Send Money to Indonesia: The Ultimate SG Expat Guide
熊猫速汇PandaRemit - 2025-12-25 18:24:16.0 9
If you are an expat professional (EP/SP/WP) or a resident living in the Lion City, sending part of your salary back home is likely a monthly ritual. Whether you are supporting family or paying bills, the question remains: how to transfer money overseas without losing a chunk of your hard-earned SGD to poor exchange rates and hidden bank fees?
While traditional banks like DBS and UOB are trusted pillars of Singapore's finance, they aren't always the most cost-effective for personal remittances. Often, their exchange rates include a markup compared to the mid-market rate. This is where fintech solutions like Panda Remit shine, offering rates that are significantly closer to the real market rate, ensuring more Rupiah (IDR) lands in your recipient's account in Indonesia.
Stop Queuing: The Truth About Money Changers
For decades, if you asked a local where is the best place to change money in Singapore, they would point you to The Arcade at Raffles Place or People's Park Complex in Chinatown. While the rates there are competitive, the hidden costs are high: your time and safety.
Traveling to Chinatown, queuing for 45 minutes during your lunch break, and carrying large amounts of cash is no longer necessary. With the Panda Remit app, the "best place" to exchange money is now right in your pocket. You can lock in a superior exchange rate 24/7 without leaving your condo or office.
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 thanks to Singapore's robust digital payment infrastructure.
- Create Your Order: Open the Panda Remit app, enter the amount of SGD you wish to send to Indonesia, and select the receiving method (Bank Transfer to BCA/Mandiri/BRI or E-wallets like GoPay/OVO/DANA).
- Choose Payment Method: Select PayNow or Bank Transfer.
- Complete the Transfer:
- Via PayNow: Copy the UEN provided by Panda Remit. Log in to your DBS/POSB digibank app, select PayNow, paste the UEN, and enter the specific reference number.
- Via Bank Transfer: Use the 'Transfer Money' feature in your banking app to send funds to the local Singapore bank account details provided by Panda Remit.
Once the SGD arrives in Panda Remit's local account (usually instant via PayNow), the conversion to IDR begins immediately.
The Fee Trap: PayPal vs. Panda Remit
When searching for options, you might wonder how does paypal work when sending money internationally. While convenient for e-commerce, PayPal is often a trap for personal remittances. They typically charge a transaction fee plus a significant currency conversion spread (often 3-4% above the market rate).
In contrast, Panda Remit operates on a transparent model for Singapore exports. You see the exact fee and the exact exchange rate upfront. There are no nasty surprises when your family in Jakarta or Bali checks their balance.
Comparison: DBS vs. Chinatown vs. Panda Remit
| Feature | DBS Remit | Chinatown (Cash) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Good, but often includes bank spread | Excellent (Cash rate) | Best (Digital rate) |
| Convenience | High (App based) | Low (Travel & Queue required) | High (Mobile App) |
| Fees | $0 transfer fee (but hidden in rate) | Transport costs + Time | Low, transparent flat fee |
| Speed | Same day to 3 days | Instant (Physical Cash) | Minutes to Same Day |
Sending to Indonesia: Direct Paths
For the Indonesia corridor specifically, speed and accessibility are key. Unlike general wire transfers, Panda Remit allows you to send directly to:
- Major Banks: BCA, Bank Mandiri, BNI, BRI.
- E-Wallets: GoPay, OVO, DANA, LinkAja.
This means your recipient doesn't need to visit a bank branch; they can receive funds directly on their phone.
Frequently Asked Questions (FAQ)
Is Panda Remit safe to use in Singapore?
Yes. Remittance services operating in Singapore must be regulated. Panda Remit is compliant with local financial regulations, ensuring your funds are handled securely, similar to how MAS regulates traditional banks.
How long does overseas transfer take?
This depends on the method. With Panda Remit, transfers from Singapore to Indonesia are often completed within minutes if funded via PayNow. Bank transfers can take slightly longer depending on the clearing times, but generally, it is a same-day service.
What is the PayNow transfer limit?
Most Singapore banks (DBS, UOB, OCBC) have a default daily PayNow limit (e.g., SGD 1,000 or SGD 5,000). However, you can easily increase this limit up to SGD 200,000 via your internet banking settings if you need to remit larger amounts for property or investments.
Ready to get the most out of your Singapore salary? Check the latest rates on Panda Remit today.
