How to Send Money Abroad: SG to India Guide
熊猫速汇PandaRemit - 2025-12-25 18:27:37.0 8
Living and working in the Little Red Dot as an expat professional (EP, SP, or WP holder) comes with many perks, but one monthly ritual remains a headache: remittance. If you are wondering how to send money abroad efficiently, specifically from Singapore to India, you are not alone. While traditional banks like DBS and UOB offer safety, their exchange rates often include a hidden markup compared to the mid-market rate. This is where modern fintech solutions like Panda Remit are changing the game, offering rates that put more Rupees in your beneficiary's account compared to traditional banking channels.
Stop Queuing: The Truth About Offline Money Changers
For decades, the standard answer to "where is the best place to change money in singapore" was invariably The Arcade at Raffles Place or People's Park Complex in Chinatown. While these spots offer competitive cash rates, the hidden costs are high: travel time, long queues in the humidity, and the security risk of carrying large amounts of cash.
In the digital age, standing in line at Chinatown is obsolete. By switching to an online remittance app, you lock in superior rates instantly on your phone, 24/7, without leaving your office or home.
Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)
Many users get stuck on the funding process. The most common question is how to transfer money from dbs to other bank accounts to fund your remittance. The secret weapon here is PayNow.
Here is a simple workflow to get your money to India fast:
- Create an Account: Start by registering on pandaremit.com. Verification is quick using MyInfo (Singpass).
- Get Your Quote: Enter the amount of SGD you wish to send. You will see the exact amount of INR your recipient will get.
- Fund the Transfer: Select PayNow as your payment method. Panda Remit will generate a UEN or QR code.
- Execute Transfer: Log in to your DBS/POSB digibank app, select PayNow, and enter the UEN. This effectively solves the "how to transfer money from dbs to other bank" query—it is instant and free of local transfer fees.
Fee Analysis: The PayPal Trap vs. Panda Remit
New expats often ask, "how does paypal work when sending money internationally?" While convenient for e-commerce, PayPal is rarely the best choice for personal remittance. PayPal often charges a significant markup on the exchange rate (sometimes 3-4% above the mid-market rate) plus a transaction fee.
In contrast, Panda Remit adopts a transparent fee structure with exchange rates closely aligned with the real market rate. For a transfer to India, this difference can mean thousands of extra Rupees for your family compared to using older platforms.
Comparison: DBS vs. Chinatown vs. Panda Remit
| Feature | DBS Remit / Traditional Banks | Chinatown (Cash) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Competitive, but often has a spread | Good, but varies by stall | Best (Close to Mid-Market) |
| Convenience | High (App based) | Low (Physical travel required) | High (100% Online) |
| Fees | Usually $0 transfer fee, but hidden in FX rate | Transport costs + Time | Low transparent fee |
| Speed | 1-3 Days | Instant (Cash in hand) | Minutes to 1 Day |
FAQ: Remittance in Singapore
1. Is Panda Remit safe and 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 strict compliance standards as local banks.
2. How long does overseas transfer take?
This depends on the channel. If you are asking "how long does overseas transfer take" with traditional SWIFT transfers, it can take 2 to 5 business days. However, with Panda Remit sending to India (via UPI or IMPS), transfers are often completed within minutes, or at most, within one business day.
3. What is the PayNow transfer limit?
To fund your remittance, you need to know your local limit. By default, most banks like DBS set the PayNow limit at S$1,000 or S$5,000, but you can easily increase this up to S$200,000 via your internet banking settings to accommodate larger remittances.
Ready to get the best rate for your next transfer to India? Check the live rates now at pandaremit.com and stop losing money on unfair exchange rates.
