Best Way to Send Money to China from Singapore (SGD to CNY)

📈 SGD to CNY Exchange Rate: The biggest factor when you send Singapore Dollar to Chinese Yuan

The exchange rate on your Singapore to China money transfer is the single biggest factor determining your overall SGD cost — and how many Chinese Yuan your recipient actually receives.

To analyze exchange rates, we use the exchange rate markup (also called FX margin) — the difference between the mid-market exchange rate^ⓘThe mid-market exchange rate (also called the interbank rate) is the real SGD to CNY exchange rate before providers add their margin or fees. and the rate your provider actually offers you.

Here is what 5 years of historical data shows for FX markup on Singapore Dollar to China transfers:

• Average markup: 1.34%
• Median markup: 1.11%
• Lowest markup: -2.84%^ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts.
• Highest markup: 4.70%

That is a spread of 7.54 percentage points between the lowest and highest observed FX markups.

To put this into perspective — on a SGD 260 transfer, that spread is CNY 19.60 in differences purely from the exchange rate. On a SGD 645 transfer, that gap grows to CNY 48.63.

🛠️ How to use this insight: When comparing providers for Singapore to China remittances, pay close attention to the exchange rate you receive. A small difference in the FX markup can quickly outweigh other factors like fees, and the gap generally grows as transfer amounts increase.

The SGD to CNY exchange rate is the single most critical factor in the cost of your transfer. When comparing providers, always check the rate first — it matters more than you might expect.

🏦 Are banks more expensive than money transfer services for Singapore to China money transfers?

When we compared Singapore banks with money transfer providers based on 5 years of remittance data, we noticed some patterns.

We observed that traditional banks charged 3.09 percentage points more on average than money transfer providers for Singapore to China remittances.

This means banks are roughly 1.77x more expensive for sending SGD to China.

Here are the key stats behind this comparison:

🛠️ How to use this insight: Whilst banks in Singapore may offer convenience and familiarity, money transfer providers often deliver lower overall cost due to their better exchange rates and lower fees. Even if you want use your bank in Singapore, we recommend comparing with money transfer companies to find your best options.

📊 Does sending more money reduce the cost to remit money from Singapore to China?

To see if transfer cost varies based on the amount sent, we compared the average cost of sending SGD 260 vs SGD 645 from Singapore to China.

We found that sending a higher amount (SGD 645) is typically cheaper — average cost drops from 4.14% to 2.75%, a reduction of 1.39 percentage points.

The cost of your transfer usually continues to drop as transfer amount increases. That said, always check the latest exchange rates and fees for your intended transfer amount.

🛠️ How to use this insight: Since it is generally cheaper to send higher Singapore Dollar amounts to China, consider consolidating smaller, more frequent transfers into fewer, larger ones. Doing so may reduce the total cost you pay.

🏛 How competitive is the market for sending money to China from Singapore?

Based on data from the last 5 years, Singapore Dollar to Chinese Yuan money transfers are provided on an average by 13 remittance companies. With this number of providers, we consider the level of market competition to be competitive.

A remittance market with more active providers is typically more competitive. This means you can get a better pricing and more payment and delivery options for your Singapore to China remittances.

This is why comparing providers is especially important when you transfer money from Singapore to China.

⏱️ How fast can you transfer Singapore Dollar to Chinese Yuan?

If your recipient in China needs funds urgently, transfer speed becomes just as important as cost when sending money.

Here is what we see for Singapore to China transfers:

• Average transfer time: About 17 hours.
• Fastest transfer time: About less than 1 hour.
• Slowest transfer time: About 144 hours (~6.0 days).
• Average speed at SGD 260: About 17 hours.
• Average speed at SGD 645: About 17 hours.

In many cases, the fastest providers are not always the cheapest, so balancing speed and cost is important when you transfer SGD to China.

🛠️ How to use this insight: If you need to send money from Singapore to China in a hurry, compare providers not just on exchange rate, but also on expected speed. Speed also varies based on the delivery method (bank vs cash vs wallet) you choose for China.

Transfer speed for Singapore to China money transfers can vary widely across providers. For time-sensitive transfers, compare speed alongside cost and choose faster payment and delivery methods.

Frequently Asked Questions: Sending money to China from Singapore

These FAQs use data from RemitFinder's historical analysis of Singapore to China money transfers over several years.

• What factors affect the total cost of sending money from Singapore to China?

  The total cost of your Singapore Dollar to Chinese Yuan money transfer depends on how you fund the transaction (payment method), how the recipient receives it (delivery method), the exchange rate you get, and any transfer fee charged by the provider.

  To avoid overpaying for your transfer, compare money transfer providers.

• How much does the exchange rate affect transferring money to China from Singapore?

  Historical Singapore Dollar to Chinese Yuan exchange rate markup ranges from -2.84% to 4.70%, a spread of 7.54 percentage points. Even small differences in the exchange rate markup can impact your final payout significantly.

• Can you get a better-than-market rate when you send Singapore Dollar to China?

  Sometimes, money transfer providers may offer promotional exchange rates that are better than the mid-market exchange rate, resulting in a negative SGD to CNY remittance rate markup.

  Such offers are generally limited by transfer amount, eligibility, or duration. Compare providers to see if you can take advantage of any ongoing special offers.

• Exchange Rate vs Transfer Fee: What matters more when you send money to China from Singapore?

  Exchange rate markup ranges from -2.84% to 4.70% (a spread of 7.54 percentage points).

  Transfer fees range from SGD 0.00 to SGD 25.00, which equals roughly 9.62% on a SGD 260.00 transfer.

  At SGD 260.00, the larger driver of overall cost is the transfer fee, whilst at SGD 645.00, it shifts toward exchange rate markup.

  Regardless, our recommendation is that it is important to compare both exchange rates and fees when choosing a provider for Singapore to China money transfers.

  As the transfer amount increases, the % impact of fees decreases (because the fee gets spread across a larger SGD amount), whilst exchange rate markup remains a percentage-based cost that can scale with transfer size.

  For smaller transfers, fees can matter more, whilst for larger transfers, exchange rate often becomes the bigger driver. Either way, comparing both helps you get the most CNY for your SGD.

• How much can costs vary between providers when sending money from Singapore to China?

  Historical transfer cost ranges from -1.14% to 11.18% for SGD transfers to China. That is a spread of 12.32 percentage points, indicating significant differences between various money transfer providers.

  A major contributor to this variation is exchange rate markup. FX markup alone ranges from -2.84% to 4.70% (a spread of 7.54 percentage points). Thus, even small differences in FX margin can have a big impact on the final CNY payout.

• Why do Money Transfer Providers charge different rates for Singapore Dollar to Chinese Yuan money transfers?

  If you send the same Singapore Dollar amount to China via different providers, the cost of each transfer will be different because of variations in FX markup, fees, and payment and delivery methods.

  Even small differences among all the above factors can change the final CNY payout in China in a big way.

• How stable are the costs to remit money to China from Singapore?

  When we analyzed the historical total cost for SGD to CNY transfers, we observed a range from -1.14% to 11.18% (12.32 percentage points difference), along with a variability (standard deviation) of 2.70%.

  A major driver of cost in this market is exchange rate markup. FX markup ranges from -2.84% to 4.70% (7.54 percentage points difference), with a standard deviation of 1.18%. Fees and payment/delivery method choices can contribute to further volatility.

  This is exactly why we recommend comparing money transfer providers to get the most of your Singapore Dollar to Chinese Yuan transfers.

• Which Payment Method is the cheapest to send money from Singapore to China?

  Bank Account Transfer is the cheapest payment method in Singapore based on its average cost at 1.96% (compared to Cash at 5.14%, a difference of 3.18 percentage points).

  Based on this, we recommend paying for your SGD transfer with Bank Account Transfer, and avoiding Cash if possible.

• Is Debit Card cheaper than Credit Card when you transfer money to China from Singapore?

  Debit Card is cheaper on average when sending money to China from Singapore since it costs 3.79% (compared to 5.01% for Credit Card payments, a difference of 1.23 percentage points).

  As a result, we recommend that you avoid paying for your transfer to China with a Credit Card.

• Which Delivery Method is cheapest when you remit money to China from Singapore?

  Mobile Wallet is the cheapest delivery method in China as it costs 3.69% (compared to Bank Deposit at 4.37%, a spread of 0.69 percentage points).

  If your recipient in China can accept Mobile Wallet, we recommend choosing it as your preferred delivery option for Singapore Dollar to Chinese Yuan transfers.

• Is Bank Deposit cheaper than Cash Pickup when you send money to China from Singapore?

  Cash Pickup is cheaper for Singapore Dollar transfers to China given its 4.37% average cost (versus 3.79% for Cash Pickup, a difference of 0.58 percentage points).

  To save more, consider choosing the cheapest delivery option for China.

• What is the cheapest way to send money from Singapore to China?

  We evaluated 11 payment and delivery method combinations for Singapore to China remittances.

  Based on historical data, Bank Account Transfer → Bank Deposit is the cheapest combination with 1.78% cost.

  At the other end of the spectrum, Cash → Bank Deposit is the most expensive combination at 6.14% cost. That is a difference of 4.36 percentage points between the cheapest and most expensive combinations.

  Money transfer providers price payment and delivery methods for Singapore to China remittances differently. As you compare options, look for the cheapest combination to maximize the value of your SGD to CNY transfers.

• Does sending more money reduce the cost to transfer money to China from Singapore?

  Larger Singapore Dollar to Chinese Yuan transfers are cheaper on average.

  The cost of a SGD 260 transfer averages 4.14% as compared to 2.75% for a SGD 645 transfer, a difference of 1.39 percentage points.

• How long does it take to send SGD to CNY money transfers?

  Based on our analysis, the average transfer time for Singapore Dollar to Chinese Yuan transfers is 17 hours, with the fastest transfers completing in less than one hour and the slowest in 144 hours (~6.0 days).

• Can you instantly transfer money from Singapore to China?

  Yes, historical data shows that some transfers to China from Singapore can complete in less than one hour.

  Note that the actual speed of your SGD to CNY transfer will depend on the chosen provider, payment method, delivery method, and eligibility checks.

• Are banks more expensive than money transfer companies for Singapore to China remittances?

  Banks in Singapore are more expensive than money transfer providers.

  The average cost of banks is 7.14% compared to 4.04% for money transfer providers in Singapore, a difference of 3.09 percentage points.

• Why do banks charge more to remit money from Singapore to China?

  Bank transfers in Singapore cost 7.14% compared to 4.04% for money transfer companies.

  The difference is often due to the fact that banks in Singapore provide lower exchange rates and charge higher wire transfer fees.

• How competitive is the market for sending money from Singapore to China?

  Based on historical data, the competition level in Singapore to China is considered competitive with 13 active providers.

  Money transfer providers represent about 76.9% of identified providers in Singapore.

• Can you overpay if you do not compare providers before transferring money to China from Singapore?

  Historically, total SGD to CNY transfer cost has varied by 12.32 percentage points. On a SGD 260 transfer, that can translate to SGD 32.03 in savings.

  Singapore Dollar to Chinese Yuan exchange rate markup also varies across providers. The average markup spread has been about 7.54 percentage points. On a SGD 260 transfer, that could be SGD 19.60 saved from FX alone.

  Fees can also make a big difference in this market, with a difference of about SGD 25.00 across providers.

  That is why comparing providers can materially change how much of the SGD you send your recipient receives in China.