Singapore Exchange Limited SWIFT/BIC code

XSESSGS1 – the SWIFT/BIC code of Singapore Exchange Limited

Whether a recipient gives you XSESSGS1 or XSESSGS1XXX, you are looking at the same address for Singapore Exchange Limited in Singapore. A BIC does one job: it ensures that money from abroad ends up at the right bank. You will need it mainly for transfers between countries and payments in foreign currencies.

Further down you will find the practical questions: receiving money at Singapore Exchange Limited, paying someone in another country and how to verify the code before you hit send. Remember that the BIC just identifies the bank, not the person: the IBAN or account number takes care of that.

What to give a sender who pays you at Singapore Exchange Limited

When you are waiting for a payment from another country, give the sender everything they need in one go. The basics are: your name, account number or IBAN, XSESSGS1XXX and in many cases your home address.

Some banks want the bank’s address. Check every detail before you share them, because the sender’s bank usually copies them as is.

Money from abroad does not always land for the full amount. Intermediary banks may deduct a fee, Singapore Exchange Limited may charge for incoming payments, and if the currency changes, an exchange rate margin comes on top. For business payments, you can state who bears the costs to avoid a shortfall.

Watch out for payment fraud

Stay alert if someone suddenly wants you to send money to a different account or a bank in another country. A correct SWIFT code tells you nothing about whether the request is genuine – scammers simply use real codes.

Check changed bank details through a separate channel, not by replying to the message. Urgency and requests to keep it quiet are red flags; a genuine business can wait for you to check. If money has already gone to a fraudster, call your bank right away.

Fraud can also work the other way: someone claims to have sent too much and wants you to return the difference. A screenshot of a transfer proves nothing.

When will the money arrive at Singapore Exchange Limited?

How quickly a payment arrives at Singapore Exchange Limited depends on a few things: the currency, how many intermediary banks are involved, cut-off times and time zones. Weekends and public holidays in the sending or receiving country add extra days. Compliance checks on larger or unusual payments may also add some delay, even when all details are correct.

A growing number of banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Each gpi transfer carries a unique reference, the UETR, which your bank can use to see where the money is. Money transfer services often provide tracking online so you can see how far the payment is.

A delayed transfer has to be traced from the sending side. On the receiving end, it helps to look at your statements for a slightly lower amount.

The Singapore Dollar and what conversion costs you

The currency of Singapore is the Singapore Dollar (SGD). Money sent in a different currency will be converted into SGD. There is rarely a separate line for the conversion – the cost sits in the rate.

Where the conversion happens has an effect on how much arrives. Often you pay less to send SGD directly through a transfer service that converts near the mid-market rate.

Rates for SGD change during the day, and some providers let you lock in a rate. If you pay regularly, small differences in the rate make a real difference over a year.

What the XXX in XSESSGS1XXX means

A BIC is made up of fixed blocks: the first four letters identify the bank, the next two give the country and characters seven and eight indicate the location. Together, these eight characters make up XSESSGS1.

The 11-character version adds three more characters for a branch or department. When those three characters are XXX, they simply mean the head office, so XSESSGS1XXX and XSESSGS1 are interchangeable.

As a rule the code is typed in capitals. A single character can send a payment to a different institution, so check it twice.

Which of the 2 codes of Singapore Exchange Limited do you need?

Our directory lists 2 SWIFT/BIC codes for Singapore Exchange Limited. Next to the head office code XSESSGS1XXX, you will find codes for branches, departments or specific services.

In most cases there is no need to pick a branch: payments sent to XSESSGS1XXX are routed within Singapore Exchange Limited without problems. Just use a branch code when the account holder gives you that exact code, for example on an invoice or in their bank details.

Unsure which code applies? Check with the recipient, or look at a recent statement from Singapore Exchange Limited. Codes for branches are more likely to be retired than XSESSGS1XXX when a bank merges or closes offices.

International transfers from Singapore Exchange Limited: the real cost

If you transfer money abroad via Singapore Exchange Limited, the fee you see is only part of the cost. You pay the transfer fee, sometimes charges from correspondent banks along the way and, above all, the exchange rate markup.

Many banks rarely list the margin on the rate separately, but you pay it all the same. Compare their rate against the mid-market rate. The difference is your real conversion cost.

For a lot of currency pairs, a transfer service is cheaper than a bank, mainly because of the exchange rate. Before your next transfer, it is worth comparing the total cost via GoldexPay. Choosing a specialist does not mean leaving Singapore Exchange Limited – you pay the provider from your own account.

Where our SWIFT data comes from

We collect SWIFT/BIC codes using public sources and check them regularly. Still, banks merge, rename themselves or change codes. Figures such as the number of codes are from our own dataset.

For any payment that matters, always check the BIC with Singapore Exchange Limited or with the recipient. GoldexPay is a comparison site and not affiliated with Singapore Exchange Limited. Found outdated information? Let us know via our contact form.

Verifying the SWIFT code of Singapore Exchange Limited

Ask the recipient to copy their bank details straight from their banking app. If the code you have differs from XSESSGS1 or XSESSGS1XXX, do not guess.

With a wrong code, the transfer may get stuck, bounce back or cost extra – sometimes after weeks of searching. Do not forget the account number: an error there can be more difficult to correct than a wrong code.

A validity check by your bank merely tells you that the IBAN is valid, not that it is the right account. If your bank offers it, a payee name check before sending adds an extra layer of safety. A small test payment can be worth it for a large first payment, even if it costs an extra fee.