Finance, Forex and Investments

Really confused about Wire/Telegraphic Money Transfer - where does the real exchange takes place?

I'm trying to transfer a considerable Singapore Dollar amount from Singapore to India ( into Indian Ruppee ) - however both the banks state that the exchange will take place at their end. I have no clarity so as to whose forex rates will be applied. The source bank is giving a very low TT buying rate for INR whereas the Indian (target) bank is somewhat decent. Please can someone shed some light?

Public Comments

1. Instead of sending Singapore Dollar, send US Dollar or Europe, i.e. If you want send 5000 Singapore Dollar, convert singapore dollar into US Dollar (today's (27th Sep`2010) exchange rate is 1 US$ = 1.32137 Singapore Dollar) that means US$ 3783.95 can be transferred into India. USD or EURO always beneficial and easiest way to buy or sell in all over the world. This amount will transfer by SWIFT message by Singapore Bank to Indian Bank.