Singapore Expats

How to Send Money to Your Bank Account in Australia From Singapore

Sending payments overseas can be a bit of a challenge if you’re not familiar with the process. Before, transferring money can take up a lot of your time and effort. But, thanks to the advancements of recent times, there are already numerous ways to send money to your bank account from one country to another, such as from Singapore to Australia. Here are some ways on how you can do this:

1. Online Transfer Service

The best way to transfer money from Singapore is through online transfer service. For one, it is the most convenient option to transfer money from Singapore to Australia. Today, you can access the Internet wherever you are in the world, and there are tons of legitimate web platforms that will allow you to seamlessly transfer money from one country to another. With a click of a button, you can send money from point A to point B no matter the distance.

Second, it’s easy to sign up. Simply enter all the necessary details the site will be asking of you, of course, including the amount of money you wish to send. The platform will then quote you an exchange rate, convert it into Australian dollars, and send it to your bank account in Australia.

Third, conversion rates (very close to market price) and fees are low. It offers such an affordable way to transfer money from Singapore to Australia.

2. Bank Transfer

If you are reluctant to transfer funds through an online platform, you can always send money to an Australian bank account through any bank in Singapore. In banking terms, international money transfer services can be referred to as wire transfer, telegraphic transfer, or SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfer.

Basically, when banks need to transfer money, they use SWIFT. For better understanding, this is how it goes: Each bank is given a SWIFT code, which serves as its identification when communicating with other banks. In order to make a transfer, the sender bank needs to enter the SWIFT code of the receiving bank in a highly encrypted communication channel. Only banks have access to this specific channel.

Some of the disadvantages of doing SWIFT transfers, however, are the high exchange and service fees. Ideally, people use SWIFT transfer when sending money to Australia when it involves a huge amount since the said method goes through a fail-safe channel.

3. Cash Transfer

If you don’t have access to the Internet or a bank, you can always have a third-party money transfer company send your money to Australia. There are many credible money transfer companies that can do this for you, and one of those is Western Union.

These companies usually have satellite agent branches all over the world. Step by step, here’s what you need to do:

  1. First, you need to visit a money transfer company, such as Western Union. If you have no idea about one nearest you, you can always Google the locations of its branches.
  2. Once you get there, you will be asked to fill out a form with the necessary details: your name, the name of the recipient, contact details, amount, and other relevant information.
  3. You can either choose a pick-up option (recipient picks up money from any Western Union branch) or delivery option (money gets delivered to the recipient’s address).
  4. After that, you put the money in an envelope and proceed to paying the transfer fees.

How Do You Compare Each Method?

The next thing you need to do is to decide on which method is best for you. It will usually depend on your personal needs and preferences. To do this, here are some factors you might want to consider:

1. Service and Transfer Fees

Typically, all the above-mentioned methods charge certain fees for the services they render, which can either be a flat fee or a percentage of the amount you wish to transfer. It’s important that you don’t get overcharged when sending money from Singapore to Australia.

It would be best if you can compare the fees across all methods of transfer so you can determine which one is worth your money. In addition to that, flat fees would be more advantageous to you if you send large amounts of money. On the other hand, choosing a service that only charges a percentage of the amount being transferred will be beneficial if you’re sending smaller sums of money.

2. Foreign Exchange Rates

Another thing you need to look out for is the foreign exchange rate. Each method of transfer uses a different kind of exchange rate. Every transfer method will also add a spread on the market rate. You need to look for one that offers the best exchange rates in order to save money.

3. Speed

These transfer methods have different transfer times as well. Check out how how long it would take for your money to reach your bank account in Australia. Some only take a few minutes to make the transfer, while some transfers take up to a week or so.

4. Transfer Limits

The method you choose will also depend on how much money you wish to transfer. Each one will have minimum and maximum transfer amounts. You can’t transfer too little, and you can’t transfer too much either.

5. Convenience

You also need to consider which is most convenient for you. If you easily have access to the Internet, then the best one for you would be via an online platform. On the other hand, if you don’t have access to the Internet, then it’s probably better for you to use a third-party money transfer company or a bank to do the transaction for you.

6. Supported Currencies

Each money transfer method only supports a limited number of currencies. There are some currencies that a certain transfer method does not cover. Since you are transferring to an Australian bank account from Singapore, you also need to make sure that the method you use supports Australian dollar.

Conclusion

Based on the options listed above, you can choose which one is best for you depending on your needs. However, you still need to do your own research on these methods to ensure accurate transactions. Because it is your hard-earned money that is involved, you just can’t take risks.

10 Dec 2019
Singapore Expats

   

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