How Does PayPal Work When Sending Money to Malaysia?
熊猫速汇PandaRemit - 2025-12-25 18:19:56.0 10
Living and working in Singapore as an EP, SP, or WP holder often means one thing is constant: the need to send money home or across the border. Whether you are paying bills in Johor Bahru or supporting family in Kuala Lumpur, the question of how does paypal work when sending money often comes up because it is a brand we all know.
However, as a seasoned finance blogger here in the Lion City, I have crunched the numbers. While traditional banks like DBS/UOB and giants like PayPal are secure, they often eat into your hard-earned salary with poor exchange rates. Today, we are comparing these giants against modern fintech solutions like Panda Remit to see who really gives you the most Ringgit (MYR) for your Singapore Dollar (SGD).
The PayPal Trap: Convenience vs. Cost
Many expats ask, "How does PayPal work when sending money internationally?" It is simple, but often costly. When you send SGD to a Malaysian PayPal account, the platform converts your currency using their own exchange rate, which typically includes a markup of 3% to 4% above the mid-market rate. Plus, there is often a transaction fee.
In contrast, specialized remittance services like Panda Remit operate differently. They offer rates much closer to the mid-market rate (the one you see on Google) and charge a transparent, low flat fee. For a monthly remittance of SGD 2,000, the difference could mean an extra RM 100-200 in your recipient's pocket.
Stop Going to Chinatown: Where is the Best Place to Change Money in Singapore?
If you ask an uncle or auntie where is the best place to change money in Singapore, they will almost certainly point you to The Arcade at Raffles Place or the People's Park Complex in Chinatown. While the rates there are decent, ask yourself: Is it worth the travel time and the risk of carrying large amounts of cash?
We are in the digital age. The "best place" is now on your smartphone. By registering with Panda Remit, you lock in competitive rates that often beat the physical money changers, without the sweat of queuing up on a Sunday.
Tutorial: How to Fund Your Transfer (DBS/POSB to Panda Remit)
To use a digital remittance service, you first need to fund your transaction. This is where local banking comes in. Many users search for how to transfer money from dbs to other bank accounts when setting this up. Here is the streamlined process:
- Create your Order: Open the Panda Remit app and enter the amount of SGD you want to send to Malaysia.
- Select Payment Method: Choose PayNow or Bank Transfer.
- The Transfer:
- If you use PayNow (Recommended): Simply copy the UEN provided by Panda Remit, open your DBS digibank app, and paste the UEN. It is instant and free.
- If you use Bank Transfer: This answers the query on how to transfer money from dbs to other bank. Add Panda Remit's local Singapore bank account as a payee in your DBS app and execute a FAST transfer.
Once the funds hit Panda Remit's local account (usually instantly), they process the cross-border transfer to Malaysia immediately.
Comparison: DBS Remit vs. Chinatown vs. Panda Remit
To help you decide, here is a breakdown of the three most common ways to send money from Singapore to Malaysia.
| Feature | DBS Remit / Traditional Bank | Chinatown (Cash) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Competitive, but often has hidden spreads | Excellent, but varies by stall | Best (Close to mid-market) |
| Convenience | High (App-based) | Low (Physical travel required) | High (100% Mobile) |
| Fees | Often $0 transfer fee, but higher FX spread | Transport costs + Time | Low transparent fee |
| Speed | Same day or T+1 | Instant (Cash in hand) | Minutes to T+1 |
Speed Matters: How Long Does Overseas Transfer Take?
When sending to Malaysia, speed is crucial. How long does overseas transfer take?
- PayPal: Can take 1-3 days to withdraw from the recipient's PayPal wallet to their Malaysian bank account.
- Banks (DBS/UOB): Usually same-day if sent before the cut-off time, otherwise next business day.
- Panda Remit: For the Singapore to Malaysia corridor, transfers are often completed within minutes. They support direct transfers to Malaysian banks (Maybank, CIMB, Public Bank) and even e-wallets like Touch 'n Go.
FAQ: Remitting Safely in Singapore
1. Is Panda Remit regulated in Singapore?
Yes. Just like traditional financial institutions, Panda Remit is regulated. In Singapore, they operate under the regulations of the Monetary Authority of Singapore (MAS). This ensures your funds are segregated and safe.
2. What is the PayNow transfer limit?
Most banks default to a daily limit (e.g., SGD 1,000 or SGD 5,000). If you need to send a larger amount for a house down payment or tuition in Malaysia, log in to your banking app to raise your PayNow or FAST transfer limit before initiating the transaction on Panda Remit.
3. Can I send money to China or other countries too?
Absolutely. While we focused on Malaysia, the same process applies if you are sending to China (Alipay/WeChat), India, or the Philippines. The platform is designed for global professionals.
Ready to stop overpaying on fees? Check the live rates now at pandaremit.com and make your hard-earned SGD go further.
