Foreign Currency vs Singapore Dollar Payments

When sending payments overseas, you need to think about how best to pay your foreign beneficiaries. Sometimes it is advantageous to pay in the local currency; other times it’s better to pay in S.G. Dollars. Read on to find out how to make the most of your international payments.

Your Currency Choices

 

American Express® FX International Payments allows you to make overseas payments in over 52 currencies as well as SGD. When sending money overseas, you have two options:

 

  • 1Foreign Currency Telegraphic Transfer
    Lock in an exchange rate that will apply to your currency wire.

  • 2SGD Telegraphic Transfers.
    FX International Payments sends SGD to your beneficiary’s foreign bank account.

 

Knowing Your Beneficiary

 

Does your beneficiary have a SGD bank account or a foreign currency bank account? It can make a difference, so make sure to talk to your beneficiary before you decide which currency you send.

 

  • For example, if you send SGD to a beneficiary’s Euro-denominated bank account, that payment might be converted from Singapore Dollars into Euros at a rate that you won’t know in advance.

  • Additionally, if the currency sent does not match the currency of the receiving account, there could be delays or extra fees associated with the transaction.

  • Some beneficiaries may prefer to receive SGD at their foreign currency bank account.

TIP : Your options may vary, depending on whether your foreign beneficiary is invoicing you in SGD or foreign currency. Asking for invoices in both currencies may help you to weigh your payment options.

 

Enjoy a More Rewarding FX Experience

 

  • Access Live FX Rates 

    FX International Payments provides users with a secure online transaction platform to view and purchase currency at a live FX rate.

     

  • Make Payments in Over 52 Currencies 

    Go to the platform.

Contact us

 

Existing members

 

Our Customer Service team is available daily from 8am to 6pm, Monday through Friday. 1800-507-7688.

 

 

New members

 

New to American Express? Give us a call on 1800-507-7688. Our Customer Service team is available from 8am to 6pm, Monday through Friday.

Existing FX International Payments customers login here