Short answer: a fair remittance fee comparison in Singapore adds two costs together, the fee you are charged and the gap between the rate you are offered and the market rate. A S$0 fee at a rate 1.5% below the market costs S$30 on S$2,000; a S$5 fee at 0.4% below costs S$13. The calculator below does that sum for up to three quotes and ranks them.
Before you send, check that the provider is licensed. Banks and remittance firms both appear in the Monetary Authority of Singapore's (MAS) Financial Institutions Directory. This page names no providers: you bring the quotes, it shows what each one really costs. Sources checked 3 Oct 2026 on MAS.
Remittance Fee Comparison
Enter up to three quotes for the same transfer. The tool adds the fee to the cost hidden in the exchange rate and ranks them.
Key Takeaways
- Total cost is the fee plus amount x (reference rate - offered rate) / reference rate, which is how a quote with no fee can still turn out to be the most expensive.
- MAS publishes daily exchange rates that are the average of interbank buying and selling rates around midday, a fair yardstick for the offered rate.
- Remittance firms are regulated under the Payment Services Act; cross-border money transfer is one of seven payment services MAS licenses.
- Check every provider in the MAS Financial Institutions Directory before the first transfer. MAS warns that scammers impersonate regulated firms.
- Compare quotes for the same amount, on the same day, with the same payout method, since all three change the price.
Why the Fee Is Only Part of the Price
Every transfer has a rate. If the market rate is 100 units of the foreign currency per S$1 and you are offered 98.5, you lose 1.5 units on every dollar. On S$2,000 that is 3,000 units, worth S$30, whether or not a fee is shown. The calculator turns that gap back into Singapore dollars so it can be added to the fee.
| Quote | Fee | Rate offered (market 100) | Rate cost on S$2,000 | Total cost | Recipient gets |
|---|---|---|---|---|---|
| A | S$0 | 98.5 (1.5% below) | S$30.00 | S$30.00 | 197,000 |
| B | S$5 | 99.6 (0.4% below) | S$8.00 | S$13.00 | 199,200 |
| C | S$25 | 97.0 (3% below) | S$60.00 | S$85.00 | 194,000 |
These are illustrative quotes, not any provider's prices. Sent monthly, the gap between B and C is S$72 a transfer and S$864 a year. The ranking can flip for a small amount, where a fixed fee weighs more, so run your real figures.
Fee on Top or Fee Deducted
The tool assumes you pay the fee on top and the full amount is converted; if a provider deducts the fee from the amount before converting, enter the amount it will actually convert and the fee as usual; the total cost stays comparable.
Get a Reference Rate From MAS
MAS's exchange rate page lists daily, weekly and monthly averages for 21 currencies. MAS states that the rates are the average of buying and selling interbank rates quoted around midday in Singapore, obtained from Refinitiv, and may differ from rates quoted by foreign exchange dealers. That is what makes them a fair benchmark: no retail margin is built in.
- S$ per unit: Euro, Pound Sterling and US Dollar. To get units per S$1, divide 1 by the MAS figure.
- S$ per 100 units: the other 18, including the Indian Rupee, Indonesian Rupiah, Philippine Peso, Malaysian Ringgit, Chinese Renminbi and Vietnamese Dong. Divide 100 by the MAS figure.
- Weekly and monthly averages are released on the last business day of the week or month. For a quote you are about to accept, use the latest daily rate.
Live rates move during the day, so a small gap between MAS's midday figure and a quote taken in the evening is not all margin, though a gap of several percent almost certainly is.
How to Check a Provider Is Licensed by MAS
Under the Payment Services Act 2019, MAS regulates seven payment services: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment token service and money-changing. A non-bank that sends money abroad from Singapore provides a cross-border money transfer service and needs a licence. MAS's licensing FAQs say that licensees are listed in its Financial Institutions Directory.
- Open the MAS Financial Institutions Directory and search the company's legal name, not only its app or brand name.
- For a remittance firm, look under Payments for a Major Payment Institution or Standard Payment Institution and check that cross-border money transfer is among its licensed activities; for a bank, look under Banking instead.
- Check the website and app you are using belong to the listed firm. MAS's directory page warns that scammers may impersonate MAS-regulated financial institutions.
| Licence under the PS Act | Shown in the directory as | Relevant to remittance? |
|---|---|---|
| Money-changing licence | Money-changing Licensee | Changing cash only, not sending money abroad |
| Standard payment institution licence | Standard Payment Institution | Yes, if cross-border money transfer is listed |
| Major payment institution licence | Major Payment Institution | Yes, if cross-border money transfer is listed |
The directory's count on 3 Oct 2026 showed 246 Major Payment Institutions, 13 Standard Payment Institutions and 230 money-changing licensees. A licence is not an endorsement of price or service; it means MAS regulates the firm.
Sending Money Safely
- Never send money through a person or firm that offers a better rate if you avoid the app, pay in cash to an individual, or move the conversation to a messaging app.
- Be wary of anyone who contacts you first and asks you to transfer money, even when they say they act for a government agency or an immigration service.
- Keep the transaction reference and receipt for every transfer until the money arrives.
- If a firm is not in the directory, or appears on MAS's Investor Alert List, do not use it.
New arrivals are frequent targets because they send money home often and are still learning which firms are real. Our guide to immigration scams in Singapore covers the pass and PR versions of the same tricks.
Frequently Asked Questions About Remittance Costs
What is the real cost of an international money transfer?
The fee plus the exchange-rate margin. The margin is the gap between the rate you get and the market rate, multiplied by the amount you send. Many zero-fee quotes earn their money from the margin.
Where can I find a fair exchange rate to compare against?
MAS publishes daily exchange rates that are the average of interbank buying and selling rates around midday in Singapore. They carry no retail margin, so they work as a reference.
How do I know if a remittance company is licensed?
Search its legal name in the MAS Financial Institutions Directory. A remittance firm should be a Major or Standard Payment Institution with cross-border money transfer among its licensed activities; a bank is listed under Banking.
Is a money changer allowed to send money overseas?
A money-changing licence covers changing currency. Sending money abroad is a cross-border money transfer service, which needs a payment institution licence. Check the activities listed in the directory.
Does this page recommend a provider?
No. It ranks the quotes you enter by total cost and points you to the MAS directory for the licence check. Prices change daily, so any named recommendation would date quickly.
Why does my quote beat the MAS rate?
Usually because the MAS figure is from a different time or day, or the quote has conditions such as a first-transfer promotion. Compare both on the same day and read the terms.
Official Sources and References
- Financial Institutions Directory (MAS)
- Payment Services Act 2019 (MAS)
- Payment services licensing FAQs (MAS)
- Exchange rates, daily, weekly and monthly averages (MAS)
- Investor Alert List (MAS)
Explore Catalyst Immigration’s other services:
- Singapore PR and Immigration Scams
- Cost of Living in Singapore for PRs
- Housing Allowance Tax Calculator
- Employment Pass and Work Visa Service
- Work Pass Application
Talk to Catalyst Immigration
Most people who send money home from Singapore are here on a pass, and their right to stay rests on it. Catalyst Immigration helps with Employment Passes, family passes and PR applications, and can tell you which official channels to use when an agency contacts you. For money transfers, the MAS directory is the check that counts.