How to send money to Singapore in 2026: in 1-2 business days in Singapore or US dollars

In 2026 money is sent to Singapore to your own account at a Singapore bank in Singapore or US dollars, and inside the country a transfer of up to 200,000 Singapore dollars goes through instantly. A non-resident's account is opened after a check and a meeting, deposits are insured up to $79,000, and individuals pay no tax on interest.

Money can be sent to Singapore now by international transfer to your own account at a Singapore bank: it arrives in 1-2 business days in Singapore dollars, US dollars or another account currency. The key thing in Singapore is getting into the bank: an ordinary account for everyday spending is opened for residents and work visa holders, while a non-resident gets premium or private banking after a document check and a personal meeting. There is no currency control, and individuals pay no tax on the transfer itself or on deposit interest.

US dollar amounts are at the European Central Bank rate on 7 October 2026, 1.28 Singapore dollars per dollar, rounded up. The transfer routes were checked on 8 October 2026.

A transfer to your own account in Singapore: what the bank needs

Singapore banks open an ordinary account for everyday spending for citizens, permanent residents and work visa holders. Anyone moving for work finds it easier to open one on the spot, with a work visa and a Singapore address. For a non-resident without such status the bank offers premium or private banking with a large balance: it first checks the documents remotely, then invites you to a meeting at a branch.

For the meeting you prepare a passport, proof of address no older than three months, income certificates, statements and tax returns, and a description of the source of capital and the purpose of the account. The bank looks at which country the money comes from and how clearly its origin is proven, so the pack is gathered before the meeting.

Is the bank taking long over your application? There are usually more options than it seems: a manager will choose a transfer route for your profile.

Instant transfers up to 200,000 Singapore dollars

Inside Singapore money moves between banks instantly and around the clock: up to 200,000 Singapore dollars ($160,000) per transfer by account number, and small sums by phone or ID number. A transfer from abroad is credited to the same account, and from there money spreads across the country through these instant payments.

An international transfer arrives in 1-2 business days. The account is opened in several currencies at once, so US dollars arrive with no exchange and are converted into Singapore dollars when a payment inside the country is needed. Deposits are insured up to 100,000 Singapore dollars, about $79,000, per depositor at one bank, so large capital is held at several banks or in investments.

What to give the sender: account number, bank code, name

A transfer to Singapore from abroad is made with five details, and getting each one right saves days of waiting:

• The recipient's name - exactly as at the Singapore bank, spelt as in the passport.
• The account number - local, in digits, with no international format, spaces or hyphens.
• The bank's international code - 8 or 11 characters; the bank issues it with the account details.
• The currency - Singapore or US dollars; a transfer in another currency will be exchanged by the bank at its own rate.
• The purpose - brief and to the point: a transfer of own funds, payment for a flat, a contribution to a fund.

A large transfer comes with a document explaining the sum: a sale contract, a statement on the sale of assets, a dividend resolution. A Singapore bank checks every payment against the profile it drew up when opening the account, so the sum and purpose match what you said at the meeting.

Taxes on interest, capital gains and foreign income

Singapore taxes residents on a scale of 0-24%, and the first 20,000 Singapore dollars ($16,000) of income a year are tax-free. For capital something else matters more: individuals pay no tax on bank deposit interest, and there is no capital gains tax or inheritance tax either - inheritance has not been taxed since 15 February 2008. An individual's foreign income received in Singapore is not taxed, so transferring savings, dividends and interest from abroad creates no tax.

Details are on the taxes in Singapore page and in Singapore tax residency.

A flat in Singapore: an additional 60% duty for a foreigner

A foreigner buys a flat in a private apartment building in Singapore with no permits, and a landed house with state approval. The main cost on top of the price is duties: the basic one of 1-6% and the additional one for a foreigner of 60% of the price. So a large transfer for a home is calculated together with the duties: for a flat at $1,000,000 more than $1,600,000 is transferred.

The payment to the seller goes from your own Singapore account, and the bank checks the origin of the whole sum in advance. Details are on the property in Singapore page.

Buying a home or investing capital? We will advise how best to transfer the sum together with the duties.

The Global Investor Programme: investing from your own Singapore account

Singapore permanent residence for investment is granted under the Global Investor Programme: from 10 million Singapore dollars ($7.9 million) in a new or existing business, or 25 million ($20 million) in an approved fund, or a family office with assets from 200 million ($160 million), of which 50 million ($40 million) is transferred to Singapore. The investment is made within 6 months of approval in principle, and the money goes from the applicant's personal account at a Singapore bank.

So the account is opened before approval, and the capital transfer is planned in parts to fit the programme's deadlines. Details are on the Singapore permanent residence for investment page.

A family office in Singapore is also set up without the programme: tax incentives for its fund are given from 20 million Singapore dollars ($16 million) of assets under one scheme and from 50 million ($40 million) under another. The fund's capital is transferred to an account at a Singapore bank, and the fund's income from permitted investments is not taxed.

Up to $160,000, up to $1 million and more: what a Singapore bank will ask

• Up to 200,000 Singapore dollars ($160,000) - transfers for living, study and rent. The bank checks the recipient's name and the payment purpose.
• From $160,000 to $1 million - capital to a premium account, a down payment for a flat. The bank will ask for a year of statements, documents on the source and an explanation of why the money is in Singapore.
• From $1 million - private banking, a home with the 60% duty, the Global Investor Programme. A full pack on the origin of capital is needed: the business history, company accounts, tax returns, documents on the sale of assets.

A large sum? A manager will choose a route and gather the pack for the bank. The general procedure is in the capital relocation section, and documents in proof of source of funds.

Onward from Singapore: Malaysia, Indonesia and other countries

A Singapore account is a convenient base for Southeast Asia: a transfer arrives in Malaysia the same or the next day, in Indonesia in 1-2 business days, and in the UAE and in Switzerland also in 1-2 business days.

Sending money to nearby countries

• Malaysia - the second home programme with a deposit
• Indonesia - payments in rupiah and an account with a stay permit
• The UAE - dollars with no exchange rate risk
• Brunei - a currency on a par with the Singapore dollar
• Hong Kong - dollars and yuan with no exchange
• Australia - an account before arrival and transfers by phone number

Countries by region and the general procedure for moving capital are in the capital relocation section.

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