How to Send Money from Singapore: The Complete 2026 Guide

Under the Payment Services Act 2019, all providers handling cross-border transfers must hold either a Major Payment Institution (MPI) or Standard Payment Institution (SPI) licence from MAS. Wise, Remitly, Instarem, YouTrip, DBS, OCBC, UOB all hold MPI status.

Check the MAS Financial Institutions Directory at mas.gov.sg before using a less-known provider. Customer funds with MAS-licensed firms must be safeguarded in segregated accounts at major Singapore banks.

• PayNow — Free, instant, supported by all major Singapore banks. The default for most providers.
• FAST — Free, instant, similar to PayNow. Also widely supported.
• Direct bank transfer (GIRO) — Free, takes 1-2 business days.
• Debit card — Instant. Usually adds 0.5-1% surcharge.
• Apple Pay / Google Pay — Instant via some providers.

• No tax on personal outbound remittances. Singapore has no gift tax for individuals.
• No annual cap for individuals. MAS doesn't limit per-person transfers.
• S$5,000 enhanced KYC threshold. Transfers above this require additional ID verification.
• S$20,000 source-of-funds threshold. Transfers above this require source-of-funds documentation.
• Foreign workers can send freely with their work permit as primary ID.

• Best overall: Wise. Mid-market + percentage fee.
• Best for India (UPI): Wise, Instarem. PayNow-to-UPI integration delivers in seconds.
• Best for amounts under S$1,000: DBS Remit (free transfers under S$1,000), YouTrip.
• Best for Bangladesh: Wise, Instarem. Bangladesh Bank approved + 2.5% government bonus.
• Best for cash pickup destinations: Western Union, MoneyGram.
• Best for foreign workers: Lulu Money, Western Union, Cash Plus (in-person at Lucky Plaza or City Plaza). Instarem also has strong worker-channel pricing.

• [SGD → INR](/send-money/sgd-to-inr): S$1.5B+/year. PayNow-to-UPI integration delivers near-instantly. Wise, Instarem, YouTrip lead.
• [SGD → BDT](/send-money/sgd-to-bdt): ~S$300M/year. Wise and Instarem; 2.5% Bangladesh government bonus applies.
• [SGD → PHP](/send-money/sgd-to-php): ~S$200M/year. Wise, YouTrip, DBS Remit. GCash delivery in seconds.
• [SGD → IDR](/send-money/sgd-to-idr): Wise, Instarem; major flow due to large Indonesian workforce.
• SGD → CNY: Wise, OFX. Limited options due to China's FX rules.
• [SGD → MYR](/send-money/sgd-to-myr): Wise. DuitNow delivery in under a minute.
• SGD → MMK (Myanmar): Specialised providers like Wave Money. Limited international competition.

1. Confirm provider holds MAS MPI/SPI licence.
2. Open the live comparison; enter your exact amount.
3. Look at 'Recipient gets'.
4. Compare to mid-market: send amount × Google's SGD/destination rate. Gap should be under 1.5%.

Singapore punches far above its weight in remittances — $8+ billion annually from a city of 5.6 million. The expat-heavy population and MAS's progressive licensing regime have created one of the most competitive remittance markets in Asia.

• Wise: Strong for SGD→INR, SGD→GBP, SGD→EUR, SGD→AUD. MAS-licensed, PayNow funding available.
• Instarem: Singapore-founded, particularly strong on SGD→INR, SGD→PHP, SGD→BDT. InstaPoints rewards. Often beats Wise on SGD→INR for amounts under S$2,000.
• Remitly: Good SGD corridor support for South Asia and Southeast Asia.
• DBS/POSB Remit: DBS's international transfer product is competitive for SGD→INR and SGD→PHP. If you bank with DBS, check their rate before opening a separate app.
• OCBC Global Transfer: Similar to DBS Remit — OCBC customers should check their bank's rate.
• Western Union: Best for cash-to-cash corridors in Southeast Asia where banking penetration is lower.

• Use PayNow to fund: PayNow funding to Wise or Instarem is free and instant from any Singapore bank. This eliminates transfer delays and card fees.
• Compare Instarem vs Wise for SGD→INR: These two are the closest competitors on the SGD→INR corridor. Check both before each transfer — the winner shifts by 0.1-0.2% regularly.
• Instarem InstaPoints: Instarem's rewards program gives back 0.5-1% in points on transfers. Over time, this materially reduces the effective cost for regular senders.
• Check DBS Remit if you're a DBS customer: DBS Remit has become genuinely competitive on SGD→INR and SGD→PHP. Their PayLah integration makes funding seamless.
• MAS licensed only: Singapore has strict MAS licensing for money transfer operators. Only use MAS-licensed providers (Wise, Instarem, Remitly, WorldRemit, DBS). Unlicensed operators risk your funds.
• For Malaysia: FAST (Fast And Secure Transfers) and DuitNow corridors from Singapore are cheap and instant for MYR recipients in Malaysia.