As you start earning in Singapore, you’ll have to start looking into different methods of sending money from Singapore to India, be it for personal expenses, loans, family etc. To make the choice easier, here’s what I’ve found between different remittance methods. The methods I am reviewing here are DBS Bank Overseas Money Transfer, Transferwise and InstaReM.
This is the easiest method to send money that I’ve found. You need to get a DBS account for this, and then you can use the default overseas transfer option given by them. You can find the options as below:
- Ease of use as you’re remitting directly from the bank account.
- Highly trusted bank in Singapore.
- Provides direct bank to bank transfer with no middle man.
- No transfer fees
- Creating an account with DBS sometimes has ongoing offers that can give you some cash benefit.
- Lowest conversion price offered among all 3
- Transfer takes time (Next Day Transfer)
Apply Now: DBS - Online Applications and Services
A cheaper, faster way to send money abroad.
They are pretty famous for borderless account services(30+ countries) with multi-currency card(40+ currencies) that can send as well as receive money in different currencies. To transfer money overseas, find the options below:
- Very famous for overseas money transfer, so can be trusted more than random remittance methods.
- Best conversion rates provided.
- Transfer in an hour
- No direct bank to bank transfer. Money goes to Transferwise and comes from their bank accounts. So need to keep additional receipts for proof.
- Transfer fees are highest among all 3 (0.59%)
Apply Now and get free first transfer of up to S$500: Transferwise - Signup
Overseas Money Transfers with Zero FX
This is a Singapore-headquartered offering digital cross-border money transfers. While it has operations in multiple countries, it is not as famous as Transferwise. Give it a go as it currently provides the best overseas money transfer conversion amount. To transfer money overseas, find the options below:
- Singapore headquartered company topping the lists for a while in overseas money transfer
- Lowest fees among all 3
- Highest total converted amount in all 3
- No direct bank to bank transfer. Money goes to InstaReM and comes from their bank accounts. So need to keep additional receipts for proof.
- Least Known company among all 3
- A bit higher conversion rate than transferwise
- Takes time to transfer the money
Apply Now and get 475 points worth more than S$5: InstaReM - Signup
All 3 mentioned above are viable options, but for me, I’ve found InstaReM to give a little more than the rest. Transferwise might be good if you’re in a hurry as the difference is not that much, but DBS gives around 1% lower converted currency than the rest, at least when I checked the prices here.
I would recommend getting an account with DBS Bank, Transferwise and InstaReM, and then compare and transfer based on your preference and real-time comparison. All 3 methods offer additional benefits and features that will be useful in your long stay in Singapore!