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What’s the cheapest way to send money to Singapore? 3 options

Last update: March 13, 2026

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Whether you’re making business remittances or sending money to friends and family, you’ve likely been burnt by expensive transfer fees in the past.

The SWIFT network – the traditional system that most banks use to send money abroad – can charge upwards of £25–£100 per transaction, not including additional intermediary bank fees. Most banks also charge 3% in FX markups, which means these costs can quickly snowball, especially if you’re making frequent transfers.

Luckily, there’s a cheaper and faster way to send money abroad.

In this article, we share three of the cheapest ways to send money to Singapore. We also share some other factors you should consider beyond cost before making your transfers.

Firstly, we’ll introduce you to WorldFirst’s World Account, one of the overall best ways of sending money overseas. With a World Account, you can hold, send and receive funds in SGD, GBP, EUR, USD and 20+ other global currencies, all while paying zero account fees.

We cover:

Why WorldFirst’s World Account is an affordable way to send money to Singapore
How to send money to Singapore with WorldFirst
3 other cheap methods of sending money to Singapore from the UK
4 non-cost factors to consider when making international money transfers to Singapore

Ready to start making low-cost money transfers to Singapore? Sign up for a World Account for free.

Why WorldFirst’s World Account is an affordable way to send money to Singapore

WorldFirst is a digital payments platform that’s fully licensed by the Financial Conduct Authority (FCA) in the UK, as well as the Monetary Authority of Singapore. Since 2004, we’ve helped over 1.5 million business customers send more than US$500 billion across the globe.

Our World Account lets you make same-day payments in GBP, SGD and 100+ other currencies at low and transparent prices.

You can also use it to hold and receive money in 20+ major currencies, all for free. We have no maintenance fees, hidden fees, fees for receiving payments, minimum account balances and, by extension, no fall-below fees.

Here’s what you get when you sign up for WorldFirst:

Make affordable transfers to Singapore with low and transparent FX fees

Traditional banks often use their own exchange rates when converting currency, which typically includes the bank’s flat 3% FX fee. Once you factor in all the additional hidden fees and unnecessary charges, you could end up paying as much as 5% per transaction.

In contrast, WorldFirst uses the mid-market exchange rate, which is the rate that banks use to convert currency amongst themselves. We only add a transparent 0.5% markup for major currencies (including the SGD/GBP currency pair). And, for all non-major currencies, our FX markup is capped at 0.75%.

Alternatively, you can avoid FX fees entirely, simply by holding funds in SGD.

For example, if you receive funds in Singapore dollars, you can hold them in your account for free. Then, when you need to make a payment to Singapore in the future, you can spend from your existing SGD balance. Since there’s no currency conversion involved, you pay zero FX fees. Online money transfers to other World Accounts are also completely free.

Check out our currency converter calculator to see exactly how much sending via WorldFirst costs with our real-time exchange rates.

Secure GBP/SGD exchange rates for up to two years with our forward contracts

WorldFirst offers advanced FX tools to help you mitigate currency risk, especially when making lump-sum transfers to Singapore.

With our forward contracts, you can secure today’s exchange rate for an upcoming future payment. Our forwards can extend up to 24 months, which gives you cost certainty and allows you to reliably plan ahead for upcoming payments.

If you want more flexibility, you can also set up rate alerts to receive notifications when the exchange rate reaches your target. Alternatively, you can place a firm order and have WorldFirst execute the conversion on your behalf.

These tools execute at your chosen rate automatically, without constant market monitoring.

Create 50 virtual World Cards for free, and pay 0 FX fees on card payments to Singapore

With WorldFirst, you can create up to 50 virtual World Cards to help you make more affordable transfers abroad.

With a World Card, you can spend from existing balances in SGD and 14 other major currencies with zero FX fees.

All of your virtual cards can be viewed and managed from your World Account dashboard. You can assign cards to departments, teams, vendors or even specific currencies, and each card can be customised with unique parameters (such as budgets and spending limits).

In case of fraud or theft, you can instantly freeze or cancel your cards – it’s free to do so, and you can create another one immediately with brand new card details. Our physical cards are coming soon.

Additionally, you’ll earn up to 1.2% unlimited cashback on all spending when you make payments with your World Card.

How to send money to Singapore with WorldFirst

To start sending money to Singapore 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 page 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)
After you click ‘Submit’, you’ll receive an acceptance email (usually within 48 hours)

Then, to send money online in GBP or SGD:

From your World Account dashboard, click ‘Make a payment’ and choose ‘Bank transfer’
Select SGD as the payment currency, then enter your recipient’s account details (including their full name, BIC and bank account number)
Choose which balance you want to pay from. If you don’t already hold SGD, you can convert from British pounds or another currency at the displayed exchange rate
Review the payment details, then click ‘Confirm’ to send

If you want to receive Singapore dollars, here’s how to open an SGD 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 SGD as your currency and give your account a nickname, then click ‘Confirm’.
Your local SGD account will be created instantly

3 other cheap methods of sending money to Singapore from the UK

If WorldFirst’s multi-currency business account isn’t right for you, you can still make cheap overseas transfers with the following payment methods:

Low-fee bank transfer: Some banks allow customers to transfer money for free between two branches, and others offer low-fee international bank transfers for premium account holders. For example, HSBC Premier customers can send money for as low as SG$0, and transfers between your own HSBC accounts worldwide are also fee‑free.¹It’s important to note that while the transfer fee is low, you might still be subject to the bank’s own exchange rate, which is often less favourable than the mid-market rate. Plus, intermediary or receiving banks might add charges as high as £40 each.

Fee-free debit card / credit card payments: Challenger banks (such as Starling² and Revolut³) have debit cards that allow users to spend overseas without incurring any FX fees, even for transactions that involve currency conversion. Cards can either be virtual or physical, and can be conveniently added to Apple Pay.However, they often come with low spending limits – Revolut’s Standard card is only fee-free for £1000 per month, for example.³ This means you might need to create two or three cards to cover your entire payment to Singapore without incurring any fees.

Specialised money transfer service: Forex brokers are overseas payment specialists that can give you better conversion rates than banks, especially when you’re sending large amounts of money. However, they often require minimum transfer amounts, and they might charge you a fee upfront for transfers below a certain threshold. For example, OFX’s minimum transfer amount is £100 in all major currencies.⁴

4 non-cost factors to consider when making international money transfers to Singapore

Besides currency exchange fees and transfer costs, you might want to consider the following factors before making your international transfer:

Payment speeds: In most cases, you’ll have to wait between one and five working days for payments to settle via SWIFT. This is compounded by time zone differences, and it can result in delayed, unpredictable payments that disrupt your cash flow.
If you need next-day delivery, some banks let you pay a surcharge (often between SG$50 and SG$100) on top of the regular SWIFT fee to prioritise your processing and delivery times. However, not all banks offer this feature.
KYC/AML requirements: For higher‑value transfers (especially one-off payments), expect enhanced due diligence from Singaporean authorities. You might have to provide company documents, your Unique Entity Number (UEN), your business registration number, company invoices or your phone number to the Monetary Authority of Singapore.
Provider trust and reputation: A trustworthy payments service should clearly state the cybersecurity measures they take to keep your funds safe. Look for 3DS secure card payments, biometric verification and real-time fraud monitoring.
You can also confirm how safe the service is by looking at user review websites (such as Trustpilot), as well as years in business and whether there’s a history of frozen accounts.
Transaction limits and controls: While there’s no legal cap on transfer amounts in the UK, individual banks might impose their own daily or monthly card limits. It’s best to check maximum daily/monthly limits with your payment service provider.

WorldFirst’s World Account is the best way to send money to Singapore

In this article, we’ve covered several cheap methods of sending funds to Singapore, with WorldFirst’s World Account standing out as one of the most convenient and cost-effective options.

With a World Account you can:

Make international transfers to Singapore with low and transparent fees
Pay zero FX fees when spending with your World Card in SGD or GBP from your balance
Lock in exchange rates for up to 24 months with our forward contracts, giving you cost certainty for upcoming payments

Ready to start making fast, affordable overseas payments to Singapore? Sign up for a World Account for free.

Sources:

https://www.hsbc.co.uk/international/money-transfer/
https://www.starlingbank.com/travel/
https://www.revolut.com/blog/post/using-revolut-abroad/
https://www.ofx.com/en-gb/faqs/what-is-the-minimum-transfer-amount/

Jennifer Dodd leads marketing for WorldFirst UK, and has over 20 years' experience in financial services and publishing.

Jennifer Dodd

Author

Regional Marketing Lead, WorldFirst UK

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What’s the cheapest way to send money to Singapore? 3 options

Why WorldFirst’s World Account is an affordable way to send money to Singapore

Make affordable transfers to Singapore with low and transparent FX fees

Secure GBP/SGD exchange rates for up to two years with our forward contracts

Create 50 virtual World Cards for free, and pay 0 FX fees on card payments to Singapore

How to send money to Singapore with WorldFirst

3 other cheap methods of sending money to Singapore from the UK

4 non-cost factors to consider when making international money transfers to Singapore

WorldFirst’s World Account is the best way to send money to Singapore

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The simpler way to pay and get paid

What’s the cheapest way to send money to Singapore? 3 options

Why WorldFirst’s World Account is an affordable way to send money to Singapore

Make affordable transfers to Singapore with low and transparent FX fees

Secure GBP/SGD exchange rates for up to two years with our forward contracts

Create 50 virtual World Cards for free, and pay 0 FX fees on card payments to Singapore

How to send money to Singapore with WorldFirst

3 other cheap methods of sending money to Singapore from the UK

4 non-cost factors to consider when making international money transfers to Singapore

WorldFirst’s World Account is the best way to send money to Singapore

Continue reading

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