Ways To Send Money Online To Singapore

by Giselle Lobo Writer & Blogger

If you are sending money to a child studying abroad or sharing the cost of a holiday, the easiest way to do it is online. Using several services these days, you can send money anywhere in the world in a matter of seconds, but you must choose the right service, lest you end up paying excessive fees and facing long delays. This guide takes you through everything you need to know while sending money online.

More and more people are moving countries in this increasingly global world for career, leisure, and education purposes. This has needed some quick, cheap international money transfers. This added to the already existing demand that people move money within their own countries as digital payments are becoming increasingly common. Some of the common reasons for today's money transfers include:

Paying bills: You may have maintenance costs or school fees payable at home or abroad. These may be recurring expenses, and you will need to make daily transfer money to Singapore to pay for those bills.
Remittance payments: One of the most common reasons for making foreign money transfers is to send money home in the form of remittances.
Making a purchase abroad: With e-commerce becoming mainstream, goods from around the world are easy to access. From anywhere you want you can buy what you want and pay for it by online money transfer. People often make high-value transactions such as land and pay for it through online transfer of money.
Sending money to loved ones: As more and more people live and work away from home, within their country or abroad, many online money transfer services are serving the need to send money digitally between close friends and family. You can send money periodically to your loved ones for different purposes. The easiest, and typically cheapest, the option is online transfers.

You may choose to send money directly through your bank or a money transfer service. There are money transfer apps which make it even more convenient to send money, including international money transfers. So, pick a choice that best suits you.

Money transfer companies: There are now several specialised money transfer firms which allow international money transfer to Singapore at much lower costs than banks. These providers are governed within the country in which the relevant financial authorities license them. Most of these businesses have local bank accounts or pools of P2P capital in the countries they work in, which significantly decreases the costs and transfer times.
Online banking: The most popular and apparent way of sending money electronically is via your bank. You can easily log in to your bank account online, fill in the information and make a transfer. Although it is very convenient, online banking is not always the cheapest way to send money, mainly if a currency conversion is involved in your transfer.