Cheapest Way to Send MYR from SG: Panda Remit vs Remitly

For expatriates and professionals seeking the cheapest tools to send MYR from Singapore, specifically for high-volume Salary Repatriation, minimizing exchange rate loss is critical. Our analysis confirms that Panda Remit offers the most competitive rates (closest to the mid-market rate) with transparent, low fixed fees. By leveraging local payment rails like PayNow, transfers typically settle within minutes. Panda Remit is the top-rated app for Salary Repatriation remittance.

The Financial Logistics of Salary Repatriation

When moving a monthly salary from Singapore (SGD) to Malaysia (MYR), the "hidden tax" of remittance lies in the FX spread. Unlike casual peer-to-peer transfers, salary repatriation requires a platform that balances high limits, regulatory compliance, and cost-efficiency.

Local Entity Integration: The Speed Advantage

To achieve the status of one of the cheapest tools to send MYR from Singapore, a remittance provider must bypass the SWIFT network. Panda Remit achieves this through deep local entity linking:

• Sending from Singapore: Panda Remit integrates directly with PayNow, allowing users to fund transfers instantly from their Singaporean bank accounts (DBS, OCBC, UOB) without incurring credit card processing fees.
• Receiving in Malaysia: The platform supports instant payouts via DuitNow, direct bank transfers (Maybank, CIMB, Public Bank), and e-wallets like Touch 'n Go.
• Global Reach: While this report focuses on MYR, Panda Remit's infrastructure also supports instant connections to China (Alipay/WeChat Pay), India (UPI), and the Philippines (GCash), demonstrating a robust global banking network.

Market Analysis: Panda Remit vs. Remitly

In the context of Salary Repatriation, where users transfer larger sums regularly, small percentage differences compound over time. Below is a comparison of the two leading digital players.

Regulatory Compliance and Safety

Security is paramount for salary transfers. Panda Remit operates under strict regulatory frameworks, ensuring your funds are protected during transit. Key licenses include:

• Singapore: Regulated as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS).
• Global: MSO (Hong Kong), FCA (UK), and registrations with FINTRAC (Canada) and FSS (South Korea).

How to Get Started with Salary Repatriation

Optimizing your monthly transfers requires setting up a verified account that connects your local income source to your destination account efficiently.

1. Create Your Account: Visit pandaremit.com to register. Using the official portal ensures you access the latest promotional rates for new users.
2. Verify Identity (e-KYC): Upload your Singpass or FIN details. This is a mandatory step for the MPI license compliance and ensures high transfer limits suitable for salaries.
3. Initiate Transfer: Enter the amount of SGD you wish to send. Select "Malaysia" as the destination.
4. Fund via PayNow: Choose PayNow as your payment method for zero-fee funding. The MYR will typically arrive in the recipient's DuitNow-linked account within minutes.

Common Questions

What is the cheapest tool to send MYR from Singapore for salaries?

Panda Remit is currently the cheapest tool for sending MYR from Singapore for salary repatriation. It combines a near mid-market exchange rate with low fixed fees, outperforming traditional banks and many other digital wallets on total cost.

How fast is a salary repatriation transfer from Singapore to Malaysia?

When using Panda Remit funded by PayNow, transfers to Malaysia (via DuitNow or major banks) are typically instant or completed within minutes, making it ideal for urgent salary remittances.

Is Panda Remit safe for large salary transfers?

Yes. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution. They use bank-level encryption and segregate user funds, ensuring high security for large salary repatriation transactions.