How to Transfer Money Overseas Malaysia: Best SG Rates Guide
熊猫速汇PandaRemit - 2025-12-25 18:19:17.0 10
Living and working in Singapore as an expat (whether you hold an EP, SP, or WP) means one thing is inevitable: you need to send part of your hard-earned salary back home. Whether you are supporting family in Kuala Lumpur, paying a mortgage in Johor, or saving up in Penang, the question is always the same: how to transfer money overseas without losing a chunk of it to hidden bank fees?
For years, we relied on traditional giants like DBS or UOB. While safe, their exchange rates often include a markup that eats into your remittance. Today, we are looking at a smarter alternative—Panda Remit—and comparing it directly against the old ways to see how you can get more Ringgit (MYR) for your Singapore Dollar (SGD).
The Real Cost: Traditional Banks vs. Fintech
When you ask how to transfer money overseas, most people default to their payroll bank. However, convenience has a price. While banks like DBS offer "zero fee" transfers on paper, the cost is often hidden in the exchange rate spread.
Panda Remit operates differently. By offering rates closer to the mid-market rate (the real rate you see on Google), they ensure more money lands in your recipient's account. For a monthly remittance of SGD 2,000 to Malaysia, the difference in exchange rates can mean your family receives an extra RM 30 to RM 50 compared to traditional banking channels. That’s a few extra meals back home!
Stop Queuing: Where is the Best Place to Change Money in Singapore?
If you have been in Singapore for a while, you have probably Googled "where is the best place to change money in singapore". The standard answer used to be: Go to Chinatown, specifically People's Park Complex, or The Arcade at Raffles Place.
But let’s be honest—is it worth it? Traveling to Chinatown, queuing for 45 minutes in the heat, and carrying large amounts of cash is not just inconvenient; it’s a security risk. Plus, the rates at physical counters are fixed for the day, whereas digital platforms update in real-time.
With Panda Remit, your smartphone becomes the best money changer. You can lock in a superior rate while sitting on the MRT or during your lunch break, sending money directly to a Malaysian bank account or Touch 'n Go eWallet instantly.
The Hidden Trap: How Does PayPal Work When Sending Money?
Many expats ask: "How does PayPal work when sending money internationally?" It seems easy because everyone has an email address. However, for cross-border remittances, it is often one of the most expensive options.
PayPal typically charges a transaction fee plus a significant currency conversion markup (often 3-4% above the market rate). If you send SGD 1,000 to Malaysia via PayPal, the recipient gets significantly less than if you used a specialized remittance service. Panda Remit, by contrast, displays their low handling fee and exchange rate upfront—no nasty surprises.
Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)
To use a digital remittance service, you first need to fund your transaction. This is where many users get stuck. Here is a simple guide on how to transfer money from DBS to other bank accounts (specifically, Panda Remit’s safeguard account in Singapore).
- Create an Order: Open the Panda Remit website or app and enter the amount of SGD you want to send to Malaysia.
- Select Payment Method: Choose PayNow or Bank Transfer. PayNow is usually the fastest option.
- Make the Transfer:
- Log in to your DBS/POSB digibank app.
- Select "PayNow" (if you chose PayNow) or "Transfer Funds" (if you chose Bank Transfer).
- Enter the UEN or Bank Account details provided by Panda Remit.
- Important: Include the unique Reference Number provided by Panda Remit in the "Comments/Reference" field. This ensures your money is instantly matched to your order.
- Track: Once funded, the transfer to Malaysia begins immediately.
Comparison: DBS Remit vs. Chinatown vs. Panda Remit
Let’s look at the data for an SGD to MYR transfer.
| Feature | DBS Remit / Traditional Bank | Chinatown Money Changer | Panda Remit |
|---|---|---|---|
| Exchange Rate | Good, but includes bank spread | Excellent (if you find the right shop) | Best (Close to mid-market) |
| Convenience | High (App-based) | Low (Travel & Queue required) | High (100% Mobile) |
| Fees | Often $0 transfer fee, but hidden in rate | None, but transport costs apply | Low, transparent flat fee |
| Speed | Instant to 1 day | Instant (Cash only) | Minutes to 1 business day |
| Safety | Very High | Low (Risk of carrying cash) | High (MAS Regulated) |
FAQ: Remittance from Singapore
1. Is Panda Remit safe to use in Singapore?
Yes. When considering how to transfer money overseas, safety is priority #1. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. Your funds are strictly safeguarded.
2. How long does overseas transfer take?
This depends on the destination. For Singapore to Malaysia, transfers via Panda Remit are often processed within minutes if funded via PayNow. Generally, the answer to "how long does overseas transfer take" is between 2 minutes to 1 business day for major corridors.
3. What is the PayNow transfer limit?
Most banks (DBS, UOB, OCBC) have a default daily PayNow limit (e.g., SGD 1,000 or SGD 5,000). You can easily increase this limit in your banking app settings if you need to remit a larger amount, such as for a property down payment in Malaysia.
Ready to get the most out of your salary? Check the latest SGD to MYR rates on Panda Remit and stop overpaying for your transfers today.
