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How to send money from Canada to Singapore fast and inexpensively?

DNBC Team DNBC Team

Jan 12, 2023

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While considering how to send money from Canada to Singapore to invest, purchase inventories, or just send it to your friend, you might think about the cost of sending money internationally, a partner for trust transfers, or even how quickly it might go. Singapore has become a popular destination for offshore investors as a booming commercial hub with a steady housing market. The nation receives millions of foreign money transfers each year.

How to send money from Canada to Singapore fast and inexpensively?

How to send money from Canada to Singapore fast and inexpensively?

Canada-Singapore bilateral merchandise trade was valued at $2.2 billion in 2021. Electronics, scientific and precision instruments, and various chemical items accounted for $1 billion in Canadian imports from Singapore in 2021. In 2021, the two nations’ services trade totaled $2.97 billion, with Canadian services exports totaling $978 million and imports totaling $2 billion.

Singapore was Canada’s most extraordinary destination in Southeast Asia for Canadian direct investment overseas ($13.13 billion) and Canada’s largest source of foreign direct investment ($1.57 billion) from Southeast Asia in 2021.

Send money from Canada to Singapore via a variety of payment methods.

Most money transfer companies offer you to send and receive money using a variety of payment options. The most popular methods are typically bank transfers and credit card payments; simultaneously, many services accept cash, and some even deliver money right to your recipient’s door.

When using a bank account transfer to send money to Singapore from Canada, you are responsible for paying the outgoing fees, flat costs, currency exchange rate markup, and occasionally an additional incoming transfer fee. Online money transfer services typically only pay a sender charge as well as a bit of exchange rate markup.

The SWIFT code of your Singaporean receiver is required if you want to send money from Canada to Singapore by wire transfer.

Factors to take into account for a CAD to SGD currency transfer

You should consider the following before starting to send money from Canada to Singapore:

Your desired transfer amount: you can send money from Canada to Singapore will probably increase its worth and increase the amount of Singapore Dollars the recipient receives. This is because flat fees are ultimately calculated as a lesser proportion of your transfer amount. Many providers let you bargain for a higher exchange rate margin when sending large quantities.

Exchange rate difference to send money from Canada to Singapore: Money transfer companies make money by adding a tiny percentage to the mid-market exchange rates. The current mid-market rate is around 1, and numerous companies offer an affordable margin for the exchange rate.

Before transferring money to Singapore, check to see if there are any hidden fees or charges from the supplier you are using.

How to send money from Canada to Singapore fast and inexpensively?

Find a reliable provider in order to send CAD to SGD through research.

After that, you complete the steps to complete your sending.

  1. Visit their website and, if necessary, create an account there.
  2. Enter the amount you’re prepared to send to fund your transfer.
  3. Obtain and keep the confirmation email for your transfer.

How can receivers get CAD to SGD transfers in Singapore?

There are several ways for your recipient to get your money in Singapore. These will differ amongst providers, although there are services that will:

  1. Directly deposit SGD into a bank account
  2. Allow the recipient to pick up money at predetermined places in Singapore.
  3. Send money to their door directly.
  4. Send SGD to the mobile wallet of your recipient.

The following would typically be required of your receiver if they are picking up the money in person or having it delivered to them in Singapore:

  1. A form of identification issued by the government, such as a passport, a driver’s license, or the National Registration Identity Card of Singapore
  2. Recipient’s reference number for the money transfer
  3. Information about the sender and the amount sent

Epilogue

The quantity of Singapore Dollars you can receive from Canada will, however, primarily rely on the money transfer services you are using. Some companies specialize in smaller transfers, and others specialize in larger transfers. If you want to send money from Canada to Singapore, you should consider everything that could help you save significantly.

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.