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Hanshan Remittance has been helping Singaporeans send money to Asia and abroad since 1996. And while they offer same business day transfers in RMB, Hanshan is expensive to use for sending global transfers.
And Hanshan will require you to physically go to the branch to get started. Read on to learn more about how Hanshan works and if it could be an option for your next global transfer.
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Want to send frequent transfers home but want to pay less in fees? You can save money on global money transfer fees and hidden exchange rate fees while having access to more countries with Wise. And you can do it all at the real exchange rate right from your mobile.
Hanshan lets you send money to 17 different countries, with a focus on destinations in the Asia region. On top of sending money to China, you can remit to:
|Euro||United States||Great Britain||Hong Kong|
Hanshan will soon be launching a way to send money through your mobile, but until then you will have to either go to the branch or send an email to complete your remittance home. Hanshan takes cash, cheques, PayNow, bank transfers, and NETS for payment.
When you are ready to send money with Hanshan, make sure you have all the recipient’s details like their account and bank information. You will have to put down your details, including an identification number, and the purpose of the remittance. Depending on the country you are sending to you, you will also need to provide a SWIFT, IBANor Sort Code for the destination account.¹
If it is your first time working with Hanshan, you will need to go to the Hanshan branch at 1 Park Road in People’s Park Complex to get started. Make sure you carry your identity documents like a passport, IC or other work passes to register.
If you have already used Hanshan Money Express before, at the counters, you can send them an email at firstname.lastname@example.org or call the branch at +65 65386280 to complete your remittance by email.²
It is easy to see how Hanshan can be more expensive than other global money transfer services out there. Customers of Hanshan can expect two fees when they want to remit money home. The first is a high service fee for the transfer, and the second is a hidden fee in the exchange rate.
The service fee is a flat fee, no matter how much you are sending. This may be advantageous if you are sending a very large amount home. But in most cases, it will feel expensive, especially if you are sending money frequently. The service fee to expect is:³
|Chinese RMB||S$ 18|
|Malaysian Ringgit||S$ 10|
|Hong Kong Dollar||S$ 20|
|New Taiwan Dollar||S$ 30|
|Indonesia Rupiah||S$ 10|
|Thailand Baht||S$ 15|
|Vietnam Dong||S$ 8|
|Philippine Peso||S$ 5|
|Remaining Currencies||S$ 30|
The other fee you can expect can be found in the exchange rate you are receiving from Hanshan itself. Hanshan sets their own exchange rates for clients, which is normally lower than the real exchange rate. The real exchange rate is the one that you see on Google or Reuters and is the one the banks use themselves. By setting their rate lower, Hanshan is able to sneak in a hidden fee to you as a customer on every Singapore dollar you convert. Take a look below on what this can mean for your wallet.
There is no clear transfer limit, but if you need to send more than S$ 30,000 using Hanshan, you will need to provide additional documents like a monthly salary slip and a bank withdrawal slip to verify your income.⁴
The time it takes for money to be delivered with Hanshen is based on where you are sending the money. For most of the currencies, the money will be delivered in 48-72 hours. But if you are sending money in RMB, it can be deposited the same day if it is a business day, or by the next working day. But check with Hanshan for how long your specific transaction will take.⁵
You can contact Hanshan’s customer support in a few different ways. First, you can always head down to the branch at People’s Park Complex in person for any assistance. But you can also reach out to them by email at email@example.com or by phone at 65386280. In other options, you can also contact them on their Facebook page which you can find at @hanshanmoney or on WeChat at @hmeremit.
Want to send money to more countries around the world but from your mobile? Check out Wise. Wise is the cheap, easy, and fast way to send money to your loved ones directly to their local bank accounts. And all from your computer or mobile.
Hanshan has a legacy in the remittance business, but that doesn’t mean it is the cheapest option out there. Between the service fee and the marked-up exchange rate, you can find yourself sending less than you had hoped back home.
Let’s take a look at how much a Hanshan remittance can cost you if you are sending S$ 1000 to Indonesia. For comparison, here is how Wise looks for the same exact transaction:
|Amount to Send||S$ 1000||S$ 1000|
|Transfer Fee||S$ 10||S$ 6.39|
|Exchange Rate||10610 IDR||10,782.8 IDR|
|Recipient Gets||10,503,900 IDR||10,713,898 IDR|
as of 20 August, 2020
As you can see, the high transfer fee and weak exchange rate from Hanshan makes this transfer more expensive than it needs to be. With Wise, your family at home can receive more than 200,000 IDR more than Hanshan. That is because Wise uses smart technology to make the transfer fee cheaper and give you the real exchange rate on every transfer.
Wise can save you even more on a transfer when you are looking to send money to Europe, the US, or the UK. Check out the Wise app or website to see how much you can save on your next transfer.
Leave the days of going to a branch to remit money behind, and join the future with Wise. You can send money to over 150 countries from the free Wise award-winning app, right from the comfort of your home. And as always at the real exchange rate.
With a low transfer fee on every transaction, you can send more money to loved ones more often with Wise. Plus a Wise account is completely free to sign up and use. Join the over 8 million people that use Wise to send their global money transfers today.Sources used for this article:
- Sending money with Hanshan
- Opening an account
- Charges & Fees
- Transfer limit
- Transfer time
- Hanshan exchange rate for IDR
All sources checked as of 20 August, 2020
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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