How to Transfer Money from Myanmar to Singapore

How to Transfer Money from Myanmar to Singapore

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Introduction

We will discuss how to transfer money from Myanmar to Singapore in this article.

It can be challenging to choose the best option to save time and money when there are so many options for transferring Myanmar Kyat to Singapore Dollar and exchange rates are ever so fluctuating.

Which method is most affordable for sending money from Myanmar (Burma) to Singapore?

There are various ways to send money abroad, but many of them include exorbitant fees plus other hidden costs that will seriously deplete your hard-earned cash. For instance, you would generally pay substantial wire transfer costs if you used a bank to move money from Myanmar to Singapore. Bank wire transfers often involve substantial fees that must be paid by both the sender and the recipient.

Should I transfer money from Myanmar to Singapore using my bank’s services?

For your next international money transfer from kyat to SGD, we do not advise utilizing your local Myanmar bank. This is due to the fact that banks are notorious for providing poor conversion rates while still charging exorbitant foreign exchange costs. That is a double whammy that will increase the cost of the transaction for you significantly.

Despite this, there may be situations in which you wish to think about using your bank for an overseas cash transfer. For instance, if you wish to avoid minor transactions and need to transfer a sizable amount of money from Myanmar to Singapore (for a house acquisition or other substantial value transaction). In these situations, make sure to carefully review every aspect of the remittance transaction your bank provides you with. 

In general, you will save more by using online foreign exchange providers to send money to Singapore, regardless of any special circumstances like those mentioned above. These businesses allow you to pay for your Singapore money transfer using your local bank account in Myanmar, but they will likely save you a lot of money by offering better rates and stating reduced foreign exchange transaction fees.

How to Transfer Money from Myanmar to Singapore kyat
A man holds Myanmar kyat banknotes. Image by AFP

How can money be sent from Myanmar to Singapore in the shortest amount of time?

There are specific actions you may take to assist you in converting kyat to SGD as quickly as possible. You might pay for your transfer in cash or ask your recipient to pick up cash when you are ready to payout; both of these options would hasten the transfer of your funds.

The fact that both the sender and the receiver must physically carry cash, however, raises the possibility of a security concern. Most agent locations are found in real stores, malls, and retail outlets, which may or may not be in a physically secure position.

Additionally, cash transactions typically have a worse foreign exchange rate compared to online/digital transfers because of the additional costs associated with setting up and maintaining physical facilities. Sending money to a mobile wallet is thus an additional alternative for transferring funds rapidly from Myanmar to Singapore. This might take a little longer than cash transactions, but it would be safer.

The speed of your Myanmar Kyat to Singapore Dollar money transfer can depend on a number of other factors in addition to the ones mentioned above.

With so many options accessible, be sure to contrast different forex providers before sending money from Myanmar to Singapore. Your ability to reduce the amount of time your money spends in transit will depend on how well you comprehend their services and the variables that influence how quickly money may be sent abroad.

How to Transfer Money from Myanmar to Singapore: Service Providers

From Myanmar, there are three providers that are included on this list for money transfers to Singapore. You can send funds via Wise (formerly TransferWise), Xe Money Transfer, and Xoom.

Wise has some fantastic solutions for money transfers from Myanmar to Singapore. In fact, it offers the cheapest transfer to a bank account.

As of the time of writing, the exchange rate at Wise is 1.40 SGD for 1 USD (this can change depending on the market). The amount of transfer fees will depend on how much exactly you’re sending to Singapore and will vary from provider to provider. Your chosen payment method will also determine the transfer speed, which could change.

Bank account payments are the preferred method of Wise payment. The fees will be higher if you choose to pay with a credit card, debit card, or bank debit (ACH).

The fastest money transfers performed through Wise are those made using a bank account, bank debit (ACH), debit card, or credit card. The transfer will then be completed promptly.

In Singapore, money can only be received into a bank account as it is the only transfer option offered by Wise for transfers to the country.

Wise also provides the best transfer with payment by credit card along with its competitor Xe Money Transfer.

Money transfers from Myanmar to Singapore can be made using a number of excellent and dependable solutions from Xe Money Transfer.

For a transfer of 1,000.00 US Dollars today, the recipient would receive SGD 1,391.09, thanks to the current Xe sending rate of 1.39109 per US Dollar.

Bank Debit (ACH) is the best payment method for Xe Money Transfer since it has a zero charge. You can also opt to pay via a debit card or credit card, but XE charge certain fees for these modes of payment.

The transfer will reach Singapore in a day or less if you pay with a debit or credit card. Meanwhile, the recipient can get the funds in three days if you choose to pay by Bank debit (ACH).

The money can also only be received into a bank account as it is the only transfer option offered by Xe Money Transfer for transfers to Singapore.

On the other hand, you can rely on Xoom for the easiest cash pickup transfer.          

How to Transfer Money from Myanmar to Singapore online
Online money remittance. Image by Freepik

Which providers allows for the quickest way to send money from Myanmar to Singapore (USD to SGD)?

  1. The recipient in Singapore will receive the money promptly thanks to Wise and Xe Money Transfer, which is the fastest way to send money between USD and SGD.
  2. The beneficiary will receive the money within two days’ time via Xoom.

What methods of payment can you use to send money from Myanmar to Singapore?

When sending money from Myanmar to Singapore, you have a variety of payment methods at your disposal. Specifically for Wise, you can choose to pay via bank account, bank debit (ACH), debit card, credit card, e-commerce payment system iDeal, open banking payment method Trustly, and online banking payment method SOFORT.

Xe Money Transfer also supports bank debit (ACH) as mode of payment.

How do you receive money transfer in Singapore from Myanmar?

There are numerous ways to get money in Singapore from Myanmar, such as by bank account (via Wise) or through cash pick up (via Xoom).

How to Transfer Money from Myanmar to Singapore sgd
Singapore dollars. Image by iStock / Getty Images

How to make a free money transfer from Myanmar to Singapore?

Yes, you can make cost-free transfer of funds from Myanmar to Singapore. You can send money to a Singaporean bank account without paying any fees by using Xe Money Transfer.

Make sure to compare the currency conversion rates before sending money from Myanmar to Singapore.

How to Transfer Money from Myanmar to Singapore: A Step by Step Guide

Once you have chosen the best provider for your money transfer from Myanmar to Singapore, you can proceed as described in the steps below.

  • Open an account with your preferred operator.
  • Photo IDs and address verification may be requested; if so, kindly comply as these documents aid the operator in ensuring compliance with applicable laws and regulations.
  • Add bank accounts for the Singapore recipient and the Myanmar sender. 
  • Choose the transfer amount and the time you wish to send the money. When you are prepared, select the amount and begin your transaction.
  • The operator will take over from this point on because you are essentially finished.
  • Keep an eye out for operator updates on the status of your money transfer.

How to Transfer Money from Myanmar to Singapore: Final Thoughts

To maximize the profit on your money transfers, we also advise that you diversify your strategy by including more than one remittance provider. In this manner, you are able to select the ideal candidate when you are prepared to start your transaction.

In addition, knowing the latest currency exchange rates is vital when sending money not just from Myanmar to Singapore but to any part of the world.

Pained by financial indecision? Want to invest with Adam?

Adam is an internationally recognised author on financial matters, with over 500.1 million answers views on Quora.com and a widely sold book on Amazon

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