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International money transfers are very common in a developed, cosmopolitan country like Singapore. Perhaps you’re transferring funds for your child’s overseas education, to support your family members while they live abroad, or to capitalise on an investment opportunity in another country.
With Singapore’s significant non-resident population, it also comes as no surprise that many send money regularly to their loved ones back home.
When you transfer money overseas, it’s not just about the amount, but also how you do it, and what to watch for when making an international transfer from Singapore.
#1 Which Platform To Choose & How Secure And Convenient It Is
Gone are the days of sending money overseas by queueing at bank branches or wire transfer outlets. These days, digital methods are preferred for their convenience and security. However, it’s important to make sure that the digital platform you choose is reliable and regulated.
In Singapore, financial institutions are regulated by the Monetary Authority of Singapore (MAS) and must have a cross-border money transfer service license to provide such a service. Be sure to check the Financial Institutions Directory on the MAS website to make sure the digital platform you choose is on it.
You Technologies, the company behind YouTrip, the popular multi-currency e-wallet, is already a major payment institution regulated by MAS. They are now also licensed for cross-border money transfers, which means all YouTrip users can now send money overseas via the YouTrip app.
Read Also: Step-By-Step Guide to Getting And Using A YouTrip Card For Your Next Holiday Or Shopping Online
#2 How Many Countries Can You Transfer Money To
More options are always better when it comes to transferring money overseas. It is tedious and cumbersome to maintain accounts over multiple platforms simply because your preferred platform cannot transfer funds to certain countries of your choice.
The best international money transfer platforms, like YouTrip, typically offer same-day or even instant transfers to 40+ countries, including countries like Malaysia, India, Indonesia, the Philippines, and Australia.
#3 What Is The Exchange Rate You Can Enjoy
Every overseas transfer platform will have its own method of determining the currency exchange rate. Some platforms may also inflate their exchange rates to cover costs.
Unlike these overseas transfer platforms, YouTrip is uniquely positioned to deliver transparent and highly competitive exchange rates. By tapping into wholesale exchange rates and cutting out unnecessary markups, YouTrip ensures that users get the best value when transferring money overseas.
Read Also: YouTrip Card Vs Regular Credit Card: How Much Can You Save When Spending Overseas?
#4 How Much Do You Pay In Transfer Fees & Other Hidden Costs
Some bank platforms boast that they offer zero-fee transfer charges but may provide less competitive exchange rates. Other digital platforms offer more competitive exchange rates but may charge a small, upfront fee.
YouTrip ensures full transparency on its low transfer fees. YouTrip’s transfer fee depends on several factors like the type of transfer, the currency you’re sending, the amount being sent, and the chosen payment method. You’ll always know exactly what you’re paying for each transfer.
#5 How Long Does It Take To Transfer Funds
When transferring money overseas, especially in the case of an emergency, speed is of the essence. While many platforms now offer same-day transfers, it is even more important to find an overseas transfer platform that can do instantaneous transfers.
In addition to same-day transfers to the recipient’s bank account, YouTrip also allows you to send money instantaneously via DuitNow to Malaysia, GCash to the Philippines, and via UPI to India.
Some payment methods like India’s UPI have a daily limit of ₹200,000 (about S$3,000), but that should be more than enough for an emergency overseas transfer.
Read Also: Why Cash Is Not King: 4 Ways To Get The Best Bang For Your Buck In Your Next Overseas Holiday
Enjoy Cashback When You Transfer Money Overseas With YouTrip
To celebrate the launch of this new YouTrip feature, users who make an overseas transfer for the first time from 3 – 31 March 2025 can enjoy up to S$10 cashback. All you need to do is send at least S$300 per transfer for your first two transfers. You will earn up to S$5 cashback per transfer, adding up to S$10 cashback in total.
How To Send Money Overseas With YouTrip
#1 If you don’t have an account yet, sign up for YouTrip. Using the promocode DNS5 during registration will give you an additional S$5 welcome credit in your YouTrip account.
#2 Top up your YouTrip wallet via PayNow or a Linked Bank Account (eGIRO) to ensure that your SGD wallet has sufficient funds.
#3 Click “Transfer”, followed by “Transfer Overseas”, then select the desired currency you wish to transfer.
#4 Enter the amount you wish to transfer and click “Set Up Transfer”.
#5 Add in the required details of your recipient based on your preferred transfer method where relevant: Bank Account, DuitNow, Gcash or UPI, followed by “+ Add Recipient”.
#6 Slide to transfer and your recipient will receive the money in their local currency.
Manage Your Foreign Currency Transfers And Payments On One Platform
With YouTrip’s latest international money transfer feature, you enjoy competitive exchange rates, transparent fees, and fast transfers—all from the convenience of a mobile app you’re likely already using for your overseas spending and payments.
Don’t have an account yet? Sign up for YouTrip and use our exclusive code DNS5 at registration, receive the S$5 welcome credit in your YouTrip account and start sending money overseas quickly and easily.
The post Looking To Transfer Money Overseas From Singapore? Here’s 5 Things You Need To Know appeared first on DollarsAndSense.sg.
