High fees, exchange rate uncertainty common gripes of S’pore residents sending money overseas: Survey

Quick Summary:

The top five places residents sent money to were China, Australia, Canada, Malaysia and Japan, noted the survey.

For example, in China and India, about a quarter of respondents surveyed said they sent money to improve future prospects, higher than all other Asian markets.

It found that in most Asia-Pacific markets, 40 per cent to 50 per cent of respondents indicated that they had been offered a free transfer when sending cash, cheques or money orders, only to find out there were hidden fees.

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Article Details

Category: EconomyBusiness

Markets: SingaporeAustraliaBruneiCanadaChinaIndiaJapanMalaysiaPhilippines

Topics: Singapore Surveyed Send Fees Exchange Residents Money Digital Remittances Respondents Cent

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-10 @ 19:32:43 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 837 words

Reading Time: 5 minutes read

Sentences: 38 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 21566332

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About The Straits Times

Main Topics: EconomyBusiness

Official Website: straitstimes.com

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Headquarters: Singapore

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