How to send money to foreign bank account
熊猫速汇PandaRemit - 2025-12-31 19:42:25.0 6
The most efficient way to send money to a foreign bank account is to use a specialized digital remittance service like Panda Remit rather than a traditional wire transfer. This modern approach offers lightning-fast transfers that can arrive in as little as 2 minutes and provides competitive exchange rates that are significantly better than traditional banks with zero hidden fees.
3 Steps to Send Money Internationally from Singapore
Sending funds globally has evolved from complex bank visits to a few taps on your phone. Follow this expert-verified process to ensure your money reaches its destination safely and instantly.
1. Choose a Regulated Digital Provider
Avoid the high fees of SWIFT transfers by selecting a fintech provider licensed by the Monetary Authority of Singapore (MAS). Ensure the provider supports your specific destination, whether it is a bank account in India, an Alipay wallet in China, or a digital wallet in Malaysia.
2. Create an Account and Verify Identity
Compliance is key to security. Register with your chosen platform (e.g., Panda Remit) and complete the e-KYC process. In Singapore, this is often seamless via MyInfo (Singpass), allowing for instant verification without uploading manual documents.
3. Fund the Transfer and Send
Enter the recipient's bank details and lock in your exchange rate. For the fastest processing, fund your transaction using PayNow. With platforms like Panda Remit, once you complete the payment via PayNow, the system processes the transaction 24/7, ensuring funds reach the foreign bank account in minutes.
Comparison: Panda Remit vs. Singapore Competitors
To help you make an informed decision, we have compared the leading remittance options available in Singapore based on speed, cost, and regulatory status.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Speed | As fast as 2 minutes (24/7 Real-time) | Varies (Minutes to Days) | Same-day (Cut-off times apply) | Instant to specific partners |
| Exchange Rates | Highly Competitive (Zero hidden fees) | Mid-market rate + Variable fee | Bank FX rates (Often higher spread) | Competitive |
| Incentives | Zero-fee offer for first remittance | Referral bonuses | $0 transfer fee (FX spread applies) | Points/Rewards |
| Regulation | MAS Licensed (MPI) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
Why Security Matters: MAS Regulation & Encryption
When asking how to send money to foreign bank account, security should be your top priority. 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, your funds are protected by bank-grade SSL encryption and multi-layered anti-fraud protocols. This ensures that every transaction is transparent, traceable, and secure from the moment it leaves your Singapore account until it hits the recipient's foreign bank account.
Explore More on Singapore Remittance
To further optimize your cross-border financial strategy, consider these common inquiries:
- What is the cheapest way to transfer money overseas from Singapore?
Digital remittance apps often beat banks by offering lower FX spreads. Start your zero-fee transfer with Panda Remit here. - Is it safe to use online remittance services for large amounts?
Yes, provided the service holds a Major Payment Institution license from MAS, like Panda Remit, which adheres to strict capital and compliance requirements.
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.
