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Send Money from India to Singapore with BookMyForex

As a major business hub in Asia, Singapore draws numerous expatriates, including many from India, as well as students seeking higher education. The country is also renowned for its world-class healthcare. Hence, many Indians transfer Singapore Dollars from India for educational purposes, to support their relatives, for medical expenses, and more. To ensure you get the most favorable exchange rates for such transfers, you can rely on BookMyForex, India’s most trusted forex platform.

Exclusive Tie-Ups With Leading Banks for International Money Transfer 

BookMyForex has partnered with top Indian banks such as Yes Bank and RBL Bank, in addition to other reputable service providers. This collaboration guarantees that we deliver a fast, secure, and cost-effective international money transfer service in India.

Ways of Sending Money to Singapore from India:

You have primarily two ways to transfer money abroad:

1: Wire Transfer (swift transfers)

2: Demand Drafts (money orders)

What is a Wire Transfer?

If you're planning to send money from India to Singapore, a wire transfer is the most efficient method. By using BookMyForex for wire transfers instead of going directly to banks, you can save significantly on fees and secure the best exchange rates. The transfer typically takes only 12 to 48 hours to complete.

What is a Foreign Currency Demand Draft?

Typically, demand drafts are physical paper drafts issued in foreign currencies and provide a convenient way to send funds to Singapore. However, it is important to note that this method is more time-consuming and can take several days for the funds to reach the recipient.

How to Transfer Money from India to Singapore with BookMyForex?

BookMyForex makes wire transfers from India to Singapore incredibly simple. Your funds will be transferred in the fastest time possible. You can place your order either on the BookMyForex website or on the mobile app. Simply follow the below steps:

1. Order Details: Submit your city, the transfer country, and the amount you want to send.

2. Customer Details: Verify the remitter's details using an AADHAR card and PAN card.

3. Eligibility Check: Share the purpose of the remittance and upload the necessary documents.

4. Beneficiary Details: Submit the beneficiary's name, address, bank details, and SWIFT code.

5. Review Order: Check the order details before completing the payment online.

Once you complete the necessary steps, a digital A2 form will be generated. Your transfer will be processed by our partner bank, following doorstep KYC verification. You will subsequently receive a SWIFT acknowledgment.

Why is BookMyForex the Best Platform for International Money Transfers?

BookMyForex is regarded as India's most reliable platform for money transfers abroad. Here are some of the reasons why the platform is the preferred choice for many:

1. Online Booking Process: Our seamless online booking process is designed for efficiency, allowing you to book your remittance order in just five minutes.

2. Live and Transparent Rates: Our platform displays live, transparent transfer rates 24/7, enabling you to place your order at any convenient time.

3. Most Affordable Services: With BookMyForex, you can save up to 5% on remittance orders. Enjoy the most competitive rates and zero transfer fees. 

4. Book Now, Pay Later Option: This innovative feature allows customers to lock in rates for up to three days by making a refundable 2% deposit.

5. Fastest Method of Transfer: Wire transfers via BookMyForex are significantly faster than demand drafts, typically processed within 12 to 48 working hours.

6. Best & Reliable Services: We prioritize a secure and hassle-free experience for our customers by partnering with reputable and authorized banks to process remittances.

7. Discounts Available for Students: Under our "BookMyForex Student Offer," students transferring tuition fees to Singapore can benefit from exclusive discounts and cashback.

Factors to Consider When Sending Money from India to Singapore

1. Exchange Rate: To maximize the value of your transfers, compare exchange rates from various service providers.

2. Transfer Fees: Understand the fee structure to avoid unexpected costs and identify the most cost-effective transfer option.

3. Transfer Speed: Choose a service that matches your urgency—whether you need a rapid transfer or can opt for a slower, more economical option.

4. Service Provider: Select a trusted service provider, ideally one that partners with authorized banks and offers transparent exchange rates.

5. Regulatory Compliance: Ensure your provider facilitates smooth transfers by adhering to the regulatory norms of both countries involved.

6. Security: Prioritize a platform that employs top-rated security features to safeguard your financial and personal information.

7. Tax Collected at Source (TCS): Be aware that TCS of 5% applies to education and medical remittances, and 20% for other remittances exceeding INR 7 lakh in a fiscal year. Transfers under INR 7 lakh within a fiscal year are exempt from TCS.