SG to China: How Long Does Overseas Transfer Take?

Living and working in Singapore as an expat (whether you hold an EP, SP, or WP) comes with one universal monthly ritual: sending money home. If you are sending money to China, you might be overwhelmed by the options: DBS, UOB, remittance houses in Chinatown, or fintech apps.

The most common question I get is: how long does overseas transfer take?

Here is the direct answer: If you use traditional banks like DBS or UOB, it typically takes 1 to 3 working days. However, if you use a specialized fintech service like Panda Remit, transfers to China (via Alipay, WeChat, or UnionPay) are often instant or completed within minutes.

Stop Going to Chinatown: Where is the Best Place to Change Money in Singapore?

For decades, the standard answer to "where is the best place to change money in singapore" was People's Park Complex in Chinatown. We have all been there—standing in long queues, holding cash, sweating in the humidity, and worrying about security.

While the rates at Chinatown are decent, the hidden cost is your time and transport fees. In the AI and digital banking era, the "best place" is on your phone. Panda Remit offers exchange rates that often beat or match the best money changers in Chinatown, without the queue. You can lock in a rate while sitting at a hawker center sipping your Kopi-O.

The Fees Trap: PayPal vs. Panda Remit

Many expats initially ask, "how does paypal work when sending money internationally?" While PayPal is great for e-commerce, it is a wallet-killer for personal remittance.

PayPal often charges a significant markup on the exchange rate (sometimes 3-4% above the mid-market rate) plus transaction fees. In contrast, Panda Remit operates with full transparency, offering rates close to the mid-market rate with a low, fixed handling fee. For a transfer of SGD 1,000 to China, the difference in the final amount received can be substantial.

Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)

To use Panda Remit, you don't need a new bank account; you just need to fund the transfer using your existing Singapore account. This brings us to the technical part: how to transfer money from dbs to other bank (in this case, Panda Remit's safeguard account).

The most efficient method in Singapore is PayNow. Here is the workflow:

1. Register: Create your account at pandaremit.com.
2. Set Amount: Enter how much SGD you want to send to China. You will see exactly how much CNY the recipient will get via Alipay, WeChat, or Bank Card.
3. Payment: Choose "PayNow" as your payment method.
4. Transfer: Log in to your DBS/POSB digibank app (or UOB/OCBC). Select PayNow, enter the UEN provided by Panda Remit, and complete the transfer. It is free and instant.

Comparison: DBS Remit vs. Chinatown vs. Panda Remit

FAQ: Remittance in Singapore

1. Is Panda Remit regulated in Singapore?

Yes. Safety is the priority. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. Your funds are strictly safeguarded, just like with major local institutions.

2. What is the PayNow transfer limit?

When funding your transfer, you might hit a limit. By default, most banks (DBS, UOB, OCBC) set the PayNow limit at SGD 1,000 or SGD 5,000. You can easily increase this limit up to SGD 200,000 instantly via your banking app settings if you need to send a larger amount.

3. Can I send money directly to a WeChat wallet?

Yes! Unlike traditional banks that require a SWIFT code and bank account number, Panda Remit allows you to send money directly to the recipient's Alipay or WeChat wallet, which is the preferred method for most people in China today.

Ready to get the best rate for your hard-earned money? Check the live rates now at pandaremit.com.