How to Transfer Money Overseas India: The SG Expat Guide
熊猫速汇PandaRemit - 2025-12-25 18:29:19.0 7
If you are an expat in Singapore holding an EP, SP, or WP, you know the drill: payday arrives, and it's time to send money home. Whether you are supporting family or investing back in India, the burning question is always how to transfer money overseas without losing a chunk of your hard-earned SGD to hidden fees and poor exchange rates.
Many of us instinctively turn to traditional banks like DBS, POSB, or UOB. While trusted, they often offer exchange rates that are significantly lower than the mid-market rate. Today, we are looking at a smarter alternative: Panda Remit. By comparing it directly against traditional banking methods, we’ll see how digital remittance is changing the game for Singapore’s expat community.
Stop Queuing: Where is the Best Place to Change Money in Singapore?
For decades, if you asked where is the best place to change money in singapore, the answer was always the same: The Money Changers at People’s Park Complex in Chinatown or The Arcade at Raffles Place.
But let’s be real—is it worth it? Taking the MRT to Chinatown, sweating in the humidity, and queuing for 45 minutes just to get a slightly better rate than the bank is a hidden cost in itself. Plus, carrying large amounts of cash is risky.
The Digital Solution: With Panda Remit, your smartphone becomes the best money changer in town. You get rates that often beat the physical money changers, locked in instantly, 24/7. No queues, no MRT rides, just a few taps while you’re having your kopi.
The Hidden Costs: How Does PayPal Work When Sending Money?
A common mistake new expats make is using PayPal for international transfers. You might ask, how does paypal work when sending money internationally? While convenient for shopping, it is a wallet-drainer for remittance.
PayPal often charges a transfer fee plus a significant markup on the exchange rate (sometimes 3-4% above the market rate). In contrast, Panda Remit operates on a low-fee, volume-based model, offering rates much closer to the actual market rate (Google rate). For a transfer of SGD 1,000 to India, this difference can mean your recipient gets significantly more Rupees.
Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)
To get these better rates, you need to fund your transfer. This brings us to the practical side: how to transfer money from dbs to other bank accounts or remittance wallets.
Panda Remit integrates seamlessly with Singapore’s local payment infrastructure. Here is the most efficient workflow:
- Create an Account: Register at pandaremit.com using your Singpass (MyInfo) for instant verification. This is a standard MAS requirement.
- Set Up Transfer: Enter the amount of SGD you want to send to India. You will see the exact amount of INR the recipient will get via UPI or Bank Transfer.
- Fund the Transfer: Select PayNow or Bank Transfer as your payment method.
- Execute Payment:
- Open your DBS/POSB digibank app.
- Select 'PayNow' and enter the UEN provided by Panda Remit, or use the 'Transfer Funds' option to send to Panda Remit’s local Singapore bank account.
- Tip: Using PayNow is usually instant and free of charge from the bank's side.
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 India.
| Feature | DBS Remit / Traditional Bank | Chinatown Money Changer | Panda Remit |
|---|---|---|---|
| Exchange Rate | Standard Bank Rate (Often lower) | Competitive (High) | Best (Close to Mid-Market) |
| Convenience | High (App based) | Low (Physical travel required) | High (100% Online) |
| Speed | 1-3 Days (varies by bank) | Instant (Cash in hand) | Minutes to Hours |
| Fees | $0 transfer fee (but hidden in FX rate) | None (priced into rate) | Transparent Low Fee |
FAQ: Common Questions About Remittance from Singapore
1. How long does overseas transfer take?
This depends on the method. SWIFT transfers via banks can take 1 to 4 working days. However, with Panda Remit, transfers to India (via UPI or IMPS) are often processed within minutes. In most cases, if you send money in the morning, it arrives before lunch.
2. Is Panda Remit regulated in Singapore?
Yes. Safety is paramount. 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, similar to major local institutions.
3. What is the PayNow transfer limit?
Most banks (DBS, UOB, OCBC) have a default daily PayNow limit (e.g., SGD 1,000 or SGD 5,000). If you need to send a larger amount for home renovation or savings in India, simply log into your banking app to increase your daily transfer limit before funding your Panda Remit transaction.
Disclaimer: Financial decisions should be based on your personal circumstances. Exchange rates fluctuate real-time. Always check the latest rates on the official website before transferring.
