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What Is The Best Way To Transfer Money From Singapore To America?

26 September 2023
Grof Writer
6 Minutes Read
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Are you planning a money transfer from Singapore to America? Transferring funds online is a fundamental part of running your business. From telegraphic transfer to FX international payment, a range of options await. 

  

In today's rapid business landscape, global money transfers are an everyday necessity. Wire transfers serve as the foundation for entrepreneurs and small businesses to securely move funds. If you're navigating international waters, finding the optimal way to transfer money globally is a priority. The process is now seamless, swift, and paperless, whether you're sending money from Singapore to America or beyond. 

 

Without further ado, let’s learn insights about the best method, covering cost, speed, and security factors in this blog! 


Significant Factors of Wire Transfer Money 

So, here's the deal: when it comes to moving money outside of Singapore, bank transfers and international wire transfers are where it's at. These are the go-to methods for secure and hassle-free transactions. 

 

But here's the thing you need to know: not all methods are created equal when it comes to saving your hard-earned cash and precious time. Opting for commercial banks may seem traditional, but it often involves concealed, costly fees that can catch you off guard. Hidden charges like outgoing fees, flat fees, currency exchange rate markup, and occasional incoming transfer fees can add up. 

 

In contrast, telegraphic transfers, also known as wire transfers, shine with their swift execution. Typically finalised within one to three business days, they outpace conventional methods that might take a week or more. The appeal of rapid transfer times is especially crucial for urgent financial commitments, such as tuition fees, medical expenses, or unexpected emergencies. 

 

How To Send an International Wire Transfer Money? 

International wire transfers can be quickly done via a bank or through a recognised payment provider like Grof’s business account


Make an International Wire Transfer Online Via Bank 

There are many banks, and many of them will ask you to make an international money transfer with them, but now it is possible to do it online. Several banks offer these services online. Let's know the steps for sending an international transfer: 

 

1. Locate the wire transfer page

Log into your online banking account and navigate to the wire transfer area of your bank's website. This is usually seen at the top of their homepage's toolbar. In the results, you may also search for "wire transfer" and your bank. Finally, if you are still unsure, contact customer care. 

 

2. Verify your internet transfer limit

The daily Internet transaction limit is typically S$3,000 for most banks, but it can vary depending on the bank and the type of account. If the amount to be sent exceeds the daily limit, you must contact the bank and submit a request. In many cases, for security reasons, the bank may have some security measures to confirm that it is you on the phone talking to them. It may be like sending a code to your email. 

 

3. Provide bank details

The third step is to provide the bank details. To complete a SWIFT transaction, you'll need to give precise data to the recipient. This may include, 

 

  • The recipient's bank's name and address. 
  • Name, address, and account class of the person (checking, savings, etc.) 
  • Recipient's bank account number or IBAN. 
  • Recipient's BIC/SWIFT code. 

 

4. Enter the amount and currency type

Once you enter all the details of the payee, the currency is usually put in the wire transfer form for that country's currency. Lastly, enter the transfer amount. Generally, a bank account in a foreign country is expressed in the local currency. 

 

However, it is common for foreign banks to deliver client accounts in numerous currencies. Check once again that you are transferring money in the selected currency. Because once you send money to the incorrect currency, there are chances of getting a rejection of the transfer. 

 

5. Pay the processing fee of the bank

Your bank will inform you about the processing fee, how much you need to pay, how much the bank will levy for a transfer, and your exchange rate. Therefore, Singapore banks charge fees between SGD20-40 and up to 0.4% of the transfer amount. Once you know the amount, simply confirm how you want to pay. This is usually deducted directly from your bank account. 

 

Additionally, the receiving bank might also charge a fee, which is roughly equivalent, but in US dollars. This can add up to around SGD 700 per transaction, covering processing and bank charges. Yikes! 

 

6. Learn about how long it will take

After you finish the transfer form, look at how long it will take to reach the transfer money, the website will show you about it, and your bank will track the status of it while updating you via the web portal. Therefore, transfers usually may take 1-3 business days, depending on some factors. 

 

Making an International Wire Transfer at Bank Branch 

If you prefer not to make large online payments, or if your bank requires an in-person transaction for sending an overseas wire transfer, the process is similar to doing it online, and you'll need to provide the same information. 

 

  1. Carry all necessary banking information with you to the branch. 
  2. Determine the transfer amount and currency. 
  3. Make payment for the international transfer cost. 

 

Hassle-Free and Affordable Alternative: Business Account 

One of the safe and convenient ways to share international money transfers globally is to use a service specialising in international currency exchange. 

 

Like Grof, these service providers are always there to help businesses send money worldwide in a secure, inexpensive, and on time by operating the speed and accessibility of the internet. 

There's nothing much to do.  

 

  1. Open an account with us.
  2. Once approved, simply click the [Send Money] button in your dashboard.grof-dashboard-send-money-display-step-1
  3. Select existing clients that you want to pay, or create new ones grof-dashboard-send-money-display-step-2
  4. Easily switch to your USD walletgrof-dashboard-send-money-display-step-3
  5. Fill in the necessary information, and click ‘Submit’ grof-dashboard-send-money-display-step-5
  6. You will now see the extremely low transfer fees and the total amount you have to pay for this transaction.grof-dashboard-send-money-display-step-6
  7. Proceed with ‘Confirm’. Final checking of the information before you approve the transfer and you’re done! grof-dashboard-send-money-display-step-7

 

 

It's as straightforward as that! For more information about the other impressive features of our business account, feel free to visit our page.


Grof Can Help You! 

When deciding on the best way to transfer money from America to Singapore, there are several factors that you should pay attention to, including cost-effectiveness, speed, convenience, and security. 

 

However, the best method depends on your individual needs and priorities. Online payment platforms or P2P services, whatever option you choose, always do thorough research, consider the fees applied, and prioritize the safety of your money.  

 

Our business account enables you to transfer money at a very low cost and a faster pace, track your business expenses, pay international bills to clients, and so much more. So, what are you waiting for? Schedule a demo with us today! 

 

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Your Ultimate Singapore Incorporation Checklist
Explore crucial dos and don'ts, along with essential tips for a successful company registration when establishing your foothold in Singapore!
Your Ultimate Singapore Incorporation Checklist
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Explore crucial dos and don'ts, along with essential tips for a successful company registration when establishing your foothold in Singapore!
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