How Long Does Overseas Transfer Take: SG to Malaysia
熊猫速汇PandaRemit - 2025-12-25 18:21:02.0 9
If you are living and working in Singapore as an expat (EP, SP, or WP holder), sending money home is a monthly ritual. The most common question I get in my inbox is: how long does overseas transfer take?
Here is the direct answer: It depends entirely on the method you choose. If you stick to traditional banks like DBS or UOB, a telegraphic transfer can take anywhere from 1 to 3 business days. However, if you use a specialized fintech solution like Panda Remit, transfers from Singapore to Malaysia are often processed within minutes, sometimes even instantly.
In this guide, we will cut through the banking jargon, look at why you should stop queuing at money changers, and show you how to get the most Ringgit (MYR) for your Singapore Dollar (SGD).
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 has been "The Arcade at Raffles Place" or "People's Park Complex in Chinatown."
But let’s be pragmatic. Is it really worth taking the MRT, sweating in the humidity, and queuing for 45 minutes just to save a few cents? Plus, carrying large amounts of cash is a security risk.
The modern "best place" is on your smartphone. Apps like Panda Remit offer exchange rates that rival or beat these physical stalls because they don't have to pay expensive retail rent in the CBD. You can lock in a great rate while sitting on your sofa.
The Hidden Costs: PayPal vs. Panda Remit
Many expats still ask how does paypal work when sending money internationally. While PayPal is convenient for shopping, it is a wallet-killer for remittances.
PayPal often charges a markup on the exchange rate (the spread) plus a transaction fee. You might think you are sending SGD 1,000, but the recipient gets significantly less than the market rate suggests. In contrast, Panda Remit operates with a transparent fee structure and a rate close to the mid-market rate, ensuring more money actually arrives in Malaysia.
Tutorial: How to Transfer Money from DBS to Other Bank (Panda Remit)
To use a remittance app, you first need to fund your transaction. This brings us to the practical query: how to transfer money from dbs to other bank or wallet?
In Singapore, the magic word is PayNow. It is the fastest and cheapest way to fund your remittance.
- Initiate the Order: Open the Panda Remit app and enter the amount of SGD you want to send to Malaysia (MYR).
- Select Payment Method: Choose "PayNow" or "Bank Transfer."
- Copy the UEN: Panda Remit will provide a UEN (Unique Entity Number) or a bank account number.
- Log in to DBS Digibank: Go to "Pay & Transfer" > "PayNow."
- Send: Paste the UEN and the specific Reference Number provided by Panda Remit. The funds usually arrive in your Panda Remit wallet instantly, ready to be converted and sent to Malaysia.
Comparison: DBS Remit vs. Chinatown vs. Panda Remit
Let’s look at the data for a typical Singapore to Malaysia transfer.
| Feature | DBS Remit / Traditional Bank | Chinatown (Offline) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Competitive, but often includes a hidden spread | Excellent (if you find the right stall) | Excellent (Mid-market close) |
| Speed (How long does overseas transfer take) | Instant to 3 Days (Depends on recipient bank) | Instant (Cash in hand) | Minutes to Instant |
| Convenience | High (App based) | Low (Travel & Queue required) | High (24/7 Mobile App) |
| Fees | $0 (for some corridors) but lower FX rate | Transport costs + Time | Low transparent fee |
Sending to Malaysia: The Local Connection
When sending to Malaysia, speed is crucial. Whether you are paying bills via JomPAY or sending money to family using DuitNow, Panda Remit supports direct transfers to major Malaysian banks (Maybank, CIMB, Public Bank) and e-wallets like Touch 'n Go.
FAQ: Remitting from Singapore
1. Is sending money via Panda Remit safe in Singapore?
Yes. Remittance companies operating in Singapore must be licensed and regulated by the MAS (Monetary Authority of Singapore). They are required to safeguard customer funds.
2. What is the PayNow transfer limit?
Most banks (like DBS/POSB) have a default daily limit (e.g., SGD 1,000 or SGD 5,000), but you can increase this limit up to SGD 200,000 via your internet banking settings if you need to make a large remittance.
3. How long does overseas transfer take on weekends?
Traditional banks often pause processing on weekends. However, Panda Remit operates 24/7. While the final deposit depends on the Malaysian banking system, transfers to e-wallets or via instant transfer networks are often processed even on Saturdays and Sundays.
