Are You Overpaying for Overseas Transfers — Without Even Knowing It?

A Report by CYS Global Remit Customer Success Management Team

When businesses need to pay overseas suppliers, their first instinct is usually to engage a cross-border payment provider in their own country. It feels familiar, convenient, and safe. However, many businesses may not realize that this default choice could be costing them more than necessary.

A lesser-known alternative is to work directly with a payment provider located in the recipient's country. Depending on the payment corridor, this approach can sometimes reduce costs, speed up settlement times, and improve the overall experience for the beneficiary.

Two Approaches, One Goal

Both options can successfully deliver funds overseas, but the payment journey can be very different.

Using a payment provider in your own country offers several advantages. The onboarding process is usually straightforward, customer support operates in your local language and time zone, and the provider is regulated within a jurisdiction you are familiar with. Funding transfers through local bank accounts is also convenient.

However, international transfers routed through the sender's country may involve correspondent banks and multiple intermediaries before reaching the final recipient. This can lead to additional fees, less competitive exchange rates, and longer settlement times. In some cases, beneficiaries may receive less than expected due to deductions along the payment chain.

On the other hand, working with a payment provider in the recipient's country can offer a different set of benefits. These providers often have access to local banking infrastructure and domestic payment networks, allowing them to settle payments locally. This can result in faster payouts, lower intermediary costs, and a better experience for the recipient.

The trade-off is that businesses may need to complete additional onboarding requirements, communicate across different time zones, and conduct due diligence to ensure the provider is properly licensed and regulated.

Ultimately, the best choice depends on your priorities, whether that is convenience, cost savings, settlement speed, or recipient experience.

Why Singapore Is an Attractive Payment Hub

Singapore has established itself as one of the world's leading financial centres, supported by a strong regulatory environment, political stability, and excellent connectivity to global markets.

As a result, many overseas businesses are increasingly exploring Singapore-based payment providers when making payments into Singapore or across Asia. In certain situations, working directly with a Singapore-based provider may offer a more efficient solution than routing payments through a provider in the sender's home country.

Provider Spotlight: CYS Global Remit Pte Ltd

CYS Global Remit Pte Ltd is a Singapore-based cross-border payment service company regulated by the Monetary Authority of Singapore (MAS). Backed by more than 45 years of industry experience, the company has assisted countless overseas businesses and individuals with their international payment requirements.

Over the years, CYS Global Remit has successfully facilitated supplier settlements, business transactions, property purchases, educational payments, and personal remittances for clients around the world. Leveraging its extensive payment network and regional expertise, the company helps clients move funds efficiently into Singapore and other destinations globally.

Making the Right Choice

There is no one-size-fits-all solution for international payments. Before selecting a provider, businesses should compare total transfer costs, foreign exchange rates, settlement times, regulatory credentials, and the recipient's experience.

Sometimes, the most efficient payment solution is not located where you are sending money from, but where the money is being received.

For businesses and individuals looking for trusted cross-border payment solutions into Singapore and beyond, CYS Global Remit welcomes the opportunity to help simplify international payments and deliver funds with confidence.