Singapore to India is not a highly competitive remittance corridor; there are only a few companies and banks which offer their services here. They provide multiple offers to give discount on transfer fees and best exchange rates. But the major question arises that after seeing competitive exchange rates, which company you should pick to transfer funds from Singapore to India. Not only this, you should pick the company where your recipient will also receive more money if you choose a provider that offers excellent rates and low transfer fee.
A lot of banks, MTOs and startups are offering these services to customers with multiple offers and benefits. Due to this competition, consumers now have a large number of choices and negotiating power. But again the question arises is which is the “best money transfer company,” according to your needs and requirement of the recipient. So, here are few base points which you should consider before transferring Singaporean Dollar to Rupees:
- Speed: How soon you want your money to reach the recipient? If you want to transfer money faster, you can use CurrencyFair Money transfer, which mostly provides instant transfer through multiple modes. While, if you have no emergency, then you can use services of InstaReM, OFX, Kotak Click2Remit and QuickRemit, which will deliver money in 3-5 working days.
- Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, InstaReM provides live mid-market exchange rates with a minimum transfer fee of 0.25%, whereas, other companies offer live exchange rates with minimum margin and transfer fee. In CurrencyFair, you can choose your own rates and exchange immediately at excellent exchange rates.
- Fees and Other Taxes: There are taxes levied on every transfer depending upon the policies of both the countries which will be deducted from the amount paid. The fee is charged by companies on different types of transfers. Before transferring, first, watch out that you will not end up paying more than you should.
- Transfer Convenience: If one can transfer in an easy way without any support of customer assistance, then the company is considered as highly convenient. You can make transfers online without physically visiting its office. In the era of digitalization, mobile apps are also necessary which can ease the transfers anytime anywhere. CurrencyFair, InstaReM, Kotak Click2Remit, and OFX money transfer are offering their mobile apps.