Flip Globe | 20 November 2023
Oleh : Rizqi Akbar
Both individuals and companies or businesses can carry out money transfers to Singapore. In addition to workers and students (or their parents), business owners may need to send money to Singapore, which frequently purchases goods from Lion City.
If you want the best way to send money to Singapore from Indonesia, you come to the right place. This article will cover several methods, even the most economical ones.
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Photo by ASEAN Briefing
You can find different methods for fund transfer overseas offered and organized by financial service providers, not to mention several applications. Each has its characteristics, including benefits and drawbacks.
We will look into three of them: transferring money abroad via bank, Western Union, and Flip.
Several banks in Indonesia provide international or interbank fund transfers.
This international bank-to-bank money transfer may take several days to process, usually depending on each destination bank or country.
Using this method, there may be some fees, for example, bank correspondence fees (before entering the recipient's bank account). It is usually due to the amount of the money you transfer.
The second most common option to send money overseas is using the service provided by Western Union. This method does not require you (as the sender) to have a specific bank account to transfer international money.
The process will take shorter compared to the above interbank process. Still, it highly depends on the recipient country. Of course, the service or transfer fee will vary following the nominal you transfer or the number of transactions.
In 2021, Flip application – a fintech-based payment platform from Indonesia – launched its Flip Globe. It has become one of the most promising solutions to send money to other countries around the globe.
It has served money transfers to more than 55 countries worldwide, including Asia, America, Europe, and even Africa.
Looking at the above list, which one do you think is the cheapest way to send money to Singapore? In this case, we will particularly take Flip with its Flip Globe as one of the most increasingly affordable methods to send money abroad.
Why is it so? There are two reasons you can consider.
Flip Globe offers a competitive exchange rate than the one set by Bank Indonesia, i.e., it can be the same or even cheaper than the BI’s selling rate.
Please note that you must exchange Rupiah for the destination country's currency when you make an international fund transfer. The best exchange rate allows you to save or send more nominal.
You only need to pay the amount you want to transfer plus the transfer fee (depending on the recipient country or bank). There are no other additional or hidden fees, such as cable charges (telex fees), bank correspondence fees, provision fees, etc.
Once again, the purposes may vary; personal or business can select the best options for their needs. Still, the international money transaction needs good planning since it will be a long-term and recurrent activity.
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Also, they need to consider some limitations or problems, such as complicated procedures, costly transfer fees, longer transfer time, etc. Flip Globe can be one of the most favorable solutions you can take into account to send money to Singapore or other countries.