Singapore is said to be one of the biggest net importers of migrants in their country. A lot of Indians are settled as well as working in Singapore. The Singapore economy is primarily knowledge-based, making skilled laborers very valuable, yet supporting its rapidly growing economy requires investment in infrastructure projects such as construction, manufacturing, and shipyard work.
These immigrants often sign a social contract with their families to transfer money to India – remittances – for support or to invest in local opportunities.These remittances serve as lifeline for many people around the world.
Transfer of money to India from Singapore can be done with banks, online money transfer operators, money transfer agents, cheques and money orders.
If you have friends or family overseas, you’re likely to want to send them money at some point: for a wedding, a medical expense or just to help with everyday expenses. Exchange rates are one of the most important factors for larger transfers. A small difference in the exchange rate could mean a lot more or a lot less money in your recipient’s bank account. Also find out if the exchange rate is guaranteed. Not all companies guarantee the rate but if they do, you’ll know exactly how much money your recipient will get.
There are different ways to Transfer Money To India From Singapore –
Online money transfer company
Online transfer companies ask you set up an account online and let you transfer your money yourself using the internet, or even a mobile phone network. The company moves the money to your recipient’s bank account or arranges for them to collect the cash. This transfer method can be cheap and fast, but you need to be comfortable making online transactions and know the bank account details of your recipient.
Bank account transfers
Using your bank account, you can transfer money directly into an overseas bank account. It is also called an international money transfer, a telegraphic transfer (TT), or a wire or SWIFT transfer. Some banks also have online money transfer services that allow you to send money yourself to an overseas bank account. This can be a more expensive option and it could take 2 to 5 days.
International Money Order (IMO
A safer method than sending a personal cheque overseas is to use an international bank draft. You give your money to a bank in return for an international guaranteed cheque. You post the cheque to your family who then need to cash it at a local bank or deposit it into their account.While secure, this transfer method can cost more than others, and posting it will be slower than an electronic transfer.
So, transfer money to India by selecting the best option as it is important that the money reaches safely back home.