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With a few branches around Singapore, GPL Remittance helps you send money to countries around Asia primarily. And although GPL Remittance is trying to adapt to more digital ways for customers to send money, they are still majorly an in-person shop.
Learn more about how GPL Remittance works and if it can be an option for you.
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But if you want an easier, safer and fast way to send money to more places globally, look no further than Wise. You can sign up for a free account with Wise online and you can send money directly to local bank accounts in over 150 different countries.
If you are looking to send money abroad, you can use GPL Remittance to send money to the following countries¹:
For Nepal, India, Bangladesh, Indonesia and the Philippines, you can arrange for cash pick-up of your remittance. GPL Remittance also says it has facilities to send money to other countries, but you will have to check with them directly at the branch.
The head office of GPL Remittance is at Golden Mile Complex, and you can find additional branches at City Plaza and Aljunied in Singapore. You can also find branches in Hong Kong, Malaysia, and Indonesia.
The GPL Remittance app is another way to access services, and it can be downloaded from the Android Play Store or the iOS app store. Let’s break down how to go about using GPL Remittance in the next sections.²
To register for a GPL Remittance account, you will have to head to one of the branches in the city. While you are signing up, you can also set up an internet banking service by bringing your bank passback or bank statement with the account number.³
If you go the app route, you can register through the app and the app will send you an OTP to verify your account. In both cases, a Know Your Customer form may also be required from you for further verification.
GPL Remittance is not upfront with their charges and fees. So if you are looking to compare and decide which option for sending money is the best for you, it is hard to do without going to the GPL branch and asking for the information you need.
GPL does make it clear there is a flat fee that starts from S$ 6 per remittance and varies depending on the recipient country⁴. This can work in your favor depending on how much and where you are sending. But again, not having a clear idea of the remittance costs makes it difficult to get to an informed decision beforehand.
A second fee to keep in mind however is the hidden exchange rate fee. This is often a small fee that is snuck in the exchange rate you are given to convert Singapore Dollars to another currency. GPL Remittance sets their own exchange rate to you to be weaker than the real exchange rate that banks use themselves.. So you then get charged in the difference for every dollar you convert.
GPL Remittance does not have a minimum transfer limit in place, but the maximum limit will depend on where you are sending the funds, the mode of delivery and how much. Check with GPL Remittance directly to see the remittance cap for your particular transaction.
GPL Remittance says it can take anywhere from a few hours to a few days depending on where and how you are sending the money. If you are already registered and you need to send money urgently, you can use the GPL Remittance Express Service, but it is likely at an additional cost. In either case, contact them directly to get clearer information on the time it takes for the money to arrive.
It is clear that to get even a basic idea of how much your transaction is going to cost and how long it will take, it is best to either go to a GPL Remittance branch or contact them directly. You can reach them at the addresses on their website, on Whatsapp at 65 8894 6635 or by phone at: +65 6291 2991.⁵
You’ve worked hard for your earnings so shouldn’t you know how much you will be able to send home before you commit to a remittance provider? At Wise, transparency is key. Wise tells you upfront the one low fee for your transaction, the real exchange rate you are getting and when you can expect it to be delivered in the local bank account. It is as simple as that.
GPL Remittance may cost you more than you expect in time and money. There are a lot of factors upfront that are unclear which will require you to either register with the company first or physically head down to the branch to know more.
Between the exchange rate you will get, the transfer fee and the time it will take for the money to get there, GPL Remittance does not make comparing costs and providers easy for you. And in that token, it may be more expensive than other global money transfer companies out there.
With Wise, you can send money directly to local bank accounts in over 65 different currencies. You can sign up for free online or from your mobile with the award-winning Wise app.
You can send money with just one low transfer fee and at the real exchange rate. You will never get a mark-up or hidden fee in the exchange rate with Wise. And you will always know right up front how much the transfer will cost you. No surprises here. So be the most informed as you can be with TransfeWise for your next money transfer.Sources used for this article:
- GPL Remittance Countries
- Using GPL Remittance
- Registering for Internet Banking
- Remittance Charge
- Customer support
All sources checked as of 10 August, 2020
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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