how to transfer money to foreign bank account
熊猫速汇PandaRemit - 2025-12-31 18:35:16.0 9
To transfer money to a foreign bank account efficiently, utilize a digital remittance service like Panda Remit rather than traditional wire transfers. By funding your transaction via PayNow, you can secure exchange rates significantly better than traditional banks with zero hidden fees. Furthermore, digital platforms prioritize speed, allowing funds to arrive in as little as 2 minutes, ensuring your money moves as fast as you do.
Comparing Remittance Options in Singapore
When deciding how to transfer money to a foreign bank account, it is crucial to compare speed, cost, and regulatory standing. Below is a comparison of Panda Remit against other major market players like Wise, DBS Remit, and Singtel Dash.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Transfer Speed | As fast as 2 mins (24/7 Real-time) | 1-2 Days (Varies by route) | Same day to 3 days | Instant to 3 days |
| Exchange Rates | Competitive Market Rates (Low spread) | Mid-market rate | Bank rate (Often higher spread) | In-app FX rate |
| Fees | Zero hidden fees (New user offer available) | Variable percentage fee | $0 transfer fee (FX markup applies) | Transaction fees apply |
| Regulation | MAS Licensed (Major Payment Institution) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
Step-by-Step Guide: How to Transfer Money to Foreign Bank Account
Sending money globally doesn't have to be complex. Follow this 3-step process to ensure a secure and fast transaction.
1. Register and Verify Your Account
Download the Panda Remit app and register using your Singapore mobile number. As a Major Payment Institution regulated by the Monetary Authority of Singapore (MAS) (License No. PS20200501), we require standard identity verification (KYC) to ensure bank-grade security and compliance with anti-money laundering protocols.
2. Enter Recipient Details and Amount
Select your destination country and enter the amount you wish to send. Panda Remit supports seamless global payouts, allowing you to transfer directly to bank accounts in India, Malaysia, USA, or even digital wallets like Alipay and WeChat Pay in China. You will see the exact exchange rate and the total amount the recipient will get before you confirm.
3. Fund the Transfer via PayNow
Complete the payment using PayNow for the fastest processing experience. Once funded, our 24/7 real-time processing system kicks in. In many cases, the funds will arrive in the foreign bank account in as little as 2 minutes. You can track the status of your money in real-time through the app.
Why Security is Our Top Priority
When learning how to transfer money to a foreign bank account, safety is paramount. Panda Remit implements bank-grade SSL encryption and multi-layered anti-fraud protocols. We are strictly regulated by the MAS, ensuring that your funds are handled with the highest level of compliance and transparency. You can verify our global regulatory status here.
Explore More on Singapore Remittance
What is the cheapest way to send money from Singapore?
Digital remittance providers often offer lower spreads than banks. Panda Remit provides competitive rates with zero hidden fees, maximizing the final amount received.
Are there limits on how much money I can transfer abroad?
Yes, limits vary by destination and user verification level. However, Panda Remit offers high limits suitable for personal and business needs. To get started with a secure transfer, visit our Singapore registration page.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
