The Secure Way to Transfer Money Routinely from Singapore: Beware of Illegal Services & Choose Licensed Platforms

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the secure way to transfer money routinely from singapore

The need to send money routinely from Singapore to your home country is a financial priority for many workers and students there. However, behind this urgency hides concerns about security, hidden fees, and legal risks from using unofficial (black market) transfer services.

Are you aware of the legal and financial risks of illegal transfers? The pressure to get an “too good to be true” exchange rate often traps users into money laundering practices, which can lead to fines or even imprisonment in Singapore. Every unsafe transfer can harm your family back home.

The secure way to transfer money routinely from Singapore is by avoiding illegal services and switching to fintech platforms that are fully legal and licensed by MAS. This article will be your complete guide. We will dissect the risks, security criteria, and recommend a superior solution like Transfez, to ensure your hard-earned money arrives intact and safe.

List of Content

Understanding the Risks and Dangers of Illegal Transfer Services

For migrant workers, the offer of very high exchange rates from private or unlicensed transfer services often looks tempting. However, the risks involved are far greater than the exchange rate gain.

An unlicensed money transfer service is a party or individual that facilitates money transfer without holding an official license from the Monetary Authority of Singapore (MAS). They usually operate covertly and do not follow financial regulations.

Fatal Risks Lurking

Using these services can lead to serious consequences:

Total Loss of Funds: There is no legal protection if your money is lost halfway. You have no official authority to report the loss.
Legal Problems: You risk getting involved in illicit practices such as money laundering or terrorism financing. In Singapore, involvement in these practices can lead to large fines, asset forfeiture, or imprisonment.
Data Theft Risk: The identity data (Passport, Work Permit) you provide to unofficial parties is highly vulnerable to theft or misuse.

Ensuring Safe and Legal Money Transfers (MAS Criteria)

So, what is the secure way to transfer money routinely from Singapore? The answer lies in the pillars of security and legality established by MAS.

Pillar 1: MAS License (Mandatory)

This is the absolute criterion. Every money transfer service provider, whether a bank or a fintech, must have a Major Payment Institution (MPI) license or equivalent from the Monetary Authority of Singapore (MAS). A licensed platform guarantees that customer funds are protected by regulations. This ensures that your transaction is a legal Singapore remittance.

Pillar 2: Fee and Rate Transparency

A safe and ethical platform will not hide fees. Legal platforms will display the total fee to be paid, including the transfer fee (flat fee), at the beginning of the transaction.

Pillar 3: Strict Identity Verification

A registration process that asks for complete identity documents (Passport/EP/S-Pass) is a sign of a legally compliant platform. This KYC process is part of the regulatory obligation to prevent account misuse.

Pillar 4: Real-time Notification and Tracking

A safe platform provides instant notification after a payment is successful. This gives peace of mind to the sender and receiver and eliminates the anxiety of waiting and guessing the transfer status.

Transfez: The Primary Solution for Safe & Efficient Routine Transfers

Based on the criteria above, a fintech platform like Transfez emerges as the superior solution for the secure way to transfer money routinely from Singapore, especially due to its focus on security, legality, and user experience.

Transfez Security Advantages

Transfez operates under MAS supervision, ensuring every transaction adheres to strict regulatory standards. In addition:

Data Encryption: Transfez uses high-level encryption to protect user data.
Dual Verification: The strict identity verification (KYC) process at the start ensures that only the legitimate account owner can perform transactions.

Cost Efficiency for Routine Transfers

Transfez is very advantageous for routine money transfers due to its efficient structure:

Flat Fee: It offers a very competitive flat fee, not a percentage of the amount sent. This is very beneficial because the total fee you pay for large and small transfers is relatively the same, maximizing the money received by your family.
Rates: Transfez offers a very fair rate, close to the mid-market rate. This makes a legal solution the cheapest app to send money from Singapore.

Tips for Securing and Optimizing Routine Transfers

After choosing a safe platform, here are some tips you need to follow to optimize and secure your routine transfers.

Optimal Cost: Transfer All at Once

Encourage yourself to transfer in a large amount at once (if possible and transfer limits allow) to reduce the frequency of the flat fee you pay. This is a smart way to save money.

Digital Recording for Audit

Always save digital transfer receipts. This digital recording is important for your personal bookkeeping purposes, as well as proof of compliance with financial regulations in both countries.

Beware of Phishing and Third-Party Services

Never share your password, PIN, or account details with anyone. Remember, a legal Singapore remittance service will never ask for your personal data or password via unencrypted phone calls or emails.

Recipient Verification

Always ensure the recipient’s account details are correct before sending money. Check the account holder’s name, account number, and bank name. One of the secure ways to transfer money routinely from Singapore is by ensuring the accuracy of the recipient’s data.

The secure way to transfer money routinely from Singapore is by avoiding illegal risks and strictly switching to an MAS-licensed fintech platform. Transfez is a legal, safe, and efficient choice, offering a flat fee and real-time speed.

Using the right platform is the best way to honor your hard work, save on transfer fees, and ensure funds arrive home intact and secure. Immediately verify the legality of the platform you use and try the Transfez app for safer and more efficient routine transfers.

To make Transfez transfers much safer, there are several data verification steps that need to be taken, including:

Required Information & Documents

User Citizenship
Identity Card based on Citizenship:
For Indonesia:
Indonesian Citizens (choose one): e-KTP, SIM, or Passport.
Foreign Citizens: Passport.
For Singapore:
Singaporean Citizens: NRIC.
Foreign Citizens: Work Permit.
Selfie Photo
ID Number
Full Name (as stated on the document)
Country of Birth
City of Birth
Date of Birth
Occupation
Gender
Address

Step-by-step instructions

Click the “Verify to activate this region” button on the home page.
Verify Phone Number (conditional, if required).
Select Nationality.
Upload ID Document.
Selfie.
Enter and verify data.
Increase Daily Transaction Limit (Optional).
Create PIN.
Service Agreement.
Submit KYC.

The safe way to transfer money regularly from Singapore is to avoid illegal risks and strictly switch to MAS-licensed fintech platforms. Transfez is a legal, safe, and efficient option that offers flat fees and real-time speed.

Using the right platform is the best way to honor your hard work, save on transfer fees, and ensure that your funds arrive home intact and secure. Verify the legality of the platform you are using and try the Transfez app for safer and more efficient regular transfers.

Download the Transfez App to Send Money 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 exchange rates are competitive, and most importantly: you can rest assured knowing your family will confirm receipt immediately. Show your love without the hassle! Download Transfez on your phone now (available on Android & iOS)! #SantaiTapiSampai