Make Payments and Receive Payments in SGD - Singapore Dollar
Pay in Singapore Dollars (SGD)
Mondial Change allows you to make international payments in SGD (Singapore Dollar) with ease. Manage your Singapore Dollar beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your SGD operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Singapore Dollar (SGD)
Mondial Change allows you to receive payments in SGD (Singapore Dollar). Payments in SGD are received in an account in your name with a dedicated IBAN. This SGD account with a nominative IBAN is provided to you free of charge. It allows you to receive SGD payments from your clients or subsidiaries and also to hold Singapore Dollars. The SGD can be reused to make payments in SGD. The SGD can also be converted into EUR or any other currency of your choice and repatriated to your bank account. The Singapore Dollar (SGD) account can be located in France or other countries (see possible locations).
Do you want to hedge your exchange rate risk on the Singapore Dollar (SGD)? Check our dedicated page for SGD currency hedging.
Mondial Change Answers All Your Questions About Payments in Singapore Dollars (SGD)
What is the timeframe for a payment in SGD to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Singapore Dollar transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if SGD payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Singapore Dollar (SGD)?
The fees applied to transfers in Singapore Dollar (SGD) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual SGD exchange volume and the number of Singapore Dollar payments made during the year.
Are there minimum or maximum amounts for payments in Singapore Dollar (SGD)?
Mondial Change and its partners verify that your Singapore Dollar flows are consistent with the data declared during account opening and consistent with your business volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Singapore Dollar (SGD)?
For payments in SGD via the SWIFT network, you simply need to provide the following information:
• Full name of the beneficiary
• IBAN
Is it possible to modify a payment in Singapore Dollar (SGD) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Singapore Dollar (SGD) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Singapore Dollar (SGD) account provided to you a bank account, and is it nominative?
The Singapore Dollar (SGD) account for which we provide you with the details is not a bank account per se because the account-holding institution is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN attached to the account is unique. You thus have a guarantee of segregation of your funds in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please consult the page related to opening a Singapore Dollar (SGD) account for more information.
Is it possible to hold Singapore Dollars (SGD) in the SGD account provided to you?
You can use this Singapore Dollar (SGD) account to receive or store Singapore Dollars. The funds can then be reused to issue payments in Singapore Dollar or be converted into other currencies. The account is also compatible for receiving SGD payments from e-commerce platforms like Amazon or payment systems like Adyen or Stripe.
What are the public holidays when payments in Singapore Dollar (SGD) cannot be executed?
1st January: New Year’s Day
Variable date (January/February): Chinese New Year – 1st day
Variable date: Chinese New Year – 2nd day
Variable date: Hari Raya Puasa (Eid al-Fitr – end of Ramadan)
Variable date: Good Friday
1st May: Labour Day
Variable date: Vesak Day (birth, enlightenment, and death of Buddha)
Variable date: Hari Raya Haji (Eid al-Adha)
9th August: Singapore National Day
Variable date: Deepavali (Diwali)
25th December: Christmas Day
History of the Singapore Dollar
The Singapore Dollar (SGD) is the official currency of Singapore, one of Asia's most dynamic and prosperous economies. Singapore is recognized for its strong financial sector, political stability, and international trade hub. The Singapore Dollar is widely accepted and used in the island nation, whether for commercial transactions, tourism, or investments.
Monetary Policy of the Singapore Dollar
The monetary policy of the Singapore Dollar is managed by the Monetary Authority of Singapore (MAS). The MAS primarily aims to maintain price stability and promote sustainable economic growth. To achieve these objectives, the MAS uses an exchange rate-based monetary policy approach rather than interest rates. The Singapore Dollar is known for its stability and low volatility compared to other currencies. This stability results from prudent monetary policy, rigorous management of foreign exchange reserves, and strong financial regulation.
Features of the Singapore Dollar
The Singapore Dollar has several features. Firstly, it is used with the symbol "$" or "S$" to distinguish it from other currencies named dollar. Additionally, the SGD is subdivided into 100 cents, allowing for precise and flexible transactions. Singapore is also known for its position as a major financial and commercial center in Asia. This results in high liquidity of the Singapore Dollar on global financial markets, facilitating international exchanges and commercial operations.