Do you know the ways to send money to Singapore from UK?
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It couldn't be easier to send money to Singapore from UK if you know this guide. You shouldn’t skip this article because you will discover how to transfer money from UK to Singapore with ease and convenience.
Thanks to the Fintech evolution, you will have different options for sending money to Singapore from UK in particular, and around the world in general.
Relationship brief of Singapore and UK
Singapore and the UK have established a long standing and mutual economic tie ever since Singapore’s independence in 1965.
Both countries are official members of the Commonwealth of Nations and well-known for historical, cultural, institutional relationships, people-to-people links, security interests, sport tournaments, and main trade and investment co-operations.
Do you know the ways to send money to Singapore from UK?
The UK is the main net exporter of financial services, in which London’s financial hub is home to different global payment institutions and fintech innovators.
UK firms have been present in Singapore to aid their trade with the city-state and the surrounding region.
In 2019, the total amount of UK foreign direct investment in Singapore reached 13.7 billion dollars. In 2020, Singapore made up 5.7 billion dollars of UK goods exports.
Also, there were different British-owned small and medium enterprises in Singapore with a 40,000-plus community of entrepreneurial UK expatriates there.
Pound Sterling (GBP) is the official currency on the foreign exchange sector and with millions of Brits overseas, sending money to the United Kingdom from Singapore is a well-traveled transfer route.
After independence, since 1967, Singapore Dollar (SGD) has been the official currency in Singapore. Also known as ‘Sing’, the currency is shown with the symbol S$.
The Singapore Dollar is the 12th most traded currency, and the 3rd most in Asia. Recently, just in 2016, S$ accounted for 1.8% of the daily trading volume.
So it’s no surprise that the United Kingdom is available to offer money transfer solutions for international remittances sent to Singapore.
And here are some typical suggestions:
How to transfer money from UK to Singapore?
With the development of the Fintech industry, now you have a lot of choices of sending money to Singapore from UK.
Of course, each solution has pros and cons. Based on your specific situation, you can pick one of them to transfer money internationally.
Send money from UK to Singapore via a bank
Banks can be the first thought when you plan on sending money from UK to Singapore.
There are over 150 banks and deposit-taking institutions, and 45 banks with representative offices in Singapore.
Basically, traditional banks are convenient and secure. For large sums of money, it’s a good solution because banks charge once for the international transaction. It’s more economical than sending many times with a small amount of money.
However, banks can charge high fees and sometimes the exchange rates are unfavorable when it converts from GBP to SGD Some banks can charge additional fees and third-party charges.
Sometimes, visiting a bank can take time to wait and take many steps to finish your international transactions.
The beneficiary banks can only make payment orders at the bank counter on business days only, so the delivery time will take longer.
In general, doing transfers with a local bank can take from 2-5 days. For your money to reach Singapore faster, you should make payment in the morning.
Send money via an online money transfer provider
Nowadays, there are several money transfer providers with competitive prices and professional services for sending money from UK to Singapore.
If compared with traditional banks, the overseas transaction fees at online providers can be more economical, depending on each service provider. Also, it’s easy to use and you can send money right at home with comfort.
You can send money between multiple accounts online. It's more convenient than visiting a bank directly, which sometimes requires you to wait for and fill in the personal information before making international transactions.
You can easily follow your account status and transactions anywhere and anytime. This is the most optimal method to check whether a transaction has cleared your account or not.
Of course, there are numerous providers you can see everywhere. If you’re new to sending money overseas, it’s hard for you to choose a suitable one.
By the way, here is the list of some online money transfer providers before transferring from UK to Singapore, such as: DNBC Financial Group, TransferWise, Western Union, WorldRemit, Remitly, CurrencyFair, OFX, TransferGo, XE…
DNBC Financial Group is popular with different customers from all around the world as one of the most reputable providers.
DNBC Financial Group offers their customers with alternative transfers at the lowest possible rate.
The money can reach Singapore in 1-3 business days. Especially in some cases, the beneficiary money can arrive in a few minutes.
Alternatively, you can choose other providers for transferring money from UK to Singapore such as: Wise, Western Union, WorldRemit, Remitly, TransferGo or CurrencyFair.
More information of DNBC Financial Group
DNBC Financial Group has become more and more popular with international transfers. We offer the optimal business account for international payments around the world, including the UK to Singapore.
We offer full online payment solutions, money transactions with multiple currencies (including GBP to SGD) for your convenience in exchange rate.
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