How Long Does It Take to Transfer Money to Malaysia?

Living and working in Singapore as an EP, SP, or WP holder often means balancing a high cost of living with the need to send support back home. Whether you are sending money to family in Kuala Lumpur or paying bills in Johor, the most common question I get asked is: how long does it take to transfer money?

Here is the straight answer: If you stick to traditional banks like DBS or UOB, an international transfer can take anywhere from 1 to 3 business days. However, fintech solutions have revolutionized this. With platforms like Panda Remit, transfers from Singapore to Malaysia are often processed in minutes, sometimes even instantly via DuitNow.

Stop Queuing: Where is the Best Place to Change Money in Singapore?

For decades, the standard answer to where is the best place to change money in singapore was invariably "People's Park Complex in Chinatown" or "The Arcade at Raffles Place."

While the rates there are decent, ask yourself: Is it worth the travel time and the 45-minute queue on a Sunday? Plus, carrying large amounts of cash is a security risk. In the digital age, the "best place" is on your phone. By using Panda Remit, you lock in rates that often beat the physical money changers because digital platforms have lower overhead costs than a shop rental in Chinatown.

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

Many users get stuck on the funding part. They ask, how to transfer money from dbs to other bank or wallet to fund the remittance? It is actually incredibly simple thanks to Singapore's FAST and PayNow infrastructure.

Here is the workflow to send money to Malaysia (or other destinations like China/India):

1. Create a Remittance Order: Log in to Panda Remit and enter the amount of SGD you want to send.
2. Select Payment Method: Choose "Bank Transfer" or "PayNow."
3. The Transfer:
   • If using PayNow: Simply copy the UEN provided by Panda Remit and paste it into your DBS/POSB digibank app.
   • If using Bank Transfer: Use the account details provided. This utilizes the FAST network, meaning Panda Remit receives your SGD almost instantly.

Once Panda Remit receives your SGD, they immediately pay out the MYR (or other currency) to the recipient.

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

I often see expats using PayPal out of habit. But how does paypal work when sending money internationally? It works by eating into your wallet.

While PayPal might advertise "low fees," their real profit is hidden in the exchange rate markup. They often charge 3% to 4% above the mid-market rate. On a $2,000 transfer, you could be losing $60 to $80 just on the exchange rate difference. In contrast, Panda Remit displays their fees and exchange rates transparently upfront, ensuring more of your hard-earned SGD reaches your family.

Comparison: DBS Remit vs. Chinatown vs. Panda Remit

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

FAQ: Remitting from Singapore

1. Is Panda Remit regulated in Singapore?

Yes. Safety is paramount. Panda Remit operates under the regulation of the Monetary Authority of Singapore (MAS). They hold a Major Payment Institution license, which means your funds are handled according to strict Singaporean financial laws.

2. How long does overseas transfer take for Malaysia specifically?

For the Singapore to Malaysia corridor, transfers are exceptionally fast. If you transfer during banking hours, the recipient often receives the funds via DuitNow or bank transfer within minutes of you funding the transaction.

3. What is the PayNow transfer limit?

When funding your remittance via PayNow, be aware that most banks (DBS, OCBC, UOB) have a default daily limit (often $1,000 or $5,000). You can easily increase this limit in your banking app settings if you need to send a larger amount for things like property down payments or tuition fees.

Ready to get a better rate on your next transfer? Check the live rates on Panda Remit before you commit to your bank.