Singapore has one of the most liberal foreign exchange policies in the world. There are no limitations on foreign exchange with regard to currencies or amounts, except for the monitoring of large cash exchanges to prevent illegal money laundering. There are no foreign currency controls, no restrictions on ownership of foreign currency or foreign currency accounts, and no restrictions on transactions involving foreign currency. There are also no rules governing the inward or outward remittance of any currency.
Most expats go through the banks for international money transfers, which can be done quickly and easily at any bank. Major banks such as HSBC, OUB and OCBC also provide international remittance services for online banking customers. Generally, the only information you need besides the transferee’s name, bank and account number is the bank code and the branch’s address. Many banks will charge for this service.
If you have yet to set up a bank account in Singapore or prefer not to go through the banks, there are a number of other options for international transfers. These are listed below:
Paypal
If the person you are transferring the money to have a Paypal account you can use Paypal to send the money. Simply create an account using your personal information, contact details and payment information and login to your account to send the money. Click on “Send Money” and enter the amount you wish to transfer.
Western Union
Find your nearest branch using their locator. You will be provided with a form to complete and a service representative will guide you through the process. You will be charged for the service and the rate will vary according to the amount of cash you are transferring and the location you are sending it to.
Travelex
Travelex provides a simple and secure method for moving large sums of money between countries. There are no hidden charges, and customers enjoy competitive exchange rates and access to a wide range of foreign currencies.
