Transfer Money from Singapore to India: 5 Best Ways in 2026

Key Takeaways

The mid-market SGD/INR rate sits around 74 — online services pass this rate on to you; banks typically apply a 1–2% markup on top.
PhotonPay and Wise offer the most competitive rates for this corridor; bank wire transfers cost significantly more in combined fees and exchange rate margin.
Most online transfers arrive in India within minutes to the same day; SWIFT bank transfers typically take 1–3 business days.
You need the recipient's account number and IFSC code; for bank wire transfers, you'll also need the bank's SWIFT code.

Sending money from Singapore to India is one of Asia's busiest remittance routes. Whether you're supporting family, paying contractors, or settling invoices, the method you choose makes a real difference — not just in speed, but in how many rupees the recipient actually receives. This guide covers five ways to do it, with clear cost comparisons for each.

5 Ways to Transfer Money from Singapore to India

Method	Transfer Fee	Exchange Rate	Speed	Best For
PhotonPay	Competitive, no hidden spread	Close to mid-market	Real-time, 24/7	Personal & business payments
Wise	From ~0.6% + small fixed fee	Mid-market rate	Minutes to 1 business day	Regular remittances, large amounts
Instarem	Low or SGD 0 fee	Near mid-market	Instant to same day	High-frequency small transfers
Remitly	Varies by tier	Some markup on Economy	Minutes (Express)	Fast delivery, first-time senders
Bank wire (SWIFT)	SGD 20–35 flat + rate margin	1–2% below mid-market	1–3 business days	Large amounts via existing bank

Rates and fees are indicative as of October 2026. Verify live rates in each provider's app before sending.

PhotonPay

PhotonPay is a licensed international payment platform that supports transfers to India through local payment rails — IMPS and NEFT — rather than routing via SWIFT. That means faster delivery, lower cost, and settlement that runs 24/7 regardless of bank holidays.

Transfers reach Indian bank accounts via IMPS/NEFT local rails — no SWIFT intermediary delays
Real-time settlement, 24 hours a day, 7 days a week
Competitive exchange rates with no hidden FX spread built into the conversion
Supports both personal remittances and high-volume business payouts from a single platform
Licensed and regulated, operating in 200+ countries with 60+ currencies supported
Multi-currency wallet lets you hold SGD and INR balances and convert when the rate works for you

Best for: Individuals sending regular remittances to India, and Singapore businesses paying Indian vendors, freelancers, or remote teams.

Wise

Wise is widely used for the Singapore-to-India corridor because it passes on the mid-market rate — the rate you see on Google — and charges a transparent fee on top, typically from around 0.6% plus a small fixed amount. There are no markups hidden in the exchange rate, which makes the real cost easy to calculate before you send.

Transfer speed is usually within minutes for bank-funded transfers; card-funded transfers may take slightly longer. Wise is available in Singapore as a MAS-licensed money transfer operator.

Best for: People who send larger amounts regularly and want full transparency on what they're paying.

Instarem

Instarem is a Singapore-headquartered fintech licensed by MAS. Fees for the SGD-to-INR corridor are low — often zero or under SGD 2 — with exchange rates that track closely to the mid-market rate. Every transfer earns InstaPoints that can be redeemed for fee discounts on future transfers, which adds up for people who send frequently.

Most transfers arrive in India the same day, with many completing within minutes via IMPS. The app also lets you set rate alerts so you can send when the SGD/INR rate moves in your favour.

Best for: Frequent senders and anyone who wants an app built specifically for the Singapore remittance market.

Remitly

Remitly offers two service tiers for transfers from Singapore to India. Express delivers funds within minutes at a slightly higher fee; Economy takes 3–5 business days but costs less. The fee and exchange rate are shown clearly before you confirm, with a delivery guarantee — if your transfer is late, Remitly refunds the fee.

Remitly supports transfers to most major Indian banks and delivers to NRE and NRO accounts. The first transfer for new users often comes with a promotional rate.

Best for: First-time international senders and people who need guaranteed fast delivery for time-sensitive situations.

Bank Wire Transfer (DBS, OCBC, UOB)

Singapore's major banks — DBS, OCBC, and UOB — all support international wire transfers to India via SWIFT. The cost structure is two-part: a flat cable fee of SGD 20–35 plus an exchange rate that typically sits 1–2% below the mid-market rate. On a SGD 1,000 transfer, that combined cost is usually SGD 30–50, compared to under SGD 10 with an online service.

The main advantage is familiarity and the ability to send large amounts with your existing bank relationship. Some banks, including DBS via DBS Remit, offer reduced fees and better rates for select corridors — check your bank's remittance page for current India pricing.

Best for: Large one-off transfers where you already have a bank relationship, or corporate payments through existing business banking channels.

What Information You Need to Complete the Transfer

Every transfer to India requires the same core set of recipient details. Missing or incorrect information is the most common cause of delays.

For online services (PhotonPay, Wise, Instarem, Remitly):

Recipient's full name — must match the bank account name exactly
Bank account number — typically 9 to 18 digits depending on the bank
IFSC code — the 11-character Indian Financial System Code that identifies the recipient's specific branch (e.g., HDFC0001234). Your recipient can find this on their bank statement, cheque book, or by calling their bank.

For bank wire transfers (SWIFT):

All of the above, plus the receiving bank's SWIFT code
Bank name and branch address

If you're sending to an NRE (Non-Resident External) account, the recipient can freely repatriate the funds back out of India. An NRO (Non-Resident Ordinary) account is used for income earned within India and has restrictions on how much can be sent abroad. For most family remittances, the recipient's savings account works fine and there's no need to worry about the NRE/NRO distinction.

How to Compare the Real Cost Before You Send

The flat fee shown during checkout is not the full cost. Most providers — especially banks — also apply an exchange rate that's lower than the mid-market rate, and pocket the difference. On a SGD 1,000 transfer, a 1.5% rate margin costs SGD 15 before you've paid any fee at all.

The simplest way to compare is to enter the same amount on two or three apps and check the INR amount the recipient will actually receive. That number already accounts for both the fee and any exchange rate markup. The provider with the highest INR delivery amount is giving you the best real-world rate — regardless of how they structure the charges.

For larger transfers, the exchange rate margin matters more than the flat fee. On SGD 5,000, a 1% rate margin costs SGD 50 — more than the flat cable fee at most banks. Online services typically keep their total take well below 1%, making them substantially cheaper at higher amounts.

Step-by-Step: Sending Money via an Online Service

The process is the same whether you use PhotonPay, Wise, or Instarem. First-time setup takes around 10 minutes; repeat transfers take under two minutes once your account is verified.

Create an account. Download the app or visit the provider's website and register with your email address and Singapore phone number.

Verify your identity. Upload a photo of your NRIC, passport, or FIN. Most providers complete verification within minutes using automated checks.

Enter the transfer details. Input the amount you want to send, select INR as the receiving currency, and enter the recipient's bank account number and IFSC code.

Review the exchange rate and fee. The app will show you exactly how many rupees the recipient will receive. Check this number before confirming — it reflects the total cost including any rate margin.

Choose your payment method. Fund the transfer via PayNow, bank transfer, or debit card. PayNow is usually instant; bank transfers may add a few hours.

Track the transfer. Most providers send real-time status updates via SMS or app notification. Keep the transaction reference number in case you need to follow up.

Things to Know Before Your First Transfer

Transfer limits. Singapore has no statutory cap on outbound transfers. Some providers impose per-transaction or daily limits at the account level, which typically increase after additional verification. Bank wire transfers through DBS or OCBC can handle very large amounts with no app-level limits.

India receiving side. India has no restrictions on receiving foreign remittances — any amount can arrive in a standard savings account. If you're sending a large or unusual amount, the recipient's bank may ask for a brief explanation of the source as part of standard compliance, but this is handled at the branch level and doesn't require advance paperwork.

Timing. IMPS-based transfers (used by PhotonPay, Instarem, and some others) process 24/7 including weekends and Indian public holidays. SWIFT transfers follow banking hours and can take longer around public holidays in either country.

Exchange rate movement. The SGD/INR rate moves throughout the day. If you're sending a large amount and the rate matters to you, check rates across a few apps on the same day — spreads between providers can add up to 0.5–1% even when flat fees look similar.

FAQ

What is the cheapest way to transfer money from Singapore to India?

Online services — particularly PhotonPay, Wise, and Instarem — consistently offer the lowest total cost on this corridor. They charge near-zero or transparent fees and pass on exchange rates close to the mid-market rate, which is typically 1–2% better than what Singapore banks offer. For any amount above SGD 200, the saving versus a bank wire is meaningful.

How long does a bank transfer from Singapore to India take?

Online services using IMPS rails deliver within minutes to a few hours, around the clock. Bank transfer delays via SWIFT typically run 1–3 business days, and can stretch longer if the transfer is routed through an intermediary bank or initiated on a Friday.

What do I need to send money to India from Singapore?

For online services: the recipient's full name, bank account number, and IFSC code. For bank wire transfers, you also need the receiving bank's SWIFT code. The IFSC code is 11 characters and identifies the specific branch — your recipient can find it on a bank statement or cheque book leaf.

Is there a limit on how much I can send from Singapore to India?

Singapore does not cap outbound international transfers. Online platforms set per-account limits that typically increase after identity verification — most allow SGD 5,000–10,000 per transfer once fully verified, with higher limits available on request. Bank wire transfers through DBS, OCBC, or UOB can handle much larger amounts without app-level restrictions.

Can I send money to any bank account in India?

Most major Indian banks are supported by both online services and SWIFT. This includes SBI, HDFC, ICICI, Axis, Kotak, and most public sector banks. The recipient needs an account that accepts inward remittances — standard savings and current accounts qualify; some fixed deposit and loan accounts do not. If you're unsure, ask your recipient to confirm with their bank before the first transfer.