Comparison of Money Transfer Fees from Singapore: Which is the Cheapest and Most Transparent?

Finding a truly cheap solution for money transfer from Singapore to Indonesia is a challenge. The high Singapore money transfer fees and exchange rate markups applied by banks often erode your hard-earned money.

Do you know how much money is wasted every year just because of layered bank fees and unfavorable rates? The old method through SWIFT banks is no longer efficient, especially for routine transfers and urgent needs like hospital bill payments.

This article is a comparative guide that will dissect the three types of platforms, analyze hidden fees, and show why a flat-fee fintech (like Transfez) is the most economical and value-adding choice.

Understanding the 3 Critical Components of International Money Transfer Fees

To save money, you need to know where your money is going. Comparing costs must look at three elements, not just the upfront fee.

1. Transfer Fee

This is the service fee charged upfront. There are two main types:

• Percentage Fee: Cost is calculated based on a percentage of the amount you send (expensive for large amounts).
• Flat Fee: A fixed fee, no matter how much you send (most efficient for routine transfers).

2. Exchange Rate – The Biggest Hidden Cost

This is the markup applied by the service provider. Banks often apply a buy/sell rate that contains a high markup (bank profit), far above the mid-market rate (the fairest rate without markup).

3. Recipient Fee (Beneficiary Fee)

This is a small fee sometimes deducted by the recipient bank in Indonesia. Fortunately, modern fintechs generally eliminate this fee.

Read Also: The Fast and Cheap Way to Transfer Money from Singapore: A Real-Time Guide Free of Hidden Fees

Comparative Cost Analysis Across Platforms (Transfez Case Study)

The following comparative analysis will show why digital remittance apps are the absolute winner for routine money transfers.

Conventional Banks (SWIFT Transfer)

• Fee Structure: High fees (S40 per transaction) plus a large exchange rate markup.
• Drawbacks: Most expensive, slow (2-5 business days), and inefficient for monthly money transfer from Singapore fees.

Physical Money Changers/Agent Services

• Fee Structure: The rate may be slightly better than the bank, but you have to physically visit (wasting your day off) and there are still service fees.
• Drawbacks: Inefficient, less transparent, and not suitable for large routine transfers.

Digital Remittance Applications (Transfez)

Most Transparent Fee Structure: Transfez shows a very low flat fee and a rate that approaches the mid-market rate. 

Transfez Data: The flat fee is about 5 SGD (Rp 64,000) per transaction. This fixed fee is much more efficient for routine transfers compared to a bank percentage.

Exchange Rate: The Role of the Mid-Market Rate

Transfez minimizes hidden money transfer fees by using a rate close to the mid-market rate. When you compare money transfer fees from Singapore, focus on the total amount received in Indonesia; fintechs almost always give a higher final amount.

Transfez Value Advantage: Promos, Rewards, and High Limit Flexibility

Transfez offers more than just a low flat fee. The platform provides strategic value-adds that benefit users.

Rewards Feature

Transfez turns expenses into an investment through attractive rewards:

• Initial Promo (Free Try): When you first download the app, you will get a free transfer fee for the first-time user.
• Point Rewards and Missions: You can collect point rewards and complete certain missions. The collected points can be exchanged for discounts, even Free SG to Indonesia transfers.

Urgent Needs

Transfez for Critical Bill Payments
With low costs, instant speed, and guaranteed legality, Transfez is a vital tool for urgent bill payments in Indonesia with higher sending limits:

• Hospital Billing: Transfer large funds quickly and securely for emergency medical costs.
• Utility Billing: Ensure timely utility payments.

High Limits for Urgent Needs and Large Bills

Transfez accommodates various transfer needs, from small monthly remittances to large bills:

• Tier 1: Maximum of SGD 1,500 (approximately IDR 19,000,000) per transaction. Suitable for routine monthly transfers.
• Tier 2: Maximum of SGD 3,000 (approximately IDR 38,000,000) per transaction. Upgrading is important if you have large, urgent bills, such as Hospital Bills.
• Annual Limit: Maximum of SGD 30,000 (approximately IDR 383,000,000).

Read Also: Monthly Money Transfer Costs to Indonesia: Comparison and Most Economical Strategies

Strategies for Optimizing Costs and Utilizing Transaction Limits

This strategy will ensure you get maximum savings from the Transfez flat fee and rewards features.

1. Transfer All at Once (Flat Fee Optimization)

With a flat fee of 5 SGD (Rp 64,000), you are advised to always transfer a large amount at once to reduce the frequency of the fee you pay.

2. Prioritize Verification (Upgrade to Tier 2)

If you plan to pay critical bills (Hospital Billing or large utilities), immediately complete the verification to upgrade to Tier 2. The SGD 3,000 per transaction limit will give you the flexibility needed in an emergency.

3. Leverage Long-term Rewards

Actively collect point rewards because this is a smart way to get discounts and free transfers in the future. Make Transfez your primary platform so your points accumulate quickly.

4. Check Rate Before Transfer

Although Transfez has a fair rate, develop the habit of comparing the real-time rate before locking the transaction. This is the best practice in remittance management.

Conclusion

The comparison of money transfer fees from Singapore clearly shows that fintech with a low flat fee and transparent rates is the most optimal choice. Transfez stands out with a flat fee of 5 SGD (Rp 64,000) and instant speed.

More than just being cheap, Transfez provides added value in the form of rewards and the ability to handle critical payments (Hospital Billing, utilities) with flexible transaction limits.

Assert your financial efficiency. Immediately download Transfez, take advantage of the initial free fee promo, and start collecting point rewards to get free transfers in the future. Your hard-earned money deserves to be sent efficiently and intact!

Download the Transfez app to get the cheapest and safest shipping rates from Singapore to Indonesia.

Don’t just send money, send your love home. Transfez is a money transfer app created by Indonesians who understand your needs in Singapore. The process is secure, the rates are competitive, and most importantly, you can rest assured knowing that your family will receive immediate confirmation. Let’s show your love without the hassle! Download Transfez on your phone now (available on Android & iOS)! #SantaiTapiSampai