Best Way: How to Send Money Overseas to Philippines
PandaRemit - 2025-12-25 18:38:55.0 103
Living and working in Singapore as an expat (whether you hold an EP, SP, or WP) means one thing is certain: at the end of the month, you need to know how to send money overseas efficiently. For years, many of us relied on traditional banks like DBS or UOB. While they are reliable, have you checked the exchange rate margins lately? Often, the convenience of a bank transfer comes with a hidden cost in the form of lower exchange rates compared to the mid-market rate.
This is where modern fintech solutions like Panda Remit are changing the game. By offering rates that beat traditional banks and removing the heavy overheads of physical branches, they ensure more of your hard-earned SGD actually reaches your family in the Philippines.
Where is the best place to change money in Singapore? (Hint: It’s not Chinatown anymore)
If you ask an old-school Singaporean where is the best place to change money in Singapore, they will almost instinctively point you towards People’s Park Complex in Chinatown or The Arcade at Raffles Place. While the rates there are competitive, let’s talk about the hidden costs: the MRT fare, the time spent queuing on a Sunday, and the security risk of carrying large amounts of cash.
In the digital age, the "best place" is on your phone. Panda Remit allows you to lock in rates that often rival or beat the best money changers in Chinatown, without leaving your HDB or condo. You get the "Chinatown rate" with the safety of a MAS-regulated digital transaction.
The Hidden Cost: How does PayPal work when sending money?
Many expats ask: how does PayPal work when sending money internationally? While PayPal is excellent for e-commerce, it can be a trap for remittances. PayPal typically charges a transaction fee plus a currency conversion spread that can range from 3% to 4% above the mid-market rate. On a $1,000 SGD transfer, you could be losing $30-$40 just on the exchange rate difference.
In contrast, Panda Remit operates with full transparency. You see the exact fee and the exact exchange rate before you hit send. No surprises.
Tutorial: How to transfer money from DBS to other bank (Panda Remit)
To use a digital remittance service, you first need to fund your transfer. This brings us to a common technical query: how to transfer money from DBS to other bank accounts or remittance wallets?
The most efficient method in Singapore is PayNow or FAST Transfer. Here is how you do it to fund your Panda Remit transaction:
- Initiate the Order: Open the Panda Remit app, enter the amount of SGD you want to send to the Philippines (PHP), and select "PayNow" as your payment method.
- Get the UEN: Panda Remit will generate a Unique Entity Number (UEN) or a dynamic QR code.
- Log in to DBS/POSB Digibank: Open your banking app.
- Select PayNow: Choose "PayNow to UEN".
- Transfer: Enter the UEN provided by Panda Remit. Ensure the entity name matches. Enter the exact amount and submit.
This process is instant, free of charge from the bank's side, and ensures your remittance is processed immediately.
Comparison: DBS 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 the Philippines.
| Feature | DBS Remit | Chinatown Money Changer | Panda Remit |
|---|---|---|---|
| Exchange Rate | Competitive, but usually includes a bank spread. | Excellent, but varies by shop. | Best/High (Close to mid-market). |
| Convenience | High (Mobile App). | Low (Travel & Queue required). | High (Mobile App 24/7). |
| Speed | 1-3 Days (varies by corridor). | Instant (Cash), but physical delivery takes time. | Fast (Minutes to GCash/BDO). |
| Fees | $0 (but priced into the rate). | None (priced into rate). | Low, transparent flat fee. |
Sending to the Philippines: The Direct Path
When sending to the Philippines, speed is often critical. Unlike general bank transfers, Panda Remit supports direct transfers to major Filipino digital wallets and banks including:
- GCash & Maya: Usually arrives within minutes.
- BDO, BPI, Metrobank: Direct bank crediting.
- Cash Pickup: Available at Cebuana Lhuillier, M Lhuillier, etc.
FAQ: Remitting from Singapore
1. Is Panda Remit safe? Is it regulated by MAS?
Yes. When dealing with money, safety is priority #1. Panda Remit in Singapore is operated by entities regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This means your funds are safeguarded according to strict Singaporean financial regulations.
2. How long does overseas transfer take?
This depends on the method. With Panda Remit, transfers to digital wallets (like GCash in the Philippines or Alipay/WeChat in China) are often near-instant (within minutes). Bank transfers can take anywhere from a few minutes to 1 business day, which is significantly faster than the traditional SWIFT network used by legacy banks.
3. What is the PayNow transfer limit?
By default, most Singapore bank accounts (DBS, OCBC, UOB) have a daily PayNow limit set to S$1,000 or S$5,000. If you need to remit a larger amount (e.g., for property down payment or tuition), you can log into your internet banking to raise your daily transfer limit up to S$200,000 depending on the bank.
