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SingX is a money transfer service for when you’re transferring money out of Singapore. Using SingX you can send money to other countries in Asia, as well as to the US, UK, and Australia. SingX keeps fees low and uses the mid-market exchange rate which makes it an attractive option.
|But if you are looking for a more global account with 59+ currency options including the Chinese Yuan, join the 6 million customers using Wise
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If you are a resident of Singapore, you can sign up for SingX to send money to 30 different countries. As always, however, there is a registration process and fees involved when using SingX. Here is a guide on how it works.
For Singapore residents, opening an account is free. You will have to head to the SingX website and click on ‘Sign Up’ in the top right corner. You’ll then be asked to fill out your personal details and information. You will also need to upload a copy of an ID. This can be your NRIC, Employment Pass, Work Pass or Dependent Pass.
You will then need to be verified in person. You can schedule a meeting at one of the SingX branch locations or at the head office in the city. Once you’ve been verified and you have received the confirmation email, your account will be registered. You can then go to your dashboard and hit “Start Your Transfer” to begin the process.¹
SingX has a simple fee that is based on the mid-market exchange rate when you are sending money. Themid-market exchange rate is the rate that banks use themselves when transferring funds. It is also the one you see on Google. SingX gives you the mid-market exchange rate and then puts a charge between .25-1% of that as a fee on your transaction. More popular transfer routes are on the lower side of the fee scale, while those that are less often used are closer to a 1% fee.²
SingX lets you transfer up to S$ 1,000,000, depending on the country that you are sending the money to. If you are doing an individual to individual transfer to Thailand the maximum is THB 150,000, and to Malaysia, it is RMB 150,000. For the US, you can send a maximum of $75,000; for the UK it is GBP 250,000. If you are looking to send a large amount, check to make sure you fall below that country’s limit.³
The time it takes to send money can depend on when you send it. If SingX receives the payment during the week before 5 pm, in most cases the money will arrive the same day. But if you send money over the weekends or post 5 pm during the week, it will likely be there the next business day.⁴
You can check the status of your money transfer on the SingX dashboard once you are registered and have logged in. You will also be notified by email and SMS when your beneficiary has received the funds.⁵
There is a chance that a transaction doesn’t go through or is taking longer than expected. In that case, you can reach out to SingX directly by email or phone.
You can email Singx at firstname.lastname@example.org with your transaction information. You can also reach the customer service hotline between 9 am-6 pm Monday through Friday at +65-6221-7356. Another option is also to contact customer service through the “Live Chat” feature or troubleshoot through FAQs on the SingX website.⁶
|Want to send money to more than 59 countries globally? Wise is on average 12 times cheaper than banks in Singapore.
SingX tries to make it simple for customers by making their fees clear and upfront, and transparent with the mid-market exchange rate. Unlike other providers that hike up their exchange rate to take a cut of every transaction, companies like Sing X and Wise only use the mid-market exchange rate. The fee that you will be paying comes in the form of a transaction fee as a percentage of the mid-market rate.
In many cases, SingX may come out as a preferable partner with its low fees for the transfer routes they have. But if you want a more global transfer partner that is easy to use on the go and doesn’t require in person verification, check out Wise.
Wise brings the same transparency on fees and the exchange rate but with more global reach and an easy to sign up process. Wise moves over €5 billion a month, and saves customers €3 million a day from fees. You can begin saving today with Wise.
Signing up for Wise is free and easy. You won't have to go to any branch office and can do it completely online. And once you sign up, you get access to the award winning Wise app. The app will let you transfer, convert and spend on the go no matter where you are. Wise also has over 71,000 excellent reviews on Trustpilot.
So if you want more global coverage, including to China, Africa and South America, Wise can be the best option for you. With cheap transfer fees and the clearest exchange rate, Wise uses smart technology to make spending easy around the world. Get a real money transfer partner that is as global as you, sign up for Wise today.
Sources used for this article:
- Opening an account
- Charges & fees
- Transfer limit
- Time it takes to send money
- Checking status of the transfer
- Customer support
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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