Remittance from China to Singapore
The most reliable method should still go to the bank wire transfer, this method is limited by the annual 50,000 U.S. dollars equal amount of foreign currency personal purchase of foreign currency quota, the charge of telegraphic charges, as well as the two sides of the bank as well as the intermediary bank will be charged fees, but all things considered, the bank’s formal channels are still the least risky and most secure method, and the exchange rate of the domestic bank is stable spread loss may be the smallest, and is more suitable for a larger amount of money transfers, and some of the Banks may also offer discounts, this readers should consult the bank themselves. You can find informal channels with lower rates and no foreign exchange quota, but you may not want to take unnecessary risks. Bank remittances can of course be made by money orders and traveler’s checks, which do not charge telegraphic fees but have to be carried or mailed by yourself and only support a few foreign currencies, and most banks don’t have any new-currency business, and if they do, it’s limited to a very few outlets, so both methods are not as convenient as a telegraphic transfer. Bank wire transfers take at least 2-3 business days to arrive, if you can’t wait, you can also consider Western Union, which is faster but may cost more.
The author lacks experience in using a foreign bank in China to send money, but any Chinese bank sending money abroad is subject to the same foreign exchange laws and regulations, and foreign commercial banks may charge higher fees and the spread may be greater.
The remittance process at the Oxfam remittance center is generally to pay RMB to the remittance company’s RMB account in China, and you can take out the SGD cash in Singapore once they receive the confirmation, and generally there is no commission, these companies mainly rely on the spread to make money, so it is important to find out what exchange rate they are giving you before you make the payment, and the fluctuation may be great, and it may vary from hour to hour.
Remittance from Hong Kong to Singapore
Remittance from Hong Kong to Singapore can firstly be done by direct bank transfer with no limit, but the exchange rate may not be very cost-effective (readers are advised to pay attention to this), or you can send a cheque if it is convenient.
Remittance app is still a good choice, the picture below is using Transferwise to send HKD back to SGD:
If you don’t have a bank account, you can choose a money transfer company that offers cash withdrawals, such as Western Union and MoneyGram, and you can withdraw cash in Singapore directly from their outlets.PayPal is also available, and you need to look at the amount of money that you are actually sending out when you operate it, which as I recall is $35 per cross-border remittance.
Remittance from other countries to Singapore
There are many options for sending money to Singapore from other countries. Apart from the traditional methods such as bank wire transfer, bank drafts, traveler’s checks, etc., there are also a number of third-party remittance tools available, such as Transferwise, PaySend, and so on.
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