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A Guide to International Money Transfer Fees in Singapore

21 December 2023

, posted by 

Nida Amalia

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Wire transfer is a convenient and popular electronic transfer method to quickly move large sums of money. Singapore has a lot of money transfer service providers that enable you to do domestic and international money transfers.

However, this convenience comes at a cost. To electronically transfer money, you have to pay fees known as transfer fees. A transfer fee varies according to whether the money transfer is domestic or international and incoming or outgoing.

Money transfer fees play a crucial role in financial transactions because they affect the cost and efficiency of payments across borders. Therefore, everyone needs to understand the significance and costs associated with money transfers, both in domestic and international transactions.

This guide aims to discuss all you need to know about transfer fees and provide you with the best option for money transfer services. 

What are Transfer Fees? 

Transfer fees are several fees charged during wire transfers when money is transferred from one account to another, particularly across borders. Banks, financial institutions, and money transfer services charge these fees to cover the costs of processing and facilitating the transaction. Domestic wire transfers can be settled on the same day, and international wire transfers can take a few days. 

Wire transfers allow two parties to make money transfers quickly and securely, even if they are in different locations. A money transfer usually starts from one bank to another. 

Compared to checks, they’re unlikely to be lost or misplaced in the mail. Moreover, wire money transfers are also reliable. The fees you pay during these transfers are a crucial thing to understand. Their importance lies in their impact on the overall cost of money transfer because they affect the value the sender receives and the cost paid by the recipient. 

Different types of Transfer Fees 

Here are the types of fees applicable to money transfers.

Domestic Wire Transfer Fees

A domestic transfer fee is charged when a wire payment transfer occurs between two different financial institutions or banks within the same country. The average incoming domestic wire transfer fee is $15, and the outgoing domestic fee is around $25. The domestic transfer fee is lower because the transfer only goes through domestic ACH and can be delivered within a few hours. 

International Wire Transfer Fees

International wire transfer fees are charged when you transfer money from your SGD account to someone in another country. These fees are usually higher because they involve a Singapore bank, a foreign bank, and an individual processing system. The average wire transfer fee for incoming international transfers is $15 and $45 for outgoing transfers.

Here are the transfer fees that apply to international money transfers.

Handling Charge

A handling charge or handling commission is an international transfer fee that a bank or money transfer service provider charges to cover the administrative cost of handling the transaction. Money transfers done at the bank are more costly than those sent via online banking.

Cable Charge

When the bank transfers money to an overseas bank account, your bank has to contact the foreign bank, and there’s a charge for this time and effort, which is called a cable charge. The cable charge fee will be a fixed amount per transaction that a bank or remittance service provider sets.

Agent Bank Charge

In an international wire transfer, there is always a receiving bank that also charges a fee. The receiving bank, also called the agent bank, will charge for the effort required to process and complete the transaction. This fee is known as an agent bank charge.

Transfer Fees vs Exchange Rates

Transfer fees are what every bank, financial institution, or remittance service provider charges for local and international money transfers. The exchange rate is not a fee. Rather, it refers to the value of one currency against another currency. 

For example, in Dec 2023, you can trade 1 USD to 0.915 EUR, or we can say 1 EUR is equal to 1.09 USD.

When evaluating the transaction cost, you should consider both transfer fees and exchange rates. The transfer fees and exchange rates significantly affect the final amount the recipient receives.

A low transfer fee may be offset by an unfavorable exchange rate that can increase the overall cost. So, when making a transfer in another currency, make sure to consider the exchange rate so you know how much money you need to send to ensure the receiver gets the right amount of money. 

Note: Fortunately, you can avoid high transfer fees and unfavorable exchange rates on overseas transfers by choosing Fazz Business!

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Comparison of Transfer Fees Charge by Financial Institutions in Singapore

As a global financial hub, Singapore has a variety of leading banks, financial institutions, and money transfer service providers. Let’s break down the transfer fees charged by different providers to make a cost-effective choice.

DBS Remit

DBS Remit allows you to send money internationally for free. Not all countries support this feature. International payments made through the DBS app or web dashboard charge a fixed international money transfer fee of SGD 25. If you make an overseas money transfer at the DBS branch, you will have to pay a fixed SGD 20, along with a handling fee of 0.125% of the transfer amount. Any incoming international money transfer in a DBS account has an SGD 10 fixed fee.


OCBC, an established Singapore bank, has a fixed overseas money transfer fee of SGD 20. There are extra international transfer rates of 0.125% for your money transfers. These fees range from SGD 10 to 100. The fixed fee for incoming money transfers with OCBC is SGD 10.

Maybank Singapore

Maybank, another big name in Singapore’s banking sector, charges different transfer fees depending on the currency and whether you want to send transfers online or through the branch.

For online transfers, there is a fixed fee of SGD 20 and SGD 30 for transfers at the branch. In addition to fixed transfer fees, this bank charges a 0.125% commission fee for the transfer amount. This fee can be from SGD 20 to 100.

Note: If you’re looking for a low-cost way to send money transfers abroad or locally, Fazz Business is an excellent choice. With a Fazz Business account, you can make free local transfers, and you can avoid high international transfer fees by paying just a small upfront fee.

Fazz Business: A Cost-Effective Solution for Local and Cross-Border Money Transfers 

Fazz Business is a leading neobank trusted by fast-growing startups and web3 companies across Southeast Asia for money transfer services. With Fazz Business, your funds will arrive fast and securely. You can transfer funds in 50+ currencies at lower FX fees and shorter processing times compared to banks in international transfers. Fazz Business provides an ideal, inexpensive money transfer service for Singapore businesses.

If you do a lot of business internationally, the international transfer fees and FX markups will be costly for your business. By sending the transfer online and choosing reliable money transfer services like Fazz Business, you can reduce the fees associated with international wire transfers. With a Fazz Business account, international money transfers from Singapore won’t break your bank. 

Fazz Business offers a convenient and reliable money transfer method for both domestic and international transactions. Unlike traditional banks, Fazz Business uses actual exchange rates for money transfers. When you combine the real exchange rate with a low upfront fee, you get fair, transparent, and affordable international transfers.

Grow your business fast, make low-cost international money transfers smoothly, and save money with Fazz Business!


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