How to Transfer Money from DBS to Other Bank: Malaysia Guide
熊猫速汇PandaRemit - 2025-12-25 18:21:35.0 9
Living and working in Singapore as an expat (whether you are on an EP, SP, or WP) often means balancing a high cost of living with the need to support family back home. If you are looking to send Ringgit across the causeway, the first question you likely ask is: how to transfer money from DBS to other bank in Malaysia?
While traditional banks like DBS and UOB offer remittance services, savvy residents are realizing that convenience often comes with a hidden price tag in the exchange rate. In this guide, we will break down the smartest ways to move your SGD to MYR, ensuring your hard-earned money doesn't get eaten up by fees.
DBS Remit vs. The Modern Alternative
Most of us have a DBS or POSB account for our salary crediting. Naturally, when you think about how to transfer money from DBS to other bank accounts in Malaysia (like Maybank, CIMB, or Public Bank), using the native banking app seems logical. However, banks often offer "zero fee" transfers but apply a markup on the exchange rate compared to the mid-market rate.
This is where fintech solutions like Panda Remit have changed the game. By offering rates closer to the actual market rate and transparent handling fees, you often end up with more Ringgit in the recipient's account compared to a direct bank transfer.
Stop Going to Chinatown: 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 the People's Park Complex in Chinatown. We have all seen the long queues snaking around the building, especially before festive seasons.
But let's be realistic: is saving a few cents worth spending an hour in a queue, dealing with the heat, and carrying large amounts of cash? In the digital age, the "best place" is on your phone. Apps like Panda Remit allow you to lock in competitive rates 24/7 without leaving your office or home. You get the "Chinatown rate" (or better) without the Chinatown sweat.
Step-by-Step: How to Transfer Money from DBS to Panda Remit
To get the best rates, you don't transfer directly from DBS to Malaysia. Instead, you use DBS to fund your remittance app, which then pays out locally in Malaysia. Here is the workflow:
- Create an Account: Sign up at pandaremit.com and verify your identity using Singpass (MyInfo) for instant approval.
- Initiate Transfer: Enter the amount of SGD you want to send to Malaysia.
- Fund the Transfer: This is where you solve how to transfer money from DBS to other bank intermediaries. Select PayNow or Bank Transfer as your payment method.
- Complete Payment: Log in to your DBS digibank app, scan the PayNow QR code provided by Panda Remit, or transfer to their designated Singapore bank account.
Once Panda Remit receives your SGD (usually instantly via PayNow), they release the MYR to your recipient's bank account or e-wallet (like Touch 'n Go) in Malaysia.
The Fee 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 one of the most expensive ways to send personal remittances.
PayPal typically charges a transaction fee plus a significant currency conversion spread (often 3-4% above the market rate). On a $1,000 transfer, this could cost you $30-$40 in lost value. In contrast, specialized remittance services usually charge a low flat fee and a much tighter exchange rate margin, ensuring more money reaches your family.
Comparison: DBS vs. Chinatown vs. Panda Remit
| Feature | DBS Remit / Traditional Bank | Chinatown (Offline Money Changer) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Bank Rate (Usually includes markup) | Competitive (Cash only) | Competitive (Close to Mid-Market) |
| Convenience | High (In-app) | Low (Travel & Queue required) | High (100% Mobile App) |
| Speed | Same day to 3 days | Instant (Cash in hand) | Minutes to Same Day |
| Fees | Often $0 transfer fee, but hidden in FX rate | None (Built into rate) | Transparent low fee |
Frequently Asked Questions (FAQ)
1. Is it safe to use online remittance apps in Singapore?
Yes. Legitimate remittance services operating in Singapore, such as Panda Remit, are regulated by the Monetary Authority of Singapore (MAS). They must adhere to strict security standards to protect your funds.
2. How long does overseas transfer take?
When asking how long does overseas transfer take, it depends on the method. SWIFT bank transfers can take 1-3 working days. However, digital transfers via Panda Remit to Malaysia are often completed within minutes, thanks to local payment networks like DuitNow.
3. What is the PayNow limit for funding my transfer?
By default, most banks (including DBS) set a daily PayNow limit (e.g., SGD 1,000 or SGD 5,000). If you need to send a larger amount, simply log into your DBS digibank app to increase your daily transfer limit before funding your transaction.
Ready to get a better rate on your next transfer to Malaysia? Check the live rates now at pandaremit.com.
