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Review: SingX international money transfers

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Edited by Kate Steere

Our verdict

Get the interbank exchange rate and same-day processing on your next overseas transfer.

You won't find better than the mid-market exchange rate and that's exactly what SingX offers when it comes to money transfers in popular currencies. But this isn't the case for volatile currencies as a markup is likely, along with other fees. By using the handy online calculator, you'll always see the fees upfront. Delivery is quick too, with recipients receiving funds within 1 or 2 days.

SingX is a solid option, providing you and your recipient both have bank accounts. Where SingX really falls short is by not accepting cash and card payments and its lack of cash pick-ups and mobile wallet transfers. Plus, if you need to send a larger transfer, the percentage-based transfer fee can escalate compared to a fixed fee.

  • Good for fast transfers, mid-market exchange rates and fees declared upfront.
  • Not so great for larger transfers. SingX also doesn't support cash transfers.

In this guide

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  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
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Details

Product details

Product Name SingX For Large Transfers
Pay By Bank transfer
Receiving Options Cash pickup location, Bank account
Customer Service Phone, Email
Maximum Transfer Amount Unlimited
Number of Currencies 21

SingX exchange rates and fees

SingX offers an online calculator that allows you to see the fees and exchange rates that will apply to your transaction upfront.

In most cases, you'll receive the mid-market rate for your transaction. This is the rate you see listed on Google and is also known as the interbank rate. However, a fee of up to 0.5% will apply to your transaction.

Additional charges may apply if you want to send a volatile or less frequently traded currency. In these situations, SingX may apply an exchange rate mark-up or a flat fee.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
SingX For Large Transfers
Within minutes
From 0.5%
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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Check if there are any SingX promo codes available

Available currencies

SingX supports transfers from AUD to more than 15 currencies, including:

  • CNY Chinese yuan
  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • JPY Japanese yen
  • NZD New Zealand dollar
  • PHP Philippine peso
  • USD US dollar

You can check out a full list of supported currencies above.

What types of transfers can you make with SingX?

SingX only supports bank account transfers. Other options, such as cash pick-up or mobile wallet transfers, are not available.

SingX also offers a cross-border payments service for business customers.

How long does a transfer with SingX take?

Before your transfer can be sent, you'll need to allow time for your deposit to arrive with SingX. This usually takes 1-2 working days.

The time it takes for your transfer to be sent will then depend on where you are sending money. In most cases, it will take 1-2 working days for your transfer to be completed.

Transfers typically takeClock icon for transfer speed

Within minutes

What payment methods does SingX accept?

You can send money to SingX using the following payment methods:

  • Online bank transfer

Is SingX safe to use?

  • Security and regulation: Licensed in Australia by ASIC
  • Established: 2014
  • Awards: MAS Global FinTech Award Winner 2017
  • Reviews: Googles Reviews gives SingX a score of 4.5* out of 5, based on over 1,652 reviews.

*According to SingX and Trustpilot on 3 March 2023.

SingX is registered in Singapore and works with licensed remittance operators in the countries where it does business. In Australia, it is regulated by ASIC and is listed on AUSTRAC's Remittance Sector Register.

SingX claims to have a range of security measures in place to ensure the safety of your personal details. These include two-factor authentication on your account, keeping client funds in a segregated account and storing all account information in a secure facility.

How does SingX make money?

SingX makes money by charging a transfer fee on all transactions.

If you're sending a transfer in a rare currency, SingX may also apply an exchange rate mark-up to your transaction.

How to register an account

You can register for a SingX account by completing the following steps:

How do I make an international money transfer with SingX?

You can complete a transfer by following these steps:

  1. Log in to your SingX account.
  2. Click "Start your transfer".
  3. Confirm the amount and currency you'd like to send.
  4. Review the details of your transaction, including the transfer fee.
  5. Enter your recipient's bank account details.
  6. Pay for your transfer via online banking.

What is SingX?

SingX is a global remittance service based in Singapore. Established in 2014 by former American Express banker Atul Garg, SingX has since expanded its operations to Australia and Hong Kong.

In Australia, it offers money transfer services through its wholly owned subsidiary, SingX Australia Pty Ltd. The company's Australian headquarters are located in Brisbane.

In a nutshell

Pros

  • Get the mid-market rate. When you send money overseas with SingX, there'll be no margin added to the mid-market exchange rate.
  • Transparent fees. All fees that apply to your transaction are revealed upfront, so there are no nasty surprises.
  • Quick transfers. In many cases, it only takes SingX one working day to complete a transaction after receiving your funds.

Cons

  • Doesn't offer cash transfers. If you want to send a cash pick-up transfer to an overseas recipient, you'll need to consider other transfer providers.
  • Limited payment methods supported. The only way to pay for your transfer is from your bank account – credit card and cash payments are not supported.
  • Fees on large transfers. Since the transaction fee with SingX is a percentage-based fee, it can be quite expensive to send larger transfer amounts.

How does SingX compare to other services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Frequently asked questions

  1. SingX official website, accessed March 2023

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