How to Send Money Overseas: Indonesia Transfer Guide
熊猫速汇PandaRemit - 2025-12-25 18:23:42.0 8
Living and working in Singapore as an expat (whether you hold an EP, SP, or WP) comes with one universal monthly task: sending a portion of your hard-earned salary back home. If you are looking for how to send money overseas, specifically from Singapore to Indonesia, you have likely stared at the exchange rates offered by traditional banks like DBS or UOB and wondered if you are getting a fair deal.
While local banks offer security, their exchange rates often include a hidden markup. This is where modern fintech solutions like Panda Remit are changing the game. By offering mid-market rates that beat traditional banks, they ensure more Rupiah (IDR) lands in your family's account for every Singapore Dollar (SGD) you send.
Stop Queuing: Where is the Best Place to Change Money in Singapore?
For decades, if you asked a local "where is the best place to change money in Singapore?", they would point you to the legendary money changers at People's Park Complex in Chinatown or The Arcade at Raffles Place. While the rates there are competitive, the hidden costs are high:
- Time Cost: Traveling to Chinatown and queuing for 30+ minutes.
- Safety Risk: Carrying large amounts of cash is never ideal.
- Inconvenience: They are not open 24/7.
In the digital age, the "best place" is on your phone. Panda Remit allows you to lock in rates often better than the physical counters without leaving your HDB or condo. You can send money to Indonesia directly to banks like BCA, Mandiri, BRI, or e-wallets like DANA and GoPay instantly.
The Hidden Cost: How Does PayPal Work When Sending Money?
Many expats default to familiar platforms, asking how does paypal work when sending money internationally. While convenient for e-commerce, PayPal is often a trap for remittances.
PayPal typically charges a transaction fee plus a currency conversion spread that can be 3% to 4% worse than the actual market rate. On a $1,000 SGD transfer, you could be losing $30-$40 SGD just in exchange rate differences. In contrast, Panda Remit displays their fee and exchange rate transparently upfront, ensuring you know exactly how much IDR the recipient will get.
Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)
To use a digital remittance service, you first need to fund your transaction. This is where many users get stuck. Here is a simple guide on how to transfer money from dbs to other bank accounts (in this case, funding your Panda Remit wallet) using Singapore's fast payment rails.
- 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 Indonesia. Select your recipient method (Bank Transfer or E-wallet).
- Pay via PayNow or Bank Transfer:
- PayNow (Recommended): This is the fastest method. In your DBS/POSB digibank app, select PayNow and enter the UEN provided by Panda Remit. It is free and instant.
- Bank Transfer: You can also perform a standard FAST transfer via internet banking.
Once Panda Remit receives your SGD (usually within minutes via PayNow), the IDR is released to the recipient in Indonesia.
Comparison: DBS Remit vs. Chinatown vs. Panda Remit
To help you decide, here is a breakdown of the three most common methods for sending money from Singapore to Indonesia.
| Feature | DBS Remit / Traditional Banks | Chinatown Money Changer | Panda Remit |
|---|---|---|---|
| Exchange Rate | Standard Bank Rate (Higher spread) | Competitive (Cash only) | Best (Close to Mid-Market) |
| Convenience | High (App-based) | Low (Must travel & queue) | High (100% Mobile) |
| Fees | $0 transfer fee (but hidden in FX rate) | None (factored into rate) | Low transparent fee |
| Speed | Same day to 3 days | Instant (Cash in hand) | Minutes to Same Day |
FAQ: Remittance in Singapore
1. Is Panda Remit regulated in Singapore?
Yes. Trust is critical when handling money. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This means they must adhere to strict security and capital standards, just like local banks.
2. How long does overseas transfer take?
This depends on the method. With Panda Remit, transfers to Indonesian e-wallets (DANA, OVO, GoPay) are often instant. Bank transfers to major banks (BCA, BNI, Mandiri) usually arrive within minutes to a few hours. Traditional bank wires can take 1-3 business days.
3. What is the PayNow transfer limit?
Most banks (DBS, UOB, OCBC) have a default daily PayNow limit (e.g., $1,000 or $5,000). If you need to send a larger amount for a property down payment or family emergency, log in to your internet banking to raise your daily transfer limit before initiating the transaction.
Ready to get the best rates for your transfer to Indonesia? Check the live rates now at pandaremit.com.
