Complete Guide: How to Save Money for TKI in Singapore – Tips for Maximizing Savings and Money Transfers

Getting a job in Singapore as a Domestic Worker (PRT) or Foreign Domestic Worker (FDW) often promises a much better salary than back home. However, many find it difficult to maintain saving discipline. A good salary is often eroded by unexpected costs, expensive transfers, and the temptation of a desirable lifestyle.

Do you know that without proper planning, your savings potential could disappear? Relying on memory for daily expenses and not using efficient transfer platforms means you are losing hundreds of dollars every year. Don’t let your hard work fail to generate maximum savings.

This article is your complete guide. We will provide realistic budget management strategies, break down your income simulation, and recommend the best tools from bank accounts to fintech like Transfez to maximize savings and ensure your money transfer is as efficient as possible.

Understanding Financial Basics: Income Simulation and Savings Potential

The key to saving is knowing how much money you truly have after all mandatory expenses are met. As a TKI/FDW in Singapore, your biggest advantage is that the majority of your living expenses are covered by your employer, according to MOM (Ministry of Manpower) regulations.

1. Estimated Average Salary and Mandatory Deductions

The salary of a TKI/FDW in Singapore varies greatly depending on experience, country of origin, and specific skills.

• Gross Income (Average Basic Salary): Generally ranges between S$650 to S$850 and up per month. This salary must be paid in full. The good news is that FDWs are not subject to mandatory deductions like CPF or income tax.
• Conclusion: The gross salary you agree upon with your employer is the net salary you receive (unless there are agency fee reimbursements agreed upon at the start of the contract).

2. Simulation of Monthly Personal Expense Budget

Since the employer is obligated to cover food, accommodation, and insurance, your expenses are limited to personal needs and remittances. Here is a realistic simulation of your expenses:

3. Monthly Savings Potential

Based on the simulation, your savings potential is huge. If you earn S$800 and control your personal expenses to the maximum limit (S$225), the remainder you can save is S$575 (about 72% of your salary). This S$575 figure is the potential you must maintain. This is the fund ready to be sent to Indonesia for savings or family investment.

Read Also: The Best Guide to Sending Money to Parents Monthly: Cost-Effective, Secure, and Consistent

Tips for Saving Money and Routine Expenses

After knowing your savings potential, the next step is to ensure your personal spending does not exceed the set budget. This is how to effectively save money in Singapore.

Cost-Saving Strategy for Transportation and Communication

• Choose a prepaid data plan that offers a large quota at a fixed monthly price. Avoid using expensive top-up credit for international calls.
• Use an EZ-Link card for all travel and avoid using taxis unless in an emergency.
• Rest Day Control: Your day off is the most spending-prone moment. If possible, bring food prepared at your employer’s house. Choose cheap or free activities, such as picnicking in parks.

Shopping Strategy for Personal Needs

Shop for toiletries and personal items at discount stores (value shops) or heartland areas instead of luxury malls. Set a fixed budget of S$50 for personal needs, and try not to exceed this limit.

How to Open a Bank Account in Singapore

To ensure your savings are safe, you must have a bank account in your own name in Singapore.

You need a valid Passport, Work Permit (WP), and Proof of Address (usually a confirmation letter from the employer). Banks like DBS/POSB often have special programs with low (even zero) initial deposit requirements and minimal monthly fees for migrant workers.

Maximize Remittance: Transfez for Cost-Effective and Profitable Transfers

Once your savings are collected, the next step is to send them to Indonesia with minimal cost. This is where Transfez becomes the most optimal tool.

Saving on Transfer Fees (Flat Fee vs. Bank)

Transfez uses a very low Flat Fee. If you send money using a bank, you will be charged a high fee and detrimental exchange rate markup.

• Cheap Transfez Fee: Transfez sets a cheap fee (low flat fee) for every transaction, around 5 SGD (Rp 64,000) for transfers from Singapore to Indonesia.
• Importance of Flat Fee: Because the fee is flat, you should transfer your savings fund all at once every month (e.g., S$500), rather than splitting it. This strategy minimizes the fee cost per dollar you send.

Added Value: Utilizing Rewards and Discounts

Transfez provides extra profit through a rewards system that turns transfers into profits:

• Point Rewards & Promo: You can collect point rewards from every transaction. These points can be redeemed for discounts or even free transfers.
• Referral Code (Affiliate): Using the Transfez referral code can give you a commission or discount, which effectively makes the cheap Transfez fee into a zero cost.

This Complete Guide to Saving Money for TKI in Singapore shows that the key to financial success is a combination of strict personal budget discipline (saving S$115–S$225 per month) and optimal money transfer.

Read Also: Complete Guide: How to Schedule Routine Money Transfers – Automation, Discipline, and Cost Savings

Transfez is the best tool for sending your money: it offers a low flat fee, instant speed, and a rewards system that turns costs into profits.

Consistency is the best form of financial support. Use the scheduled transfer feature to ensure funds arrive in Indonesia on time.

Immediately open a bank account in Singapore, set your monthly budget, and download the Transfez app to utilize the flat fee and rewards for a brighter financial future!

Download the Transfez app for easy and affordable money transfers from Singapore to Indonesia!

Don’t just send money, send your love home. Transfez is the money transfer app made by fellow Indonesians, so we totally get your needs here in Singapore. It’s secure, the rates are competitive, and most importantly: you can be calm knowing your family gets instant confirmation. Ready to send your love, no fuss? Download Transfez on your phone now (available on Android & iOS)! #SantaiTapiSampai