Consumer

The remittance industry has been an integral part of Singapore's financial sector for decades.

Remittance services provide an individual or a business with the means to transfer funds to a recipient with or without a bank account. These transactions have typically been over the counter using cash, but digital platforms are fast becoming a popular method.

Remittance businesses have grown fast and, with the adoption of financial technology, offer the same or even better services and range of products than banks. As seen lately, startup fintechs have used technology to innovate international payment methods which can be more convenient.

Always use a licensed remittance agent. Find out using the Financial Directory of the MAS.

Much faster, cheaper and with a sophisticated network, remittance businesses serve the interests of locals and foreigners in Singapore. Flat fees & competitive exchange rates also give preference to using a remittance service over a bank.

With the introduction of the Payment Services Act, much focus has been given to the security of consumers' funds. Such enforcements have raised the standards in protecting funds until they reach their destination. Overall, technology has indeed favoured the traditional industry to compete with the big banks and give a run for their money.

Check the MAS Financial Directory

Who We Serve

The people and businesses behind Singapore's remittance flows

Foreign Workers

Foreign workers are the foundation of Singapore's labour force.

A good proportion of Singapore's labour force works in the construction industry. The sector contains large numbers of workers mainly from India, Bangladesh, Thailand, Myanmar and China. These are skilled workers in construction and usually stay in dormitories.

With a good proportion of their wages needed to be sent home back to their loved ones, they are the target of many remittance businesses. A number of remittance agents operate out of these dorms particularly where there is a large population of workers, making it easy for them to transfer money without leaving the premises.

There are also remittance kiosks and mobile & web applications developed specially for their use.

Domestic Helpers

Singapore families employ domestic helpers to assist them with their household chores.

There is a large, sizable community of domestic helpers from Indonesia, Philippines, Myanmar and India. There are approximately 240,000 domestic workers in Singapore on average. Domestic helpers are usually the breadwinners for their families back in their home country.

Many of these helpers send a large proportion of their salary back home. Looking for low or zero fees and competitive exchange rates, they flock to remittance agents at popular malls such as City Plaza, Lucky Plaza and Peninsula Plaza.

Expatriates

Being a global business and financial centre, Singapore attracts talent from around the world.

With over 100,000 expats, they take up managerial positions in corporates and other MNCs based here. With family and other personal commitments, these expats have to remit money home.

As the amount for remittance can be large and regular, expats tend to use the banks or the larger and well-known remittance companies. Nowadays many are attracted to the convenience of electronic remittance.

Business

Local SMEs use remittance services to save on operational and administrative costs.

A bulk of these payments are actually payments for overseas suppliers who provide these firms with goods or services. Some companies also use remittance services for incoming payments — usually from their buyers.

When using remittance companies, local businesses usually cut a lot of costs by getting competitive FX rates and minimum or zero charges.

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