Do you intend to transfer money to Singapore from the UK in the foreseeable future?
This might be because you’ve been offered a job at the Lion City, and you plan on emigrating with your family to live and work. Alternatively, this could be because you plan to study at one of Singapore’s highly-rated universities, in which case you’ll need currency for tuition fees.
In addition, you may be a British business owner, importing Singaporean products to the UK, like semiconductors or computer chips, so you’ll be making international payments.
Whatever your reason to transfer money to Singapore, you’ll want to: (1) increase your Singapore dollar total as much as you can, (2) use a helpful, professional money transfer service, (3) and ensure that the company you use is authorised by the UK’s Financial Conduct Authority (FCA) as an E-Money Institution. This will help you to save money compared to the banks, to emigrate or study in Singapore, and give you peace of mind for your money transfer.
With this in mind, please find below Pure FX’s guide to transfer money to Singapore from the UK. This includes the following steps:
Also, if you have any questions about exchanging pounds for Singapore dollars, feel free to Contact Us. One of Pure FX’s friendly Account Managers will get back to you as soon as possible.
1. Register An Account at Pure FX.
The first step to transfer money to Singapore from the UK is to register an account with Pure FX. To do this, go to our Register Now page and fill in your details. This will take you two minutes, it’s free, and you come under no obligation to transfer money with us.
Once you’ve registered your account, a Pure FX Account Manager will contact you, to find out more about your money transfer requirements.
This will include: (1) how much you intend to transfer, (2) what’s your time frame, (3) and what’s your reason for transferring money. We ask these questions, so that we can offer you our best possible service, tailored to your circumstances and requirements.
Also, as part of the registration process, you’ll have to provide the following information:
Once you’ve provided this information, you’re all set to transfer money to Singapore from the UK with Pure FX at your convenience.
2. Ask Your Account Manager for Guidance on Your Transfer.
The second step to transfer money to Singapore is to ask your Account Manager for guidance on your transfer, if you think it’s appropriate. This is because, depending on your time frame and circumstances, your money transfer solution could differ. Here are some questions you might ask yourself, plus their answers below.
A. Do you intend to transfer money to Singapore in the near future, perhaps to pay down the deposit to buy a condominium?
If this is the case, you might consider making an International Priority Transfer. This will ensure that your money arrives in your Singapore bank account the same day, for when you’re in a hurry.
At Pure FX, a Priority International Transfer costs £15 for sums below £50,000 or currency equivalent, or it’s free for amounts over £50,000.
B. Do you have a target exchange rate in mind?
In this case, it might be worth first asking your Account Manager if your target exchange rate is realistic. For example, if the pound to Singapore dollar interbank exchange rate currently stands at 1.70, it might be pushing it to want to transfer your money at 2.00.
After all, British sterling hasn’t hit this level versus the Singapore dollar on the interbank market since May 2016. Your Pure FX Account Manager can offer you insight about this.
C. Do you want to find out when your target exchange rate becomes available, or what’s influencing the value of the British pound versus the Singapore dollar on the interbank market recently?
If so, ask your Account Manager to tell you when your target exchange rate hits. He or she can send you a convenient email or a phone call with your rate alert.
Also, your Account Manager can tell you what’s affecting the GBP to SGD interbank exchange rate recently, whether that’s Brexit, the Bank of England, or Singapore’s economy.
Once you’re informed, you’re in a stronger position to decide when it’s appropriate to exchange currencies.
D. Do you intend to transfer money in the next few months, and you’re concerned that the interbank exchange rate might fluctuate between now and when you buy your Singapore dollars?
In this case, it might be appropriate for you to set up what’s called a forward contract. This lets you lock in the exchange rate, so that even if the pound fluctuates in future versus the Singapore dollar, you get the exchange rate you’ve locked in.
To set up a forward contract, you put down approximately 10% of the total amount that you plan to transfer, and you can transfer your money at the exchange rate you’ve fixed at any time in the next 12 months.
3. Request A Pound to Singapore Dollar Exchange Rate Quote.
The final step to transfer money to Singapore from the UK with Pure FX is to request an exchange rate quote. To do this, scroll up to the top of this page, and click on the ‘Get A Quote’ box in the right-hand side. Select your currencies, namely ‘GBP’ (Great British Pound) and ‘SGD’ (Singapore Dollar), and fill in your details.
Then, your Pure FX Account Manager will contact you, to give you today’s competitive pound to Singapore dollar exchange rate quote.
Once you accept this, instruct your Account Manager to transfer your money. Your funds will arrive in your Singapore bank account within a few working days, or faster if you’ve chosen to make a Priority International Transfer.
I hope that you’ve found this article helpful. If you have any questions about transferring money to Singapore from the UK, feel free to Contact Us. We’ll be delighted to help you.