Need to transfer money to India from Singapore or any other country but clueless about the various charges involved and transfer rates to be aware of? This article shall clear many of your doubts.
Below are some of the common questions:
- How to transfer money to India from Singapore? What are the money transfer companies in Singapore?
- How to get the best rates for money transfer from Singapore to India? How do money transfer companies in Singapore operate?
- What is the optimum time to send money to India from Singapore?
- How to transfer money if recipient does not have a bank account?
There are a plethora of options available to us to send money through.
Banks aren’t always the best
High transaction charges
Low transfer rate
Hidden charges (service tax is charged in both countries often times)
Online transfer fool-proof?
While making a transaction through a new website one must always check its SSL Certificate.
Next on the check list must be the regulatory authority (eg FCA) it is tied up with.
If you are an NRI, you are not allowed to use your savings bank account for remittances.
Choosing the right service according to your needs
The frequency of your money transfer notwithstanding, charges add up to a large amount eventually.
Transfer and conversion costs involved
Transfer fees – This may be calculated as a percentage of amount to be sent or may be a fixed charge for all amounts.
Conversion fees – These constitute hidden charges. Some banks and companies assure no conversion or transfer fee but recover this through the low conversion rates which they offer.
- Instarem- It provides you with much better transfer rates and has hassle free procedures which you may follow. It provides better services than xendpay.
- Worldremit – Also gives great prices.
- XendPay – Usually gives better price than Worldremit or TransferWise
It provides you with awesome mid-market rates and often charge zero fee.
- Lebara – Great transfer rates and £17 discount for first use.
- Transfergo- Efficient in the services they offer.
- TransferWise- The best feature is that they are extremely transparent and give a break-up of all charges they would accrue from you.
Different methods of delivery of money
Money is usually delivered to India using two common ways:-
- Bank Transfer – While placing request, mention bank account details for recipient account. It may be your own account or someone who you want to pay. You pay them in source country’s currency, usually online transfer. The company converts it and sends it to your bank account in India. All companies usually provide this service.
- Cash -Identity proof and cash transference reference number need to be showed up for receiving cash at the window. Please note that you get better rates if you send money to an account in India and also fees is usually less compared to cash pickups. WesternUnion and MoneyTransfer are the companies which provide money transfer services using cash.
Prepaid Cards, Mobile TopUp, Mobile Banking are the other ways of sending in money.
For online transfers, it usually takes 2-3 working days for the amount to be delivered to recipients in India.