Convert Foreign Funds Locally – Seamless Domestic Transfers with CYS

A Report by CYS Global Remit Digital Media Marketing Team  

For Singaporean companies handling foreign currency inflows—whether in USD, CNY, HKD, or other Asian exotic currencies—the common challenge is: what’s the best way to convert these funds into SGD with local access? Many rely on their banks’ auto-conversion, often unaware of the rates or timing. What if you could gain more control, access better rates, and receive your funds on the same day? 

At CYS Global Remit, we introduce a less known but highly effective solution: domestic transfer with foreign currency conversion. 

What Is Domestic Transfer with Foreign Currency Conversion? 

If your business receives payments in currencies like USD, offshore CNY (CNH), or HKD, you might not realize you can convert these funds into SGD and have them credited to your Singapore bank account—all on the same day. Unlike traditional cross-border remittances, this is a local transfer that converts your foreign currency into SGD directly, often at more competitive rates than most banks. 

Why Is This Important? 

Many companies default to their bank’s auto-conversion service, which often means: 

• Unfavourable exchange rates 

• Uncertain timing of conversion 

• Hidden fees or delayed settlements 

CYS offers a better alternative—giving you full control, transparency, and greater value. You’ll benefit from: 

• Attractive FX rates for both major and exotic currencies 

• Same-day local transfer directly into your Singapore business account 

• No need for cross-border wires if funds are already in Singapore 

• Reliable settlement to support smoother cash flow 
  

How It Works 

1. Your company receives foreign currency funds—either deposited into your foreign currency account or sent to CYS for conversion. 

2. CYS converts these funds at our highly competitive FX rates. 

3. We complete a domestic transfer, crediting your Singapore bank account in SGD (or your preferred local currency). 

4. You receive your converted funds on the same day. 
   

Unlock New Opportunities 

Whether your clients pay you in USD, you collect CNY from Chinese platforms, or HKD from Hong Kong partners, CYS makes it easy to receive and convert foreign currencies without waiting on international wires or accepting poor bank rates. 

If your finance team is still relying on legacy methods or unclear on how to optimize FX receipts, it’s time to explore a smarter alternative. 

CYS: Your Strategic FX Partner 

With over 40 years of experience and strong partnerships across the Asia Pacific, CYS Global Remit continues to bridge currency gaps for SMEs and financial service providers. Whether you’re in trade, e-commerce, or financial intermediation, our foreign currency collection and domestic transfer services help your funds move faster, smarter, and more cost-effectively.