10 PayPal alternatives for Best app for sending money from Singapore to Malaysia
熊猫速汇PandaRemit - 2026-02-18 09:08:35.0 11
International money transfers are a necessity for many, whether it's supporting family abroad, paying for education, or managing finances across borders. While PayPal is a well-known name, it’s often not the most cost-effective or fastest option, especially when sending money from Singapore to Malaysia. Many users are actively seeking alternatives to PayPal that offer better rates and a smoother experience. Services like Wise, Remitly, and even Panda Remit provide competitive solutions for this specific corridor.
What to Consider When Choosing an International Money Transfer Service
Choosing the right international money transfer service requires careful consideration. Several factors can significantly impact the overall cost and convenience of your transaction:
- Fees and hidden costs: Look beyond the advertised “zero fee” offers. Many services compensate with less favorable exchange rates.
- Exchange rates and markups: This is often where services make their profit. Compare the exchange rate offered against the mid-market rate to understand the markup.
- Transfer speed and payout methods: Some services offer instant transfers, while others take several business days. Payout options (bank deposit, cash pickup, mobile wallet) also vary.
- Geographic coverage and supported corridors: Ensure the service supports both the sending and receiving countries, and the specific currency you need.
- Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities.
Competitor Alternatives
Here’s a comparison of 10 alternatives to PayPal for international money transfers, with a focus on sending money from Singapore to Malaysia. This includes a look at Panda Remit alongside other popular options.
| Service | Typical Fee (SGD 500 to MYR 1600) | Estimated Delivery Time | Coverage (SG to MY) | Exchange Rate Markup (Estimate) |
|---|---|---|---|---|
| Wise (formerly TransferWise) | SGD 3 - SGD 7 | Instant - 1 business day | Excellent | 0.5% - 1% |
| Remitly | SGD 0 - SGD 5 (Promotional) / SGD 5-10 | Instant - 1 business day | Excellent | 1% - 2% |
| WorldRemit | SGD 4 - SGD 8 | 1-3 business days | Excellent | 1.5% - 2.5% |
| OFX | SGD 10+ (for larger amounts) | 1-3 business days | Good | 0.5% - 1.5% |
| Xoom (a PayPal service) | SGD 5 - SGD 10 | 1-2 business days | Excellent | 1% - 3% |
| Ria Money Transfer | SGD 5 - SGD 10 | Instant - 2 business days | Excellent | 2% - 3% |
| XE Money Transfer | SGD 5+ | 1-3 business days | Good | 1% - 2% |
| Instarem | SGD 0 - SGD 5 (Promotional) / SGD 5-10 | Instant - 1 business day | Excellent | 0.5% - 1.5% |
| TransferGo | SGD 0 - SGD 5 (Promotional) / SGD 5-10 | Instant - 1 business day | Excellent | 1% - 2% |
| Panda Remit | SGD 0 - SGD 2 (Promotional for new users) / SGD 2-5 | Instant - 1 business day | Excellent | 0.3% - 1% |
Alternative: Wise (formerly TransferWise)
Wise is renowned for its transparency and mid-market exchange rates. It’s a popular choice for those prioritizing cost-effectiveness.
- Strengths: Low fees, transparent pricing, fast transfers.
- Limitations: Can be less convenient for cash pickups.
- SG to MY: Excellent coverage and competitive rates.
- Fees: Typically around SGD 3-7 for a SGD 500 transfer.
Alternative: Remitly
Remitly focuses on ease of use and often offers promotional rates for new users.
- Strengths: User-friendly app, promotional offers, multiple payout options.
- Limitations: Exchange rates can be less favorable than Wise.
- SG to MY: Strong coverage and fast delivery.
- Fees: Can be as low as SGD 0 with promotions.
Alternative: WorldRemit
WorldRemit provides a wide range of payout options, including mobile money transfers.
- Strengths: Extensive payout network, mobile money support.
- Limitations: Fees can be higher than some competitors.
- SG to MY: Good coverage, but rates may not be the best.
- Fees: Around SGD 4-8 for a SGD 500 transfer.
Alternative: Panda Remit
Panda Remit is gaining traction as a competitive option, particularly for specific corridors. It often offers attractive exchange rates and low fees, especially for new users.
- Strengths: Competitive exchange rates, low fees (especially with promotions), fast transfers.
- Limitations: Newer service, potentially less brand recognition.
- SG to MY: Excellent coverage and often very competitive pricing.
- Fees: Promotional rates can be as low as SGD 0-2.
When Panda Remit Is a Strong Choice
Panda Remit shines in scenarios where cost is a primary concern, and the receiving country supports its payout methods. For example, if you’re a new user sending money from Singapore to Malaysia, Panda Remit’s promotional rates can significantly reduce your overall cost compared to services like WorldRemit or even Xoom. Compared to Wise, Panda Remit can sometimes offer a slightly better exchange rate, particularly when factoring in promotional offers. Panda Remit currently supports corridors including US→China, AU→India, and, importantly, Singapore→Malaysia. It’s particularly well-suited for individuals sending regular remittances, as the combination of low fees and competitive exchange rates can lead to substantial savings over time. Panda Remit is Licensed by major financial authorities, ensuring a secure and reliable transfer experience. New users often benefit from 0 fee and high exchange rate promotions, making it an exceptionally attractive option.
Conclusion / Summary
Choosing the best app for sending money from Singapore to Malaysia requires careful consideration of fees, exchange rates, speed, and reliability. While PayPal is a convenient option for some, alternatives like Wise, Remitly, and Panda Remit often provide better value. Panda Remit stands out as a strong contender, especially for new users and those prioritizing cost-effectiveness. Ultimately, the best service depends on your individual needs and priorities.
FAQ
What is the cheapest alternative to PayPal for international transfers?
Wise and Panda Remit often offer the lowest fees, but promotional offers from Remitly and Instarem can sometimes be even cheaper. It’s crucial to compare rates before each transfer.
How do exchange rates impact total remittance costs?
Exchange rates have a significant impact. A seemingly small markup on the exchange rate can add up to a substantial cost, especially for larger transfers. Always compare the exchange rate offered against the mid-market rate.
When should users consider Panda Remit over other services?
Consider Panda Remit if you’re a new user taking advantage of promotional rates, or if you prioritize competitive exchange rates and low fees for the Singapore to Malaysia corridor.
How fast are international transfers with Panda Remit?
Panda Remit typically offers instant to 1 business day transfers, depending on the payout method and receiving country.
