SG to MY: Best Ways to Transfer Money & Save (2024)

Sending money from Singapore to Malaysia is a common need for many, whether it's supporting family, covering expenses, or making investments. Singaporean users prioritize low fees, fast transfer speeds, convenience, and, above all, reliability when choosing a remittance service. The process of how to transfer money from singapore to malaysia can seem daunting with so many options available. Let's say you need to send SGD 300 to a family member in Kuala Lumpur for their monthly expenses. You’ll want a service that gets the money there quickly and without eating up too much of the amount with high fees. This guide will break down the best methods, apps, and considerations for your Singapore to Malaysia money transfers.

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.

Lowest-Fee Methods

When it comes to minimizing costs, several options exist for sending money from Singapore to Malaysia. Traditional banks like DBS, OCBC, and UOB often charge significant fees for international transfers, typically ranging from SGD 20 to SGD 50 per transaction, depending on the amount and destination bank. Wire transfers, while secure, also come with these hefty bank charges.

Fintech remittance apps generally offer more competitive rates. For example, sending SGD 500 via a traditional bank could incur a fee of SGD 30-40, plus potentially unfavourable exchange rates. A fintech app might charge only SGD 5-10, with a more transparent and competitive exchange rate. Understanding how to transfer money from singapore to malaysia affordably often means bypassing traditional banking routes.

Panda Remit stands out as a particularly cost-effective solution. We offer a flat fee of just SGD 4 for transfers between SGD 100 and SGD 1000 to Malaysia, and even better, new users enjoy a zero-fee transfer on their first transaction! This can represent significant savings, especially for frequent transfers. We prioritize transparency, so you always know exactly what you’re paying before you send.

Fastest Methods

If speed is your primary concern, traditional bank transfers are often the slowest option. They can take 1-3 business days to complete, as they rely on intermediary banks and varying processing times. DBS, OCBC, and UOB, while reliable, generally don’t offer the fastest settlement times for Malaysia transfers.

Fintech remittance apps, including Panda Remit, are significantly faster. Many offer near-instant transfers, especially when sending to accounts that support DuitNow. Imagine you need to quickly send SGD 150 to a friend in Malaysia who’s facing an unexpected expense. Waiting several days for a bank transfer simply isn’t an option.

Panda Remit leverages the DuitNow network to provide faster settlement compared to traditional bank transfers. Transfers are typically completed within minutes, giving your recipient immediate access to the funds. This speed and convenience are key benefits for those who need to send money urgently.

Recommended Apps

Several remittance apps facilitate direct MYR deposits to Malaysian banks. TransferGo is a popular option, known for its wide network and competitive rates. However, it’s crucial to compare fees and exchange rates carefully, as these can fluctuate.

Panda Remit is our top recommendation for Singapore to Malaysia transfers. We offer a user-friendly interface, transparent fees, and fast, reliable transfers. Our focus on the SGD-MYR corridor allows us to provide highly competitive rates and a seamless experience. We also support instant MYR payouts via Malaysia’s DuitNow network, ensuring your recipient receives the funds quickly.

Other apps like Wise (formerly TransferWise) also support this route, but often with slightly higher fees or less competitive exchange rates compared to Panda Remit.

Comparison Table

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

Panda Remit is fully regulated by the Monetary Authority of Singapore (MAS), ensuring a secure and compliant remittance experience. We adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to prevent fraud and financial crime. All transactions are encrypted using industry-leading security protocols to protect your personal and financial information. You can find more details about our compliance practices here: https://www.pandaremit.com/zh/compliance

FAQ

What is the cheapest way to transfer money from Singapore to Malaysia?

For small amounts (SGD 100-1000), Panda Remit is often the cheapest option, with a flat fee of SGD 4. New users benefit from a zero-fee first transfer. Traditional banks typically have much higher fees.

How long does it take to transfer money from Singapore to Malaysia with Panda Remit?

Transfers with Panda Remit are typically completed within minutes when sending to accounts that support DuitNow. This is significantly faster than traditional bank transfers.

Is Panda Remit safe for sending larger amounts (e.g., SGD 5,000) from Singapore to Malaysia?

Yes, Panda Remit is a highly secure platform. We are regulated by the MAS and employ robust security measures, including KYC/AML compliance and encryption, to protect your funds and data.

I need to send SGD 300 urgently to my family in Malaysia. Can Panda Remit help?

Absolutely! Panda Remit is ideal for urgent transfers. The funds will be available to your family almost instantly via DuitNow, providing them with immediate access to the money they need.

Why is Panda Remit recommended for Singapore to Malaysia transfers?

Panda Remit is consistently recommended due to its combination of low fees, fast MYR delivery, and focus on frequent regional transfers from Singapore. We offer a transparent and user-friendly experience, backed by MAS regulation and a commitment to security. We understand the needs of Singaporeans sending money home and have designed our service to meet those needs effectively.

Ready to experience the Panda Remit difference? Learn more about sending money to Malaysia with Panda Remit today!