Making payments from Singapore to the USA is easy once you understand how it works. In this guide, we will explain how it works, the options you have, what information you need, how long it takes, and all you ever needed to know about making business payments to the USA.

What is the cost?

For cross-border B2B payments from Singapore to the USA, international bank transfers via SWIFT are the most popular method, since they’re reliable and safe. But despite these benefits, wire transfers are expensive for both senders and recipients.

Typically, banks will charge you in several different ways for an international wire transfer:

  • Transfer fees - up to 5% per transaction
  • Intermediary bank fees - up to USD 30
  • Markup on the currency exchange rate - up to 1.5%
  • Incoming fees for recipients - up to USD 25

Naturally, as the number of transactions adds up, costs add up as well. Thus, with bank-based overseas money transfers, you will likely see a deeper dent in your bottom line and cashflow at the end of the financial year. If you are curious about alternatives to cut costs, read our guide on the fees incurred in international transfers and how to avoid overpaying.

Best way to make overseas business payments from SGD to USD

Wallex is the faster* and a cheaper alternative to banks to transfer money from Singapore to the USA. Lower fees, more competitive mid-market exchange rates, and full transparency – these are just some of the many benefits available to you and your recipients. It’s no surprise that companies like Investree switched to Wallex and saved 70% on FX fees now.

Furthermore, you can connect your wallet account balance directly to our other cross-border tools for international payments, FX conversions and collection accounts. Leverage these powerful integrations to save money, simplify your payments, and improve your cashflow.

*Depending on the transaction amount

How long will a money transfer to the United States take?

On many popular routes like SGD to USD, Wallex can send your money within one day. If you send money before the daily cutoff timing (2 PM local time), the recipient receives the funds within the same day.

Learn more about the currencies supported & payment cutoff for when you’re sending money from Singapore

What information do you need to provide??

Sending money using Wallex online platform is easy. You can easily set up your beneficiaries and make payments right away. Here are the information required:

Information required

Details

Beneficiary’s Name

Must match the name reflecting in their bank records

Beneficiary’s Address

Including City, Postcode

Company Name

Entity name of where the beneficiary works

Account Holder Name

Must match the name reflecting in their bank records

BIC/SWIFT Code

Consists of 8 or 11 alphanumeric characters, comprising a Business party prefix 

Bank Name

Name of U.S Bank

Bank Account Number

Containing 6-20 characters to identify their unique bank account

ABA Number

Also known as a bank routing number, it is a nine-digit code that identifies banks in the U.S.

Transfer amount

State exact amount

Reason for transfer

Why are you transferring X amount of funds?

Which U.S. Banks Does Wallex Support?

Wallex’ payments solution is a truly global solution. The platform is built for fast, seamless and affordable international payments. With invoices in USD, you can send payments to any bank in the USA (make sure you provide valid bank account details). All you have to do is transfer funds from your bank account into your free Wallex account. Once the funds are available, you can make payments from your account balance to your recipient, regardless of which bank they hold an account with. They don’t even need a Wallex account to receive payments. However, if they do have one, they will receive the funds instantly and for free.

Which U.S. Business Bank Accounts Does Wallex Support?

Short answer – every bank account.

The most common business bank accounts in the USA are:

  • Checking account
  • Business savings account
  • Credit card account
  • Merchant services account

With Wallex payments, you can pay into any kind of business bank account in the U.S without hassle. Simply ask your recipient for their account details, and you can initiate transfers in just a few minutes.

Which Currencies Does Wallex Support?

Wallex supports 47 global currencies and 180+ countries including the USA. This gives your business a huge amount of flexibility for international transactions, and to grow your business beyond borders.

Wallex also supports transactions in exotic currencies like VND, THB, KWD and SAR which are usually not supported by banks.

How Much Money Can I Send to the US With Wallex?

With Wallex’ payment solution, you can send up to USD100,000 in one single transaction from SGD to USD through Wallex’s own network or unlimited amounts using the SWIFT channel.

Is it safe to send money to the United States using Wallex online platform?

Wallex is licensed and regulated by the Monetary Authority of Singapore (MAS) as a Remittance Business with license number PS20200433.

This means we work closely with financial regulators and maintain the highest security standards to protect your data – and your organisation. Communication between Wallex infrastructure and financial institutions are transmitted over encrypted tunnels. Plus, all funds are safeguarded in a customer-segregated account to protect every customer. This means that all your data, and money, is secure.

Wallex is trusted by more than 20,000 customers in Asia, businesses from small and large, and counting.

How to Send Money from Singapore to USA in 3 Simple Steps

Wallex makes it really easy to make B2B payments to recipients in the USA.

Step 1: Open Wallex Account for free

Signing up is 100% free. There are also no maintenance fees so you don’t have to worry about unnecessary expenses eating into your profits.

Click here to get started, or talk to our FX expert to start with.

Step 2: Add your beneficiaries & start transacting

Once your account is approved, you can add your U.S. beneficiaries and set up your FX payment online. This only takes a few minutes, and you can start sending payments almost instantaneously. Pay from your Wallex account or from your bank.

Step 3: Track payments

Wallex offers complete transparency so you can track your payments at any time. Payments are received faster than international wire transfers and with real-time tracking, you'll watch it arrive safely.

Sign up with Wallex and start saving today

Get started with fast and affordable bank transfers to the USA with. Our low-cost forex conversions, local receiving account, international payments and multi-currency wallet are ideal for Singaporean SMBs with vendors and suppliers in the USA.

With Wallex, you can save upto 85% on transfer fees, and your recipients will receive funds in near real-time. Talk to our FX experts to know more or click here to start transacting now.