[Investing Made Easy] What are the 3 Best Money Transfer Overseas Apps From/To Singapore?
Who has never wanted to get the most out of your money? Let me share with you the 3 Best Apps that I have been using for the past 6 years, in order to transfer money overseas, from and to Singapore.
Very First Advice: Do NOT trust the FX rate provided by banks, ever!
Ok, so that already reduce the lists of winners by a huge chunk, knowing that there are, at present, 111 commercial banks, 49 merchant banks, and 45 banks with representative offices in Singapore.
Their FX rate is just crap. So stop using your bank to do remittance, NOW!
So which apps are the best?
I have always been looking out for the best FX rate available out there, when it comes to transferring money in the below currencies:
EUR
USD
SGD
MYR
IDR
PHP
INR
My findings are that the 3 best apps FX rate wise are:
You can get fee-free transfer with my referral link.
Good thing with this Singapore app, is that they offer you S$20 discount on your first remittance, so this is not neglectable :) To do so, two steps:
Use my referral code to Signup with them: https://www.instarem.com/invite/eXbJ5H
Use the coupon INSTAFRIEND on your first transaction.
I can only recommend you to check which of these 3 apps provide the best FX rate right before you proceed to the transfer. Don’t forget that you will get S$20 discount with InstaREM though.
Keep in mind that the FX rate will always be much higher over weekends, since the stock exchanges are closed. The consequence is that the apps will therefore raise the rate to be safe, before the exchange opens on Monday.
So if you want the best rates, you must transfer your money only Mondays through Fridays!
Example with S$1,000 to transfer, Monday 9th November, 9:45pm
Let’s have a look closer with a concrete example. The below includes all the fees.
To PHP
#1: Revolut: 35,846.40 PHP
#2: Transferwise: 35,618.42 PHP
#3: InstaREM: 35,601.8 PHP. But with the S$20 coupon, it would go up to 36,313.83 PHP!
So InstaREM therefore becomes #1, Revolut #2 and Transferwise #3.
To EUR, recipient gets
#1: Revolut: 626.35 Euros
#2: Transferwise: 623.72 Euros
#3: InstaREM: 623.71 Euros. But with the S$20 coupon, it would go up to 636.18 Euros! So InstaREM therefore becomes #1.
So here too, InstaREM therefore becomes #1, Revolut #2 and Transferwise #3.
Again: Check the FX rates on these 3 apps before any transfer! Sometimes, the ranking is not always the same month after month.
That was a quick post, but I’m sure it will help you save a LOT, so I hope that will help you invest wisely the money you’re saving!
Don’t forget that before investing the money wisely, you must make sure first that there are no water leaks in your boat!
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