Avoid Fees With These Remarkable Ways to Transfer Money to The Netherlands

Ways to Transfer Money to The NetherlandsWe know that there will be a number of reasons to transfer money to The Netherlands. Whether that be loved ones, businesses or paying bills in residences. Here at the Currency Shop, it’s important to us that you get the best possible value for your money and given the amount of choices and jargon out there, we know trying to find the best method for your transfer can be overwhelming.

So to help you out, we’ve put together a guide below of all the options we think are best in terms of convenience, ease, and value.

For a quick comparison table of exchange rates and fees, click here.

What will this article cover?

This guide will cover:

  • Personal transfer – sending money to family or friends in The Netherlands
  • Business transfer
  • Buying or selling a property in The Netherlands
  • Studying Overseas
  • General costs of sending money to The Netherlands
  • Your options to send money to The Netherlands
  • Information you’ll need for the transfer
  • General information

Making a personal transfer from Singapore to The Netherlands

There are a number of ways you can make transfers to The Netherlands from Singapore, we’ve listed some of them below.

You can use your bank:

Most Singaporean banks will support the Euro (EUR). Generally the rule with banks and international transfers is that they will not offer you a competitive rate, and will often charge a fee that you could avoid by transferring a different way.

You can use money transfer companies:

Money transfer companies take a little bit more work as you need to set up an account with them, and the transfer can take a little longer than banks. However, their rates and fees will be much more competitive! Some of the companies you can use are listed below;

Our recommendation is OFX due to great value on transfers between SGD and EUR.

Making a business transfer from Singapore to The Netherlands

If you’re making business payments between Singapore and The Netherlands, there are a couple of important factors you should keep in mind.

  1. Firstly, the exchange rate margin: This is the difference between the wholesale exchange rate (that you’ll find on Google or XE) and the rate you actually receive.
  2. Secondly, products they offer that could benefit your business. These could include forward exchange contracts, foreign currency accounts or limit orders.

To make business payments you could use any of the companies listed above. We do favour HiFX for business transfers between Singapore and the Netherlands. Especially if you’re making frequent transfers. HiFX can set up suppliers as regular recipients to make regular transfers quick and easy. They also offer Foreign Exchange Accounts if you’d like to hold funds in a foreign currency to convert at a time that suits you.

Funding the purchase or sale of property in The Netherlands

Buying a property in the Netherlands, or selling one and transferring your money back to Singapore can seem like a headache. We’d recommend trying to find a provider that has both European, and Singaporean presence so that you have support at either end throughout the process.

Our choice would be TorFX for property settlement transfers. You a dedicated an account manager who will be contactable, should you need it leading up to settlement.

Paying overseas tuition

Studying overseas can be very expensive. In addition to tuition, there are living and travel expenses to take into account and international students are often not entitled to scholarships or assistance. All of this really adds up! As international payments in relation to studying abroad can vary in size and frequency there are two things we’d recommend you consider.

  • For larger payments, the thing that will dictate the cost of your transfer the most will be the exchange rate. You want to find a rate that is as competitive as possible.
  • For smaller payments, you should keep an eye on the transfer fees because these can make a big difference to your overall transfer amount if you aren’t transferring much.

HiFX are a good option for transferring for study. They’re great when it comes to regular transfers, have competitive rates and a reasonable fee structure.

What are the general costs for sending money to The Netherlands?

Okay, the fun is over. Time to add up the fees. Calculating the total cost of your transfer can be difficult as it is dependent on so many factors. These include how much you’re transferring, when you’re transferring it and who you’re transferring it to. When transferring from Singapore to The Netherlands there are number of fees you may be subject to;

  1. A transfer fee
  2. Exchange rate margin, which is the difference between the interbank rate and rate you get for your transfer.
  3. Your bank fees. If you do use your bank, there will generally be fees associated with the transfer.
  4. Receiving bank fees. Regardless of how you make the transfer, there is always the risk that the receiving bank will also charge you for the conversion.

Sending money to The Netherlands: What are the options?

There are various methods of sending money to The Netherlands:

Via your bank

This usually takes between 3-5 business days depending on your bank. It is by far the easiest way to transfer money overseas as you are already established with your bank and don’t need to set up any additional accounts. Keep in mind though that banks will not have competitive exchange rates for sending money overseas.

Make sure you’re aware of all the fees and charges associated with using your bank before you do so.


Paypal is the fastest way to get funds overseas. Transfers can sometimes be made in minutes. It’s convenient and definitely a popular way to go, especially if the recipient already has a Paypal account established. It isn’t a bad option if you’re transferring smaller amounts, for example, anything under $1000SGD. The rates will also be uncompetitive, however the fees are generally less than that of the bank.

A money transfer company

Using a money transfer company is the most cost-effective way to transfer money overseas. While it’s slightly less convenient, once you have an account established it means that you can send money overseas with a much better exchange rate and lower fees. These companies are generally your best option if you’re sending larger amounts of money, that is anything over $1000SGD. Different companies will have different minimum and maximum amounts set, and the transfer itself will generally take around one business day longer than the banks or Paypal.

You will need to create an account with the company before sending the money – you can do this online:

  • Register your details on the website – you will need your ID handy for this.
  • Once registered, your account needs to then be approved and you’ll receive your login details
  • Enter the bank details of where you are sending the money i.e. the ‘Beneficiary’ or ‘Recipient’
  • You will get a quote based on the fees and exchange rate for sending the money
  • If you are happy with what’s provided, confirm the details and process the transfer.

Required Information

You’ll need the details of the bank account you are sending the money to i.e. the Beneficiary or Recipient details. These details will be:

  • Account name of your Recipient
  • Their address
  • Their SWIFT code

SWIFT codes

Swift codes for the biggest banks in The Netherlands:

Rabobank : RABONL2U


Deutsche Bank Nederland : DEUTNL2N

Amsterdam Trade Bank : ATBANL2A

General Information: Pros and Cons

When considering which payment method to use, there are pros and cons to all of them. Companies such as Paypal are your fastest option, as they can process payments within minutes. While these companies are extremely convenient, they don’t offer competitive rates for your transfer. Banks will usually take 1-2 business days and money transfer companies can take up to 3-5, however these companies will offer you the best value.

It’s important to consider all of these factors when deciding how you will transfer money internationally. Another factor to consider is that banks and Paypal won’t have a minimum amount set, however a lot of transfer companies will.

Case Study

Simon is a Dutch national and has been travelling the world for the past two years since he finished his studies. He has now arrived in Singapore and plans to work there for a year. While he’s working in Singapore, he wants to find a way to transfer a portion of his earnings home, so that when he gets there he knows he has access to funds straight away.

Simon ask some colleagues who he knew transferred money internationally the best way to go about it. WorldFirst was suggested to him as they had a price promise guarantee, and competitive rates and fees. He compared the rates offered by WorldFirst to the rates offered by his Singaporean bank and found that they were substantially better.

Simon set up regular payments through WorldFirst from his bank in Singapore to his bank back home in the Netherlands. This gave him peace of mind as he knew he’d have funds available to him as soon as he got home.

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