How to Send Money Internationally: SG to ID
熊猫速汇PandaRemit - 2025-12-25 18:23:09.0 9
If you are an expat or a resident working in Singapore, you know the drill: payday arrives, and it's time to send support back home. But when you look at how to send money internationally, the options can be overwhelming. Traditional banks like DBS or UOB offer security, but their exchange rates often include a hidden markup compared to the mid-market rate. On the other hand, modern fintech solutions like Panda Remit are disrupting the market by offering rates that are significantly closer to the real exchange rate, ensuring more Rupiah (IDR) lands in your recipient's account in Indonesia.
Is Chinatown Still 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 competitive, let's be honest about the hidden costs:
- Time Cost: Traveling to Chinatown and queuing up can take hours.
- Safety Risk: Carrying large amounts of cash (SGD) to exchange is risky.
- Inconvenience: You are tied to their operating hours.
In the digital age, standing in line is obsolete. By using Panda Remit, you get competitive "Chinatown rates" directly on your smartphone, 24/7, without leaving your HDB or condo.
Tutorial: How to Transfer Money from DBS to Other Bank (Panda Remit)
Many users ask how to transfer money from dbs to other bank accounts or remittance platforms. The process is seamless thanks to Singapore's robust banking infrastructure. Here is how you can fund your transfer to Indonesia using Panda Remit:
- Register an Account: Visit pandaremit.com or download the app and verify your identity using Singpass (MyInfo) for instant approval.
- Set Up Transfer: Enter the amount of SGD you want to send. You will see exactly how much IDR your recipient will get.
- Choose Payment Method: Select PayNow or Bank Transfer.
- Complete the Payment:
- If using PayNow: Simply save the QR code generated by Panda Remit and upload it in your DBS/POSB digibank app (Scan & Pay).
- If using Bank Transfer: Copy the unique UEN or account details provided and use the "Transfer to Other Bank" feature in your banking app.
For transfers to Indonesia, you can send funds directly to major banks (BCA, Mandiri, BRI, BNI) or e-wallets like DANA, GoPay, and OVO.
The Fee Trap: How Does PayPal Work When Sending Money?
A common query is how does paypal work when sending money internationally. While convenient for e-commerce, PayPal is often one of the most expensive ways to remit salary. They typically charge a transaction fee plus a currency conversion spread that can be 3-4% worse than the market rate.
In contrast, Panda Remit maintains transparency. You see the fee and the exchange rate upfront. There are no hidden "receiver fees" eating into the money meant for your family.
Comparison: DBS vs. Chinatown vs. Panda Remit
To help you decide, here is a breakdown of the options based on the keyword how long does overseas transfer take and cost efficiency.
| Feature | DBS Remit | Chinatown (Cash) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Good (Bank Rate) | Excellent | Excellent (Mid-market) |
| Convenience | High (App) | Low (Physical Queue) | High (Mobile App) |
| Speed | Same day to 3 days | Instant (Cash in hand) | Minutes to 1 Day |
| Fees | $0 (but FX markup applies) | Varies | Low Flat Fee |
Frequently Asked Questions (FAQ)
1. Is Panda Remit regulated in Singapore?
Yes. When dealing with money, safety is paramount. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This ensures your funds are handled with the same security standards as traditional financial institutions.
2. What is the PayNow transfer limit?
When funding your remittance via PayNow, be aware of your daily limit. By default, most banks (DBS, OCBC, UOB) set this at SGD 1,000 or SGD 5,000. You can easily increase this limit up to SGD 200,000 via your internet banking settings if you need to send a larger amount.
3. How long does overseas transfer take to Indonesia?
With Panda Remit, transfers to Indonesian e-wallets (DANA, OVO) are often instant. Bank transfers to major banks like BCA usually arrive within minutes, though it can take up to one business day depending on banking hours.
Ready to get the most out of your hard-earned Singapore Dollars? Check the latest rates at pandaremit.com and start saving on your next transfer to Indonesia.
