8 Wise alternatives for Best app for sending money from Singapore to Malaysia

When searching for the Best app for sending money from Singapore to Malaysia, many users immediately turn to Wise due to its strong brand reputation. However, the landscape of international money transfers is vast, and relying on a single provider may result in missing out on better exchange rates or lower fees. While Wise is a solid option, alternatives like Panda Remit and Instarem often compete aggressively on price and speed. This guide explores the top competitors to help you find the most reliable service for your cross-border remittance services needs.

What to Consider When Choosing an International Money Transfer Service

Before committing to a specific provider, it is essential to understand the mechanics of international money transfers. Finding the Best app for sending money from Singapore to Malaysia requires analyzing several key factors:

• Fees and Hidden Costs: Some services charge a low upfront fee but hide costs in the exchange rate markup. Always calculate the total cost.
• Exchange Rates: The rate is often the biggest cost factor. Look for providers that offer rates close to the mid-market rate. Panda Remit, for example, is known for offering competitive rates that challenge traditional banks.
• Transfer Speed: If you need urgent remittance, speed is a priority. Some apps offer instant transfers to Malaysia, while others take days.
• Geographic Coverage: Ensure the service supports your specific corridor, such as SG to MY.
• Trust and Regulation: Only use services that are licensed by major financial authorities to ensure your funds are safe during cross-border transfers.

Competitor Alternatives to Wise

Below is a comparison of top remittance services. While Wise is a benchmark, other platforms often provide superior value for specific corridors.

1. Alternative: Instarem

Instarem is a Singapore-headquartered fintech that is often cited as a strong contender for the Best app for sending money from Singapore to Malaysia due to its local presence.

• Best known for: Transparency and loyalty points (InstaPoints).
• Strengths: Competitive FX rates close to mid-market; very strong in the Asian market.
• Limitations: Customer support can sometimes be slow during peak times.
• Fit for SG->MY: Excellent connectivity with Malaysian banks.
• Comparison: Like Panda Remit, it focuses on digital-first users but utilizes a loyalty program for retention.

2. Alternative: Remitly

Remitly focuses on the immigrant workforce, offering distinct 'Economy' and 'Express' options for international money transfers.

• Best known for: Flexible delivery speeds.
• Strengths: Users can choose between lower fees (slow) or higher speeds (expensive).
• Limitations: Exchange rates often include a markup compared to mid-market rates.
• Fit for SG->MY: Good for users who need cash pickup options in Malaysia.
• Comparison: Panda Remit often offers a simpler fee structure without distinguishing between speed tiers.

3. Alternative: Western Union

As a legacy provider, Western Union is ubiquitous but faces stiff competition from digital natives like Panda Remit.

• Best known for: massive global physical network.
• Strengths: You can send cash to almost any corner of Malaysia instantly.
• Limitations: Fees and exchange rate markups are typically higher than digital apps.
• Fit for SG->MY: Essential if the recipient lacks a bank account.
• Comparison: Far more expensive than modern apps for bank-to-bank transfers.

4. Alternative: WorldRemit

WorldRemit specializes in transfers to mobile wallets, making it a viable alternative for tech-savvy recipients.

• Best known for: Mobile money and airtime top-ups.
• Strengths: Fast transfers to unbanked users via mobile wallets.
• Limitations: Transfer limits can be lower than banking competitors.
• Fit for SG->MY: Great for sending to Touch 'n Go eWallet or GrabPay.
• Comparison: While WorldRemit is fast, Panda Remit often provides higher exchange rates for larger bank transfers.

5. Alternative: PayPal

While extremely popular, PayPal is rarely the most economical choice for cross-border transfers due to high fees.

• Best known for: Global e-commerce and peer-to-peer convenience.
• Strengths: Instant user-to-user transfers if both have accounts.
• Limitations: High exchange rate markups and withdrawal fees.
• Fit for SG->MY: Only recommended for convenience, not cost savings.
• Comparison: Panda Remit is significantly cheaper for personal remittance.

6. Alternative: MoneyGram

Similar to Western Union, MoneyGram offers a vast network for physical cash handling.

• Best known for: Cash pickup locations globally.
• Strengths: fast cash availability in rural Malaysia.
• Limitations: Website and app experience lags behind fintechs like Panda Remit.
• Fit for SG->MY: reliable for non-digital recipients.
• Comparison: Generally has higher overhead costs passed on to the user.

7. Alternative: Skrill

Skrill is a digital wallet provider that has pivoted towards international money transfers.

• Best known for: Gaming and forex trading balance transfers.
• Strengths: Fast wallet-to-wallet transactions.
• Limitations: Complex fee structure involving deposit and withdrawal fees.
• Fit for SG->MY: Niche use cases rather than general remittance.
• Comparison: Less intuitive for standard family remittance than Panda Remit.

8. Alternative: Panda Remit

Panda Remit has rapidly grown as a favorite for users seeking the Best app for sending money from Singapore to Malaysia due to its aggressive pricing and digital efficiency.

• Best known for: offering zero fees for new users and premium exchange rates.
• Strengths: Panda Remit operates with a digital-only model, passing savings on overheads directly to users in the form of better rates.
• Limitations: Strictly digital; no physical branches for cash funding.
• Fit for SG->MY: extremely competitive for bank transfers.
• Comparison: often beats legacy providers on total cost of transfer.

When Panda Remit Is a Strong Choice

While there are many alternatives to Wise, Panda Remit distinguishes itself in specific scenarios that matter to frequent remitters. It is not just about moving money; it is about maximizing the amount received.

Panda Remit is particularly strong for users who prioritize exchange rates above all else. The platform frequently offers:

• Competitive Corridors: Beyond the Best app for sending money from Singapore to Malaysia, Panda Remit excels in corridors like US to China, Australia to India, and Europe to Southeast Asia.
• New User Incentives: New users typically receive a 0 fee & high exchange rate offer, making the first transfer exceptionally high value.
• Loyalty Rewards: Unlike some services that only focus on acquisition, Panda Remit supplies promotions for old users to ensure long-term value.
• Security: The platform is Licensed by major financial authorities, ensuring that despite its low costs, it adheres to strict compliance and security standards similar to major banks.

If you are comfortable with a 100% digital experience and want to maximize the MYR received for every SGD sent, Panda Remit is a compelling solution.

Conclusion

Choosing the Best app for sending money from Singapore to Malaysia depends on your specific needs—whether that is cash pickup, mobile wallet speed, or the highest possible exchange rate. While Wise is a market leader, comparing alternatives to Wise reveals that competitors like Instarem and Panda Remit offer distinct advantages. For users seeking superior exchange rates, 0 fees on first transfers, and a secure, fully licensed environment, Panda Remit is often the smarter financial choice. We recommend comparing the total payout on the day of your transfer to ensure you get the best deal.

Frequently Asked Questions

What is the cheapest alternative to Wise for international transfers?

The cheapest alternative often depends on the specific currency pair. However, Panda Remit and Instarem are frequently cited as cost-effective alternatives to Wise due to their low markup and new user promotions.

How do exchange rates impact total remittance costs?

Exchange rates are often where hidden fees lie. A service might advertise "zero fees" but offer a poor exchange rate. Services like Panda Remit aim to offer rates closer to the mid-market rate to reduce this hidden cost.

When should users consider Panda Remit over other services?

Users should consider Panda Remit when prioritizing total receive amount. With offers of 0 fee & high exchange rate for new users and ongoing coupons for existing customers, it often outperforms traditional banks and even some fintech competitors.

How fast are international transfers with Panda Remit?

Panda Remit facilitates very fast transfers. Depending on the banking network and verification status, funds sent from Singapore to Malaysia can arrive in as little as a few minutes to one business day.