Sending money from Singapore to India: the payments stack
Sending SGD 260 from Singapore to India cost 2.92% of the amount on average in Q3 2025, across 28 services in the World Bank's Remittance Prices Worldwide survey. Payouts in India typically run over UPI (Unified Payments Interface), IMPS (Immediate Payment Service); between now and the end of 2027 there are 5 weekdays when banks in Singapore are closed but India keeps paying out, so the payout balance has to be funded before them.
| Average cost to send | 2.92% of SGD 260 (Q3 2025, World Bank RPW) source |
| Money transfer operators | 3.07% across 18 services |
| Banks | 2.71% across 9 services |
| Collect in Singapore | FAST, PayNow, MEPS+, Interbank GIRO, PayNow cross-border linkages (PromptPay, UPI, DuitNow) |
| Pay out in India | UPI (Unified Payments Interface), IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement) |
What it costs to send SGD 260
The World Bank surveyed 28 services sending from Singapore to India from 19 August 2025 to 25 August 2025. The average total cost, fees plus the FX margin, was 2.92% of the amount sent; money transfer operators averaged 3.07% and banks 2.71%. source
Bank and operator averages are worked out from the survey's provider types.
The send side: Singapore
- Cross-border money transfer service (Activity C under the Payment Services Act) means providing inbound or outbound remittance service in Singapore, and also facilitating remittance between entities in different countries even if monies are not accepted or received in Singapore. source
- There are three licence types: a money-changing licence, a Standard Payment Institution (SPI) licence for services below the thresholds in section 6(5) of the Act, and a Major Payment Institution (MPI) licence without those limits. The thresholds are S$3 million of monthly transactions for any one activity, S$6 million for two or more activities and S$5 million of daily outstanding e-money. source
- Base capital is S$100,000 for an SPI and S$250,000 for an MPI. Before starting business an MPI must also lodge security with MAS, as a cash deposit or bank guarantee, of S$100,000 if its monthly payment transactions average no more than S$6 million for any one payment service, or S$200,000 in all other cases. source
Licences, sponsor banks, collections, ramps and KYC providers: sending from Singapore.
The payout side: India
| Payout partner | What it does in India | Source |
|---|---|---|
| Nium · our guide | Pays INR to all banks in India, choosing IMPS (24x7, up to INR 500,000), RTGS (18:00 IST cut-off) or NEFT in that order, plus UPI proxy and Visa Direct; trade transactions are capped at INR 1.5 million. | source |
| Thunes · our guide | Offers bank account payouts across India with real-time processing for C2C, B2C and C2B flows, B2B payments on a T+1 basis, and cash pickup. | source |
| dLocal · our guide | Supports payouts in India by bank transfer (IFSC) and by UPI to a virtual payment address, in INR or USD, for B2B, B2C and P2P flows. | source |
| TerraPay · our guide | Provides local-currency payouts in India through its global payments network, and in February 2026 partnered with Raenest to pay freelancers in India and the Philippines. | source |
| Razorpay | Holds RBI's Payment Aggregator Cross Border (PA-CB) licence, which lets it collect inward and process outward cross-border payments for Indian merchants such as exporters and SaaS firms; PA-CB covers merchant transactions, not payouts to individuals. | source |
| Cashfree Payments | Received RBI's PA-CB licence and lets Indian businesses collect from abroad in 140+ currencies by card and through local USD, EUR, CAD and GBP accounts; PA-CB covers merchant collections, not payouts to individuals. | source |
Licensing, local banks, stablecoin ramps, FX and KYC in India: launching payments in India.
Payout rails in India
| Rail | Operator | What matters for payouts | Source |
|---|---|---|---|
| UPI (Unified Payments Interface) | National Payments Corporation of India (NPCI) | Available round the clock; carried 85.5% of India's payment volume in July to December 2025. Payouts go to a virtual payment address linked to a bank account. | source |
| IMPS (Immediate Payment Service) | National Payments Corporation of India (NPCI) | Instant transfers 24x7, including holidays, up to Rs 5 lakh per transaction on all channels except SMS and IVR. | source |
| NEFT (National Electronic Funds Transfer) | Reserve Bank of India | Runs 24x7 on every day of the year, settling in half-hourly batches; RBI sets no minimum or maximum amount, though member banks may set their own limits. RTGS, the high-value system, has a Rs 2 lakh minimum and no upper limit. | source |
| RTGS (Real Time Gross Settlement) | Reserve Bank of India | Has run 24x7 since 00:30 on 14 December 2020, about a year after NEFT moved to round-the-clock operation. | source |
Holiday gaps to plan for, to December 2027
Weekdays when one side of the corridor is closed. On the 5 dates when Singapore is closed and India is open, the payout balance has to already hold enough to cover them. On the 8 dates when India is closed, instant rails may still pay out.
| Date | Singapore | India | What it means |
|---|---|---|---|
| Mon 9 Nov 2026 | Deepavali (Monday holiday) | Open | Prefund India the day before: no funding from Singapore, payouts continue |
| Tue 24 Nov 2026 | Open | Guru Nanak's Birthday | India banks closed: only always-on rails pay out |
| Fri 25 Dec 2026 | Christmas Day | Christmas Day | Both closed |
| Fri 1 Jan 2027 | New Year's Day | Open | Prefund India the day before: no funding from Singapore, payouts continue |
| Tue 26 Jan 2027 | Open | Republic Day | India banks closed: only always-on rails pay out |
| Mon 8 Feb 2027 | Chinese New Year (Monday holiday) | Open | Prefund India the day before: no funding from Singapore, payouts continue |
| Wed 10 Mar 2027 | Hari Raya Puasa | Id-ul-Fitr | Both closed |
| Tue 23 Mar 2027 | Open | Holi | India banks closed: only always-on rails pay out |
| Fri 26 Mar 2027 | Good Friday | Good Friday | Both closed |
| Thu 15 Apr 2027 | Open | Ram Navami | India banks closed: only always-on rails pay out |
| Mon 19 Apr 2027 | Open | Mahavir Jayanti | India banks closed: only always-on rails pay out |
| Mon 17 May 2027 | Hari Raya Haji | Id-ul-Zuha (Bakrid) | Both closed |
| Thu 20 May 2027 | Vesak Day | Buddha Purnima | Both closed |
| Wed 16 Jun 2027 | Open | Muharram | India banks closed: only always-on rails pay out |
| Mon 9 Aug 2027 | National Day | Open | Prefund India the day before: no funding from Singapore, payouts continue |
| Wed 25 Aug 2027 | Open | Janmashtami (Vaishnav) | India banks closed: only always-on rails pay out |
| Thu 28 Oct 2027 | Deepavali | Open | Prefund India the day before: no funding from Singapore, payouts continue |
| Fri 29 Oct 2027 | Open | Diwali (Deepavali) | India banks closed: only always-on rails pay out |
Full calendars: Singapore and India. Size the buffer with the corridor runway calculator.
Funding the corridor
- FAST runs 24x7 at most participants, but some banks give a FAST transaction the next business day as value date if it is made after a cut-off time or on a non-business day. source
- A single FAST transfer is capped at S$200,000, so larger SGD movements go through MEPS+, which settles only on business days (Monday to Friday, excluding public and bank holidays). source
- RBI's onshore FCY/INR market hours are 9:00 a.m. to 3:30 p.m. IST; dealing outside them depends on an AD Category-I bank choosing to quote, so rupees for night, weekend and holiday payouts have to be bought in advance unless a bank quotes outside those hours. source
- RDA Vostro accounts run on a credit basis with no overdrafts, and banks credit rupees only after the foreign currency reaches their nostro account. Under the Speed Remittance Procedure exchange houses ordinarily prefund through the bank's nostro account before sending payment instructions, and banks set their own collateral policy; under DDA and non-DDA arrangements banks may take collateral of 7 days' projected drawings from exchange houses with under three years of operation. source
- MTSS Overseas Principals keep collateral with a designated Indian bank equal to 3 days' average drawings or US$50,000, whichever is higher; the first US$50,000 is a foreign currency deposit and the rest can be a bank guarantee, reviewed quarterly. source
Running the corridor
Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Singapore, the payout partners and banks in India and any stablecoin in between. It warns before the India balance runs dry, holidays included. See how it works.
Frequently asked questions
How much does it cost to send money from Singapore to India?
The World Bank's survey put the average total cost of sending SGD 260 at 2.92% in Q3 2025, across 28 services. Money transfer operators averaged 3.07%.
Which rails pay out in India?
Local payouts run over UPI (Unified Payments Interface), IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement).
When do I need to prefund India payouts ahead of holidays?
Between now and December 2027 there are 5 weekdays when Singapore is closed and India is open, the first on Mon 9 Nov 2026. The payout balance has to cover those days before they start.
Related corridors
Sources
- World Bank, Remittance Prices Worldwide dataset · World Bank
- Public Holidays for 2027 (press release, 18 June 2026) · Ministry of Manpower
- Public holidays (2026 and 2027) · Ministry of Manpower
- Holidays (holiday matrix under the NI Act) · Reserve Bank of India
- RBI announces date for launching of RTGS 24x7 · Reserve Bank of India
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
Why it is called Polynopsis · About Polynopsis · Glossary · Corridor runway calculator