Cys Global Remit: Your full guide

Cys Global Remit is a Singapore-based foreign exchange service that can help you with outward remittances, currency exchange and foreign exchange hedging. If you look specifically at remittances however, Cys Global Remit can get the job done but may cost you more money and time versus new providers like Wise. Learn more about how Cys Global Remit works and if it could be an option for you.

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Send money abroad with Cys Global Remit

Cys Global Remit has been helping Singaporeans send money abroad both for personal use and companies for the past 30 years. For individuals, there are two main ways to send money abroad- through the SWIFT bank system or through the agency network with Cys Global Remit.

Through the bank SWIFT payment network, you can send major bank currencies to bank accounts abroad. These currencies include¹:

With Cys Global Remit’s agency network, you can send money to²:

Check out the charges and fees section to see how much it will cost to send money to any of the countries above with Cys Global Remit.

How to open a Cys Global Remit account

To get started with a Cys Global Remit account, you will have to schedule an in-person meeting with one of the company’s representatives. You can reach out to Cyl Global Remit by phone at +65 6226 2088 or by email at enquiry@cys.com.sg to start the process of getting an appointment.

When you do have your appointment, remember to bring the Account Opening Form provided by Cys Global Remit, photocopies of your ID or Passport and a proof of address. Once your application is submitted, it will take 3-4 working days before you are approved and can start your first transfer.³

Cys Global Remit charges and fees

The charges and fees for Cys Global Remit depend on how you would like the money sent and how much. But there is also one more fee to expect, and it's often hidden in the exchange rate. But more on that later.

If you are sending money through the SWIFT bank network with Cys Global Remit, the most common transfer fee to expect is S$ 20 per transaction. For certain countries, the transfer fee for sending money can be S$ 10. Here is an example of the fees to expect. But to note, if you send amounts above the ones listed, there will be no charges.⁴

If you are sending money through the agency network, the fees range between S$ 8-20 but you have more limited options for currencies to send. Here are the breakdown of the agency fees ⁵:

All fees collected as of 13 August, 2020

Similar to the SWIFT charges, if you send a payment or remittance amount larger than the ones listed, you won’t be charged a fee.

Cys Global Remit transfer limit

The transfer limits vary and depend on the country that you are sending money to. Since you won’t be able to find this information on their website, check with Cys Global Remit directly to see what your maximum limit to send is.

Time it takes with Cys Global Remit

It usually takes about 1-2 days for the money to reach your recipient. It takes about 1-2 weeks for the original contract to reach you as proof of the transaction.⁶

Cys Global Remit customer support

If you need assistance for your transaction, you can head to Cys Global Remit’s branch in Singapore at 3 Shenton Way in Shenton House. Similarly, you can reach out to them by phone +65 6226 2088 or by email at enquiry@cys.com.sg. The website is relatively bare bones, so you may not find the information you need on there.

Want to know exactly how much a transfer is going to cost and how long it will take before you start? With the Wise website or award-winning app, you can be informed on your entire transaction so you can make the best choice for you. You might find you save money with Wise too.

The true cost of international transfers with Cys Global Remit

Despite Cys Global Remit’s legacy in the remittance business, it may not be the cheapest option out there to send money for three main reasons. First, you are restricted by the number of countries you can send money to. Second, the transfer fees are high if you are not sending very large amounts abroad, or if you are sending money frequently, and third is the hidden exchange rate fee. This is all on top of a sign up and remittance process that can take physical meetings and days to set up.

The country options available to send money to are not extensive with Cys Global Remit, despite its name. And it actually leaves out popular countries like the Philippines. India and European countries outside the Eurozone.

If we look at costs, the transfer fees for Cys Global Remit are double or more in some cases compared to Wise for the same route. Let’s take an example of sending S$ 1000 to the United States:

In this example, sending S$ 1,000 to the United States costs 4x as much with Cys Global Remit than it does with Wise. And Cys Global Remit can take twice as long.

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Last but not least is the exchange rate. Cys Global Remit is not transparent with their exchange rate. Often remittance service providers weaken their exchange rates to customers when compared to the real mid- market exchange rate. The real exchange rate is what you see on Google. By giving you a weaker exchange rate, the company is able to sneak in a hidden fee in the difference on every dollar you convert. That means more money out of your pocket for less money to your recipient.

A cheap, fast and transparent alternative: Wise

Have more of the world in your hands with Wise. With one low upfront transfer fee and always the real exchange rate, you can transfer money directly to bank accounts in over 150 countries.

Wise uses smart technology to make global transfers cheaper, more secure and truly global. And with this modern tech, you are able to benefit from fast and low priced transfers that you can access right from your phone. And sign up is free.

So why spend more on doing remittances the old way? With Wise, you can send money at the real exchange rate without any hidden fees and just pay one low fee. It is no wonder over 7 million people choose Wise for their global transfer needs.

All sources checked as of 13 August, 2020