One may need to send money from Singapore to India for a variety of reasons. It can be necessary for you to send money to your family or to your child who is studying abroad. This transfer of funds is primarily intended to cover costs associated with financial support, education, healthcare, or travel. Money transfer services from India to Singapore are now quicker and easier than ever thanks to advancements in digital technology. People can transfer money easily and securely with the help of numerous banks and other money transfer services. Continue reading this blog if you want to learn more about India to Singapore Money Transfers.
Also Read: Which Option Is Better For Education Loan: Nbfc Vs Bank? Here’s The Answer!
India to Singapore Money Transfer
You can try the following ways to transfer money from Singapore to India:
Direct Debit
Direct Debit is One of the easiest ways to send money which enables a financial institution to deduct funds from your account after you have approved the payment on your website. The money transfer process can take some time, and it is typically more expensive than a bank transfer.
Bank Transfer
Bank transfers are among the easiest options and the cheapest way to transfer money to Singapore This option is known to provide the best value for money. However, it is a little slower than credit and debit cards. There are many banks that offer money transfer services.
Kotak Mahindra Bank
- Tranfer Time: 2-5 Days
- Fee 2,639.26 INR
- Exchange rate 0.016129
ICICI Bank
- Transfer time: 1-3 Days
- Fee 2,389.26 INR
- Exchange rate 0.016049
How to Transfer Money from India to Singapore DBS?
The following are easy steps for India to Singapore money transfer:
- First, you are required to log into your Internet banking account
- Next, click the ‘Pay and Transfer’ option and select ‘Overseas Transfer’
- Add the bank details of the recipient and enter the amount
- Select ‘Start Transfer’ if you have already entered the details before
- Once the transfer is complete you will receive a confirmation mail or SMS
Credit Card
It is a slightly expensive way to pay for your money transfer services yet provides value for money. It is an easy and fast way to transfer money. It offers a variety of options:
- A Visa card
- Mastercard
- Maestro card
Debit Card
A debit card provides an easy, fast and convenient way to pay for your international money transfer. It is also less expensive than using a credit card.
Also Read: Best International Money Transfer Apps in 2023
India to Singapore Money Transfer Process
The following are the steps for how to transfer money to Singapore:
- To transfer money from India to Singapore, you would have to enable international transfer on your bank account for online transfer or debit/credit card transfer
- For the money transfer, choose the account of the receiver, and enter the amount of money you wish to transfer (keep the exchange rates in mind)
- Enter the details of the receiver’s account
- Verify your identity, you will be required to provide your ID and photos for some currency transfers (pay attention to the transfer fees)
- Send the money through the online banking service
Transfer Money Abroad Using Fly Finance
Here’s how you can transfer money abroad using Fly Finance:
- Select where you want to send the money
- Enter the amount you want to send
- Select or Add recipient account details
- Your international money transfer will be done in minutes
Also Read: Things to Consider When Transferring Money Abroad
Benefits of Choosing FLy Finance for India to Singapore Money Transfer
Given below are some amazing benefits of choosing fly finance to send money from India to Singapore:
- Real-time exchange rates, cheaper than other banks
- Zero convenience fees with no hidden charges
- Cost-effective
- 100% Online application and KYC process
- Safe and secure as payments are made with globally licensed partners
- Quick service and the money can be transferred within minutes
FAQs
Ans. Here’s how you can transfer money abroad using Fly Finance:
Select where you want to send the money
Enter the amount you want to send
Select or Add recipient account details
Your international money transfer will be done in minutes
Ans. Before transferring the money, you must keep in mind the following things:
The exchange rate compared to the market
Transfer fee applied or the overhead charges applied on the transaction
And the duration of the transfer
Ans. As per the guidelines, there is no limit on the remittance amount and also the number of remittances. However, INR 15.00 Lakh is the upper cap for trade-related transactions.
This was all about India to Singapore money transfer. And If you wish to know more about international transfer and education loans, reach out to Fly Finance experts.
