Everyone performs money transactions, be it locally or internationally. Sending funds from a local bank in Australia to this country is easier but quite expensive. Unlike domestic transactions, international transactions carry hidden charges, exchange rates with hidden margins, and bank charges. However, it is quite possible to send money in person via platforms like Western Union or MoneyGram. They offer quicker services but might not be affordable for you. The final option for money transactions is online services which provide both speed, safety, and affordability.
If you are interested in sending money between the two countries, this article provides some of the best services in the nation.
Best transfer services
A few of the available platforms for sending money are listed below:
- TorFX – a large sum
- OFX – free fee
- XE Money Transfers – good brand
- Wise – best exchange rates
- WorldRemit
TorFX
Quite popular with foreigners residing within the nation, it has a local office and offers quality over-the-phone service and cheaper and competitive exchange rates for large funds. There is no flat fee charged for a large amount of money. It takes at least 5 working days for a beneficiary to receive the money sent to their local accounts.
How to transfer
- Register via the TorFX website
- Choose an account type, details, and the currencies you want to send
- Obtain a quote for your transaction
- Fill in the recipient’s details
- Pay TorFX via the bank
OFX
OFX (formerly Ozforex) was launched in the state with its headquarters in Sydney. Each transaction is subject to a flat fee for smaller amounts. It adds a margin to the exchange rate once one converts from Australian dollars to Singapore dollars. The minimum fund one can transfer is AUD$250. The recipient gets the money in Singapore dollars within 1 to 2 working days.
How to transfer
- Sign up for a free online account on the site
- Login to acquire a live quote for the service offered
- Fill in the details of the recipient such as bank account, branch transit number, etc.
- Click ‘Finalise transaction’ and make a transaction via bank or wire.
XE Money Transfers
An excellent option for online users who do not mind the processing time. There are no fixed charges or minimum amounts. However, there might be hidden charges at the local bank. The exchange rate depends on the amount one wants to transfer. Recipients usually receive the money in their accounts in 2 to 3 office days. It is safe to send money via this as it is registered with FINTRAC and has a Money Transmitter license from the DFS in New York.
How to transfer
- Create an account online or via phone
- Enter details such as the amount, country of the receiver, and currency
- Initiate payment
The funds will be sent to the recipient’s bank account.
Best online service available
The best online services are:
Wise
If you wish to send money online, this is one of the best ways to do that. Setting up an account is very easy as well as transferring with the mobile app. It offers competitive exchange rates same as with XE or Google and has no hidden rate markup. The fee is 1.03 AUD plus 0.46 percent of the amount to be sent. You can pay via Bank transfer, debit card, or credit card. Your recipient receives the money from a local account owned by Wise, within a day.
How to transfer
- Sign up for an online account then login
- Enter the amount, country, and beneficiary’s details
- Transfer to Wise, via a bank transfer or with a debit/credit card.
WorldRemit
Specializes in money transfer of small funds. An excellent option for personal transfers up to AUD10,000. Better rates than most banks and more flexible delivery options than MoneyGram. Transfer fees range from AUD2.99 for small amounts to AUD 50,000. Transfers take up to 2 to 3 business days to process.
How to transfer
- Go to the website. Enter the amount you desire to transfer. Then choose a delivery method
- Sign up for an account with your details
- Make payment to WorldRemit, via a bank transfer, debit, or credit card.
