How to Transfer Money from Singapore to India? A Quick Guide for NRIs

Living the expat life in Singapore but missing being able to send money back home to India easily? You’re not alone! Millions of NRIs in Singapore regularly transfer funds to India to support their family, invest, or manage finances back home. But with so many options available, figuring out the best way to transfer money from Singapore to India can feel overwhelming.

Don’t worry, we’ve got you covered! This guide breaks down the top methods for a smooth Singapore-to-India money transfer, highlighting their pros and cons to help you make the smartest choice for your hard-earned money.

Bank-to-bank transfers

This is the classic route to send money from Singapore to India. For many, especially when large currency transfers are involved, bank-to-bank transfers remain a reliable choice for the following reasons:

Security is key: Funds move directly between bank accounts, minimising the risk of fraud or errors along the way.
Favourable exchange rates: Banks often offer competitive exchange rates for SGD to INR compared to other methods, meaning more rupees for your recipient.
Transparency you can bank on: While fees exist, they’re typically clearly stated upfront, avoiding hidden charges that can eat into your transfer amount.

Money transfer providers

For a speedy choice for Singapore to India Money Transfer, consider providers that specialise in international money transfers, offering:

Need for speed: Money can arrive within minutes or hours, ideal for when you need to get funds to India quickly.
Global reach: Pick up cash at numerous locations in India, making it convenient for recipients without bank accounts.
User-friendly platforms: Mobile apps and websites make sending money as easy as ordering your favourite takeout.

However, note that these services often charge higher fees compared to bank transfers, especially for smaller amounts. They may also offer less favourable exchange rates, impacting the final amount received in India.

Online payment platforms

This is the tech-savvy option for sending money to India. Online payment platforms offer:

Competitive rates and fees: They often provide transparent and competitive pricing structures, helping you maximise the value of your transfer.
Speed variations: Transfer times can vary depending on the platform and chosen method, so do your research.

It’s important to note that not all platforms are available in all countries or support all currencies. Some platforms may also have limitations on transfer amounts or usage for specific purposes.

Choosing the best way to transfer money from Singapore to India

The ideal method depends on your individual needs and priorities:

For security and large amounts: Bank-to-bank transfers are a reliable choice.
For speed and urgency: Money transfer providers offer quick solutions.
For convenience and competitive rates: Online payment platforms provide digital ease.

Pro tips for a smooth Singapore to India money transfer experience

Compare: Always compare exchange rates and fees across different providers to find the most cost-effective option for your send money from Singapore to India needs.

Check transfer limits: Ensure the provider can handle the amount you need to send.

Read reviews: Research the provider’s reputation and customer feedback before initiating a transfer.

Keep records: Always retain transaction details for future reference.

To sum up

Sending money to India from Singapore doesn’t have to be a headache. You can choose from bank-to-bank transfers, money transfer providers, and online payment platforms. Each option comes with its own pros and cons. By understanding your options and following these tips, you can ensure your funds reach their destination safely, securely, and at the best possible value.