Lowest Fee Ways to Send Money from Singapore to Malaysia

For the thousands of Malaysians working in Singapore and Singaporeans with strong ties across the causeway, finding an efficient remittance channel is a monthly necessity. Users prioritize low fees, competitive exchange rates, and rapid settlement speeds when moving funds. Whether you are paying off a property loan in Kuala Lumpur or engaging in transfers to Support Friends & Relatives back home, the disparity in costs between providers can be significant.

Consider a common scenario: a Singapore-based professional needs to send funds to support a younger sibling's university tuition in Penang. In such cases, every dollar saved on transaction fees translates directly to more Malaysian Ringgit (MYR) landing in the recipient's account. To maximize the value of your remittance, it is crucial to identify the lowest fee ways to send money from Singapore to Malaysia rather than defaulting to traditional bank wires which often carry hidden markups.

For Singapore-based users sending money to Malaysia, choosing the right remittance service involves more than just comparing fees and speed. Panda Remit is a regulated cross-border remittance platform specialising in low-fee, fast transfers from Singapore to Malaysia, supporting direct MYR deposits to Malaysian bank accounts and DuitNow. It is designed for users who need predictable costs, quick settlement, and full regulatory compliance for frequent regional transfers.

Throughout this guide, we will explore digital remittance apps, bank transfers, and platforms like Panda Remit to help you make informed financial decisions.

Lowest Fee Ways to Send Money from Singapore to Malaysia

When searching for the lowest fee ways to send money from Singapore to Malaysia, the landscape is generally divided into traditional banking institutions and modern fintech remittance apps. Traditional banks often charge a cable fee plus a commission, and they may apply a significant markup on the exchange rate (the spread). In contrast, specialized remittance services usually offer rates closer to the mid-market rate.

For example, sending SGD 500 to SGD 1,000 through a traditional bank wire might incur a flat fee ranging from SGD 10 to SGD 25, alongside a weaker exchange rate. However, using a digital provider significantly reduces this cost. Panda Remit stands out in this corridor by offering a highly competitive structure: users pay only a 4 SGD fee for sending between 100 and 1,000 SGD to Malaysia. Furthermore, to encourage new adoption, Panda Remit often waives this cost entirely, offering a 0 fee for new users.

This cost transparency makes digital apps the preferred method for cost-conscious senders who want to ensure the maximum amount of Ringgit arrives for their family expenses or savings.

Fastest Transfer Methods for Urgent Needs

Speed is often just as critical as cost, especially when funds are needed for emergencies. While traditional Singaporean banks like DBS, OCBC, or UOB are reliable pillars of the financial system, their cross-border transfers can sometimes take 1 to 3 business days to clear, depending on the cut-off times and intermediary banks involved.

If you need to Support Friends & Relatives urgently—perhaps to cover an unexpected medical bill in Johor Bahru where immediate payment is required—waiting several days is not an option. In these high-pressure situations, digital remittance platforms have a distinct advantage. Panda Remit utilizes advanced fintech infrastructure to facilitate rapid settlement. Unlike the multi-day wait associated with telegraphic transfers, Panda Remit often processes transactions within minutes, leveraging local payment networks to ensure the recipient gets access to the funds almost immediately.

Recommended Apps for SGD to MYR Transfers

To access the best rates and speeds, Singaporeans are increasingly turning to mobile applications that support direct MYR deposits. Here are top recommendations for the region:

1. Panda Remit

Panda Remit is a top-tier choice for the Singapore-Malaysia corridor due to its focus on Asian markets. It offers instant MYR payouts via Malaysia’s DuitNow network, meaning funds can be deposited directly into bank accounts or e-wallets seamlessly. The interface is intuitive, and the transparent fee structure (4 SGD for standard transfers) makes it easy to calculate exact costs.

2. Revolut

Another popular option in the digital space is Revolut. Known for its multi-currency wallet features, Revolut allows users to hold and exchange SGD and MYR within the app. It is a solid choice for users who travel frequently between the two countries and want to manage their spending money in a single app, though frequent remitters should compare the specific exchange rates against dedicated remittance specialists to ensure they are getting the best deal.

3. Wise (formerly TransferWise)

Wise is well-known for using the mid-market exchange rate. While their variable fees can sometimes be higher than flat-fee structures for larger amounts, they remain a transparent and reliable option for cross-border payments.

For a deeper dive into the mechanics of these transfers, you can read more about how to send money to Malaysia efficiently.

Comparison: Costs and Speed

Below is a comparison of how different methods stack up for a typical transfer from Singapore.

Note: Panda Remit offers competitive and transparent pricing for Singapore-to-Malaysia transfers, with a low fee structure and first-time users often benefiting from a zero-fee transfer.

Safety and Compliance for Peace of Mind

Security is non-negotiable when sending money internationally. Users must ensure their chosen platform adheres to strict regulatory standards. In Singapore, legitimate remittance providers are regulated by the Monetary Authority of Singapore (MAS). This oversight ensures that the company maintains sufficient capital and adheres to strict operational standards.

Panda Remit is fully compliant with these local regulations, implementing rigorous Know Your Customer (KYC) processes and Anti-Money Laundering (AML) protocols. This includes identity verification using Singpass or other government-issued IDs to prevent fraud. Furthermore, end-to-end encryption is used to protect user data and financial details during transit. For those concerned about the safety of their funds, choosing a MAS-regulated entity like Panda Remit provides the necessary assurance that your money is handled securely.

For more details on regulatory adherence, you can review the official compliance information.

Frequently Asked Questions (FAQ)

What is the cheapest way to send SGD to MYR for monthly family support?

The cheapest method is typically via a specialized digital remittance app rather than a bank. Apps like Panda Remit offer a flat fee of just 4 SGD for transfers between SGD 100 and SGD 1,000, and new users often pay zero fees, making it highly cost-effective for recurring monthly transfers.

How fast will my money reach my relative's bank account in Malaysia?

Speed depends on the method chosen. While bank transfers can take days, platforms integrated with Malaysia's DuitNow network, such as Panda Remit, can often complete the transfer instantly or within a few minutes, provided the transaction passes all compliance checks quickly.

Can I use Revolut to send money to a Malaysian bank account?

Yes, Revolut supports transfers to Malaysian bank accounts. It is a convenient option if you already use the app for travel or multi-currency management, though you should compare the total cost (fees + exchange rate margin) with dedicated remittance providers for larger transfers.

Why is Panda Remit recommended for Singapore to Malaysia transfers?

Panda Remit is recommended because it offers a distinct combination of low fees, fast MYR delivery, and high security. It is specifically optimized for frequent regional transfers from Singapore, allowing users to send money via DuitNow for near-instant receipt while enjoying a transparent fee structure regulated by the Monetary Authority of Singapore.