When sending money from Hong Kong to Singapore, many people's first reaction is to go to the bank to handle the wire transfer. But are banks really the cheapest? Fees, exchange rates, speed of arrival, each of which affects the funds you ultimately get. If you’ve tried bank wire transfers with fees that run up to hundreds of dollars and wait for a few days to arrive, you’ll understand why more and more people are switching to other channels. Today we compare the 5 mainstream ways to send money from Hong Kong to Singapore, from bank wire transfers to money changers to online money transfer platforms, breaking down their fees, exchange rates and speeds one by one. Whether you have to pay tuition, pay for goods, or send living expenses, after reading this article you will know how to choose the best way to save money.
Bank wire transfer is the most reliable, but not necessarily the most cost-effective.
Bank wire transfers are the most used method, especially for large sums. A Hong Kong bank wire transfer to Singapore generally charges a fee of around $200 to $500 HKD, depending on the bank and the remittance amount. In terms of exchange rate, banks usually use the mid-rate plus some profit, the real exchange rate loses 0.5% to 1% over the market mid-rate. There is also an intermediary bank fee of about $15 to $30 each, which will be deducted from the remittance amount. In terms of speed, ordinary wire transfer takes 2 to 5 business days, expedited is faster but has to pay more money. If you send more than HK$100,000, a bank may be a safe choice, but be careful to hide costs, such as a high fee ratio for a small remittance amount.
Money exchange shops are suitable for small transactions.
If your remittance amount is less than HK$100,000, or you don't want to pay the bank such expensive fees, finding a money changer to remit money may be more worth considering. Money change shop recommendations in Hong Kong often offer nicer exchange rates and more transparent charges than banks. In the case of EarthRemit, we have been doing this for over a decade, are licensed and compliant, and monitor every remittance throughout the process. Hong Kong RMB remittance can be done, and remittance to Singapore is no problem. In terms of fees, most money changers charge by the pen, about $50 to $150 HKD, with no intermediary charges. The exchange rate is close to the mid-market price, which is more advantageous than the bank. In terms of speed, the account arrives in 1 to 2 business days at the fastest, suitable for situations where you need money urgently. However, be aware that large remittances may require proof of the source of funds, and a limited amount for money changer remittances, generally capped at about HK$1 million per transaction.
Wise charges transparent fees based on the actual exchange rate.
Wise is a platform that many people use to send money across borders because it advertises using real exchange rates and transparent fees. In practice, Wise’s fee structure is as follows: a percentage fee is charged by currency and amount, for example, sending HK$10,000 to Singapore will cost about HK$50 to HK$100. In terms of exchange rates, Wise uses the middle market exchange rate with no price increase, which is its biggest advantage. But note that Wise’s remittances are not the fastest, usually taking 1 to 3 business days. If your remittance amount is less than HK$50,000, Wise is a good choice. However, the fee ratio for large transfers may be even higher than that of banks, to calculate.
Revolut is suitable for small, instant transfers.
Revolut is an e-banking characterized by fast remittances, especially small instant transfers. If you send less than HK$10,000, use Revolut's free plan, which offers a free monthly remittance limit. For exchange rates, Revolut uses a real mid-rate on weekdays, but adds a small premium on weekends. In terms of speed, Revolut uses an instant payment system, which usually arrives in a few minutes, up to the same day. But its limitations are: Large transfers require an account upgrade, and may not support all remittance reasons. Revolut is handy if you’re just sending a few thousand dollars to a friend or paying miscellaneous fees.
PayPal is convenient but has a poor exchange rate.
PayPal is the most used online payment tool, but the remittance feature is not its strong point. If you use PayPal to send money to Singapore, the fee is: 4.5% of the amount plus a fixed fee, transfer HK$10,000 to become a $500 fee, very expensive. In terms of exchange rate, PayPal uses its own exchange rate, which is 2% to 3% different from the market price. Fast speed, usually instant payment. So PayPal is only suitable for emergency small transfers, such as paying a few hundred dollars to buy something. If you have to send a large amount, never use PayPal.
Which bank offers the best value for large remittances?
If you want to send more than HK$100,000, bank wire transfers and money changers are the most stable options. But after calculation, money changers are usually cheaper. EarthRemit, for example, offers international remittance services with fees as low as $50 HKD, close to the market exchange rate, and no hidden charges. While bank wire transfers are safe, the fees and exchange rate difference can add up to thousands of dollars more. If you are doing trade or buying a house and need to send a large amount to Singapore, it is recommended to check with a Hong Kong money changer for a quote and compare before deciding.
Compare remittance times: Who's the fastest?
The following table summarizes the typical arrival times for each method so you can choose according to your needs:
WayArrival timeBank wire transfer2-5 daysExchange Shop1-2 daysWise1-3 daysRevolutImmediate - 1 dayPayPalimmediate
If you urgently need money, Revolut or PayPal are the fastest options, but PayPal's exchange rate and fees are not worthwhile. A more reliable choice is a money exchange, which is both fast and inexpensive.
Avoid Fee Traps
Many foreign currency exchange and money transfer services ostensibly say they are fee-free, but actually hide the cost in the exchange rate spread. For example, the exchange rate quoted by some platforms is 2% different from the mid-market price, which means you lose $2000 by exchanging HK$100,000. Also pay attention to the intermediary bank charges, bank wire transfers often have this amount. There are also payment method fees, such as sending money by credit card with additional fees. The safest thing is to ask about the total cost, including fees and exchange rate differences, before deciding which one to use. It is recommended to use a foreign currency real-time exchange rate comparison tool, at a glance.
Exchange Rate Calculation and Hidden Costs
Exchange rate fluctuations affect the final amount received. When sending money, you may lose hundreds to thousands of dollars if the exchange rate is not good. It is recommended to pay attention to the foreign currency exchange price before remitting money and choose a low exchange rate to make a move. Additionally, some platforms lock in exchange rates to avoid the risk of volatility, but there may be a fee for locking the exchange rate. Quotes with money changer exchange rates are usually effective immediately without worrying about delays. If you send a large amount, you might as well send it in several installments to spread the exchange rate risk.
Final recommendation: Choose according to your needs
Summarize:
- Small amount (Revolut is the most cost-effective, fast, and affordable option.
- Medium amount (HKD 1-100,000) : Find the most cost-effective money changer , low fees, beautiful exchange rate.
- Large amounts (>HKD 100,000) : Bank wire transfer or money changer is acceptable, but it is recommended to compare quotes. EarthRemit has been in business for over a decade, monitoring the entire process to help you save money and peace of mind.
Remember, the cheaper the money is not the better, safety comes first. A licensed compliant money changer like us will ensure that funds arrive legally. If you are still hesitant, WhatsApp us directly to inquire and get a quote soon.Act now: Want to know today’s exchange rate and fees? WhatsApp inquiries or contact us on the contact us page.
