves to the next business day.
- Getting the recipient’s details wrong. A wrong account number can be slow and costly to reverse.
- Sending money to someone you have not verified. Transfers are hard to recall. Be especially careful with urgent requests.
What To Do Next
- Decide the amount and currency, then get quotes from two or three licensed providers within the same few minutes.
- Compare the amount received. Write it down.
- Check each provider in the MAS Financial Institutions Directory.
- Send a small test transfer first if it is a new recipient or a large sum.
- If you send money every month, build it into your budget planner so the transfer is planned rather than rushed.
- For holiday spending rather than transfers, see how to pay less on overseas spending and our multi-currency cards comparison.
