As per the new GST law, any NRI/NRE send money to India back to his/her family, then you are required to pay the government service tax (GST) at the rate of 12.36% on the commission or any other fees paid to an agent who facilitates the exchange.
Highest remittance rate for converting 1 SGD to INR = 60.82
Sending money abroad was one of the most expensive tasks with never-ending chains of middlemen, manual paperwork, and hidden charges earlier. But as we have stepped into the digital world, money remittance has not just grown and become cheaper, but now you can enjoy fast services without any middleman and paperwork. These companies have made the lives of migrants easy to help them in providing low-cost money transfer services to India which has recorded the highest remittance in the year 2018, as per the report of the World Bank. Singapore is one of the major countries where Indians live which is 9.23% of the total Singapore population. Many of them have their friends and family in India so they transfer funds to them and these companies have made their lives easier.
Therefore, on this page, we have compared the “Top 8 money transfer services from Singapore to India”.
Please find the list of companies below in a sorted order which are providing the best money transfer services with the highest exchange rates and low fee.
Many people are stuck between options when it comes to sending money from Singapore to India because of the many available and confusing options. Thanks to Exchange Rate IQ however, you can quickly select a suitable money transfer service and learn how services like XE Money can make life easier for you.
As per the new GST law, any NRI/NRE send money to India back to his/her family, then you are required to pay the government service tax (GST) at the rate of 12.36% on the commission or any other fees paid to an agent who facilitates the exchange.
There are multiple companies providing remittance services from Singapore to India, but it is not necessary that it will provide you with the best available services. It is more essential for the sender to take charge and be aware of hidden and transfer fee along with the exchange rates provided by them as well as competitors. So, you should invest your time and explore the best keeping the following factors in mind before transferring SGD to INR:
Reliability: You must know that the remittance company whose services you are looking for is reliable and trustworthy. There are many fraud companies come up with their plans which are not licensed and offer minimum fee with the best exchange rates, but your money will not safe with them. The most reliable path of sending funds is through a bank, which imposes a higher fee and lower exchange rates.
Plan the Transaction: If you are planning to transfer funds, you should not wait for making the last minute decision or wait for any emergency. When you feel the prices are at their best, you can transfer the funds with minimum transfer fees. This will cost you less and you can make the most from your money.
Customer Service: Having a helping hand at the time of transferring funds is beneficial if in case you face any difficulty. The reputable companies offer best customer support in the event of mishap like delay or non-arrival of funds.
Company Name | Live Exchange Rate |
---|---|
XE Money Transfer | ₹ 61.9 |
Remitmoney | ₹ 60.82 |