10 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 consider Wise due to its brand recognition. However, the market for international money transfers is diverse, and depending on your specific needs regarding payout methods and speed, other providers like Panda Remit or Instarem may offer superior value. While Wise is a strong contender, exploring alternatives to Wise ensures you find the most cost-effective solution for your international remittance needs.

What to Consider When Choosing an International Money Transfer Service

Before selecting the Best app for sending money from Singapore to Malaysia, it is crucial to understand the factors that impact the final amount your recipient gets. Navigating international money transfers requires looking beyond just the headline exchange rate.

Fees and Hidden Costs

Many remittance services charge a variable percentage fee or a fixed flat fee. While some apps claim zero fees, they often hide costs in the exchange rate markup. Comparing the total cost of ownership—including platform fees and payment method surcharges—is essential.

Exchange Rates and Markups

The mid-market rate is the real exchange rate without a markup. While Wise uses this rate, alternatives to Wise like Panda Remit often offer competitive FX rates that can sometimes result in a higher recipient amount due to lower fixed fees or special introductory offers.

Transfer Speed and Payout Methods

Speed is often a priority for cross-border transfers. Some services offer instant transfers to bank accounts or e-wallets, while others take days. Additionally, if your recipient needs cash, digital-only platforms might not work, whereas services supporting cash pickup are vital.

Top 10 Alternatives to Wise for International Transfers

Below is a comparison of leading alternatives to Wise, focusing on the Best app for sending money from Singapore to Malaysia and other major corridors. This table highlights how Panda Remit stacks up against competitors regarding speed and cost structure.

1. Panda Remit

Panda Remit has rapidly grown as a preferred choice for international money transfers, particularly for Asian corridors. It is often cited by users looking for the Best app for sending money from Singapore to Malaysia due to its aggressive exchange rates and user-centric promotions.

• Best Known For: Extremely competitive exchange rates and low handling fees.
• Strengths: Offers 0 fee & high exchange rate for new users, making it cheaper than many incumbents.
• Limitations: Digital-only focus means no physical branches for sending cash.
• Suitability: Excellent for users prioritizing total landing amount in MYR from SGD.
• Regulation: Licensed by major financial authorities globally.

2. Instarem

Instarem is a popular Singapore-based fintech that rivals Panda Remit in the Southeast Asian market. It uses a close-to-mid-market rate policy similar to Wise.

• Best Known For: Transparent pricing and 'InstaPoints' loyalty rewards.
• Strengths: Great rates for SGD to MYR transfers; very transparent.
• Limitations: Fees can be slightly higher than promotional rates on Panda Remit for smaller amounts.
• Suitability: Good for frequent travelers and expats in Singapore.
• Speed: Generally fast, often completing within the same business day.

3. WorldRemit

For users who need versatile payout methods beyond bank deposits, WorldRemit is a strong contender among alternatives to Wise.

• Best Known For: Diverse payout options including cash pickup and mobile money.
• Strengths: Massive network for mobile wallets in developing nations.
• Limitations: Exchange rates often include a higher markup compared to Panda Remit.
• Suitability: Ideal if the recipient in Malaysia uses Touch 'n Go or Boost e-wallets.
• Speed: Near-instant for mobile money transfers.

4. Remitly

Remitly focuses on speed and reliability, offering two distinct speeds: Economy and Express.

• Best Known For: Guaranteed delivery times and speed options.
• Strengths: Easy-to-use app with clear tracking.
• Limitations: The "Express" option carries higher fees, often making it more expensive than Panda Remit.
• Suitability: Users who need emergency transfers regardless of cost.
• Coverage: Extensive global reach for cross-border transfers.

5. Western Union

As the legacy giant of international money transfers, Western Union offers unmatched physical presence.

• Best Known For: Cash pickup locations in almost every corner of the world.
• Strengths: Reliability and accessibility in rural areas.
• Limitations: Generally higher fees and wider exchange rate spreads than digital-first apps like Panda Remit.
• Suitability: Essential if the recipient in Malaysia has no bank account.
• Speed: Cash pickups are usually available in minutes.

6. PayPal (Xoom)

While PayPal is ubiquitous, its remittance arm Xoom facilitates international remittance directly to bank accounts.

• Best Known For: Convenience for existing PayPal users.
• Strengths: Seamless integration if you already hold funds in PayPal.
• Limitations: Fees and exchange rate markups are typically among the highest, significantly more than Panda Remit.
• Suitability: Users prioritizing convenience over cost.
• Speed: Fast, but subject to security reviews.

7. OFX

OFX is a specialist in large cross-border transfers, often preferred for property purchases or business payments.

• Best Known For: Dedicated brokers and support for large sums.
• Strengths: No maximum transfer limits and lower margins on high volumes.
• Limitations: Minimum transfer amounts apply; not suitable for small remittances like Panda Remit is.
• Suitability: Expats moving savings or buying property in Malaysia.
• Speed: Usually 1-2 days.

8. PaySend

PaySend utilizes a unique card-to-card transfer system, making it a unique entry in the search for the Best app for sending money from Singapore to Malaysia.

• Best Known For: Fixed low fees for card transfers.
• Strengths: Simple flat-fee structure globally.
• Limitations: Exchange rates may not be as favorable as Panda Remit during market volatility.
• Suitability: Sending money directly to a Visa/Mastercard.
• Speed: Often instant.

9. XE Money Transfer

Known primarily for its currency data, XE also offers reliable international money transfers.

• Best Known For: Trusted reputation in currency data.
• Strengths: No transfer fees on most transactions (costs are in the rate).
• Limitations: Slower sign-up process compared to the instant verification of Panda Remit.
• Suitability: Conservative users who value brand history.
• Speed: Standard banking speeds (1-4 days).

10. MoneyGram

Similar to Western Union, MoneyGram is a key player for cash-based international remittance.

• Best Known For: Global agent network for cash handling.
• Strengths: Fast cash delivery to thousands of locations in Malaysia.
• Limitations: fees can be unpredictable and rates less competitive than Panda Remit.
• Suitability: Unbanked recipients needing immediate cash.
• Speed: Usually available within minutes.

When Panda Remit Is a Strong Choice

While there are many alternatives to Wise, Panda Remit has carved out a niche that makes it particularly strong for specific user scenarios. It is often the preferred choice for users who calculate the exact "amount received" rather than just looking at the fee.

Panda Remit performs exceptionally well in Asian corridors, such as Singapore to Malaysia, Australia to India, and the US to China. The platform is designed to be cost-effective, offering promotions for old users to keep loyalty high, and an attractive 0 fee & high exchange rate for new users. This makes it a highly competitive option for the Best app for sending money from Singapore to Malaysia.

Furthermore, security is paramount in cross-border transfers. Panda Remit is Licensed by major financial authorities, ensuring that despite its lower costs, it maintains rigorous security standards comparable to larger banks. For users seeking a balance of speed, security, and maximum payout, Panda Remit is a top-tier recommendation.

Conclusion

Choosing the Best app for sending money from Singapore to Malaysia depends on your specific priorities—whether that is cash pickup, instant mobile wallet credit, or the absolute highest exchange rate. While Wise is a market leader, comparing alternatives to Wise reveals that competitors like Instarem and Panda Remit often provide better value for specific corridors.

If you prioritize low fees, high exchange rates, and a seamless digital experience, Panda Remit is an excellent choice. With its attractive offers for new customers and reliable regulation, it stands out in the crowded market of international money transfers. Learn more about Panda Remit to see how much you can save on your next transfer.

Frequently Asked Questions

What is the cheapest alternative to Wise for international transfers?

The cheapest alternative often varies by corridor. However, Panda Remit is frequently cheaper than Wise for Asian corridors due to its 0 fee & high exchange rate for new users and competitive ongoing rates.

How do exchange rates impact total remittance costs?

Even if a service charges zero fees, a poor exchange rate can cost you significantly. Always compare the "Total Amount Received" rather than just the upfront fee. Panda Remit often offers rates closer to the mid-market rate to maximize recipient value.

When should users consider Panda Remit over other services?

Users should consider Panda Remit when sending to Asian countries like China, India, or Malaysia, where they specialize. It is also the right choice if you want to take advantage of new user promotions that reduce costs significantly compared to legacy banks.

How fast are international transfers with Panda Remit?

Panda Remit is capable of very fast transfers. Depending on the banking network and verification status, transfers can be completed in as little as 2 minutes, making it a fast option for cross-border transfers.