SG Guide: How to Send Money Internationally to Philippines
PandaRemit - 2025-12-25 18:38:16.0 104
Living and working in Singapore as an expat (whether you hold an EP, S Pass, or Work Permit) often comes with a monthly ritual: sending a portion of your hard-earned SGD back home. If you are looking for how to send money internationally—specifically from Singapore to the Philippines—you might be overwhelmed by the choices. Should you stick with traditional banks like DBS or UOB? Or is it time to switch to a digital remittance service?
As a long-time finance blogger based here in the Lion City, I’ve tested them all. Here is the reality: while banks offer security, they often eat into your remittance with lower exchange rates. This is where modern fintech solutions like Panda Remit are changing the game, offering rates that are significantly closer to the mid-market rate compared to traditional banking spreads.
Stop Queuing: Where is the Best Place to Change Money in Singapore?
For decades, if you asked a local where is the best place to change money in singapore, they would point you to The Arcade at Raffles Place or People’s Park Complex in Chinatown. While the rates there are decent, ask yourself: is it worth the travel time and the long queues on a Sunday?
Carrying large amounts of cash to a physical counter carries security risks. By switching to a mobile app like Panda Remit, you effectively carry the best money changer in your pocket. You can lock in a high exchange rate to Philippine Pesos (PHP) 24/7, without ever leaving your HDB or condo.
The Hidden Costs: How Does PayPal Work When Sending Money?
Many expats initially turn to familiar names. A common question is how does paypal work when sending money cross-border? While convenient for e-commerce, PayPal is often a trap for personal remittances. They typically charge a transaction fee plus a currency conversion spread that can be 3-4% worse than the market rate.
In contrast, Panda Remit operates on a low-fee, high-volume model. They are transparent about their fees upfront, ensuring more Pesos arrive in your recipient's GCash, BDO, or BPI account.
Tutorial: How to Transfer Money from DBS to Other Bank (Panda Remit)
To use a digital remittance service, you first need to fund the transaction. This is where Singapore’s efficient banking infrastructure comes in. The most common question I get is how to transfer money from dbs to other bank accounts or remittance wallets.
The process is seamless using PayNow or Fast/GIRO transfer. Here is how you do it when using Panda Remit:
- Initiate the Transfer: Open the Panda Remit app, enter the amount of SGD you want to send to the Philippines, and select your recipient method (e.g., GCash or Bank Deposit).
- Select Payment Method: Choose "PayNow" or "Bank Transfer" as your payment method.
- Make the Transfer:
- Via PayNow: Save the QR code generated by Panda Remit. Open your DBS digibank (or UOB/OCBC) app, select "Scan " Pay", and upload the QR code.
- Via Bank Transfer: Copy the unique account number provided by Panda Remit. Go to your banking app, select "Transfer Funds", add a new payee, and complete the transfer.
Once the SGD arrives in Panda Remit’s local Singapore account (which is usually instant via PayNow), they immediately process the PHP payout.
Comparison: DBS vs. Chinatown vs. Panda Remit
To help you visualize the value, here is a comparison of the three main ways to send money to the Philippines.
| Feature | DBS Remit | Chinatown (Cash) | Panda Remit |
|---|---|---|---|
| Exchange Rate | Good, but includes bank spread | Excellent (if you find the right shop) | Best (Close to mid-market) |
| Convenience | High (Mobile App) | Low (Must travel & queue) | High (Mobile App) |
| Fees | $0 transfer fee (but hidden in rate) | Varies | Low transparent fee |
| Speed | Same day to 3 days | Instant (Cash in hand) | Minutes to 1 business day |
FAQ: Remitting from Singapore
1. Is Panda Remit safe to use in Singapore?
Yes. When dealing with finances, regulation is key. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This ensures they adhere to strict security and anti-money laundering standards, just like local banks.
2. How long does overseas transfer take?
This depends on the method. If you are asking how long does overseas transfer take with traditional banks, it can range from 1 to 3 business days. However, with Panda Remit sending to the Philippines (especially to digital wallets like GCash), the transfer is often completed within minutes after they receive your PayNow payment.
3. What is the PayNow transfer limit?
By default, most Singapore bank accounts have a daily PayNow limit of SGD 1,000 to SGD 5,000. If you need to send a larger amount (e.g., for property down payments in the Philippines), you can log into your DBS/POSB or UOB internet banking portal to raise your daily transfer limit up to SGD 200,000.
Ready to get more Pesos for your Dollars? Register with Panda Remit today and experience the smarter way to send money home.
