What’s the best way to send money to Australia from Singapore?
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Making online money transfers can drain your budget faster than you might expect – especially if you make regular overseas payments.
For example, banks typically add an FX markup of 1–4% onto the mid-market exchange rate. And then there are the multiple sets of intermediary bank fees, plus SWIFT transfer fees of SG$10–100 per transaction.
In this article, we share an easier, cheaper and faster way to remit money to Australia, plus factors to consider before making your transfers.
We also introduce you to WorldFirst’s World Account, which is the overall best way of sending money overseas. With a World Account, you can hold, send and receive funds in SGD, AUD, USD and 20+ other global currencies, making it simple for you to pay directly into Australian accounts.
We cover:
- 3 best ways to send money to Australia from Singapore
- Why WorldFirst’s World Account is the best way to send money to Australia
- How to send money to Australia with WorldFirst
- What to consider when making an international payment to Australia
Want to start sending money to Australia today? Sign up for a World Account for free.
3 best ways to send money to Australia from Singapore
Here are three of the most popular payment methods when it comes to making transfers to Australia:
- Low-fee bank transfer: Some banks offer low-fee transfers (especially if you hold a premium account) which can significantly reduce or waive fixed fees entirely.
While this seems like a great option on the surface, the bank might still use a less-favourable exchange rate, and additional charges may be applied by intermediary or receiving banks. As a result, low-fee bank transfers are best if you’re sending a large sum, have access to online banking and don’t mind paying a bit more for convenience. - Foreign exchange brokers: For very large transfers (such as SG$40,000+) working with a specialist forex broker can give you better conversion rates, especially when you’re sending large amounts. Some forex brokers can even offer customised rates and hedging tools to help you mitigate currency risk – for example, they might offer forward contracts, currency options or swap contracts.
However, they often require high minimum transfer amounts, and they might charge you a fee upfront for transfers below a certain threshold. OFX, for instance, charges SG$15 for any transfer less than SG$10,000.1 - Fintech platforms: Digital payment platforms like WorldFirst and Wise2 allow you to open an account and make transfers directly from local currency accounts, similar to a bank account.
The difference is that fintech platforms are often faster and cheaper, with low FX rates and instant or same-day transfers. You aren’t penalised for sending smaller amounts of money, and many of these platforms also let you hold balances in multiple currencies.
The main trade-offs are that transfer limits, supported currencies and the ability to receive certain types of payments vary by provider.
Read more: What’s the cheapest international money transfer method?
Why WorldFirst’s World Account is the best way to send money to Australia
WorldFirst is a digital financial services platform that’s fully licenced and regulated by the Monetary Authority of Singapore (MAS).
We offer a fast, affordable and popular option for making cross-border transactions. In fact, since 2004, we’ve helped over 1.5 million businesses send over US$500 billion overseas.
Our World Account lets you make same-day payments in AUD (and 100+ other currencies) to payees in Australia and worldwide. We have low and transparent exchange rates, and you can even open a local account in AUD (or 20+ other currencies) to avoid FX fees entirely.
Opening a multi-currency account is fast, online and completely free. Here’s what you get when you sign up:
Power your global growth with one account
Get local currency accounts, fast payments and competitive FX – all in one place.
Make same-day transfers through local Australian payment rails
WorldFirst will always send your funds through the fastest network possible, which is why 80% of World Account transfers land on the same day and 90% settle by the next day.
We have strong banking relationships across Oceania, which allows us to route payments through domestic payment networks like AusPayNet. We’ll provide you with local Australian bank details, including your own BSB and account number, to help you pay and get paid through these networks.
This allows your payments to be processed as domestic transactions, which speeds up their settlement times compared to international ones. It also helps you avoid expensive SWIFT fees, which can be as high as AU$35 per transaction for certain banks, not including additional currency exchange charges.
Read more: Multi-currency account Singapore – 8 best options in 2025
Benefit from low fees and transparent FX costs when converting from SGD to AUD
Australian banks will usually charge between 2% and 5% in FX fees, which quickly becomes expensive if you’re making frequent or large transfers.
In contrast, WorldFirst adds a transparent markup capped at 0.6% to the mid-market exchange rate for the SGD/AUD currency pair (as well as other major currencies).
Plus, you can make transactions in Australian dollars without any FX fees if you’re spending from an existing currency balance, which is useful if you’ll be spending and receiving funds in AUD.
It’s also completely free to make transfers to other World Accounts. We charge no ongoing account fees, no hidden fees, no minimum balance requirements and therefore no fall-below fees. It’s also free to receive payments domestically or internationally with WorldFirst.
Read more: Cross-border payment fees in Singapore: What you need to know
Lock in SGD/AUD exchange rates with our forward contracts for up to 24 months
WorldFirst offers tools to mitigate currency risk (especially when making large lump-sum transfers such as staff payments). Using these tools ensures you don’t have to manually watch the markets to receive a favourable FX rate.
Our forward contracts are agreements to convert a set amount of currency at a specified rate in the future. You can lock in today’s exchange rate for up to 24 months, which gives you cost certainty and makes it easy for you to plan for upcoming payments.
If you want more flexibility, we also offer rate alerts that will notify you once the exchange rate hits your target. Alternatively, you can place a firm order, which triggers the conversion automatically when the rate is reached.
Regardless of which tools you’re using, we’ll always display the exact FX rate before carrying out a conversion.
How to send money to Australia with WorldFirst
To start sending, holding and receiving Australian dollars with WorldFirst, you’ll first need to sign up for a World Account. It’s free to open and maintain, and the application process is entirely online.
Here’s how to sign up:
- Head to our World Account signup portal and enter your personal details
- Fill in your account information and verify your identity with a passport or driver’s licence
- Upload your business documents, including shareholder IDs, company ownership documents and proof of address (such as a utility bill)
- Once you click ‘Submit’, you’ll receive an acceptance email (usually within 48 hours)
Then, to send money online in AUD:
- From your World Account dashboard, click ‘Make a payment’ and choose ‘Bank transfer’
- Select AUD as the payment currency, then enter your Australian recipient’s details (including bank name, Bank State Branch number (BSB), account number, and recipient name)
- Choose which balance you want to pay from. If you don’t already hold AUD, you can convert from SGD or another currency at the displayed exchange rate
- Review the payment details, then click ‘Confirm’ to send
If you want to receive Australian dollars, here’s how to open an AUD receiving account within your World Account:
- From your World Account dashboard, click ‘Shortcuts’ and then ‘Manage accounts’
- Click the ‘Add a new receiving account’ button on the top right of your screen
- Choose AUD as your currency and give your account a nickname, then click ‘Confirm’
- Your local AUD account will be created instantly
Read more: How to open a foreign currency account: A guide for Singaporean businesses
What to consider when making an international payment to Australia
Some methods of sending money into Australia come with unexpected costs, so it’s worth being aware of factors that could affect your experience.
Here’s what to watch out for:
- Inability to accept foreign payments: Some banks and fintechs only allow you to send or receive funds – you can’t do both. For example, Wise is no longer accepting international incoming payments for Australian accounts, which means only local transactions or international outgoing ones are allowed.3 You can get around this by opening two accounts with two different platforms, though you might also be penalised with same-currency transfer fees.
- Total cost of transferring money: Many banks and providers won’t use the mid‑market rate to convert your funds. Instead, they’ll likely use their own exchange rate, which can add as much as 3.5% margin onto each conversion. For an AU$10,000 equivalent transfer, this effectively adds around AU$350 to your cost, even if the ‘transfer fee’ is low.
Similarly, even if their FX rate is favourable, some banks might hit you with high transfer fees for same-currency transactions. Commbank is one example of this, since they charge AU$30 if you try to send AUD into an AUD account in Australia from a different country.4 - Slow transfer speeds: Sending payments via standard SWIFT bank transfer means your funds won’t settle for up to five business days, and time‑zone differences between Singapore and Australia can slow things further. If you need next-day delivery, you can pay a surcharge of SG$50–100 on top of the regular SWIFT fee to prioritise your processing and delivery times. However, not all banks offer this feature.
- Intermediary bank fees: From Singapore to Australia, SWIFT transfers can pass through up to three intermediary banks, with each potentially deducting its own handling fee. This means your recipient receives far less than the amount you transferred, even if your own bank says it charges “no fee” or a small fee. Most intermediary banks charge in the range of AU$10 to AU$35, though it can rise even higher.
Read more: How to open a business bank account online in Singapore (4 options)
WorldFirst’s World Account: A fast and affordable way to send money to Australia
In this article, we’ve talked through the best options for sending remittances to Australia, with WorldFirst’s World Account standing out as one of the fastest and cheapest ways.
With a World Account, you can access local Australian payment rails and make reliable same- and next-day payments. You’ll also benefit from transparent FX rates and low transfer fees, especially when converting between major currencies like SGD and AUD.
World Account holders can secure favourable exchange rates for up to 24 months using our forward contracts, providing cost certainty and allowing you to accurately plan for upcoming payments.
Ready to get started with WorldFirst? Sign up for a World Account for free.
Shawn Shen is the Country Manager for Singapore and the Philippines, with over 15 years of experience in commercial leadership across payments, SaaS and fintech.
Shawn Shen
Author
Country Manager, Singapore & Philippines WorldFirst Singapore
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