Most Singaporeans unaware of hidden FX transaction costs

More than half (56%) fail to account for additional service fees and exchange rate markups.

Singaporeans lost an estimated $590m in hidden international payment fees in 2023, yet only 14% of consumers are aware that these costs often include hidden fees in the form of exchange rate markups, according to a new report by Wise.

Despite the increasing reliance on international transactions for business and personal use, many Singaporeans remain unaware of the full extent of charges imposed by banks and financial institutions.

More than half (56%) also fail to account for additional service fees and exchange rate markups, often buried in transactions.

This lack of transparency has led to millions in unnecessary expenses, raising concerns over financial literacy and consumer protection in cross-border payments, Wise noted.

SMEs in Singapore also lost $5.66b in unclear exchange rate markups in 2023, whilst large enterprises collectively overpaid $142m due to undisclosed fees.

Despite the financial impact, traditional banks remain the go-to choice for international money transfers, with 63% of Singaporeans still using them.

Other popular options include PayPal (31%) and Western Union (24%), yet many consumers and businesses remain unaware of cheaper, more transparent alternatives.

The report also found that 44% of Singaporeans are unsure or do not believe banks disclose all costs upfront.

Amongst those who continue using traditional banks, 68% say they would prefer a clearer breakdown of exchange rates and service fees before making a transaction.

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