How to Send Money Internationally to India: The SG Guide

Living and working in the Little Red Dot comes with many perks, but for the thousands of expats and foreign professionals (EP, SP, and WP holders) here, one monthly ritual remains a headache: sending part of that hard-earned salary back home. If you are looking for how to send money internationally—specifically from Singapore to India—without losing a chunk of it to hidden fees, you’ve come to the right place.

As a finance blogger based here in SG, I’ve seen too many people default to traditional banks like DBS or UOB simply out of habit. While banks are safe, their exchange rates often include a markup (the "spread") that eats into your remittance. Today, we are looking at a smarter, digital-first alternative: Panda Remit, and how it stacks up against the old-school methods.

The Real Cost: Banks vs. Panda Remit

When you ask how to send money internationally, the first answer is usually "use your bank app." While services like DBS Remit are convenient, they often offer exchange rates that trail behind the mid-market rate (the real rate you see on Google).

Panda Remit operates differently. By cutting out physical branches and optimizing digital corridors, they offer rates that are significantly closer to the mid-market rate. For a transfer of SGD 1,000 to India (INR), the difference in exchange rates between a traditional bank and a specialized fintech app can sometimes mean your family receives an extra ₹500 to ₹800. That’s not small change!

Where is the Best Place to Change Money in Singapore? (Hint: It’s Not Chinatown)

For decades, the standard answer to "where is the best place to change money in Singapore" was People’s Park Complex in Chinatown or The Arcade at Raffles Place. We’ve all seen the long queues winding around the escalators.

But let’s be pragmatic. Is it worth taking the MRT, withdrawing cash, and standing in line for 45 minutes just to get a slightly better rate than the airport? Plus, carrying large amounts of cash is a security risk.

With Panda Remit, your smartphone becomes the "best place." You lock in competitive rates instantly without leaving your HDB or condo. It’s the digital equivalent of the best money changer in Chinatown, minus the queue and the humidity.

The "Free" Transfer Trap: How Does PayPal Work When Sending Money?

Many expats ask, "how does PayPal work when sending money internationally?" because they use it for online shopping. Here is the truth: PayPal is fantastic for buying things, but it can be a wallet-drainer for remittances.

PayPal often charges a currency conversion fee that can range from 3% to 4% above the base exchange rate. On top of that, there may be cross-border transaction fees. In contrast, Panda Remit maintains a transparent fee structure with a clear breakdown of the exchange rate and a low, flat handling fee (often free for new users), ensuring more of your SGD actually makes it to India.

Tutorial: How to Transfer Money from DBS to Other Bank (Panda Remit)

Using a remittance app is actually just a local transfer disguised as an international one. A common query is how to transfer money from DBS to other bank accounts to fund these wallets. Here is the workflow using Singapore’s favorite payment rail, PayNow:

1. Create an Account: Register on Panda Remit and verify your identity using Singpass (MyInfo) for instant approval.
2. Set Your Transfer: Enter the amount of SGD you want to send to India. You will see the exact INR amount your recipient will get.
3. Choose Payment Method: Select PayNow or Bank Transfer.
4. The "Local" Step: Panda Remit will provide a UEN (Unique Entity Number) or a local bank account number. Log in to your DBS/POSB digibank app, select "PayNow" or "Transfer Funds," and send the SGD to Panda Remit’s local Singapore account.
5. Done: Once Panda Remit receives your SGD (usually instant via PayNow), they release the INR to the recipient in India.

Comparison: DBS vs. Chinatown vs. Panda Remit

Let’s look at the data to see which method suits your needs.

FAQ: Remitting from Singapore

1. Is Panda Remit safe? Is it regulated by MAS?

Yes. In Singapore, financial services are strictly regulated. Panda Remit operates under a license granted by the Monetary Authority of Singapore (MAS). This means they must adhere to strict capital and security requirements to protect your funds.

2. How long does overseas transfer take?

This depends on the destination. For Singapore to India, transfers via Panda Remit are often completed within minutes if you are sending to a UPI ID or major bank account. In worst-case scenarios (banking holidays), it might take 1 business day. This answers the critical question of how long does overseas transfer take—usually much faster than SWIFT transfers.

3. What is the PayNow transfer limit?

When funding your transfer, remember that most banks (DBS, OCBC, UOB) have a default daily PayNow limit (often SGD 1,000 or SGD 5,000). You can easily increase this limit in your bank’s settings if you need to remit a larger sum, such as salary or tuition fees.

Ready to get a better rate on your next transfer home? Check the live rates on Panda Remit and stop overpaying for your remittances.