Best way to receive money from abroad in Singapore 2026

6 top ways to receive money from abroad in the Singapore

To help you decide which way of receiving money will work best for you, here’s a more detailed look at some options commonly used by residents in Singapore:

1. Multi-Currency Accounts (Wise, Revolut)

The benefit of a multi-currency account is that you can receive the funds as the same currency as the one sender used for transferring. This means that you can save on currency exchange fees, and remain in control of conversion, even when the sender makes the transfer from their own bank.

Providers like Wise offer domestic account details for 8+ major currencies like SGD, USD, EUR and GBP enabling customers to receive funds with no incoming payment fee. You can then choose to convert to SGD or leave in the original balance for later conversion or use.

Other providers such as Revolut also offer multi-currency accounts with ways to receive payments in SGD with local details, and SWIFT account information to receive other currencies.

Typical fees: Free to receive in 8+ major currencies with Wise

Processing time: Local payments can arrive quickly or instantly

Good for: Flexible, cheap incoming payments in SGD and foreign currencies

2. Bank wire transfers

Your sender can make a transfer from their bank overseas, to your Singaporean bank account if you’d prefer to receive your money in Sing dollars. Generally payments like this are managed through SWIFT and can incur fairly high fees, including costs which can be tricky to know in advance.

If you’re receiving a SWIFT payment, look at the transfer fee paid by the sender, possible intermediary fees which are deducted from the payment as it’s processed, and also any exchange rate markup applied to see the full cost of your payment. Receiving fees can also apply.

Typical fees : Variable fees apply. If you use DBS to receive money from overseas there’s a 10 SGD fee for incoming transfers for example. Other fees include SWIFT costs and exchange fees, as well as any transfer fee paid by the sender

Processing time : SWIFT payments may take 3–5 days to arrive in some cases

Good for: Receiving large amounts for deposit to your bank account

2. Online money transfer services (Wise, Remitly)

Your sender can transfer money to you using an online money transfer service like Wise or Remitly, to be received either to a bank account in SGD or a multi-currency account from a provider like Wise.

If you’re using a Wise account to receive your payment you can get local details for 8+ major currencies which have no incoming payment fee, or SWIFT details for 20+ currencies which let you get paid with a small fee. Wise currency exchange uses the mid-market rate with no hidden fees so you can then hold, send or spend your balance – or exchange to the currency you need with great rates and transparent fees.

Typical fees: Fees may apply depending on the bank you receive money to. No incoming fee for 8+ currencies if you receive to Wise

Processing time: Some payments can be fast or instant, others can take several days

Good for: One of the low cost ways to receive money to a bank account in SGD, with additional currencies if you receive to a multi-currency account

4. Digital wallets (PayPal, Skrill)

Digital wallets let you get paid instantly in many cases, and often offer easy transfer methods which only need your name and contact information. PayPal is a global provider of payments and other financial services – and a good option for sending a PayPal to PayPal transfer in the same currency.

If you’re wondering how to receive money through PayPal, all you need to give the sender is your email. However, when getting paid by someone in a different currency this may be a pricey choice as fees apply for currency conversion.

Skrill is another solid option, but also has fees built into its currency conversion rates which may mean it’s not ideal for cross border use.

Typical fees: Fees may apply depending on the wallet, currency conversion, and withdrawal method.

Processing time: Incoming payments from the same wallet type can be instant – other transfers may take a day or so

Good for: Splitting bills and other small, same currency payments among friends

5. Cash pickup services (Western Union, MoneyGram)

If you’re struggling to get to a bank or need to get cash quickly, a cash collection service from a provider like Western Union or MoneyGram may be a good choice. The sender can initiate the payment online or at an agent near them, and you can then use MoneyGram or Western Union to receive money in cash at a local location close to your home or work. Because these services are quite labour intensive, fees overall can be high – but they’re mainly covered by the sender.

Typical fees: Usually no receive fee, but the sending fees can be fairly high

Processing time: If the sender pays using a card or cash, the money may arrive instantly – otherwise you may wait a day or two

Good for: Getting cash quickly to someone without access to bank account

6. International money orders

An international money order looks a bit like a cheque which you can then mail to someone, for them to cash at a bank or similar agent location, and get their money. This is a more traditional method, which has largely fallen out of favour. It is theoretically still possible, but you may have to shop around to find a bank or provider which will cash your money order if you receive one. Fees can apply to both the sender, and to you as the recipient, which are set by the providers involved with processing the transaction.

Typical fees: Fees may apply to sender and recipient which may be high

Processing time: Sent by mail, which can mean waiting some time for arrival – then a further delay when cashing

Good for: More commonly used in some countries than others – less used in Singapore than in the Americas

Step-by-step guide: How to receive money from abroad

Here’s a quick overview of the process you’re likely to follow if you need to receive a payment from overseas:

Step 1: Choose Your Method

You’ve got a few different ways to receive money in Singapore, such as a deposit to a bank, digital wallet or multi-currency account, or a cash collection payment. Consider what’s the best method for you, and talk your options through with the sender to agree which to use.

Step 2: Gather Required Information

The details you need depend on the payment method you’ve selected. For digital wallet payments you may only need your email address or phone number, while for bank deposits you’ll need your banking information and account number. Double check what’s needed so you can pass all the details to the sender easily.

Step 3: Share Details with Sender

Once you’ve got everything ready you can send the information needed to the sender. If you’re sharing sensitive banking information, make sure you send the details securely. Once the sender has your details they can initiate the transfer at their end.

Step 4: Track the Transfer

The sender can now track the transfer, and depending on the payment type, you may also be able to log into an app or website to see where their money has got to on its journey.

Step 5: Receive and Verify Funds

Your money will be deposited to your nominated account – or if you’ve opted for a cash collection service you’ll need to go out to get your money in person. Once you’ve got your money you can double check it’s correct and you’re good to go.

Common problems and how to solve them

Hopefully you’ll receive your incoming payment to Singapore with no hassle. In case you have any issues along the way, here are a few troubleshooting tips:

Transfer Delays

Your sender will often see a transfer delivery estimate when they initiate the payment which should tell you when to expect your money. If your payment is late, ask the sender to track the payment – or to give you the information so you can do so if the provider offers that option. The provider’s customer service may be able to help if you think a transfer is taking longer than it should.

Missing Payments

If a transfer fails it may have been returned back to the sender. Ask them in the first instance if they’ve received a refund on the payment. If this isn’t the case you can ask your own bank – although they may advise you that the sender’s bank needs to track the transfer from their end.

If a payment appears to have gone missing you’ll need to work with your bank or provider and theirs, to establish where the money is.

Incorrect Exchange Rates

Exchange rates do change all the time, so if you get a rate that wasn’t quite what you expected, it may be because of movements on global markets. If you think there’s a problem with the rate used, ask the sender to check with – and if necessary, complain to – the provider which handled the payment in the first place.

Documentation Issues

Particularly for high value transfers, you may need to provide extra documents such as proof of the source of the funds, to send or receive the money. This is to comply with law, and is likely to be a step you can’t get around. The provider arranging the payment will be able to confirm what’s needed to send and to receive the funds.