The remittance industry in Singapore stands as a testament to the nation's progressive financial landscape, evolving over decades to meet the diverse needs of individuals and businesses. From traditional over-the-counter transactions to innovative fintech solutions, the industry has witnessed remarkable transformations, reflecting Singapore's commitment to fostering innovation, efficiency, and excellence in financial services.

Over-the-Counter Transactions: Historically, remittance services predominantly relied on over-the-counter transactions, primarily involving cash-based transfers. This traditional approach facilitated seamless fund transfers, enabling individuals and businesses to send and receive funds across borders with relative ease.

Bank and Non-Bank Entities: While banks played a pivotal role in facilitating remittance services, non-bank entities also emerged as significant players, offering competitive rates, wider networks, and tailored solutions to cater to diverse customer needs.

Digital Transformation: With technological advancements and changing consumer preferences, digital platforms have emerged as preferred channels for remittance transactions. These platforms offer convenience, speed, transparency, and enhanced security, revolutionizing the way individuals and businesses transfer funds globally.

Fintech Innovation: Start-up fintechs have leveraged technology to innovate international payment methods, offering innovative solutions that are more convenient, efficient, and cost-effective than traditional banking channels. These fintechs harness the power of blockchain, AI, machine learning, and other cutting-edge technologies to streamline processes, reduce costs, and enhance user experiences.

Diverse Range of Products and Services: The evolution of the remittance industry has paved the way for a diverse range of products and services, catering to diverse customer needs. From mobile applications, online platforms, and digital wallets to specialized solutions for businesses, the industry continues to innovate, adapt, and evolve in response to changing market dynamics and consumer preferences.

The remittance industry in Singapore has evolved significantly, reflecting the nation's dynamic financial landscape, technological advancements, and commitment to innovation. From traditional over-the-counter transactions to digital platforms and fintech innovation, the industry continues to redefine boundaries, set new benchmarks, and shape the future of cross-border payments. As Singapore continues to champion innovation, collaboration, and excellence in financial services, the remittance industry stands poised to drive growth, foster inclusivity, and unlock new opportunities for individuals and businesses alike.

Always use a licensed remittance agent. Find out using the

Financial Directory of the MAS.

Much faster, cheaper and with a sophisticated network remittance businesses serve the interests of locals and foreigners in Singapore. Flat fees & competitive exchange rates also give preference of using a remittance service over a bank.

With the introduction of Payments Services Act, much focus have been given to the security of consumers funds. Such enforcements have indeed raised the standards in protecting funds till it reaches its destination. Overall, technology has indeed favoured the traditional industry to compete with the big banks and give a run for their money.

Financial Directory link

Foreign Workers are the foundation of Singapore’s labour force.

A good proportion of Singapore’s labour force work in the construction industry. The sector contains large number of workers mainly from India, Bangladesh, Thailand, Myanmar & China. These are skilled workers in construction and usually stay in dormitories.

With a good proportion of their wages needed to be sent home back to their loved ones, they are the target of many remittance businesses. A number of remittance agents operate out of these dorms particularly where there is a large population of workers making it easy for them transfer money without having to leave to elsewhere.

There are also remittance kiosks and mobile & web applications developed specially for their use.


Singapore families employ domestic helpers to assist them with their household chores.

There are large sizable community of domestic helpers from Indonesia, Philippines, Myanmar and India.

There are approximately on average 240,000 domestic workers in Singapore. Domestic helpers usually are breadwinners for their families back in their country.

Usually many of these helpers send a large proportion of their salary back home. Looking for cheap or no fees and competitive exchange rates, they flock to remittance agents at popular malls such as City Plaza, Lucky Plaza & Peninsula Plaza.


Being a global business and financial centre, Singapore often attracts talents to live and work here. With over 100,000 expats, they take the managerial positions in corporates and other MNCs based here.

With family and other personal commitments, these expats have to remit money home. As the amount for remittance can be large and regular, expats tend to use the banks or the larger and well known remittance companies.

Nowadays many are attracted to the convenience of electronic remittance.


Many local SMEs tend to save on operational and administrative costs. That is why we see many such businesses using remittance services provided by money transfer companies.

A bulk of these are payments are actually payments for overseas suppliers who usually provide these firms with goods or services.

Some of these companies also use remittance services for incoming payments usually from their buyers.

When using remittance companies, local businesses usually cut alot of costs by getting competitive Fx rates & minimum or zero charges.


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