How to Transfer Money From DBS to Other Bank China: 2024 Guide

Living and working in Singapore as an expat (EP, SP, or WP holder) means one thing is inevitable: sending part of your hard-earned salary back home. If you are looking to send SGD to CNY, you might be asking yourself how to transfer money from dbs to other bank in China without losing a chunk of your money to poor exchange rates and hidden fees.

While traditional banks like DBS, POSB, or UOB are trusted pillars of Singapore's finance, using them directly for cross-border transfers often results in lower exchange rates compared to specialized fintech solutions. In this guide, we will explore why savvy residents are switching to Panda Remit for better rates and how to use your DBS account to fund these transfers seamlessly.

Stop Overpaying: DBS Remit vs. Panda Remit

When you ask how to transfer money from dbs to other bank internationally, the default answer is often DBS Remit. While convenient, banks generally add a markup to the mid-market exchange rate. This is the "hidden fee" that eats into the final amount your family receives in China.

Panda Remit operates differently. By offering rates closer to the mid-market rate and keeping handling fees transparent and low, they ensure more RMB lands in the recipient's Alipay, WeChat, or UnionPay card. For a $1,000 SGD transfer, the difference can sometimes be enough to buy a nice meal at a hawker centre!

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. We've all seen the long queues at Crante or Arcade Money Changers.

But let's be real: Is it worth spending your Sunday queuing for 45 minutes, carrying large amounts of cash, and risking safety just to save a few dollars? In the digital age, the "best place" is on your phone. Panda Remit allows you to lock in superior rates 24/7 without leaving your condo. No queues, no cash withdrawal limits, and no MRT rides to Chinatown.

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

Here is the practical workflow. You aren't actually wiring money directly from DBS to a Chinese bank (which is slow). Instead, you are using DBS to fund your Panda Remit transaction via PayNow, which is instant and free.

1. Create Your Account: First, register at pandaremit.com. It takes minutes to verify your identity using Singpass (MyInfo), which is standard for MAS-regulated entities.
2. Set Up the Transfer: Enter the amount of SGD you want to send. Select "China" as the destination. You can choose to have the money arrive in the recipient's Alipay, WeChat Pay, or Bank Card.
3. Fund the Transfer using DBS: This is where the keyword how to transfer money from dbs to other bank applies. Choose PayNow as your payment method in the Panda app.
4. Complete Payment: Log in to your DBS digibank app, scan the PayNow QR code provided by Panda Remit, or enter the UEN. The funds transfer instantly, and Panda Remit begins processing the cross-border settlement immediately.

The Fee Trap: How Does PayPal Work When Sending Money?

Many expats also ask: how does paypal work when sending money internationally? While PayPal is excellent for e-commerce, it is notoriously expensive for personal remittances. PayPal often charges a significant currency conversion spread (sometimes upwards of 3-4%) plus a transaction fee.

In contrast, Panda Remit is designed specifically for remittances. The fees are transparently displayed before you hit send, and the exchange rate is locked in. You don't have to worry about the recipient getting less than expected.

Comparison: DBS vs. Chinatown vs. Panda Remit

FAQ: Common Questions for Singapore Residents

1. Is Panda Remit safe and regulated in Singapore?

Yes. When dealing with money, safety is priority #1. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This puts them under the same strict regulatory framework as major local payment institutions.

2. How long does overseas transfer take?

If you are wondering how long does overseas transfer take, it depends on the method. Traditional bank wires (SWIFT) can take 1-3 business days. However, transfers via Panda Remit to digital wallets like Alipay or WeChat are often completed within minutes once the SGD payment is received via PayNow.

3. What is the PayNow transfer limit?

To fund your transfer, you need to know your DBS PayNow limit. By default, this is usually set to S$1,000 or S$5,000, but you can increase it up to S$200,000 via your DBS digibank settings. This flexibility makes it easy to handle larger remittances for family support or savings.

Ready to get the most out of your Singapore salary? Stop queuing and start saving. Click here to sign up with Panda Remit and experience the smarter way to send money home.