How to Choose a Safe and Reliable Remittance Partner

A Report by CYS Global Remit Digital Media Marketing Team

Sending money across borders has evolved beyond a business necessity—it's now a vital lifeline for families, communities, and global trade. With countless remittance providers available today, determining which partner is genuinely safe and reliable has become increasingly challenging.

Choosing wisely extends beyond cost considerations. The right remittance partner saves you money, time, and provides the peace of mind that comes from knowing your funds are secure and will reach their destination reliably.

Five Critical Factors to Consider 

1. Licensing and Regulatory Compliance 

   The foundation of any trustworthy remittance relationship begins with proper licensing. In Singapore, remittance companies operate under the Monetary Authority of Singapore (MAS), which enforces rigorous compliance standards covering anti-money laundering measures and customer protection protocols.

   
   

   This regulatory oversight isn't bureaucratic red tape—it's your primary safeguard against fraud and financial loss. Licensed providers must maintain capital requirements, undergo regular audits, and adhere to stringent operational standards.

   
   

   The bottom line is simple: If a provider isn't properly licensed, don't risk your money with them, regardless of how attractive their rates may appear.

   
   

   

   
   

2. Transparency in Foreign Exchange Rates 

   Foreign exchange rates frequently conceal hidden costs. Some providers advertise "zero fees" whilst quietly building substantial charges into inflated exchange rates that reduce what your recipient ultimately receives. 

   
   

   A genuinely reliable partner demonstrates complete transparency, clearly displaying the exact exchange rate and precisely what your recipient will receive. This clarity ensures no unpleasant surprises and allows accurate cost comparisons between providers. 

   
   

   Always ask for a complete breakdown of costs, including the exchange rate margin, transfer fees, and final received amount. Reputable providers welcome these questions.

   
   

   

   
   

3. Proven Track Record and Industry Experience 

   In cross-border payments, experience is essential. A remittance partner with years of proven operational history offers: 

   
   

   • Established systems: Tested technology infrastructure that handles transactions reliably 

   • Refined processes: Streamlined operations developed through practical experience 

   • Strong networks: Long-standing relationships with correspondent banks worldwide

   • Problem-solving expertise: Knowledge from navigating complex regulatory environments

     
     

   Experienced providers understand payment corridor intricacies, anticipate potential complications, and resolve issues swiftly. This expertise becomes particularly valuable when dealing with less common currency pairs or challenging destinations.

   
   

   

   
   

4. Network Strength and Geographic Coverage 

   Effective remittance services require robust infrastructure to ensure money reaches its destination quickly and reliably. Providers with strong alliances across multiple countries offer: 

   
   

   • Broader geographic coverage: Ability to reach more destinations, including remote regions 

   • Faster delivery times: Direct relationships eliminate intermediary delays 

   • Better exchange rates: Strong networks provide access to competitive pricing 

   • Enhanced reliability: Multiple routing options ensure successful delivery

   Network strength becomes especially valuable when dealing with exotic currencies such as Chinese Yuan (CNY), where trusted partnerships can determine whether transactions succeed or fail.

   
   

   

   
   

5. Security Infrastructure and Customer Support 

   Money transfers involve sensitive information and significant financial stakes. Your remittance partner must invest in: 

   
   

   Security measures: Advanced encryption, secure data storage, robust authentication systems, and comprehensive fraud prevention protocols that protect your information and funds throughout the transaction process. 

   Responsive customer support: When complications arise, having access to knowledgeable, responsive service becomes invaluable. Look for providers offering multiple communication channels and support staff who understand cross-border payment complexities.

   

Why Choose CYS Global Remit? 

At CYS Global Remit, we've spent over four decades building trust and delivering reliable cross-border payment services. Since 1981, we have served as Singapore's trusted payment institution, maintaining full MAS licensing whilst serving SMEs, financial institutions, and payment service providers.

Our treasury team manages over USD 2.2 billion worth of transactions annually, with more than half comprising cross-border payments. This substantial volume demonstrates both our operational capacity and the confidence thousands of businesses place in our services. 

Our extensive history reflects proven reliability, transparent foreign exchange practices, and specialised capability to handle both major international currencies and exotic Asian currencies with equal proficiency. Backed by strong alliances throughout the Asia Pacific region, CYS ensures every transaction moves securely and efficiently to its intended destination. 

With CYS Global Remit, you're choosing a licensed, transparent, and trusted partner with over 40 years of proven reliability since 1981. We combine regulatory compliance, competitive pricing, and responsive service to deliver cross-border payment solutions you can depend on.

Get in touch with us today and experience the difference of remitting with CYS.