SingX Money Transfers
Discover if SingX is the best option for your international money transfer needs. SingX is a popular money transfer service based in Singapore. Hundreds of …
Fact checked
SingX is a popular money transfer service based in Singapore. Hundreds of thousands of people use this international money transfer service each year to send money overseas, particularly around Asia. You can find out if SingX is the right money transfer company for you here by comparing transfer services right here with Savvy. Consider which is the best option for you before you start your international transfer today.
*All product information is correct as of August, 2022.
SingX was founded in Singapore in 2014 by a group of bankers looking to provide a one-stop shop for small and medium-sized companies wanting to transfer money internationally. It won the MAS (Monetary Authority of Singapore) Fintech Award in 2017 and has continued to grow exponentially ever since, with bases now in Singapore, Australia and Hong Kong. It now provides transfer services to over 30 countries with 15 different currencies for both consumer and commercial needs.
Online international money transfers
SingX offers international money transfers to consumers from bank account to bank account via its website or mobile app. It does not offer cash transfers.
Transfer limits
The minimum transfer limit with SingX is $1, but there’s no maximum limit. If you do wish to transfer a large sum, bear in mind that SingX’s percentage transfer fee may not offer you the cheapest option.
Fees
SingX charges a percentage of transfer fee ranging from 0.2% to 1% depending on the destination and currency. In return for this fee, they offer the mid-market exchange rate. To find out exactly how much the fee will be for your transfer, SingX provides users with tools which show you exactly how much it’ll cost to send your money overseas.
Speed of transfer
It can take one to two business days for your funds to reach SingX before being sent to the destination. However, once an account has been established and funded, it should reach its destination within an additional one to two days. Some transfers will be completed almost instantly if there’s no intermediate bank involved (such as if you send money from one country to another where the same bank operates).
Introductory offer
Your first two transfers are free with SingX, provided they’re under $3,000. This means the usual percentage fee will be waived for your first two transfers and you’ll also receive the mid-market exchange rate, making for the cheapest transfer possible.
Business transfers
By signing up for a SingX business account, you’ll have access to currency exchange in over 170 countries and be able to take advantage of SingX’s business tools, which include:
SingX does not offer individual business account managers (unlike some of its business competitors), but it does offer comprehensive phone support. It also offers multi-currency accounts for businesses, which it calls a ‘business wallet’. If your business involves many small repetitive payments to multiple recipients, SingX may be one of the best ways for you to send money overseas.
Signing up for an account with SingX can be quite a lengthy process involving several verification steps. However, once you’ve opened your account, verified your identity and sent your first transfer, subsequent transfers are quick and easy. The sign-up process involves:
If you open an account with SingX, you’ll get your first two transfers under $3,000 free of charge, which is useful if you aren’t planning on making regular transfers.
SingX is one of the best-known providers of international money transfers to China (which is a country that many other companies don’t deal with).
As SingX bases its fee structure on a percentage fee, it offers most international money transfers at the mid-market rate, which is the best exchange rate possible at any point in time.
If a fast and reliable service is your priority, SingX may be a good option for you, as it’s well-known for its rapid money transfer services across Asia.
SingX only offers transfers to 15 currencies in 30 countries, mainly located in Asia and Europe, so you may have to look elsewhere for your required destination.
It isn’t possible to pay for your transfer with a credit card. This may not be a bad thing, though, as credit cards can be an expensive way to complete a transfer.
On average, SingX’s fees work out to be about 0.4% to 0.5% of your transfer amount. This percentage fee structure may be great for small transfers but can get expensive for larger transfers over $10,000, for instance.
SingX does not provide a cash transfer or pickup service and does not permit payments to digital wallets or phone accounts.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
