How Wire Transfers Work in Singapore: A 2025 Guide for Business Owners

Wire transfers are a core part of international business—and when done right, they’re fast, secure, and reliable. But if you’re a Singapore SME navigating global payments, you need to understand how they work, what to watch out for, and how to avoid costly mistakes.

Here’s everything you need to know about wire transfers in Singapore.

🧠 TL;DR: What You Need to Know About Wire Transfers in Singapore

• Wire transfers are still the safest and most widely used way to send money internationally — but they come with hidden fees and long processing times.

• Domestic transfers in Singapore can be instant. International transfers take 1–5 business days and use the SWIFT network.

• To send a wire transfer, you’ll need your recipient’s bank info, SWIFT code, and payment purpose.

• Mistakes or delays (like weekend transfers or incorrect codes) can hold up your money.

• Consider using a multi-currency business account to simplify cross-border transactions and reduce fees.

👉 Grof helps Singapore SMEs streamline bookkeeping and accounting with modern tools and expert support, talk to us today.

What Is a Wire Transfer?

A wire transfer is an electronic method of sending funds from one bank account to another. There is no physical cash involved—just secure communications between financial institutions.

Types of Wire Transfers:

• Domestic Wire Transfers – within Singapore
• International Wire Transfers – across countries and currencies

Most international transfers use the SWIFT network, which connects over 11,000 financial institutions globally.

 

What Is the SWIFT Network?

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging system that banks use to communicate payment instructions.

Each bank has a unique SWIFT/BIC code, which helps route messages securely and accurately. It’s important to note that SWIFT itself does not move the funds—it only sends instructions.

🤔 Pro Tip: Double-check the SWIFT code before sending any international transfer to avoid delays or failed transactions.

 

What Information Is Required for a Wire Transfer?

Make sure you gather the following details before initiating a wire transfer:

• • Recipient’s full name and address
  • Recipient bank’s name and address
  • Bank account number or IBAN
  • SWIFT/BIC code
  • Purpose of transfer
  • Who will cover the fees (you, recipient, or shared)

 

How Long Do Wire Transfers Take?

Type of Transfer	Estimated Time
Domestic (within SG)	Instant–1 day
International	1–5 business days

Tip: Timing depends on banking hours, cut-off times, time zones, and intermediary banks.

 

Step-by-Step: How a Wire Transfer Works

1. Initiation: You submit transfer details to your bank or payment platform
2. Verification: The bank validates your request and confirms funds are available
3. Transmission: A secure SWIFT message is sent to the recipient bank
4. Processing: The recipient bank receives and processes the payment
5. Notification: Some banks alert the recipient when funds arrive
6. Access: The recipient can now use the transferred funds

 

Telegraphic Transfer vs Wire Transfer: What’s the Difference?

Yes. “Telegraphic Transfer” (TT) is simply an older term for wire transfer. In Singapore and Malaysia, the term TT is still commonly used interchangeably.

What Factor Affects Wire Transfer Speed?

• ⏱ Bank cut-off times: Transfers initiated after your bank’s daily cut-off won’t process until the next business day.
• 🗓️ Weekends and public holidays: Most banks don’t process wire transfers outside standard business days.
• 🌍 International time zones: Differences in time zones can delay processing between banks in different countries.
• 📄 Missing or incorrect documentation: Incomplete or inaccurate paperwork may require manual review, slowing things down.
• ❌ Typos in recipient name or SWIFT code: Even small errors can cause the transfer to fail or be returned.

Avoid delays by reviewing all transfer details carefully before confirming.

Can You Cancel a Wire Transfer?

Not once it’s been processed.

Wire transfers are final once approved and sent. If you need to reverse a transaction, your only option is to request the recipient to return the funds.

If you catch a mistake early, contact your bank immediately—they may be able to stop it before it goes through.

Alternatives to Wire Transfer

Method	Best For	Downsides
Cheques	Traditional payments	Slow, requires manual clearing
GIRO Transfers	Recurring domestic payments	Can take 1–2 days, limited to SG
PayNow/FAST	Instant local payments	Not suitable for cross-border

 

Conclusion: Make Global Payments Work for Your Business

Wire transfers are crucial for global business operations. But understanding how they work can help you avoid delays, reduce fees, and stay compliant.

At Grof, we help Singapore businesses manage payments, accounting, and compliance—all in one place.

📈 Ready to streamline your financial operations?

👉 Explore Grof’s corporate services or book a consultation today.

Frequently Asked Questions

1. What is a wire transfer and how does it work?

A wire transfer is an electronic method of sending funds between banks. It uses secure messaging networks like SWIFT to process and move money, typically for domestic or international payments.

2. How long does a wire transfer take in Singapore?

Domestic wire transfers via FAST are nearly instant. International wire transfers usually take between 1–5 business days, depending on banking hours and time zones.

3. What information is required for a wire transfer?

You’ll need the recipient’s full name, bank account number or IBAN, SWIFT/BIC code, bank address, transfer amount, purpose of the transfer, and payer details.

4. Can I cancel a wire transfer?

Once processed, wire transfers generally cannot be cancelled. If you spot an error early, contact your bank immediately to try and stop the transfer before it’s finalized.

5. What’s the difference between a wire transfer and telegraphic transfer (TT)?

Both terms mean the same thing. “Telegraphic transfer” is just the older term still used in many regions including Singapore and Malaysia.