Singapore has been the top destination for expats in the last four years, the HSBC Expat Explorer annual survey revealed. Nearly half of the surveyed expats in Singapore said they moved to the country to accelerate professional growth. Expats rank the country high with respect to economy, family and experience1.
In a bid to add to the already great expat experience, Xpress Money has partnered with international foreign exchange company Travelex to make it more convenient for the growing expat community in Singapore to send money back home.
Expat Trends in Singapore
As of June 2018, there were about 1.64 million non-residents in Singapore, majority of whom are expats, data from the Singaporean Department of Statistics shows2. More recently, DHL’s Global Connectedness Index (GCI) has shown Singapore to be the second most connected nation globally for trade connectivity3. It is also noteworthy that Singapore ranks as the fifth highest recipient of Foreign Direct Investment or FDI, globally. It ranks behind countries with more population and land area including the U.S., China, Brazil and Hong Kong4.
Further HSBC Expat Explorer outlined that 45 percent of expats who move to Singapore do so to further their career, while 38 percent move to the country to increase their earnings. The report also pointed out that about 67 percent of expats in Singapore reflected that they were able to further their career and grow their income by 29 percent.
Based on the success they’ve seen in Singapore, nearly 80 percent of the expats said they would recommend the Southeast Asian nation to anyone who wants to move abroad.
All of the above are strong indicators that the expat community in Singapore will continue to grow.
What our partnership with Travelex means for expats in Singapore
Our partnership with Travelex means that there are now six additional Xpress Money agent locations across Singapore. Each of these strategic locations allow remittance senders to have easy access to safe and secure money transfer services. This positions Xpress Money as a convenient option for expats to send international money transfers from Singapore
In addition to making it easier to send remittances from Singapore, our 160,000-plus Xpress Money agent locations across more than 160 countries make it more convenient for remittance receivers to access their funds. Xpress Money is committed to ensuring international money transfers are affordable and accessible. Embarking on meaningful partnerships within the global financial system will go a long way in delivering value to expats across the globe.