How to Transfer Money from Singapore to India?

It is another bright afternoon in Singapore, and as you sip your coffee, your thoughts drift to your family in India. You recall the fond memories from your last visit – the bustling markets, the laughter-filled family dinners, and the joy of being home. But as life moves forward, one reality always accompanies those living away from home: the need to send money back to loved ones. Whether supporting your parents, investing in property, paying for your sibling's education, or covering medical expenses, sending money to India is a regular and essential part of life.

You begin to wonder, what's the best way to transfer money from Singapore to India? What methods are the safest, quickest, and most cost-efficient? Let's discuss.

HDFC Bank allows funds transfer via Remittance, Telegraphic or  Wire service. Its secure, reliable, and processes your fund transfer in no time. The charges associated with the transfer are reasonable and with competitive exchange rates. 

Here is the explanation of the transfer methods.

• Telegraphic Transfer: The process involves moving money between various banks, referred to as correspondent banks. It starts at the originating bank, and the funds travel through multiple banks until they reach their final destination. This approach guarantees a secure and quick transfer of money.
• Wire Transfer: The process starts when the sender provides their bank with the recipient's details, including their name, account number, and bank information. The sender's bank then communicates payment instructions to the recipient's bank via a secure system, and the recipient's bank deposits the funds into the correct account.

Once you opt for any of the above to send money to India, next, you have to follow the below steps.

Step 1: Register your account:

You must register an account with a money transfer service to send money to India. If you are already registered, log in to your account and add details for a new remittance.

Step 2: Add a beneficiary

You need to add the beneficiary to make a money transfer to India. Most money transfer services require details such as the beneficiary's name, mode of transfer, bank account details, address, etc.

Step 3: Check the fees

Each money transfer service will have a different exchange rate and fees associated with the transfer. For example, Transferwise charges SGD 6.23 per SGD 1,000 for transfer, whereas HDFC Bank QuickRemit has no transfer charges for transfers above SGD 1,000. Each money transfer service will also have a different exchange rate.

Step 4: Input the amount

The amount you transfer will depend on how much your family needs and the associated charges. Most places have a lower transfer fee for higher transfers. Some money transfer services like HDFC Bank QuickRemit offer a direct credit or deposit to the recipient's bank account for a seamless bank transfer.

Step 5: Submit details

Once the details are submitted, the money transfer service transfers it to the recipient, depending on the transfer mode. Be sure to check the time taken for the transfer as well.

1. Compare Fees and Rates: Always compare the fees and exchange rates across multiple services.

2. Look Out for Promotions: Many money transfer services offer promotions and discounts for first-time users, which can help you save on fees.

3. Double-check the Recipient's Details: Incorrect account numbers or recipient information can cause delays or even result in the transfer being sent to the wrong person. Always double-check the details before confirming the transfer.

4. Stay Updated on Limits and Regulations: Some services have limits on how much you can transfer at once, and there may be regulations regarding large sums of money. Make sure to stay informed about these restrictions.

Sending money from Singapore to India is a common and often necessary task for many people living abroad. Fortunately, there are numerous ways to make the transfer, from traditional transfer methods to HDFC Bank's innovative online services.

Looking to transfer funds from Singapore to India? Click here on QuickRemit to help you!

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.