Local Payments Don’t Always Mean SGD: The Benefits of Paying in Foreign Currency Locally

A Report by CYS Global Remit Digital Media Marketing Team  

While it's easy to assume that local payments in Singapore means using SGD, what happens when your supplier prefers Chinese Yuan (CNY), US Dollars (USD), or Japanese Yen (JPY)? If you’ve been paying them in SGD, you might be paying more than necessary without realizing it. 

At CYS Global Remit, we simplify local foreign currency payments, right here in Singapore. You can pay in CNY, USD, JPY, and more, even if you're settling the payment in SGD. 

Why Paying in SGD Might Be Costlier 

Consider this: your vendor in Singapore requests payment in JPY. You send SGD through your bank, but here’s what happens. 

Their bank converts your SGD to JPY at an unfavourable rate. 

• Your vendor receives less than expected and increases prices for future transactions. 

• You're unable to track the exact amount paid until it’s too late. 

• Your accounting team struggles with reconciliation as currencies don’t match the invoice. 

This leads to unnecessary stress and costs for both you and your vendor. 

What CYS Offers 

With CYS, you can send foreign currency payments locally, all while based in Singapore. Here's how we make a difference: 

• Fund in SGD and let us handle the conversion at a transparent rate. 

• We pay your vendor directly in their currency (e.g., JPY or USD) to their Singapore account. 

• Vendors receive the exact invoiced amount with no hidden deductions. 

• Payments reach them faster, often on the same day. 

• Your books remain tidy—CNY invoice, CNY payment, no discrepancies. 

Who Benefits? 

• Businesses engaging with Chinese or Japanese suppliers who expect payments in their currency. 

• Freight or logistics companies invoicing in foreign currencies. 

• Contractors or service providers in Singapore who prefer payments in JPY or USD 

Real-World Example 

You owe a Japanese vendor JPY 2 million. If you pay in SGD, they might receive less and demand more next time. With CYS, you fund in SGD, we convert, and send exactly JPY 2 million, ensuring satisfaction on all sides. 

Why This Matters 

Foreign currency doesn’t always imply foreign transactions. In today’s global business landscape, local partners might operate in various currencies. Paying in their currency elevates your professionalism, saves money, and nurtures stronger partnerships. 

At CYS, we empower you to pay smarter—both locally and globally. Talk to us today and discover how domestic FX transfers can benefit your business. It’s simple, fast, and more cost-effective than you might think.