Remittances

Best options to Transfer Money from Singapore to India

127 Comments

With the jump in SGD INR the question of what is the best way to transfer money to India becomes important and has been asked a few times. My conclusion before today’s analysis was that DBS remit gives the best rates with the smoothest transaction experience. However in such a competitive market innovations and better pricing is expected and ICICI Bank with its new offering beats competition by a mile.

At the time of comparison the Spot SGD INR was 47.75 and below table shows how the 3 services which offer confirmed Rate transfer compared:

Service 3000 5000 10000 15000 20000
Money2India 47.18 47.35 47.48 47.52 47.54
DBS Remit 47.22 47.22 47.22 47.22 47.22
SBI Remit 47.3 47.3 47.3

As you can see for amounts 5000 SGD or more money2india had a substantially better rate than the competition and that happens because they have started charging 25SGD flat fee and reduced currency spreads. The rate money2india used was 47.66 and the results above are shows after taking the 25sgd fee and service charges into account.

Ofcourse the rates offered by money2india would change throughout the day but for transferring amounts greater than 5000 this would be my service of choice (the only other way to get a better rate is if you can find someone who wants SGD and would give you INR and deal at spot)

Couple of things to Note for Money2India transfer Service

1. Only allows upto 400,000 Rs equivalent to be transferred per day using the fixed rate service.

2. The rate is updated around 12:00 noon Singapore time

3.  Has a internal daily limit i.e. if the amount they have allocated for a day has been reached customers are refused transfers

I would have expected that there be no limit on amounts being transferred. With these limits it feels that money2india wants to only have small transactions so that they can earn more transfer fee. The rate still is better than DBS but as a customer I find these limits back door way of giving less to customers.

Update: Money2India no longer has fixed fee transfer service and the rates offered are not as good as SBI or DBS. For comparison of rates please refer to the widget on right or at the bottom (when using a phone)

127 thoughts on “Best options to Transfer Money from Singapore to India”

  1. Do you think the Exchange Rate will get better SGD to INR. I want to send 50k SGD to India, looking at the trend what is your advice about when to send in November.

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    1. Hi Annonymous,

      Yes sgd to INR will get better. I can’t really answer the question on when to send money in November. There are factors that are unique to every individual and transaction and if I could predict when SGD INR would be highest in any month I would be a billionaire by now 🙂

      Like

  2. Hi!!! Thanks i have read that artical… nice you are doing gr8… i am in my 20es just now getting in to all this.. your blog does a very good job.. thanks.. pls kepp posting..

    Nidhi

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  4. Hi Aditya,
    Can you please advise rite time to send money to india. currently its around 46. i am planning to send for 60k sgd.

    Thanks,
    Raj

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    1. Hi Raj,

      There is no right or wrong time. Depending upon what you plan to do with the money and how it is invested in Singapore the recommendation can change. If you have borrowed money in Singapore and want to transfer then transfer immediately. If it’s your saving money which is earning 2% odd in Singapore then can wait for the MAS policy decision tomorrow. I feel that they would not ease tomorrow as the China data is better than expected and fed rate hike is not in sight.

      Like

    1. Hi,

      I would wait for the MAS policy statement tomorrow before making a transfer. My view is that China data coming in better than expected and fed rate hike looking unlikely this year MAS might not tinker with the monetary policy.

      Like

  7. Good time to sell the SGD now, on this bounce back.

    Clearly MAS will ease policy and then SGD wont stay at this level:

    http://www.channelnewsasia.com/news/business/singapore/economists-expect-mas-to/2171430.html

    “It is companies trying to cut back on hiring, cutting back on expanding in the country because they find it more difficult to do business in Singapore. Exchange rate is expensive, making it expensive to do business; labour costs are high, making it more difficult for them to expand.”

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    1. MAS eased slightly and Singapore Dollar strengthened ? on the date of this article the SGD USD was around 1.42, now its 1.3975, how do economists explain that?

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    2. Anyone who sold SGD 4 days back would have suffered a loss, SGD INR seems to have moved up by almost a rupee in past 4 days

      Like

  8. I knew when SGD hit 1.35 in Apr after MAS didn’t ease, it was an overreaction. There is no way SGD can sustain 1.35. That was the easiest of trades to short SGD against USD. Now I think SGD is over reacting on the downside. Fair value is around 1.40 for the end of this year. Regarding INR, it is in its own trajectory, due to record FDI India has received.

    http://www.financialexpress.com/article/fe-columnist/india-world-number-one-in-fdi-a-big-boost-for-pm-narendra-modi/143744/

    I knew this right from time Rajan became governor, then INR is going to reign supreme and then Modi’s win was like an icing on the cake.Next bigger icing on cake was oil price crashing.

    Now it has been established that oil wont rise back to above 60. Under these circumstances, being long with INR is the most sensible thing to do, especially against SGD

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    1. The million dollar question is did India really achieve that much FDI? The numbers circulating in media are by FT and not RBI.

      http://m.firstpost.com/business/the-31-bn-question-did-india-really-see-so-much-of-fdi-inflow-in-2015-2449942.html

      My view is that it is another feel good factor media buzz that is being created before the Bihar elections. The ground realities are starkly different.

      The manufacturing growth is at 7 month low

      http://in.mobile.reuters.com/article/idINKCN0RV3G620151001?irpc=932

      Now if that much FDI came into India in past 9 months then how has it not resulted in manufacturing growth?

      Indian exports have fallen 9 months in a row

      http://www.financialexpress.com/article/economy/exports-shrink-for-ninth-straight-month-fall-20-7-pct-yy-in-august/136073/

      Now ofcourse if one wants to win the elections they will only release the positive things and brush aside real economic issues. RBI is smart to see all the data and cut rates drastically but the very real risk is that once Bihar elections are over and irrespective of weather BJP wins or looses some of these news will start making market headlines. The monsoon has not been fantastic, farmers have been committing suicides and industrial production is declining. It would be best for Indian rupee to slowly depreciate so that it does not fall overnight like what happened to Chinese Yuan. The longer it remains artificially strong the bigger will be the pain.

      Anyway let’s not forget what happened in Apr when people panicked and transferred money below 45 only to see rupee bounce back to 48. Even if one adds interest income they would still be worse off as compared to those who managed to catch 47.5 and above rate.

      One could keep their money in DBS multiplier or UOB one accounts to earn over 2% interest and reduce the interest spread.

      Like

  9. Hi Aditya,

    The SGD is falling against the USD, which I think is also impacting the exchange rate, apart from the strengthening rupee. Could you please share your thoughts and do you think , the exchange rate would go up in the coming weeks.

    Thanks,

    Best Regards,
    Amay

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    1. Hi Amay,

      Logically INR should be falling alongside the SGD but markets are not always rational. Based on today’s NFP numbers in US some trend might emerge.

      Like

    1. It should, all Asian currencies are falling and I think it’s a matter of time before fundamentals kick in and send Indian rupee lower. It’s not so much a matter of what SGD does now but mostly dependent on INR movement. I think RBI intervened in the market yesterday to prevent any knee Jerk reactions to the interest rate cut and will let rupee gradually depreciate over next few weeks. If that does not happen then rupee is setup for a quick drop when fed increases rates later this year

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  14. INR is appreciating inspite of the expected rate cut. Also Sensex holding up well today, inspite of fall in global markets. Just goes to show, FIIs are still bullish on India. Its time NRIs too become bullish on India 🙂

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  15. SGDINR has been essentially moving in lockstep for the last 2 years. Instead of trying to time the markets, just move the money as soon as you get your salary.This is what I have done and made good money. People who have accumulated SGDs over the years and now wondering if SGDINR will cross 48 or 50, well, you guys have lost money that could have been made by interest gains on NRE FD. Consider this, if you had transferred SGD to INR in 2013 around 48-50, its as good as getting a rate of close to 58 now!

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    1. Hi Rajesh, waiting or transferring now depends on what is your end goal. Given that I don’t expect a quick movement to 48 transferring in small lots and investing in fixed deposits is what I would suggest

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    1. Knee Jerk reaction would be for INR to strengthen against USD and SGD INR to dip slightly before the move towards 48 starts. I am expecting SGD to strengthen relatively more against the USD and that should push SGD INR higher.

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    1. 48 is dependant on what happens tonight at Fed’s decision. If there is a rate hike then it will cross 48 for sure.

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  20. Hi very informative blog for SGD to INR conversion…as of today it reached 47.52 and awaiting FED hike withing two days what’s your perspective? Will cross 48?

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  21. Hi Adithiya

    Now as you know GE2015 results are declared & PAP got better result than 2011. Now what’s your prediction SGD to INR

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    1. Hi Rajesh,

      It will slowly move up to 48. A quick move from 46.85 to 47.20, almost 1% has already happened today

      Like

  22. http://www.businesstimes.com.sg/government-economy/3-month-sor-jumps-to-154-on-continued-china-economic-weakness

    DBS expects the USD/SGD to hit 1.45 by mid-2016

    “The Monetary Authority of Singapore (MAS) is likely to shift its current modest appreciation of S$NEER (nominal effective exchange rate) policy to neutral in October. The SGD is also vulnerable to a weaker Chinese yuan and firmer short-term yields in the US. We expect the SGD to decline towards 1.46 against the US dollar later this year,” said ABN Amro.

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  23. Hi Mr.Adithya

    Reference with your previous reply as you said SGD to INR value might chances to change after election result. If election result on 12 sep if favour to current ruling party what is your prediction of SGD to INR in the middle of SEPTEMBER 2015

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    1. A win by current ruling party would be sgd positive. However the margin of victory or how many seats opposition gets would be a bigger factor. If opposition ends up with lesser seats than what they currently hold then sgd should jump a fair bit.

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  25. Thanks Aditya, I see it depends on many outside factors. So any advise on Transferring SGD to INR in near term Let say before Sep 2015 end. Or You are expecting upside in SGD from current level of 47.00 by mid-Oct 2015.

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  26. Hi Mr.Adithya

    I wish to know what are all the factors involving to set SGD to INR value. Because I believed this value isn’t depends USD to INR.

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    1. SGD to INR is dependent on movements in USD INR and USD SGD. So the key factors lined up for SGD INR are:
      1. Singapore Election Results – 12 sep
      2. FED Rate hike decision – 17/18 Sep
      3. INR movement due to currency over valuation
      4. China Market moves and risk of spreading contagion which will impact both SGD and INR
      5. BIHAR election results will indirectly show the mood of the nation towards current govt. The reforms have been very slow to come by and people are starting to get edgy.
      The election results are the only 2 factors which are specific to individual currencies. All other factors impact both SGD and INR but the degree of impact will be different which will result in currency moves

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  27. Hi Aditya, SGD-INR seems now confined in range of 46.5 – 47.5. Whats your advise on SGD prediction for next 15 days? 2-3 factors may affect like Singapore Elections, China slowdown and US Fed meet. Thanks in advance.

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    1. It’s difficult to say anything for the next 15 days. It will be volatile with unexplained movements is all I can say.

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    2. Mr.Adithya

      I curiously to know what are all the factors currently involving to fux SGD to INR value. Because I believed which is not depends USD. Pls explain

      Like

  31. Kumar open an account with Fundsupermart, you can invest in mutual funds from all over the world. There are lots of debt, reit, equity and other hybrid Mutual funds to choose from.

    In have an account with FSM, but I am too much gung ho about India, not keeping a single $ here. Everything in Indian Mutual funds or NRE FDs 🙂

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  32. Thanks Aditya for your valuable inputs. As you suggested I will spilt the amount and hedge. In singapore if you can suggest any other options like aspial, please let us know, for upto 100k investment. Iam not a PR, and hope there is no restrictions with investing in such instruments for foreigners. Thank you.

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    1. Hi Kumar, As far as I know there are no restrictions for foreigner. With the expectation of interest rates rise I expect some more issues to come in next few months. As of know Aspial looked like the best option.

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  33. Hi Aditya,

    Looks like the markets have bounced back and slide in INR has been stemmed atleast for now. I’m looking to transfer between 5k-10k SGD to India in the next week or so. Any suggestions on the timing & favorable exchange rate that I need to keep in mind?? Pls advise, thanks.

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  34. Hi Aditya, Nice post. Thanks for this. Can you help me with your guidance on the below please.
    I want to transfer 200k savings to India and put an NRE deposit for 1 year.
    1. In 1 year time-frame, will I be better off with NRE deposit in India with 9% interest , rather than holding in SGD here ?
    2. Have you tried Yes Remit. With 50paise more, are they good compared to other transfer options?
    3. Is there any best time of the day to initiate any transfer, since the amt is large.
    Thanks in advance.

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    1. Hi Kumar,

      Using current Exchange Rate of 47.30 the money you sent to India will potentially grow to 51.08 at 8%. Factoring in the transfer cost it should be more around 50.60. Now the question is do you want to bring the money back from India to Singapore or leave it there? In case of repatriation the banks usually would charge another 0.5 to 1% for exchange rate bringing your nett yield to roughly 6%. An alternative could be to invest in bonds like Aspial which offer 5.25% which will bring your target yield closer to what you get from the NRE deposit. The upside is that if Rupee weakens to 50 per SGD you gain on interest and exchange rate, downside being if Rupee appreciates.

      My recommendation would be split your investments in different instruments to hedge and spread your risks.

      I have not used Yes Bank and for the amount your are looking to transfer I would suggest getting in touch with banks treasury departments and they should be able to offer a better rate.

      Like

  35. Hi Adithya,

    I would like to transfer more than SGD.20k to India. Is it right time to make transfer now? Is any chances are there to fall INR value against SGD

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    1. Hi Rajesh,

      For larger amounts I always suggest transferring in small chunks. You could transfer 5-8k every few days to average out your rate.

      Like

  36. Stock and forex Markets are going crazy for various reasons. Whats your advise to convery SGD to INR? Is it better to wait till end of Aug 2015 to see move of Sgd-inr? Or better to start tx in chunks to get average rate? Thanks.

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    1. I would recommend waiting it out till the end of this week and then transfer. There is a outside chance of SGD INR touching 48.

      Like

  39. http://sbr.com.sg/economy/news/policy-easing-pressures-are-steadily-mounting-mas

    “With an economy facing the risk of a technical recession and full-year inflation expected to be negative, currency appreciation becomes a difficult policy to maintain,” said DBS economist Irvin Seah.

    Seah noted that according to DBS’ model, the SGD NEER is already easing towards the floor of its appreciating policy band amid heightened market volatility.

    “If this continues, the MAS would have two choices: spend reserves defending the band or relax the appreciation policy,” Seah said.

    But spending reserves becomes difficult in light of potential capital flight that could result from higher US interest rates and fears of further yuan devaluation.

    “All things considered, risks are rising that the MAS eases policy in October,” he noted.

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    1. INR has already fallen more than SGD in past week and is playing catch up. I would not be surprised if it hits 68 in 6 weeks and even though analysts have been projecting INR as ray of hope. SGD INR moved back to 47 after brief dip below 46. If USD SGD moves to 1.50, USD INR would be 72 conservatively and 75 realistically

      Like

  40. Hi Aditya,
    SGD INR has reached 47. May I know your forecast of SGD INR after 12th Sep? Will SGD INR reach 48 or reduce from 47?

    Thank you
    Amuth

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    1. Hi,

      The movement will be dependent on election results and I am in no position to speculate on that. However I do believe that that there is a very good chance for Rupee to test 48 first week of Sep

      Like

    1. The trade weighted basket also has USD, GBP, EUR, JPY etc. The exact weightage is not known but I don’t think MYR alone can drag down SGD. CNY is already priced.

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  43. I think MS is talking about the long term and also he said against the Euro and also used the word carry trade, which means you borrow in cheap Euro rates and then invest in higher yielding INR bonds and INR has done well compared to other currencies.

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    1. 2nd March euro to INR was 69.10, today its 72.10. Rough depreciation of 4.2% over 6 months period. Even if it was invested in 8% tax free NRE deposit the trade would be a loosing one after conversion costs of around 1% each to convert in INR and then convert back to Euro. What strikes me is that the head of research predicts a fall to 70 and head of FX calls to buy INR after 1 month. Even if it’s a carry trade and rupee falls to 70 against USD there is no way a carry against Euro would be “in the money”.

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  44. Thanks Aditya, Agree all those factors come into play. Whats your view on SGD-INR by Sep end and Oct end? any pointers.

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    1. There are 2 important events up in Sep:
      1. Expected fed rate rise
      2. Singapore elections

      Logically fed should do a token hike and Singapore election results come in PAPs favor. Fed hike is priced in SGD but not in INR. Similarly a PAP win is priced in SGD and I expect the SGD to strengthen slightly on election results.
      So if both scenarios play out SGD INR should make a move towards 48 and then 49.

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  46. Aditya, As USD-INR is close to 65.33, Do you still maintain that SGD-INR will reach close to 48 by Aug 2015 end. Thanks.

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    1. SGD INR is not just a play of USD INR. USD SGD also plays a part. I don’t see SGD INR touching 48 by August end though 47 is absolutely possible. RBI is again trying to intervene and prevent the slide and that’s what is keeping SGD INR from falling.

      Like

    1. Hi,

      I haven’t looked at what money2india or dbs are offering but in the spot market the rate was 45.80 yesterday and is 46.47 today. I expect 47 to act as a magnet and if RBI allows the rupee to close over 65 against the USD we would be looking at 48 marK in a few weeks.

      Like

    1. Hi Amutha,

      I think that SGD INR would easily touch 47.5 in the coming month however 48, though possible, would be difficult.

      Thanks

      Like

  52. I am looking for a chart of SIBOR v/s SGDUSD and I couldn’t find a long term chart, but this short term one confirms that when SGD falls SIBOR spikes:

    http://singaporestockmarketnews.blogspot.sg/2015/01/singapore-banks-making-sense-of-sibor.html

    Also this statement further confirms its:

    Said DBS Bank Senior Economist Irvin Seah: “If our market expectation on the Fed movement is going to build up towards the end of the year, naturally you would expect that the US dollar would strengthen against all Asian currencies, including the Sing dollar. So when Sing dollar depreciates, you’d expect SIBOR to spike as well.”

    http://www.channelnewsasia.com/news/business/singapore/singapore-dollar-regains/1814664.html

    Which is why I said, interest rates are not the only factors affecting exchange rates. INR rates have been cut 75bps already but INR hasn’t much fallen yet, because of record reserves and low commodity prices.

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    1. Point to note – “…. All Asian currencies” and that would include INR. Future anticipated interest rates moves are already built into current and currency pricing, rupee moved from 59 to 64 over the last year against the USD which is around a 8% weakness. People were talking about SGD INR to touch 40 in no time just a few months back but what actually happened was rupee reversed from 45 to 48. So be it interest rates or other factors if all currencies are going to fall against the USD then the inter currency ratios should return to long term moving averages. The rupee has not fallen because FII and hot money is jumping into India which is a big worry as the fundamentals are still weak and it does not take a lot for this hot money to leave India and find some other destination when the returns don’t come by. The rupee is overvalued by every economic measure and it’s a matter of time it cracks… One must not forget oil prices have moved back up and the prices a country pays for physical imports are usually 3 month averages so it’s again a matter of time when India starts paying more for the oil bill as the 3 month trend line moves up.

      Like

  53. Interest rates is only one of the factors impacting exchange rates. There are lots of moving parts. 1)SGD is a managed currency and all the currencies of its trading partners are falling, including MYR, AUD,JPY and EUR. So SGD has to track them and fall. 2)We need to closely watch what China does with its markets crashing. If Yuan is devalued, then SGD, will naturally fall. So overall I am not very bullish about the SGD holding the 1.35 mark for long. 1.4 will come, by the end of this year.

    Infact your assumption that exchange rate rises with interest rates is not entirely true. Few months back when SGD was falling to 1.39 level the SIBOR rose suddenly to over 1% and sent alarm bells ringing for all over leveraged property investors, and then MAS didnt change its monetary policy, which surprised markets and in turn caused the dollar to rise again and SIBOR to fall.

    http://www.channelnewsasia.com/news/business/singapore/3-month-sibor-falls-below/1788156.html

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    1. It’s not my assumption that exchange rates strengthen as interest rates fall it’s simple economic principal.
      http://www.economicshelp.org/macroeconomics/exchangerate/factors-influencing/
      Recent fall of AUD, NZD and rise of USD due to interest rate hike anticipation is a effect of that. Whenever countries have wanted to weaken the currency they have cut the rates. A falling SGD will result in foreign money pumping into the local Singapore markets reversing the modest gains made on reigning the property prices and one must not forget that elections are around the corner. What happened to SGD with rising SIBOR was a abbertion and not a norm. I would call it market over selling the Singapore Dollar in anticipation of further MAS easing and getting caught on the wrong side.

      If SGD goes down to 1.4 against the USD it might still be much stronger against the AUD, NZD, MYR, IDR etc. and if INR does not fall in tandem to other currencies and go down to 68-70 against the dollar Indian industry will come to a stand still. Chinese and other countries exports will still be cheaper and a strong rupee will spell doom for India unless someone can magically increase productivity and domestic consumption in India by the year end.

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  54. Also my gut feeling is SGD is very overvalued, not comparing with INR, but in general. Just look at NZD, it has now fallen to 0.9 SGD and AUD has fallen to parity with SGD. Fair value of SGD should be closer to 1.4 USD, my guess is it will get there towards the end of this year.

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    1. If SGD is overvalued then INR is super overvalued. One should not forget why the NZD and AUD have fallen? These were safer carry trade currencies and as the countries have reduced benchmark rates the currencies have weakened. Now India is trying to reduce rates and it would be paradoxical if the INR strengthened as the rates went down.

      As with SGD the SIBOR is has some linkage to USD rates and I belive that the MAS and Govt has been putting in prudential financial norms like total debt ratio because they don’t want people to get burnt when interest rates go up. Now if interest rates for Singapore go up then SGD should strengthen not weaken.

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  55. I have made very good returns by moving money to India so far, by simply investing in NRE FDs. My MF investments over the last 6 months however are stagnant as Indian markets are flat. Now I wonder, should I continue to keep sending money to India or explore options in Singapore?

    The global markets look like they have corrected a lot due to Greece uncertainity, so I guess it makes sense to put some money in Global Mutual funds?

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  56. Hi,
    The SGD INR had touched 46.99… What would be the prediction of the rate trend in coming weeks.

    Thank
    Amutha

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    Reply

    1. Hi Amutha,

      Depending upon what happens tomorrow in Greece referendum the exchange rates would move. I still believe that INR has to go towards 65 against the USD and as that happens SGD INR will move towards 48 and then to 50.

      Next few weeks expected it to oscillate between 47-48.

      Thanks

      Like

  57. Hi Adithya/ Nitin,

    I am planning for a big expense in India at Nov. Is there any possibility to get INR above 48+ before Nov. Appericate your view on this.

    Thanks & Regard
    Venkat

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    1. Hi Venkat,
      INR was at 48 just a month back and it will soon be touching that level. If I were you, I would not wait for the 48 magic figure. Even if you transferred now at around 47.5 the amount will grow to 48 in a fixed deposit in around 50 days.

      Like

    1. Hi,
      I did PRP last year for 1year. Just last week it matured. Its a forward contract. They told me how much eaxctly i am going to get on maturity. I got the same amount. Exactly like FD.
      I am plnnaing to book another one now. I negotiated on the rate also.

      Loved yes bank services also. Dedicated RM. sorry to sound like yes bank agent.:))

      Waiting for the rupee advantage qutation from kotak.. If kotak offers better then i will go with kotak.

      Thanks

      Like

  60. Hi All,
    I found these following plans are better than normal NRE fixed deposits. U get better interest rates.
    Yes bank: premium rupee plan
    Kotak: rupee advantage

    Hdfc:Ruppemax
    Icici: rupee plus

    Anybody has any views on this?
    Thanks,
    Sridhar

    Like

    Reply

  61. Hi Aditya,
    Thanks for the update. Now since RBI has announced a rate cut, lets hope that the exchange rate would go up.

    Thanks for the information.

    Best Regards,
    Amay

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    Reply

    1. Hi Amay,

      My target for August for 50 is still in play. I think that after tomorrow’s RBI rate decision the move towards 48 would resume.

      Like

  63. so is the crossing 48 is possible in June? Sorry i understand that it is not easy for you to guess now…but thought of getting a hint from you based on the current market move.
    Thank you.

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    Reply

    1. It will try and cross 48 in June and around July Aug try and reach 50. For me anything above 47.75 net rate is a good rate to convert

      Like

  64. Hi Adithya,

    Good morning.

    May I seek your help in suggesting SGD INR trend towards end of May?
    Thank you
    Amutha

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    Reply

    1. Good Morning Amutha,

      I expect SGD INR to oscillate between 47 – 48 in May. Once it convincingly crosses 48 the climb to 49-50 would be quick.

      Like

  65. Hi, how would be the value of SGD to INR?USD spot rate crossed 64…what would be the closing rate of this week? Is it possible to forecast the following week?
    Thank you
    Amutha

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    Reply

    1. Hi Amutha,

      Forecasting closing rates for this week or even next week is nothing short of a wild guess. Markets are extremely volatile with a fair bit of data to be released in the next few hours. The only way I see SGD to INR crossing 49 is if Rupee falls to 65 against USD and SGD appreciates a little to 1.325 or more. 65 being a strong psychological barrier I think RBI would defend it in short term and not let rupee drop too quickly.

      Like

    1. Hi Manikandan,

      Short term trends are difficult to predict but to answer your question I don’t see SGD INR crossing 49 in next 2 weeks. SGD has been over bought in the short term and should ease back towards 1.34 – 1.35 and INR should hover around 63-64. A clearer trend should emerge mid may onwards

      Like

    1. I find them unreliable….advertise attractive rates on site and then give rates to customers that are much worse and hide behind the forex is volatile clause!!
      Fixed rates are terrible and money takes forever to get credited. So unless Remit2India are open to disclose the spot rate with time stamp and the rate they gave a customer at the same time I would not use them. It’s about trust and as of now I don’t trust them

      Like

  69. I read through the website. What I understood was, it’s cheaper to use net express fixed rate transfer when compared to indicative net express transfer for amounts >5000 SGD (up to the limit of 4,00,000INR), simply because of the flat service charge (25SGD) compared to the 0.5% charge on the amount transfered.
    However, strangely enough -> their online calculator shows it’s cheaper to go with indicative net express transfer: https://m2inet.icicibank.co.in/m2iNet/exCalculator.do
    Thoughts?

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    1. The rates are “indicative” which means that they can give you any transfer rate and you would have no way of comparing or questioning. From what I understand is that with indicative rate the service providers try and pool multiple requests and depending on when they have a lot size transfer it. A lot of people have complained that indicative rates that are advertised on website and what people actually get are very different.

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    1. It’s through net express just that they are offering a better rates. Do check my update on restrictions on transfer

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  71. thanks Aditya.. I never realized icici providing good rate now. Seems like the confirmed rate from icici is better than dbs.

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  72. HAditya,

    Thanks for your analysis on the fixed INR amount transfer.

    For the indicative rate transfer, which bank is the best? There are many providers these days, so hard to find which one gives best rate.

    Ashok

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    1. Hi Ashok

      I personally don’t trust providers with fixed rates these days. Most of them use times of money a.k.a. Remit2India as the service provider in the background and with confirmed rates being just as good as indicative I rather know what I am going to get. However if you still prefer indicative rates try Yes remit they have a promotion till end of month

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  73. Hi Aaditya,

    Can one open an icici nre account by sitting in Singapore? If the intention is to create a FD, you’d surely need a nre account with icici to use the service offered by Money2India.

    Thanks

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    1. Hi Aaditya,

      I am sure you can open a NRE account from Singapore. I think you would need to visit the branch in raffles place and they can process the application for you. However you can transfer money to any bank account using money2india – it does not have to be a ICICI bank account

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