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SingX Review: Exchange Rates, Safety, Alternatives, and Monito's Verdict
Byron Mühlberg
Guide
Monika Macur
Reviewer
SingX is a good money transfer service (8.6/10) frequently recommended by Monito's experts for bank transfers from Singapore and the Asia-Pacific region more broadly. Although it was founded as recently as 2017, SingX has risen to become a well-established and fast-growing money transfer company with strong foundations (8.8/10) and good feedback from its customers (7.7/10) that offers good service quality (8.2/10), although limited in terms of pay-in and pay-out options. However, SingX more than makes up for this by being a true specialist in bank-to-bank transfers, often offering the best fees and exchange rates on Monito transfers where it's available (10/10).
What Monito Likes About SingX
- Excellent fees and exchange rates from SGD, AUD, and HKD;
- Making a transfer (especially to an existing recipient) is very fast;
- Exchange rates are transparent, and costs are easy to understand.
What Monito Dislikes About SingX
- Only bank transfers and bank deposits are available;
- Few reviews and scant feedback from customers.
Monito's Recommendation
We recommend SingX for bank-to-bank money transfers from the SGD, AUD, and HKD to currencies across the globe, especially to Malaysia, the US, Canada, and India, where the service is particularly well-priced. If you'd like to find the cheapest transfer from a different country, transfer via another pay-in or pay-out method, or make sure you're getting the best deal, then we recommend running a search on Monito's real-time comparison engine instead.
Key Questions About SingX Answered
Who Is SingX For?
SingX is available to residents of Singapore, Australia, and Hong Kong and supports bank transfers from the Singapore, Australian, and Hong Kong dollars to more than 30 other currencies worldwide.
See How SingX Weighs Up
How Monito Reviewed SingX's Services
As with all services reviewed by Monito, SingX underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a SingX account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, as well as business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed tens of thousands of searches on Monito's comparison engine to determine how often SingX was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, SingX's score was peer-reviewed by at least one Monito expert.
Reviews are written independently by Monito's editors and recommendations given are our own. Services you sign up with using our links may earn us a commission.
SingX at a Glance
Category | Monito Score | Highlight |
|---|---|---|
8.3/10 | Licensed and authorised by the Monetary Authority of Singapore (MAS) | |
8.2/10 | Signing up can take time, but making a transfer is seamless. | |
10/10 | Among the best fees and exchange rates on the market. | |
5.9/10 | Few (but good) aggregrated consumer review rankings. |
Last updated: 03/06/2021
Trust & Credibility
Background check
SingX Pte Ltd is duly authorised and licensed by the Monetary Authority of Singapore (MAS) in Singapore and the relevant financial regulators in Hong Kong, Australia, and Canada.
Security & reliability
SingX's website is fully secured and makes use of top-notch security protocols, including segregated user accounts, 128-bit encryption, and HTTPS.
Company size
Founded in 2017, SingX is a rather new company in international payments. However, the company already boasts over US$500 million transferred in the past year, 100 thousand customers, and 49 employees.
Transparent pricing
SingX is impressively transparent in its pricing, although it could display its exchange rate margins more prominently on its send page.
Can I Trust SingX?
SingX is a regulated payment services provider in Singapore and works with remittance operators in all the countries in which it does business. What's more, SingX is a fast-growing company that offers an impressive level of price transparency, making it a trustworthy company indeed.
Aside from being fully licensed, regulated, and incorporated in Singapore, Hong Kong, Australia, and Canada, SingX also works closely with Licensed Remittance Operators (LROs) in Malaysia, Indonesia, the Philippines, Europe, the US, Canada, India, and all other countries in which it actively does business.
Is SingX Safe?
Yes, SingX is most certainly a safe and secure money transfer service. Not only does it use top-notch security protocols such as HTTPS, 128-bit encryption, and two-factor authentication, but SingX also stores its users' money in segregated client accounts, meaning that the company's cash is kept completely separate from its customers' transfer principal.
Service & Quality
Opening an account
Opening an account with SingX can take quite a bit of legwork, requiring digital ID verification and a large number of signup steps.
Making a transfer
Making a bank transfer with SingX is fast and straightforward, especially if you're sending money from an already added bank account to an existing recipient.
Contacting support
With a convenient and easy-to-find live chat feature and phone support, SingX makes it quite simple to get assistance when needed.
SingX's Service Quality
While opening a SingX account is a lengthy process involving digital validation, the money transfer process itself is impressively fast, all taking place on a clean and nicely organized user interface.
Monito's Impressions During Our Test
Testing SingX's web app was an all-around positive experience, and we found the interface and flow to be understandable and filled with useful information without appearing too crowded. After having signed up, we found the process of transferring money to be rather straightforward, especially to existing recipients — a process that took us mere seconds. However, the registration itself was rather slow and involved several regulatory steps and questions along the way.
SingX App Review
A relatively new program, SingX's mobile app offers international bank transfers from Singapore, Hong Kong, or Australia to more than 30 countries worldwide. However, the SingX app has received very little customer feedback so far on the App Store and Google Play Store, and much of the feedback received (although not fully representative due to the small sample size) is quite mixed. For example, out of only around 170 reviews on Google Play Store, the SingX app received 3.9 out of 5 stars. That being said, customers who have left their feedback have consistently reported a good experience with the app.
Fees & Exchange Rates
Transfers to a bank account
SingX was the cheapest option on nearly half (44.5%) of money transfer corridors where it was featured on Monito.
SingX's Fees & Exchange Rates
SingX is often the cheapest bank transfer service of all on available Monito corridors, and where it's not, it's pretty much always competitive.
SingX Transfer Fees
SingX does not charge any fixed fees (known as "cable charges" in the Singaporean finance sector) or commission fees for transfers abroad, instead structuring its pricing on exchange rate markups.
SingX Exchange Rates
For individual money transfers, SingX makes most of its money by offering an exchange rate to customers that's ever-so-slightly poorter than the "real" exchange rate (known as the mid-market exchange rate.) This markup is known as an exchange rate margin.
While SingX doesn't make it completely clear that the fees it quotes on its sending page are, in fact, the exchange rate margin, the service goes on to make this very explicit in its FAQ, pointing out that they charge a "small fee" of "between 0.25% and 1.00% of the mid-market rate", and that the fee falls around 0.50% for stable and frequently traded currencies while being closer to 1.00% for more volatile and obscure currencies.
Based on our analysis of dozens of top money transfer services across the globe, this level of openness is very commendable and makes SingX very transparent in its pricing.
Compare SingX To Top Alternatives
How SingX Works
Step 01
Check SingX's rates
Use Monito's comparison engine to see how SingX's fees and exchange rates weigh up against the rest and make sure they are indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.
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Step 02
Create a SingX Account
Create a SingX account by clicking on 'Signup' on the homepage and entering your email address, mobile number, and password. You'll also be required to enter personal details, including your physical address.
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Step 03
Verify Your Identity
After uploading a scanned copy of your photo ID, you'll be required to validate your identity digitally with SingX.
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Step 04
Set Up a Transfer
Once your account is fully activated, you can set up a money transfer by entering the amount you'd like to send and specifying the destination currency.
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Step 05
Add a Bank Account and Beneficiary
In the next step, you'll be required to add your bank details, including your bank name and account number, and the respective banking and personal details of your recipient (including their physical address.)
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Final step
Review and Pay
Try SingXIn the final step, you'll be allowed to review your transfer details. (You might be asked additional questions about the relationship with the receiver and the purpose of your transfer too.) If all's in order, instruct the transfer by making a bank transfer from your online banking profile to the account details displayed on the next page.
