Want to send money overseas? We found inexpensive remittance options in Singapore

Jocelyn Kaylee Neo

 · 06/10/2021  · 06/10/2021

When we say we’ve been working hard to turn the financial world on its head, we mean it. Take remittances for example — it’s 2021, and there’s certainly no reason why remittance fees should still cost you the sum of a meal or two.

Positively though, it’s not just us who think so. Cheers to other financial service providers who’ve done away with rubbish rates 🥂

What will it cost me to send 1,000 Singapore dollars in pounds?

remittance fees send money international transfer Revolut Wise Transferwise DBS Remit UOB OCBC Standard Chartered Citibank Maybank InstaReM SingX Singapore dollars pounds rupees ringgit Chinese yuan

Turns out, sending money abroad can be inexpensive. Let’s take a closer look — starting with us, of course!

Revolut

For remittance amounts of S$5,000 and below, we offer our Standard and Premium customers preferential rates of 0.3% per transaction up to a maximum of S$9. Premium customers get a bonus of one fee-free transfer monthly. If you’re on our Metal plan, your remittances will always be fee-free (more reason to go Metal 😉).

The best part? We use the Interbank Exchange Rate so you can send money overseas at the finest possible rates.

DBS Remit by DBS Bank

DBS Remit charges zero remittance fees on most currencies. However, they do take a cut on all money exchanges, be it Singapore dollars to pounds or pounds to rupees.

InstaReM, Wise, SingX

InstaReM, Wise (formerly TransferWise) and SingX all have similar models — they charge a fee for international transfers, with the exact amount varying based on your destination country and amount you’d like to remit. Even though they each take small margins off of the currency converter rate, their exchange rates — whether it’s pounds to euros or dollars to pounds — remain competitive.

Send money internationally with Revolut

Discover quick and easy money transfers at the Interbank Exchange Rate with no hidden fees. Remit globally in 30+ currencies. Download your Revolut app on iOS or Android, and start sending money today.

Header image by olia danilevich from Pexels. All information is accurate at the point of writing on 2 June 2021.

1 All remittance fees, exchange rates and converted currencies that recipients receive mentioned in this article were retrieved on 2 June 2021 from official product web pages. Rates shown are indicative, are subject to market movements and company discretion, and exclude discounts. Remittance fees have been rounded to the nearest second decimal place.

2 Remittance fees shown in this article apply to transfers from Singapore dollars to British pounds. Otherwise, international money transfer fees may vary depending on the currency and transfer value. Please visit the official product web pages for more information.

3 Revolut’s remittance fee of 0% to 0.3% applies to international money transfers on weekdays. Currency exchanges outside of London foreign exchange market hours (midnight on Friday to midnight on Sunday in London) will be charged a higher fee by Revolut. Learn more here.