There was a frantic exchange of messages among NRI community in Singapore when one of person’s transferring cash back to India hit an exchange rate of INR 65 on the Western Union app.

Non Resident Indians (NRIs) sending money to India have a golden opportunity right now, as the Singapore Dollar (SGD) has surged to an all-time high of 65 INR per SGD or in that vicinity. With remittance platforms like Western Union reflecting this spike in their exchange rates, this is a prime moment to transfer funds, invest in India, and optimise financial planning.
Why This Exchange Rate Matters
Exchange rate fluctuations can have a significant impact on personal finance, business transactions, and investment decisions. A higher exchange rate means that every Singapore dollar converts to more Indian rupees, making money transfers more valuable. This is particularly beneficial for NRIs supporting families in India, businesses with Indian operations, and investors looking to capitalize on a stronger currency.
Historically, the SGD has hovered around 55–60 INR in recent years, making this surge to 65 INR an exceptional opportunity. A stronger SGD means increased purchasing power in India, making it the right time to send money or make large investments.
Who Can Benefit from This Opportunity?
1. NRIs and Expats Sending Money Home
One of the biggest beneficiaries of the rising exchange rate is Singapore-based NRIs who regularly send money to India. If you typically remit SGD 1,000, you would have received INR 60,000 a year ago at a rate of 60 INR per SGD. Now, at 65 INR per SGD, you will receive INR 65,000—an additional INR 5,000 for the same amount sent.

2. Investors Looking at Indian Markets
This is an excellent time to invest in India, as a strong SGD means your investments will get more value in rupees. Consider:
- Stock Market: With Indian equities showing long-term growth, investing in blue-chip stocks or mutual funds could be lucrative.
- Real Estate: Properties in India become relatively cheaper for Singapore-based investors.
- Fixed Deposits: Some Indian banks offer interest rates of 6-7% on fixed deposits, significantly higher than in Singapore.
3. Businesses Dealing with Indian Suppliers
For Singaporean companies importing goods or outsourcing services from India, a stronger SGD means lower costs. Companies can consider bulk purchases or advance payments to take advantage of the high exchange rate before it dips.
How to Transfer Money & Save on Fees
When sending money to India, choosing the right platform is crucial. Western Union, a popular remittance service, currently reflects the high exchange rate, making it a reliable option for fast and efficient transfers.
Comparison of Transfer Methods
- Banks: Reliable but often charge higher fees and lower exchange rates.
- Online Transfer Services (Western Union, Wise, Instarem): Offer better rates and lower transfer fees.
- Cryptocurrency & Fintech Apps: Some platforms now allow cross-border payments, but regulatory concerns exist.
Steps to Get the Best Rate on Western Union
- Check the Live Rate: Go to the Western Union website or app and enter your transfer amount to see the real-time rate.
- Compare with Other Services: Check how Western Union’s rate compares with Wise, Instarem, or bank rates.
- Opt for Bank Transfer Instead of Cash Pickup: Bank transfers often have better rates and lower fees.
- Send Larger Amounts in One Go: Many services offer better rates for higher amounts.
- Avoid Weekends: Exchange rates can fluctuate, and some platforms offer lower rates over weekends.
Is Now the Best Time to Transfer?
The exchange rate could fluctuate based on global economic conditions, Singapore’s monetary policies, and India’s forex reserves. While 65 INR per SGD is a great rate, those who frequently send money should monitor exchange trends and use tools like Western Union alerts to track real-time rates.