How to Send Money: Singapore to Indonesia Guide

Living and working in Singapore as an expat or foreign professional (EP/SP/WP) comes with one universal task: sending part of your hard-earned salary back home. If you are looking for how to send money efficiently, you might instinctively turn to traditional banks like DBS or UOB. However, while banks are trusted, their exchange rates often include a hidden markup compared to the mid-market rate.

In this guide, we will explore why modern fintech solutions like Panda Remit are becoming the preferred choice for smart residents in Singapore, offering better rates than traditional banks and saving you significant amounts on every transfer to Indonesia.

Stop Queuing: The Truth About Chinatown Money Changers

For decades, if you asked a local where is the best place to change money in singapore, the answer was almost always "The Arcade at Raffles Place" or "People's Park Complex in Chinatown."

While these physical money changers offer competitive cash rates, they come with hidden costs:

• Time Cost: Traveling to Chinatown and queuing for 30-60 minutes on weekends.
• Safety Risk: Carrying large amounts of cash (SGD) through crowded areas.
• Inconvenience: You cannot lock in a rate until you are physically at the counter.

With a digital remittance app, you can lock in superior exchange rates 24/7 from your mobile phone, completely bypassing the humidity and the queues.

Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)

Many users ask how to transfer money from dbs to other bank accounts to fund their remittance. The process is seamless because Panda Remit integrates perfectly with Singapore's local payment infrastructure.

Here is how you can send money to Indonesia (IDR) in minutes:

1. Create an Account: Register at pandaremit.com or download the app.
2. Set Your Transfer: Enter the amount of SGD you want to send. You will immediately see how much IDR your recipient will get (BCA, Mandiri, BRI, BNI, or E-wallets like GoPay/DANA).
3. Fund the Transfer: You can pay via PayNow or Bank Transfer.
   • Tip: Copy the UEN provided by Panda Remit, open your DBS/POSB digibank app, select "PayNow," and paste the UEN. This is instant and free.

The Fee Trap: PayPal vs. Specialized Remittance

A common query from newcomers is how does paypal work when sending money internationally. While PayPal is excellent for e-commerce, it is often a poor choice for personal remittance.

PayPal typically charges a transaction fee plus a currency conversion spread that can be 3-4% worse than the market rate. In contrast, Panda Remit displays a transparent, low handling fee and offers an exchange rate very close to the mid-market rate. For a $1,000 transfer, this difference can mean your family in Indonesia receives significantly more Rupiah.

Comparison: DBS vs. Chinatown vs. Panda Remit

To help you decide, here is a breakdown of the options available in Singapore:

Frequently Asked Questions (FAQ)

1. Is Panda Remit safe to use in Singapore?

Yes. Remittance services operating in Singapore must be regulated. Panda Remit is compliant with local regulations, ensuring your funds are handled securely, similar to how major payment institutions operate under the oversight of the Monetary Authority of Singapore (MAS).

2. How long does overseas transfer take?

This is a critical question. When using traditional bank wires (SWIFT), it can take 2 to 5 business days. However, with Panda Remit, transfers to Indonesia are often processed within minutes. If you send money via PayNow to Panda Remit, the funds usually arrive in the recipient's Indonesian bank account or E-wallet almost instantly.

3. What is the PayNow transfer limit?

Most Singapore bank accounts (DBS, OCBC, UOB) have a default daily PayNow limit (often SGD 1,000 or SGD 5,000). If you need to send a larger amount for renovation or family support, log in to your internet banking to raise your daily transfer limit before initiating the transaction on pandaremit.com.