cheapest way to send money from singapore to niegra ?

Finding an option to send money is one of the painstaking task.Transferring money always involves expenses: either in the form of direct charges or due to poor exchange rates. You need to research well before you plan your transfer.

Below are some of the common questions:

How can I send money?

How do I get the best rates for my transfers?

When is the best time to send my money?

How do I transfer money to someone with no bank account?

We all have these questions in our mind when we come over. Don’t worry. I have you covered.

In this post, I will go over these specific questions you have when making your money transfer. I will explain why each one of them is crucial to help you make the right decision.

Note: This is a comprehensive guide explaining everything you need to know how to send money using alternatives to banks saving you huge amounts of money in hefty fees and hidden charges. This is a long post. If you are looking for quicklink to transfer money please refer the link here.

If you have travelled FOR work in the UK, US, Germany, France or anywhere, you will be sending a significant amount of your earning back home for your EMIs, family support, retirement saving etc.

With so many different options of sending money – all of them claiming to be the best – it is indeed very confusing.Without trustworthy recommendation, how can you send using any online website. So, below are couple of options which I tried and have been using for time now.

Note: I am not affiliated to any of these organisation. This is with the aim to share the honest review and give and earn the joining Welcome this guide, I have tried to covered everything you need to know (including the secrets) when sending money and getting the best out of your money transfers abroad!

Why sending money with banks might not be a perfect idea?

  • High transaction charges
  • Low transfer rate
  • hidden charges (at time you are charged service tax at destination country also)

Is Online transfer save and trustworthy?

First thing I check while I make a transaction using any new website is SSL certificate

Next is the regulatory authority(example FCA) it is tied up to.What is the regulatory Authority?

Here is list of all regulatory authorities by countries

After all the due diligence, I compare the rates and benefits.. which we will discuss later in this article.

This post is a comprehensive guide for sending money to YOUR HOME. It includes everything you need to know when you make your first money transfer but the guide is pretty much suited even if you live in any other country. So, let’s get started.

How do you send money with alternative money transfer services and save 5-10% in fees and hidden charges?

A majority of the companies that allow you to send money online operate on a simple 3-step process.Place the money transfer request with them.Pay them in GB Pounds from your local bank to the provided UK Bank account.Money is transferred locally from company’s bank account to recipient bank account.

How to choose the right service suited to your needs?

Comparing money transfer services when sending money can be a daunting task.Finally choosing the one you trust with your money is a challenging task given the over-crowded market and the number of companies providing this service.That’s where I come in to help you choose the one best suited to your needs. In this article, we shall also look at various things to look for in your money transfer company.

What to look for in the best money transfer company to send money ?

You can transfer money for less using a service that charges lower fees and is transparent about the exchange rate it offers – doesn’t hide any additional costs in the conversion rate.Whether you send money abroad once in a while or more regularly – once in a month or weekly – the fees add up over time and can make a lot of difference in your pocket.With so many services offering international money transfer from the UK, choosing the best one can be overwhelming for you, especially if you are doing it for the first time.Here are a few things you should look for in the best money transfer service for you that gives you the least hassle.Offers you the best price for each Pound/Euro/DollarCharges the lowest fees and is transparent about it upfront by showing you the overall figure you will receive in your destination country after including all fees and charges.Gives you plenty of options to choose from to suit your needs – Cash Pickups, Bank Account Transfer, etc

Delivers money quickly and sticks to the agreed timelinesMany services only allow a minimum amount to be transferred – so knowing how much you want to transfer will help you scrutinise the services with who you cannot send that amount.With this, you will be left with only the ones that accept sending the lower amount which will make things easier for you (like with TransferWise, you can send anything above £1 – though I would not recommend sending very small amounts unless you really need to. You will incur the minimum fee of £2 up to £500 after which it is 0.5%).I will elaborate on each of these points in a separate post.

What are the transfer and conversion costs involved?

When you send a part of your monthly income back, don’t just look at the exchange rate you are getting. You have to consider all the costs involved in the transfer.Most commonly, below are the two key drains on your money transfers :

Transfer fees – This can either be a fixed fee or a percentage of the amount transferred by the service you use for sending money.

Conversion fees – The hidden charge! Some banks or companies provide fee-free transfers but then cover the commission charges in bad conversion rates.Banks apply fees for each transfer you do and then apply hidden fees bringing down the currency rate offered.

Pros & Cons of each service:

xendpay

Pros:

  • Decide your own transfer rate
  • Guaranteed Exchange Rate
  • Supports transfers to NRE & NRO accounts (in India)
  • Signing up using the referral link will enroll you to receive the promotional bonus ( 10 USD / Euros / GBP as joining bonus – refer my blog for details)

Cons:

  • Instant service not available
  • You have a daily and half yearly sending limits, which can be raised based on the usage (You can request to raise those limits by sharing required documentation )

Note: XendPay gives promotional gift cards to referred new customers. It normally 10USD/ Euros/GBP, based on their referral policy.

remitly

Pros:

  • No fees on transfers over $1000 /1000 GBP / 1000 Euros

Cons:

  • Fee of $/£/ Euros 3.99 for transfers below $/£/Euros 1000
  • Take 3 business days to transfer from your Bank account
  • Instant deposit rates are not better than others
  • 3% fee on Credit Card transactions
  • You have a daily and half yearly sending limits, which can be raised based on the usage (You can request to raise those limits by sharing required documentation as it is required by the Law

Note: Remitly promotional value is adjusted in their first time transfer rate. You’ll have a much better rate for your first transfer which equates to approx. $/£/Euros 20 if you transfer $/£/Euros 2500.

transferwise

Pros:

  • Current mid-market exchange rate, as you can see on XE .com
  • Customers have transferred $4.5bn using the platform
  • Price Match Guarantee
  • Available as an app on iOS & Android
  • Signing up using the referral link will enroll you to receive the promotional bonus (Zero fees for your first transfer, limits apply)

Cons:

  • No transfers are free.
  • You are always charged a 0.9% of your total transfer amount, which brings down the effective transfer rate
  • The transfer takes about 3 days and for some new customers it can take upto 5 days, however your committed rate remains same as of the transaction date
  • You have a daily and half yearly sending limits, which can be raised based on the usage (You can request to raise those limits by sharing required documentation as it is required by the US Law)

Note: TransferWise gives promotional benefits to referred new customers. Your first transfer fee is waived off (transfer limits apply).

azimo

Pros:

  • Signing up using the referral link will enroll you to receive 10 GBP / 10 USD / 10 Euro Joining bonus (Zero fees for your first transfer, limits apply)

Cons:

  • Heavy Credit Card Fees
  • You have a daily and half yearly sending limits, which can be raised based on the usage (You can request to raise those limits by sharing required documentation)

Note: Azimo offers joining bonus to newly referred customers (terms & conditions change periodically).

Transfergo 

Pros:

Money-back guarantee

Cash pickup available in India

Available as an app on iOS & Android

Promotional rates available for new users periodically

Cons:

  • Rate for instant bank transfers is too less compared to Azimo / Remity
  • You have a daily and half yearly sending limits, which can be raised based on the usage (You can request to raise those limits by sharing required documentation )

Note: First time TransferGo users get free transaction

read this blog for more information 

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