Singapore is a mega city-state in South-East Asia best known for its character as the global business contour of the Asia Pacific region. Compared to its neighbors Malaysia and Indonesia, Singapore is small; made up of 60 small islands and one larger, diamond-shaped main islet. The main islet of Singapore covers 728.3 km ², roughly 0.01 percent the size of the United States.
Singapore’s formal currency is SGD and has been since 1965, following the breakdown of Malaysia and Brunei’s financial union. Still, the Currency Interchangeability Agreement of 1967 established a complementary agreement between the countries whereby the Brunei dollar came exchangeable with the Singapore dollar, accepted as “ customary tender”.
With one of the most steady economies in the world, the SGD is one of the best-performing currencies and the currency’s top performances to date were recorded after the economic crisis. As a thriving business center with a stable residency market, Singapore has become a popular destination for coastal investors, and millions of global fund transfers are transferred to the country every time.
Choosing the best service provider
When considering how to send funds to Singapore from Canada there are some important aspects of the transfer to consider. The cheapest provider is Wise at 0.9 percent and above Mid-Market Rate. This means that by using XE for online fund transfers to Singapore from Canada, you’re likely to save on transfer charges and benefit from fast speeds, so your receiver will get extra funds and have them delivered in less period.
Alternatively, if you’re not able to access XE for any reason, WorldRemit and Wise are also good options when transferring CAD – SGD.
In order to avoid high charges, you should consider the cheapest way to send funds from Canada to Singapore. When transferring funds from Canada to Singapore, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Presently, WorldRemit is the fastest way to send CAD – SGD.
Available payment methods when transferring funds from Canada to Singapore
Most fund transfer providers allow you to deposit and send funds using various payment styles, but not all providers offer every option. Generally, you’ll find the most common styles are bank transfers and card payments, but numerous providers also accept cash and some will indeed deliver finances straight to your receiver’s door.
Transferring funds to Singapore from Canada using a credit card
To avoid high charges you can decide to use an online funds transfer provider similar to WorldRemit to pay for your transfer to Singapore.
Transferring funds to Singapore from Canada using a debit card
With XE you can send funds online to Singapore using your debit card. But before making a payment, make sure you understand all the processing charges in place.
Using a line transfer to send funds from Canada to Singapore
Bank and line transfers are the most common ways of transferring funds to Singapore as they’re secure, dependable, and accessible. Still, they frequently come with the slowest delivery times in case speed is an important factor for you. You can use XE to send funds using a bank or line transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When transferring funds to Singapore from Canada using a bank account transfer you’re paying for the outgoing charges, flat charges, currency exchange rate luxury, and occasionally an extra incoming transfer amount.
Still, you’ll need to know the SWIFT/ BIC law of your receiver in Singapore, If you want to make a global transfer using a line transfer. However, check out the SWIFT calculator to figure out the correct SWIFT law in Singapore, If you’re doubtful about what it is.
On the other hand, you generally only pay a slender fee and a small exchange rate luxury when using online fund transfer services similar to XE, WorldRemit, and Wise.
Application for a CAD – SGD currency transfer
Before transferring funds to Singapore from Canada, you should consider. How much do you want to transfer. It’s likely that the more funds you send to Singapore the extra value you’ll get and the further SGD the receiver will get. This is because any flat figure charged ends up with a lower chance of your transfer quantum, and also because numerous providers allow you to negotiate a better exchange rate margin if transferring large quantities.
The CAD – SGD exchange rate periphery funds transfer providers charge a small rate on top of the mid-market exchange rates in order to induce profit. The current mid-market rate is 1.07629 percent and the smallest exchange rate periphery is presently offered by XE at 0.9 percent above the mid-market rate. Also, you should check for unforeseen costs & charges, Before transferring funds to Singapore, make sure the provider you’re using doesn’t charge any unforeseen costs.
