How to Send Money to Malaysia: The Smart Way

Living and working in the Little Red Dot comes with many perks, but for the thousands of Malaysians and expats holding EP, SP, or WP passes, the monthly remittance ritual is unavoidable. If you are still asking how to send money back home without losing a chunk of your hard-earned salary to hidden fees and poor exchange rates, you are in the right place.

Let’s be real: While traditional banks like DBS or UOB are trusted pillars of Singapore's finance, they aren't always the friendliest when it comes to cross-border exchange rates. This guide will walk you through why modern fintech solutions like Panda Remit are quickly becoming the preferred choice over traditional banking methods.

The Real Cost: Banks vs. Digital Remittance

When you open your banking app to transfer funds, you might see a "zero fee" promotion. However, the real cost is often hidden in the exchange rate spread. Digital remittance platforms operate differently. By cutting out the middlemen and physical branches, they can offer rates much closer to the mid-market rate (the one you see on Google).

For example, if you are sending SGD to MYR, a difference of just 0.02 in the exchange rate can mean losing the price of a good meal—or more—on a large transfer. This is why comparing your options before you click "send" is crucial.

Where is the Best Place to Change Money in Singapore? (Hint: It’s Not Chinatown)

For decades, the standard answer to "where is the best place to change money in Singapore" was People’s Park Complex in Chinatown or The Arcade at Raffles Place. We have all seen the long queues snaking around the building during lunch hours.

But ask yourself: Is your time worth the travel cost and the 45-minute wait just to save a few dollars on cash exchange? Plus, carrying large amounts of cash is a security risk.

Panda Remit brings the competitive rates of Chinatown directly to your smartphone, 24/7. No queues, no MRT rides, and no closing times. You can lock in a great rate while sitting at a hawker center or commuting to work.

The Hidden Trap: How Does PayPal Work When Sending Money?

Many expats ask, "how does PayPal work when sending money internationally?" While PayPal is excellent for e-commerce, it is often a poor choice for personal remittance due to its fee structure.

PayPal typically charges a transaction fee plus a currency conversion spread that can be significantly higher than market rates (sometimes upwards of 3-4%). In contrast, specialized remittance services offer transparent, low fees and clearly display the exact amount your recipient will get before you commit. Transparency is key to smart financial planning.

Tutorial: How to Transfer Money from DBS to Other Bank (Panda Remit)

One of the biggest hurdles for new users is funding their remittance wallet. A common search query is "how to transfer money from DBS to other bank" or third-party wallets. The good news is that Singapore’s payment infrastructure is world-class.

To fund your transfer on Panda Remit, you don't need complicated wire transfers. You can simply use:

• PayNow: The fastest method. Select PayNow in the Panda Remit app, copy the UEN (Unique Entity Number), and paste it into your DBS/POSB digibank app. It’s instant and free.
• Bank Transfer: You can also do a standard FAST transfer via internet banking.

Once the funds arrive in your Panda Remit wallet (usually within minutes), you can immediately initiate the transfer to a Malaysian bank account, or even to Alipay/WeChat wallets if you are sending to China.

Comparison: DBS Remit vs. Chinatown vs. Panda Remit

To help you decide, here is a breakdown of the three most common methods for sending money from Singapore.

FAQ: Common Questions About Remittance in Singapore

How long does overseas transfer take?

This depends on the destination. For Singapore to Malaysia, transfers via Panda Remit are often instant or completed within the same business day. For other corridors, it typically takes 1-3 business days, which is significantly faster than traditional SWIFT wires.

Is it safe? Is Panda Remit regulated?

Yes. In Singapore, remittance services are strictly regulated by the Monetary Authority of Singapore (MAS). Panda Remit operates under a license granted by MAS, ensuring your funds are handled securely and in compliance with local financial laws.

What is the PayNow transfer limit?

Most banks (like DBS/POSB) have a default daily transfer limit (e.g., SGD 1,000 or SGD 3,000). If you need to send a larger amount for your remittance, you will need to log in to your internet banking and raise your daily transfer limit first.

Ready to stop overpaying on fees? Check the latest rates and register at Panda Remit to make your next transfer count.