In today’s fast-paced world, finding the right payment method can leave your head spinning. At OFX, we make it simple. Let’s dive into the different types of international payment methods.
Our experienced OFXperts weigh in on the advantages and disadvantages of the various payment methods available and how to select the right payment channel for you.
Types of international payment methods
In a highly globalised world, transferring money across borders is important to many people and businesses. Finding the right transfer method can save you time and/or money.
Let’s dive into the different ways OFX helps you send and receive payments in Singapore.
Sending SGD to OFX from within Singapore
Options for clients paying SGD to OFX from within Singapore:
- FAST Pay (FAST)
- PayNow via Unique Equity Number (UEN) or Internet Transfer from a local bank account.
- Funds are typically delivered within the same day.
- The maximum amount for a single payment using FAST is SG$200k. If the amount is greater than this, you can still use FAST, it is just that the payment will be split into separate payments.
- Mass Electronic Payment System (MEPS)
- Used for paying SGD to OFX from within Singapore with same-day delivery.
- For high-value SGD transfers (approx SG$300k+).
- Fees will be deducted by the bank when using this payment method.
- Used when the beneficiary bank is not eligible for sending FAST.z
- GIRO
- For paying SGD to OFX overnight (outside of business hours) from within Singapore.
Sending SGD to OFX from another country
Options for clients paying SGD to OFX from another country:
- SWIFT
- Used for clients paying SGD to the OFX account in Singapore from their bank account held in another country.
- Used for SGD payments being sent outside Singapore.
- It is likely fees will be deducted by the bank before the funds are credited to the beneficiary.
- Recipient usually receives the transfer the next day, however, transfer speeds can vary depending on time zones.
Good to note: Some banks have daily transfer limits. We can accept partial payments generally over five consecutive business days. Contact an OFXpert for more information.
Now that we’ve laid out some of the most common international payment methods for Singapore, let’s dive a bit deeper into the advantages and disadvantages of each method.
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Advantages and disadvantages of international payment methods
Each of these payment methods has clear advantages and disadvantages, and it all comes down to how and when you need to move your funds and the costs associated with the transfer. Let’s run through both sides of each international payment method discussed above.
SWIFT
| Pros | Cons |
| SWIFT payments can be amended, recalled and traced | Likely intermediary or bank fees will be charged |
FAST
| Pros | Cons |
| Real-time transfers Same-day transfers | Payments cannot be amended. Instant failure if the beneficiary details are incorrect. |
| Recalls can be performed* | Traces cannot be performed |
| Maximum transfer limits apply** |
*Recalls may take a minimum of 2 weeks to receive a response.
**Maximum transfer limit is SG$200k for one single transfer.
MEPS
| Pros | Cons |
| MEPS payments can be amended | Slower processing time than FAST. |
| Traces and recalls can be performed ^ |
^Traces and recalls may take a minimum of 2 weeks to receive a response.
GIRO
| Pros | Cons |
| Same-day overnight transfers | Payments cannot be amended |
| Recalls can be performed* | Traces cannot be performed |
*Recalls may take a minimum of 2 weeks to receive a response.
We know your needs change and our OFXperts are here to help you identify the right payment method each time. “Understanding the advantages and disadvantages of each type of payment method can be overwhelming. Our team is well-versed in each payment method and will help you find the right method every time,” Customer Service Manager Kristy said.
Now that we’ve run through what each payment method has to offer, let’s discuss selecting the right payment option for you.
It is great to be informed, but don’t feel like you need to know every detail about every payment method. Leave that to us.” – Kristy, Customer Service Manager
Which payment type is right for me?
Choosing the right payment method for you or your business comes down to five main things:
- How much you want to transfer
- Where you want your money to go
- What currency you are transferring to and from
- How fast you need the transfer to move
- If there are any transfer fees
We asked another OFXpert Michael, Corporate Team Lead, to share what he believes are the most important considerations for choosing a transfer type.
- Amount
The first step in selecting the correct transfer method is knowing the amount you need to trade. This is important because some OFX payment methods have minimum or maximum limits depending on the currency pair you are transferring.
- Location
The second step is to know where you want your money to go. Some payment methods are only accepted in certain regions or countries around the world and can incur more fees depending on where you want your money sent.
- Currency
The third step is knowing what currencies you are transferring to and from. As with the location, some currencies can only be transferred via certain payment methods. Contact your OFXpert to learn more.
- Speed
The fourth step is identifying when you want your payment to arrive.
- Cost
The final step is knowing how much you may be charged for fees on your transfer. Some international payment methods have higher fees than others.
That should give you a place to start, but if you’d like more help identifying which method works best for your needs contact an OFXpert.
Also important to remember, that you’ll need to have your beneficiary name, bank name, and account number ready to go for every transfer.
Finding the right payment method for your business can get complicated, at OFX we keep it simple.
In today’s global world, money is being transferred daily across the globe. Knowing the best payment method for those transfers can help save you time and money, and prevent any headaches. Understanding the details of each of these payment methods can seem daunting, but our OFXperts will keep it simple. Interested in learning more about our seamless, secure payment methods? Contact your OFXpert today!
Quick, secure, seamless transfers
We help clients move money quickly, safely, and accurately. Whether your business is just getting started or well-established, OFXperts have the experience to help you save time and money on foreign exchange.
Our OFXperts can help you get your money where you need it quickly, safely, and seamlessly. Contact us.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
