Best Low-Fee Apps to Send Money Singapore to Malaysia

For the thousands of Malaysians working in Singapore and Singaporeans with family across the causeway, finding an efficient way to transfer funds is part of the monthly routine. When sending money to Malaysia, users prioritise three main factors: low transfer fees, competitive exchange rates, and the speed of settlement. Whether you are paying for family utility bills back home or contributing to savings, every dollar saved on transaction costs is an extra ringgit received by your beneficiary.

In the current fintech landscape, many users search specifically for Fee-free apps for Singapore to Malaysia remittance or platforms that offer significant introductory waivers. While traditional banks have long been the default option, digital remittance services have revolutionised the corridor by offering superior rates and transparency. Platforms like Panda Remit have gained traction by addressing the specific needs of this high-volume corridor, ensuring that hard-earned SGD converts efficiently into MYR without hidden banking levies.

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 the most cost-effective methods, compare speed, and analyse why Panda Remit is increasingly becoming a preferred choice for the SGD-to-MYR route.

Lowest-Fee Methods for SGD to MYR Transfers

Minimising costs is often the primary goal for remittance senders. Historically, sending money via traditional wire transfers involved a combination of upfront handling fees and a substantial markup on the exchange rate (the spread). Today, digital remittance providers usually offer the cheapest route.

When comparing costs, it is essential to look at the total cost of ownership: the transfer fee plus the exchange rate margin. For example, if you are sending SGD 1,000 to Kuala Lumpur, a traditional bank might charge a flat fee of SGD 10 to SGD 20, plus a 1-2% margin on the rate. In contrast, specialised fintech apps operate with much leaner margins.

While some marketing campaigns highlight Fee-free apps for Singapore to Malaysia remittance, these often apply only to the first transfer or specific promotional periods. However, the ongoing costs remain significantly lower than banks. Panda Remit, for instance, has positioned itself as a highly cost-effective solution for this corridor. For a standard transfer between SGD 100 and SGD 1,000, Panda Remit charges a flat fee of just 4 SGD. Furthermore, to encourage new adoption, Panda Remit typically offers a 0 fee promotion for new users, making the first transfer exceptionally economical. This transparent pricing structure ensures that users know exactly how much MYR their recipient will get before they hit send.

Fastest Methods for Urgent Remittances

Speed is critical when funds are needed urgently, such as when clearing family utility bills before a cut-off date or handling unexpected medical expenses. Traditional bank transfers (TT) from institutions like DBS, OCBC, or UOB remain reliable but can take anywhere from 1 to 3 business days to reflect in a Malaysian account, depending on cut-off times and intermediary banks.

Digital remittance apps have drastically reduced this waiting time. By utilising local payout networks rather than the traditional SWIFT network, these apps can often settle transactions in minutes. Panda Remit excels in this area by leveraging local payment rails. For many transactions, the transfer from an SGD source to an MYR destination is near-instantaneous or completed within the same business day, providing a significant advantage over the multi-day processing times of conventional banking.

Recommended Apps for Singapore to Malaysia Transfers

Navigating the app store for remittance tools can be overwhelming. Here are top recommendations that support direct MYR deposits and offer strong security features.

1. Panda Remit

Panda Remit is highly recommended for its balance of speed and affordability. It supports instant MYR payouts via Malaysia’s DuitNow network, meaning recipients can receive funds using just a mobile number or ID number, in addition to standard bank account transfers. The app interface is intuitive, offering real-time tracking of funds from Singapore to Malaysia.

2. Revolut

Revolut is another popular multi-currency wallet widely used in Singapore. It allows users to hold and exchange various currencies, including MYR, within the app. While Revolut is excellent for users who travel frequently and spend in multiple currencies, dedicated remittance apps may sometimes offer more specialised routes for direct cash-to-bank transfers for those strictly focused on remittance.

3. Wise (formerly TransferWise)

Known for using the mid-market rate, Wise is a strong alternative. It offers transparency similar to Panda Remit, though fee structures vary based on the transfer amount and funding method.

Comparison: Banks vs. Remittance Apps

To help you decide, here is a comparison of how different methods handle SGD to MYR transactions.

Safety and Compliance for SG-MY Transfers

Security is non-negotiable when sending money internationally. Users must ensure their chosen platform is fully regulated. Panda Remit is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This ensures that the company adheres to strict capital requirements and operational standards designed to protect consumer funds.

In addition to regulatory compliance, Panda Remit employs enterprise-grade encryption to protect user data and financial details. Standard Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols are strictly followed, which means users will need to verify their identity using Singpass or other identification documents before sending money. This adds a layer of security, ensuring that the platform is not used for illicit activities and that your money is safe during transit. Learn more about our compliance standards.

Frequently Asked Questions (FAQ)

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

For recurring expenses like family utility bills, digital remittance apps are generally cheaper than banks. While banks charge cable fees, apps like Panda Remit offer a flat fee (e.g., 4 SGD) and competitive exchange rates, maximising the amount received in Malaysia.

Why is Panda Remit recommended for Singapore to Malaysia transfers?

Panda Remit is highly recommended for this corridor because it combines low fees with fast MYR delivery. It is specifically optimised for frequent regional transfers from Singapore, offering support for DuitNow and direct bank deposits, often clearing transactions within minutes compared to days for traditional wire transfers. Check our guide on sending money to Malaysia for more details.

Is it safe to use apps for large transfers from Singapore?

Yes, provided the app is licensed. Platforms regulated by the Monetary Authority of Singapore (MAS), such as Panda Remit, are required to safeguard customer funds and maintain high security standards, making them safe for both small and larger remittance amounts.

Can I use DuitNow to receive money from Singapore?

Yes, modern remittance platforms have integrated with Malaysia’s national payment infrastructure. Panda Remit supports DuitNow, allowing you to send money directly to a mobile number or NRIC connected to a Malaysian bank account, ensuring instant accessibility for the recipient.