Best ways to send money internationally from Singapore in 2025

Finding the best way to send money internationally is essential for businesses with global suppliers or remote teams. A survey from Airwallex carried out by Censuswide discovered that 35% of Singapore SMEs are already struggling with rising supplier costs.¹ Paying overseas suppliers through SWIFT can cost some businesses up to S$100+ in fees², making traditional wire transfers a costly option for frequent cross-border payments.  

Adopting fintech solutions can help your businesses ease financial pressures and stay resilient. In this article, we’ll cover the best ways to send money internationally for businesses, and how to save money on transfer fees. We'll also show how Airwallex can help solve the biggest problems of cross-border payments through our complete payment platform designed exclusively for businesses.

What is an international money transfer?

An international money transfer is the process of sending money to individuals or businesses in another country. It allows funds to move between different currencies and banking systems, and often involves converting one currency into another. Financial institutions like banks or money transfer services help with this process. All of these provide a safe and regulated way to move money across borders.

There are several methods for transferring money overseas, with international wire transfers being the most popular. This is started through a financial institution like a bank or fintech, and processed through intermediary banks so the money can move across banking systems. Businesses can also make international transfers through a debit or credit card, and international currency transfers through a money transfer service.

Each method varies in cost, speed, and complexity, making it essential to choose the right solution based on your needs.

Best ways to transfer money overseas from Singapore

There are several financial institutions that help businesses transfer cash abroad.  

Online money transfer services 

Online money transfer services are digital platforms usually offered by fintech companies. They allow businesses to make low-cost international transfers and exchange currencies at friendly rates. Examples of online money transfer services include Airwallex, YouBiz, Wise, and WorldFirst. 

SWIFT/International wire transfers

Wire transfers are a broad category of electronic transfers used by financial institutions to move money between accounts. SWIFT is a specific type of wire transfer that uses the SWIFT network to communicate payment instructions between banks globally.

Banks and most fintech firms use the SWIFT payment network to handle international transfers, which are subject to hefty fees. To cut money transfer costs, look for fintech platforms that offer an alternative to SWIFT, such as Airwallex. Businesses pay zero or close to zero fees for international transfers to 120+ countries when they send funds through our proprietary local payout network.

Bank transfer

Legacy banks like DBS and OCBC allow businesses to send money domestically or internationally through SWIFT or wire transfers. They are particularly useful for handling large transactions, as business accounts typically have higher transfer limits compared to personal accounts.

Money transfer operators

Money transfer operators are financial institutions that help individuals and businesses send money across countries without needing a traditional bank account. They provide services through online platforms, mobile apps, or physical locations. 

Western Union is one of the biggest money transfer operators for consumers, while their business solutions arm Convera offers payment services for businesses.

Best ways to send large sums of money abroad from Singapore

To find the best overseas money transfer service for your business, it helps to look at how a provider solves the most common cross-border payment challenges:

• Fees. High fees can cut into profits, so it’s important to choose a provider that offers affordable solutions. We’ll cover fees in more detail in the next section.

• Speed of transfer. SWIFT payments often take time to process, so it’s essential to find a provider that offers alternative transfer methods like local payouts.

• Exchange rates and markup. Unfavourable exchange rates and hidden fees can cause big financial losses, especially when you need to pay suppliers in different currencies.

• Transfer limits. Transfer limits can differ based on the provider and currency, so it’s important to choose one with higher limits for the currencies you use most often.

• Batch transfers. Manually handling multiple payments is inefficient and can lead to errors. Look for a provider that supports batch transfers - a feature that lets you make multiple payments in a single transaction by uploading a spreadsheet with your recipients’ payment details.

Here’s a quick comparison of the money transfer services we mentioned above, and how they stack up against each other:

Cheapest way to send money internationally from Singapore

International transfers often come with hidden fees that can quickly add up. These may include currency conversion charges or intermediary bank fees. Here’s a quick overview to help you decide the most cost-effective way to send money:

Best ways to pay overseas suppliers or vendors

Paying overseas suppliers can be a time-consuming and expensive task. Manually entering payment amounts and banking details increases the risk of errors and delayed transactions. On top of that, transaction fees can add up and reduce your profit margins.

Airwallex simplifies international supplier payments and minimises fees. With market-leading exchange rates and a transparent dashboard, businesses can see exactly what they’re paying up-front. 

Our network of local payment rails also means no transfer fees to over 120 countries and same-day arrivals for 90% of transfers. This is incredibly helpful for industries like wholesale and retail, where suppliers rely on fast and frequent payments to maintain cash flow. Fashion brand Saturday Club switched to Airwallex for their global supplier payments, and saved 99% on SWIFT fees in the process.

Need to pay multiple suppliers? Our Batch Transfer feature lets you make multiple payments at once, no matter the country or currency. Simply enter your suppliers’ payment details into an intuitive template. Once uploaded, Airwallex can make up to 1000 payments in one go.  

Best ways to transfer payroll internationally

Managing global payroll can be challenging, with multiple currencies, countries, and payment schedules to handle. With Airwallex, businesses can pay up to 1,000 global employees at once. Airwallex’s Batch Transfers also saves your finance team’s time by removing the need to manually enter payment details for each employee. 

You can avoid high SWIFT fees by choosing to send salary payments as local transfers, which have no transfer fees. This helps your business save money, boosting your bottom line and making it easier to grow your remote team sustainably.   

Getting approvals from finance leaders is just as seamless with Airwallex’s mobile-friendly platform, where transfers can be approved in just one click. This convenience is especially useful for companies with international teams. 

For example, Endowus’ CFO Dominic Ong relies on the Airwallex mobile app to approve payments in one click while managing other priorities. It’s a game-changer for startups or payroll providers handling a global workforce.

How to send money internationally: step-by-step guide

Sending money internationally with Airwallex is easy and straightforward. Once your business is verified, go to Transfers or Wallet on the Airwallex web or mobile app. Then follow these steps:

Step 1: Create a Global Account. Create the currency account you’d like to send and top up the amount you wish to send. If you already have a currency account you’d like to send from, simply navigate to Transfers or Wallet, and click New Transfer. 

Step 2: Select your recipient. Click on the Existing Recipient field to select a beneficiary you’ve added previously, or choose Someone New to add a new recipient. Note that our mobile app can only support transfers to existing recipients.

Step 3: Enter the amount and transfer method. Select the currency you’ve just topped up, then choose whether to send via SWIFT or local payouts. Depending on the destination country and currency, one or both transfer methods will be available. Local payouts have no transfer fees.

Step 4: Add additional transfer details. Enter the transfer date, purpose of the transfer, and reference code.

Step 5: Review and send. Once you've checked everything, click Submit for Approval if the transfer needs a manager’s approval, or click Create to proceed with the payment.

How to avoid common mistakes to prevent issues with international money transfers 

International money transfers are a critical part of doing business globally, but even small errors can create delays and additional costs. Be aware of these common mistakes, and choose a provider with local customer support to help you resolve these issues quickly:

• Incorrect recipient details. Mistakes in account numbers or bank codes can delay the transfer or even send money to the wrong account.

• Failing to consider transfer limits. Exceeding a provider’s transfer limits can block or delay your transaction. It’s important to confirm limits with your provider to ensure smooth processing of large payments.

• Overlooking time zones. Processing times can be affected by time zones, especially when the transfer is initiated outside of banking hours or over the weekend.

• Sending transfers during public holidays. Public holidays in either the sender’s or recipient’s country can delay the processing of transfers.

• Not providing a clear purpose for the transfer. Some financial institutions require you to specify the purpose of the transfer. Failing to do so can slow down processing. 

How to save money on international transfer fees

On top of comparing providers’ fee schedules, you can do the following to save money on international transfers:

• Use multi-currency accounts. Multi-currency accounts allow businesses to hold and manage funds in different currencies, reducing the need for frequent conversions. This helps save on exchange rate fees and makes international payments more cost-effective.

• Look for alternatives to SWIFT payments. Ask your provider if they have other payment methods for international transfers. Airwallex uses a proprietary local transfer network that lets you pay zero fees on international payments to 120+ countries.

• Negotiate transfer fees. If your business frequently makes high-volume transfers, ask your provider for a better rate. 

• Use technology to manage foreign exchange risk. Fintech platforms like Airwallex have tools to help you lock in your preferred currency exchange rate. This minimises your foreign exchange risk and maximises the value of every dollar.

Consider Airwallex for cost-effective international money transfer services

To solve the complexity and cost of international transfers, you need a payment provider that offers low fees, multi-currency accounts, and friendly exchange rates. In this article, we’ve covered several ways to send currency overseas, plus tips on avoiding mistakes that cause delays or additional fees. 

It’s worth taking the time to compare your options. Each platform offers international transfer solutions, but finding one that fits your business' specific needs makes all the difference.

Airwallex’s end-to-end payment solutions offer a cost-effective alternative to SWIFT transfers. Through our local transfer network, you pay zero or close to zero fees for international transfers to 120+ countries. 90% of transfers arrive on the same day. 

However, Airwallex has more to offer than low-cost transfers. We help over 150,000 businesses around the world simplify their financial operations and global payments. Businesses of all sizes can enjoy the following benefits:

• Instantly open an local currency account in more than 60 countries with local bank details (so you don’t have to open bank accounts in markets where you operate) 

• An eCommerce payment gateway that lets you accept payments from customers in 180+ countries and 160+ local payment methods, such as Alipay in China. 

• 1% unlimited cashback on all local and international spend with the Airwallex Borderless Card, on all categories like SaaS subscriptions or travel expenses. 

• Built-in Expense Management for greater control and oversight over employee spend

• Integrations with accounting software like Xero to automate your monthly reconciliation and support bill payments.

Build a thriving global business with Airwallex today. Create a free account now, or view case studies that show how Airwallex helped Singapore businesses overcome the high costs of international money transfers.

Frequently asked questions

1. How do exchange rates impact the amount received in international transfers?

When you send an international transfer, the exchange rates impact how much money your recipient gets in their local currency. If the rate isn’t favourable, the recipient might receive less than you expected after the conversion. That’s why it’s important to check the rates, as even small changes can make a big difference in the final amount.

2. Are there any specific tax implications when sending money overseas?

Businesses in Singapore don't have to pay taxes on money sent overseas. ‌However, if the funds represent income earned in Singapore, such as salary or business profits, they are subject to Singapore income tax before being transferred. It's important to ensure all local tax obligations are met before remitting funds abroad.

3. What are the differences between SWIFT and SEPA transfers?

SWIFT transfers are used for international payments across the globe, while SEPA transfers are specific to payments within the European Union. SWIFT payments typically have higher fees and slower processing times because they involve multiple intermediaries, whereas SEPA transfers are faster and more cost-effective for payments in euros. 

4. How can I track my international money transfer?

You can track your international money transfer by using the tracking number or reference provided by your bank. Fintech providers like Airwallex let you monitor the transfer status through their app or dashboard, and will notify you by email if it has been processed or received. 

5. Are there limits on how much money I can send abroad per transaction?

Businesses in Singapore can face limits on the amount they can send abroad per transaction. The limits are set by the financial institution and are determined by the money transfer method and currency. Fintech firms like Airwallex cater exclusively to businesses, which means they have higher transfer limits. While creating a transfer on Airwallex, you can instantly see if there are any transaction limits, which can vary depending on the transfer method, recipient type and account configuration.¹⁸ 

6. What documents are required to send money internationally?

No additional documents are typically required if you're sending money internationally from a business account in Singapore. If you are able to make international transfers from your account, it means the financial institution has done their compliance checks and verified your business through initial documents sent.   

Sources

1. https://www.airwallex.com/newsroom/airwallex-survey-finds-majority-of-singapore-smes-are-bracing-for-recession

2. https://www.airwallex.com/sg/case-studies/igloohome

3. https://www.airwallex.com/docs/payouts__payout-network__united-states

4. https://convera.com/en-sg/solutions/global-payments/

5. https://www.dbs.com.sg/sme/day-to-day/payments/prioritypay-telegraphic-transfer

6. https://www.dbs.com.sg/sme/day-to-day/payments/cross-border-fund-transfers/telegraphic-transfers

7. https://wise.com/help/articles/2524078/how-long-does-a-transfer-usually-take

8. https://wise.com/help/articles/2932150/guide-to-usd-transfers

9. https://www.worldfirst.com/my/help-support/faqs/

10. https://www.worldfirst.com/sg/product/pay/

11. https://youbiz.zendesk.com/hc/en-us/articles/6334116582425-How-long-does-it-take-to-receive-the-money

12. https://youbiz.zendesk.com/hc/en-us/articles/6332969797401-Is-there-a-limit-to-how-much-money-I-can-send-or-receive

13. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf

14. https://wise.com/sg/pricing/business

15. https://wise.com/help/articles/2946451/how-much-does-it-cost-to-send-usd-to-countries-outside-the-us

16. https://www.worldfirst.com/sg/pricing/

17. https://youbiz.zendesk.com/hc/en-us/articles/6332633631001-How-do-I-send-money-overseas

18. https://help.airwallex.com/hc/en-gb/articles/900001756666-What-are-the-limits-for-payouts-and-deposits-on-my-account

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.