Results 1 to 7 of 7

Thread: Cheapest way to send/receive a small amount from India to Singapore?

  1. #1
    sachin410 is offline Newbie Net Builder
    Join Date
    Jul 2009
    Posts
    77
    Thanks
    11
    Thanked 1 Time in 1 Post

    Cheapest way to send/receive a small amount from India to Singapore?

    A friend in SG needs a small loan.

    The amount isn't big, just SG$ 200.

    I can do a wire transfer, but for the wire transfer, the banks would take sizable commissions.

    I sent some money to Philippines a few months back. I sent around $120. My bank took around $25 as commission and the receiver's bank also took $25.

    Is there any other way to do the two transactions (money to and back from SG) without losing so much in commissions?
    note: when you replace this, dont use masked URL. thanks ~ admin

  2. #2
    Jammyjoker's Avatar
    Jammyjoker is offline Jammy Joker
    Join Date
    Dec 2009
    Location
    India
    Posts
    58
    Thanks
    0
    Thanked 3 Times in 3 Posts
    You should use Western Money transfer.

  3. #3
    bogart's Avatar
    bogart is offline Super Moderator
    Join Date
    May 2009
    Location
    New York
    Posts
    3,772
    Thanks
    1,886
    Thanked 776 Times in 609 Posts

  4. #4
    Andy101's Avatar
    Andy101 is offline Code Otaku
    Join Date
    Aug 2009
    Location
    Kanazawa
    Posts
    1,252
    Thanks
    173
    Thanked 303 Times in 230 Posts
    It sounds fishey to me wanting to loan small amounts of money via international transactions.

    Thinking creatively: how about posting an item of value that can be converted to cash at the other end such as a collectible comic book? Then the package weight is light and it wouldn't obviously be valuable, and risk going awol in transit.

    Another idea: a pre-loaded debit card. These can be secure since they require online activation with a password to unlock the cash.

  5. #5
    sachin410 is offline Newbie Net Builder
    Join Date
    Jul 2009
    Posts
    77
    Thanks
    11
    Thanked 1 Time in 1 Post
    I did an wire transfer. It turned out to be much cheaper than I thought it would be - US$11.5 for a transaction of US$185.

    My friend got the amount directly into his bank account (Citibank) without any further deductions.

    Sometimes intermediary banks (correspondent banks) deduct fees for international transactions. In this case, no such charges were deducted.
    note: when you replace this, dont use masked URL. thanks ~ admin

  6. #6
    Andy101's Avatar
    Andy101 is offline Code Otaku
    Join Date
    Aug 2009
    Location
    Kanazawa
    Posts
    1,252
    Thanks
    173
    Thanked 303 Times in 230 Posts
    I use citi bank for wire transfers from the UK and they charge me a whopping £25 (39 USD) per transfer. UK rip-off prices as usual. And the local bank scims off an extra $19.50. So using the same bank costs 5x more from the UK.

  7. #7
    bogart's Avatar
    bogart is offline Super Moderator
    Join Date
    May 2009
    Location
    New York
    Posts
    3,772
    Thanks
    1,886
    Thanked 776 Times in 609 Posts
    Quote Originally Posted by Andy101 View Post
    I use citi bank for wire transfers from the UK and they charge me a whopping £25 (39 USD) per transfer. UK rip-off prices as usual. And the local bank scims off an extra $19.50. So using the same bank costs 5x more from the UK.
    Small transactions of a couple hundred dollars seem better with Western Union. Though not so useful to pay vendors are a continuous basis.

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •