All you need to know about transferring money from Singapore to India

Posted by gauri mishra on May 24th, 2019

What to do if you want to send money to India from Singapore? Besides approaching banks and post offices, you can approach global payment services for assistance as well. You could transfer money to India from Singapore for any purpose. Some are:

1)      Buying a property

2)      Paying tuition fees for your child

3)      Overseas investment

4)      Sending money to friends and family

5)      Paying for accommodation

6)      Supporting family members travelling India

7)      Paying for a wedding

8)      Covering debts

9)      Paying outstanding dues

10)  Business completion

The big question is how to transfer money from Singapore to India? Let us learn about it through the listed points.

• Online options: There are two ways to for sending money – e-transfers and power transfers (a web-based wire transfer which eliminates any errors caused by traditional transfer process). The most common methods are cheques and bank drafts. No single option is the best one. However, always opt for a reputed player who has established systems in place. This way you are assured of the safe transfer.

• Offline mode: In case you opt for an online way when following the how to send money from Singapore to India process, ensure to ask the banks to list its correspondent banks. This becomes critical if you are remitting money from abroad. Have a look at the foreign banks which your financial institutions have partnered with to make the transferring process smooth.

• Speed of disbursement: If you want to send the money in a hurry, the viable option is the online mode. You could either opt for a wire transfer or go for NEFT method. This usually takes 24 to 96 hours. If the money gets remitted from Singapore to India, it takes one business day. You can instantly move money through direct transfer to bank accounts.

The offline option takes time. If you issue a cheque, there could be a delay of at least 7 to 15 days before the holder can encash it. Banks have to to verify the deposit. Meanwhile, money orders delay the process further. They take three to 30 days. Debit/credit card transfers are hassle-free and take 1-4 working days. Most of the banks and financial institutions do not remit money during public holidays.

• Coverages provided: Money transfer vendors are not available in all parts of the world. While the offline route is possible across, the online option is prominent in urban areas. Apart from assisting you in the process of how to transfer money from Singapore to India, you should make sure if the bank covers the currency you want to send. Every bank provides Singapore dollars, USD, euro, Dherams, pounds, and so on. Remember, not all banks allow you to send money through foreign currency cheques. A useful option for NRIs is the Foreign Currency Account Scheme which banks overseas often deliver.

• Service cost: Before you opt for a viable method, consider the associated costs as well. There is an inverse relationship between spend of transfer and related charges. As per the current RBI survey, SWIFT transfers are costlier than drafts and cheques. Some money transfer services levy higher commission. This is because they provide unique services, where neither the sender nor the receiver needs to own hold a bank account. They also have a better reach. However, they do not offer competitive rates. Hence, window shopping is a must before taking the plunge.

Isn’t the how to send money from Singapore to India a hassle-free process indeed?