3 MoneyGram alternatives for Best app for sending money from Singapore to Malaysia

熊猫速汇PandaRemit - 2026-02-25 08:55:30.0 8

International money transfers are a necessity for many, especially those supporting family and friends abroad. While MoneyGram is a well-known name, several alternatives offer competitive rates, faster speeds, and greater convenience, particularly when looking for the best app for sending money from Singapore to Malaysia. Services like Wise, Remitly, and Panda Remit provide viable options, each with its own strengths and weaknesses.

What to Consider When Choosing an International Money Transfer Service

Choosing the right international money transfer service requires careful consideration of several factors. It’s not just about the headline fee; a deeper dive is needed to understand the true cost and overall experience.

Fees and hidden costs: Look beyond the advertised fee and check for any hidden charges, such as receiving bank fees or intermediary bank costs.
Exchange rates and markups: The exchange rate is a crucial factor. Many services add a markup to the mid-market rate, effectively increasing the cost of your transfer.
Transfer speed and payout methods: How quickly does the money need to arrive? Consider the available payout methods – bank deposit, cash pickup, mobile wallet – and their respective speeds.
Geographic coverage and supported corridors: Ensure the service supports both the sending and receiving countries, and specifically the Singapore to Malaysia corridor.
Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities to ensure the security of your funds.

Competitor Alternatives

Alternative: Wise (formerly TransferWise)

Wise is best known for its transparent fees and use of the mid-market exchange rate. It’s a popular choice for those prioritizing cost-effectiveness and avoiding hidden charges. However, payout speeds can sometimes be slower than other options.

Strengths: Transparent fees, mid-market exchange rate, multi-currency account.
Limitations: Payout speeds can vary, limited cash pickup locations.
Singapore to Malaysia: Generally a competitive option, especially for bank transfers.
Typical Fees: Around 0.5-1% of the transfer amount.
Estimated Delivery: 1-3 business days.

Alternative: Remitly

Remitly focuses on speed and convenience, offering fast transfers and a wide range of payout options, including cash pickup. It’s particularly well-suited for sending smaller amounts quickly. However, fees can be higher than Wise, especially for larger transfers.

Strengths: Fast transfers, extensive cash pickup network, user-friendly app.
Limitations: Higher fees for larger amounts, exchange rate markup.
Singapore to Malaysia: Excellent for urgent transfers and cash pickup needs.
Typical Fees: Varies, starting from a few SGD, plus a percentage of the transfer amount.
Estimated Delivery: Within minutes to a few hours for some payout options.

Alternative: Panda Remit

Panda Remit is gaining traction for its competitive exchange rates and low fees, particularly for specific corridors. It offers both bank transfers and cash pickup options. While newer than some competitors, it’s quickly building a reputation for reliability and customer service. Panda Remit often provides promotional rates for new users and loyalty benefits for existing customers. It’s a strong contender when considering the best app for sending money from Singapore to Malaysia.

Strengths: Competitive exchange rates, low fees, user-friendly interface, fast transfers.
Limitations: Fewer supported corridors compared to larger players.
Singapore to Malaysia: Often offers very competitive rates and fast delivery times.
Typical Fees: 0% fee for new users on certain corridors, low fees for existing users.
Estimated Delivery: Within minutes to 24 hours.

Here's a quick comparison table:

Service	Typical Fee (SGD 500 to MYR 1600)	Exchange Rate (approx.)	Estimated Delivery	Coverage (SG to MY)
Wise	SGD 7-15	1 SGD = 3.25 MYR	1-3 Business Days	Bank Transfer
Remitly	SGD 10-20	1 SGD = 3.20 MYR	Minutes - Hours	Bank Transfer, Cash Pickup
Panda Remit	SGD 0 (New Users) / SGD 5 (Existing)	1 SGD = 3.28 MYR (New Users) / 1 SGD = 3.25 MYR (Existing)	Minutes - 24 Hours	Bank Transfer, Cash Pickup

When Panda Remit Is a Strong Choice

Panda Remit shines in specific scenarios. For new users, the 0% fee promotions and highly competitive exchange rates make it an exceptionally cost-effective option for sending money from Singapore to Malaysia. Even for existing users, the fees remain competitive, and the transfer speeds are often faster than traditional services. Panda Remit currently supports key corridors like US→China, AU→India, and, importantly, Singapore→Malaysia. It’s particularly well-suited for individuals who prioritize getting the most value for their money and appreciate a user-friendly mobile app. Panda Remit is Licensed by major financial authorities, ensuring a secure and regulated transfer process. The combination of promotional rates for new users and loyalty benefits for returning customers makes Panda Remit a compelling choice.

Conclusion / Summary

Choosing the best international money transfer service depends on your individual needs. Consider factors like fees, exchange rates, speed, and payout options. When looking for the best app for sending money from Singapore to Malaysia, comparing alternatives to MoneyGram is crucial. While Wise and Remitly offer strong options, Panda Remit often stands out due to its competitive pricing, especially for new users, and fast transfer times. If you’re seeking a cost-effective and reliable solution, Panda Remit is worth exploring.

Learn more about Panda Remit.

FAQ

What is the cheapest alternative to MoneyGram for international transfers?

Panda Remit often offers the cheapest rates, especially for new users with promotional 0% fee offers. Wise is also competitive, but may have higher fees for certain amounts.

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, especially for larger transfers. Always compare the total cost, including fees and the exchange rate, before sending money.

When should users consider Panda Remit over other services?

Consider Panda Remit if you're a new user looking for a 0% fee transfer, or if you prioritize competitive exchange rates and fast delivery to Malaysia. It’s also a good option if you prefer a user-friendly mobile app.