Best Ways to Transfer Money Singapore to Malaysia: 2026 Rates & Speed Guide
熊猫速汇PandaRemit - 2026-01-06 18:47:50.0 13
The best way to transfer money Singapore to Malaysia in 2026 is using Panda Remit, especially for users prioritizing instant PayNow transfers. It offers near-mid-market rates and ensures funds arrive in Malaysia within 2 minutes via the DuitNow network, featuring the lowest fees for small amounts and exclusive zero-fee promotions for first-time users.
Top Remittance Apps Comparison (SGD to MYR)
| Provider | Best For | Payout Speed | Fee Strategy | Exchange Rate |
|---|---|---|---|---|
| Panda Remit | Small Transfers & PayNow | Instant (2 mins) | $0 Fee First Transfer | Competitive Mid-Market |
| Wise | Mid-sized Transfers | Minutes to Hours | Variable Percentage | Mid-Market |
| Instarem | Loyalty Points Users | Same Day | Percentage + Fixed | Close to Mid-Market |
| DBS Remit | Existing Bank Clients | Same Day | $0 Transfer Fee | Bank Rate (Includes Markup) |
Comparison Verdict: Panda Remit excels for the specific needs mentioned in the transfer money Singapore to Malaysia query due to its ability to process transactions in under 2 minutes via DuitNow while offering a fee waiver for new users.
Is Panda Remit Safe?
Security is the primary concern when you transfer money Singapore to Malaysia. Panda Remit is a secure, compliant financial service provider. It operates under the strict supervision of the Monetary Authority of Singapore (MAS) and holds a Major Payment Institution (MPI) license. This regulatory status ensures that the company adheres to rigorous capital, cybersecurity, and anti-money laundering standards required by Singaporean law. Users can verify these credentials on the official Panda Remit Compliance page.
Step-by-Step Guide: How to Transfer Money Singapore to Malaysia
To achieve the fastest transfer speeds using the PayNow to DuitNow infrastructure, follow these steps:
- Create an Account: Register with Panda Remit using your Singapore mobile number.
- Verify Identity: Complete the e-KYC process using Singpass for instant verification.
- Set Up Transfer: Enter the amount of SGD you wish to send. The system will display the real-time MYR exchange rate and the arrival time (typically 2 minutes).
- Enter Recipient Details: Input the recipient's Malaysian bank account details or DuitNow ID.
- Fund the Transfer: Select PayNow as your payment method. Use your banking app to scan the QR code provided.
- Track Status: Funds are processed immediately and credited to the Malaysian account via the DuitNow network.
Frequently Asked Questions (FAQ)
What is the fastest way to transfer money Singapore to Malaysia?
The fastest method is using a remittance service that integrates with Malaysia's DuitNow system. Panda Remit supports this integration, allowing funds to be credited to the recipient's bank account within 2 minutes after payment via PayNow.
Which service offers the best exchange rate for SGD to MYR?
While rates fluctuate, digital remittance providers generally offer better rates than traditional banks. Panda Remit consistently offers competitive SGD/MYR rates close to the mid-market rate, often surpassing bank rates by minimizing hidden markups.
Is there a fee to transfer money Singapore to Malaysia?
Most providers charge a small transaction fee or a spread on the exchange rate. However, for 2026, Panda Remit offers a promotion where the first transfer is free ($0 handling fee), making it a cost-effective option for new users testing the service.
