BY SHEELA NARAYANAN

PEOPLE who have to send money to another country have never been this spoilt for choice. Banks and financial institutions are coming up with more options.

The World Bank estimated that remittances totalled US$397 billion last year, of which $305 billion went to developing countries.

India topped the list receiving US$45 billion in remittances from NRIs and migrant workers around the world. While no current figures are available, remittances that flowed out of Singapore in 2006 amounted to more than $15 billion.

tabla! lists some of the options that are available to those who make regular remittances from Singapore.

MasterCard

What: Moneysend. This service allows cardholders to transfer money from one MasterCard or debit card called Maestro to another via ATMs.

The service is offered to cardholders by the participating banks that issue their cards.

MasterCard's current collaboration with DBS Bank will enable remitters to send money overseas from their DBS or POSB Internet bank accounts or their DBS or POSB MasterCard card account, to the receiver's bank account that is linked to a MasterCard or debit account. According to MasterCard, if the sender does not have a DBS account but has a credit or debit card issued by DBS, he will still be able to use Moneysend.

Time Taken: Within three banking days and it doesn't matter where you are as the location of the sender and the recipient does not affect the time it takes for the remittance to be processed.

Charges: From now till May 31, DBS is waiving transaction processing and foreign exchange fees. After the promotional period, it will charge a 'competitive rate' for the service.

Said MasterCard's vice president and country manager Julienne Loh: 'MasterCard MoneySend is Asia's first real-time online cross-border remittance service. It is a secure, as well as convenient, money-transfer solution for expatriates in Singapore who send money back to their home countries on a regular basis as it supports real-time transaction approval.'

For more information log on to www.mastercard.com

Western Union

What: One of the oldest money transfer firms, Western Union has one of the simpler modes of remittance and is very popular among the Indian workers in Singapore. Fill up a form, show your identification and give the agent the amount of money (plus service fees) that you want to send. It has 65 outlets in Singapore and has teamed up with SingPost to provide money transfer facilities in 61 post offices.

It handles over US$1 billion worth of remittances a year. It has 50,000 locations in India.

Time Taken: Almost instant

Charges: Start from $6

For more information log on to www.westernunion. com.sg

Visa

What: Visa Money Transfer. Launched last year in collaboration with Singapore Post (SingPost), this service allows money to be sent to Visa cardholders in nine countries including India. Senders can remit a maximum of $3,500 at the prevailing exchange rate.

Time Taken: Two to three working days for the money to arrive in the recipient's Visa card account.

Charges: $9 flat fee for the transactions.

For more information, log on to www.singpost.com/vmt

Said Visa's regional head for money transfers Vikram Modi: 'The demand for money transfer includes domestic remittances, person-to-person payments and remittances by expatriate workers who continue to have commitments in their home countries. In addition to cardholder convenience, money transfer programmes enable financial institutions to better meet the needs of their existing customers.'

State Bank of India (SBI)

What: E-Remit. For this SBI service, senders have to register with the bank and be issued a Remit Card and user ID number for online remittances. SBI has a network of 15,000 branches and works with seven associate banks.

If senders have an account with DBS, POSB, UOB and Citibank, payments will be made through the account using e-Nets with maximum limit of $25,000. Alternatively, there is the bank's remittance centre in Little India and its Cecil Street branch where cash and Nets transactions can be made.

Time Taken: Three to four hours if the receiver has an SBI account or an account with its partner banks. For remittances sent to other banks, it will take two to three working days.

Charges: $10 for online validation.

If you open an account or maintain an account with SBI, transfer charges are waived.

ICICI Bank

What: Money2India and NetExpress. The bank has collaborated with DBS Bank for this Internet funds transfer service. Senders with a POSB or DBS account can remit money to ICICI bank account holders.

Time Taken: Within one business day. The longest it can take is seven days, said the bank's general manager and chief operating officer B.K. Iyer. 'It depends on the location. If it is a more remote village or town, we will have to issue a cheque or a draft, so it will take longer,' he said.

Charges: $5 for $2,000 and below. No charges for larger amounts.

For more information, log on to www.icicibank. com

Mustafa

What: Apart from stocking up on groceries, you can also send money from here - it offers money transfers 24 hours a day, seven days a week, to all major banks in India. You have to fill up a form with the recipient's banking details.

Time taken: For ICICI account holders, it is an instant transfer of funds. For other banks, it takes three working days.

Charges: $8 flat fee.

For more information, call 6419-0667

Indian Overseas Bank

What: Remittance Service, which requires senders and recipients to have an account with the bank. If they don't, senders will have to issue a cheque or draft. It has a remittance card that stores all transaction details, so the sender does not have to fill up a form for subsequent transactions.

Time taken: Same day for wire transfers. One to two working days for mail transfer, depending on the location. Remote villages and towns can take longer.

Charges: $15 for wire transfers, $6 for mail transfer.

For more information, log on to www.iobsingapore.com