Sending/spending money overseas? Save up to 7x with your TransferWise Platinum debit Mastercard®.

TransferWise
10.10.19
4 minute read

An independent researcher compared TransferWise to the big banks and travel cards in Singapore.They found that we're up to 7x cheaper for sending, spending and withdrawing money abroad.

What we researched

The research was carried out in Sep and Oct 2019 by market research agency, Consumer Intelligence, in conjunction with TransferWise. The data was gathered through publicly available pricing information and mid-market rate comparison data provided by Reuters.

The different fees recorded for this price comparison include:

  • Cost^ of $250, $350, $500, S1,000 and $5,000 SGD point of sale (POS) transaction (this is when your card is swiped at a register or machine at a store or restaurant)
  • Cost^ to withdraw $250 SGD from an ATM abroad in another currency every month
  • Cost^ to send $250, $1,000 and $5,000 SGD abroad

^The costs collected are made up of both the foreign transaction fee and any exchange rate mark up.

Research took place on transfers from SGD to AUD, EUR, GBP, HKD, INR, JPY, MYR, THB , and USD routes. The companies compared were Citibank, DBS, HSBC, OCBC, Standard Chartered, UOB, and YouTrip.

What we found out

Fees to withdraw $250 using a debit card every month

SGD → AUD: TransferWise debit card is 8x cheaper

  • TransferWise debit card: $1.08
  • Citibank Global foreign currency account: $11.83
  • DBS Multi-Currency Account: $9.78
  • HSBC Everyday global account : $10.70
  • UOB MightyFX: $6.28
  • YouTrip: $5.80

SGD → MYR: TransferWise debit card is 8x cheaper

  • TransferWise debit card: $1.69
  • Citibank Global foreign currency account: $13.25
  • DBS Multi-Currency Account: $15.25
  • HSBC Everyday global account: $14.25
  • UOB MightyFX: $13.13
  • YouTrip: Data is not available

SGD → INR: TransferWise debit card is 9x cheaper

  • TransferWise debit card: $1.47
  • Citibank Global foreign currency account: $13.25
  • DBS Multi-Currency Account: $15.25
  • HSBC Everyday global account: $14.25
  • UOB MightyFX: $13.13
  • YouTrip: Data is not available

SGD → EUR: TransferWise debit card is 7x cheaper

  • TransferWise debit card: $1.09
  • Citibank Global foreign currency account: $11.18
  • DBS Multi-Currency Account: $9.26
  • HSBC Everyday global account: $9.98
  • UOB MightyFX: $6.23
  • YouTrip: $5.88

Fees to make a $250 POS transaction using a debit card

SGD → AUD: TransferWise debit card is 2x cheaper

  • TransferWise debit card: $1.08
  • Citibank Global foreign currency account: $4.83
  • DBS Multi-Currency Account: $2.78
  • HSBC Everyday global account: $2.70
  • UOB MightyFX: $1.28
  • YouTrip: $0.80

SGD → GBP: TransferWise debit card is 2x cheaper

  • TransferWise debit card: $1.12
  • Citibank Global foreign currency account: $4.84
  • DBS Multi-Currency Account: $2.67
  • HSBC Everyday global account: $2.38
  • UOB MightyFX: $1.25
  • YouTrip: $0.87

SGD → MYR: TransferWise debit card is 4x cheaper

  • TransferWise debit card: $1.69
  • Citibank Global foreign currency account: $6.25
  • DBS Multi-Currency Account: $8.25
  • HSBC Everyday global account: $6.25
  • UOB MightyFX: $8.13
  • YouTrip: Data is not available

SGD → THB: TransferWise debit card is 3x cheaper

  • TransferWise debit card: $1.60
  • Citibank Global foreign currency account: $6.25
  • DBS Multi-Currency Account: $3.89
  • HSBC Everyday global account: $6.25
  • UOB MightyFX: $8.13
  • YouTrip: Data is not available

Fees to make a $1,000 POS transaction using a debit card

SGD → AUD: TransferWise debit card is 2x cheaper

  • TransferWise debit card: $4.27
  • Citibank Global foreign currency account: $19.40
  • DBS Multi-Currency Account: $11.10
  • HSBC Everyday global account: $10.83
  • UOB MightyFX: $5.08
  • YouTrip: $3.19

SGD → GBP: TransferWise debit card is 2x cheaper

  • TransferWise debit card: $4.35
  • Citibank Global foreign currency account: $19.33
  • DBS Multi-Currency Account: $10.68
  • HSBC Everyday global account: $9.54
  • UOB MightyFX: $4.97
  • YouTrip: $3.43

SGD → MYR: TransferWise debit card is 4x cheaper

  • TransferWise debit card: $6.78
  • Citibank Global foreign currency account: $25.00
  • DBS Multi-Currency Account: $33.00
  • HSBC Everyday global account: $25.00
  • UOB MightyFX: $32.50
  • YouTrip: Data is not available

SGD → THB: TransferWise debit card is 3x cheaper

  • TransferWise debit card: $6.58
  • Citibank Global foreign currency account: $25.00
  • DBS Multi-Currency Account: $15.55
  • HSBC Everyday global account: $25.00
  • UOB MightyFX: $32.50
  • YouTrip: Data is not available

Fees to send $250 using TransferWise

On average, it’s 12x cheaper to send money internationally with TransferWise compared to the big banks in Singapore.

SGD → AUD: TransferWise is 15x cheaper

  • TransferWise: $1.57
  • Citibank: $34.83
  • DBS: $2.78
  • HSBC Standard: $47.70
  • OCBC: $33.59
  • PayPal: $10.55
  • Standard Chartered: $1.89
  • UOB: $44.01

SGD → GBP: TransferWise is 15x cheaper

  • TransferWise: $1.58
  • Citibank: $34.84
  • DBS: $2.67
  • HSBC Standard: $47.37
  • OCBC: $32.54
  • PayPal: $11.40
  • Standard Chartered: $1.97
  • UOB: $43.11

SGD → EUR: TransferWise is 17x cheaper

  • TransferWise: $1.57
  • Citibank: $34.18
  • DBS: $2.26
  • HSBC Standard: $46.96
  • OCBC: $32.80
  • PayPal: 11.24
  • Standard Chartered: $16.95
  • UOB: $42.73

Thinking of using TransferWise? Check out our product disclosure statement first. This advice has been prepared without taking account of your individual objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. TransferWise Singapore Pte. Ltd. (Unique Entity Number 201422384R) is registered at 12 Kallang Avenue, #03-20 Aperia, Singapore 339511. TransferWise Limited is registered at 6th Floor, TEA Building, 56 Shoreditch High Street, London, E1 6JJ, United Kingdom and is the parent company of TransferWise Singapore Pte. Ltd. In Singapore, TransferWise is licensed by the Monetary Authority of Singapore (“MAS”). For full conditions of use refer to transferwise.com/legalstuff.

The TransferWise Platinum debit Mastercard® is issued by is issued by Transferwise Singapore Pte Ltd. pursuant to license by Mastercard Asia/Pacific Pte. Ltd. For full conditions of use refer to transferwise.com/legalstuff. Mastercard is a registered trademark, and the circles design on the card is a trademark of Mastercard International Incorporated.

TransferWise is the smart, new way to send money abroad.

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