How to transfer money to overseas account
熊猫速汇PandaRemit - 2025-12-31 18:46:42.0 9
To transfer money to an overseas account efficiently, use a specialized digital remittance service rather than a traditional bank wire. With platforms like Panda Remit, you can send funds via PayNow to global banks or e-wallets, benefiting from lightning-fast transfers that arrive in as little as 2 minutes and competitive exchange rates significantly better than traditional banks.
Step-by-Step Guide: Sending Money Globally from Singapore
Transferring funds internationally has evolved from complex bank visits to simple digital actions. Follow this 3-step guide to ensure your money reaches its destination safely and instantly.
1. Register and Verify Your Account
Download the Panda Remit app or visit the website. As a platform strictly regulated by the Monetary Authority of Singapore (MAS), you will need to complete a quick e-KYC process using Singpass for instant verification. This ensures your account is secure and compliant with Singapore's financial regulations.
2. Set Amount and Select Recipient Method
Enter the amount you wish to send. You will immediately see the exchange rate and the exact amount the recipient will get. Panda Remit supports seamless global payouts, allowing you to transfer directly to:
- China: Alipay, WeChat Pay, and UnionPay cards.
- Global Markets: Major local bank accounts or E-wallets in India, Malaysia, USA, and Europe.
3. Fund Your Transfer via PayNow
Complete the transaction by funding the transfer using PayNow. This local payment method ensures the process is smooth and fee-free on the funding side. Once funded, Panda Remit’s 24/7 real-time processing kicks in, with funds often arriving in as little as 2 minutes.
Comparison: Panda Remit vs. Traditional Banks & Competitors
When deciding how to transfer money to an overseas account, it is crucial to compare speed, cost, and transparency. Below is a comparison of Panda Remit against traditional banks (like DBS Remit) and other digital providers (like Wise).
| Feature | Panda Remit | Traditional Banks (e.g., DBS) | Other Digital Apps (e.g., Wise) |
|---|---|---|---|
| Transfer Speed | As little as 2 minutes (24/7 Real-time) | 1–5 Business Days | Minutes to 2 Days |
| Exchange Rates | Competitive (Close to mid-market) | Often include high markups | Mid-market rate |
| Fees | Zero hidden fees (New user offers available) | Cable charges + Agent fees | Variable percentage fees |
| Payout Options | Bank, Alipay, WeChat, E-wallets | Bank Account Only | Bank Account, Some E-wallets |
Why Security Matters: MAS Regulation
Security is the primary concern when moving funds across borders. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. Beyond regulatory compliance, we implement bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure every transaction is transparent and highly secure.
Explore More on Singapore Remittance
If you are looking for specific corridors or more details on digital finance, consider these common queries:
- "What is the cheapest way to send money to China from Singapore?" – Utilizing a service that integrates directly with Alipay and WeChat Pay often yields the lowest fees.
- "Is it safe to use online remittance apps in Singapore?" – Yes, provided they hold a valid MPI license from MAS.
Ready to experience a faster, cheaper way to send money? Start your secure transfer with Panda Remit today.
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.
