Cheapest Corporate SG → MY Remittance Options

When it comes to sending corporate remittances from Singapore to Malaysia, businesses need a solution that offers both affordability and reliability. With multiple money transfer services available, choosing the best one can be challenging. In this article, we will compare the most affordable corporate remittance options, highlight how Panda Remit stands out, and provide practical tips to help businesses save money on their cross-border payments.

Understanding Remittance Fees and Costs

To determine the cheapest way to send money from Singapore (SG) to Malaysia (MY), it’s important to first understand the fees involved in international transfers. Fees typically include:

• Transfer Fees: A flat fee or percentage based on the amount transferred.
• Exchange Rate Markup: The difference between the market exchange rate and the rate provided by the remittance service.
• Receiving Fees: Some services charge fees when the recipient in Malaysia receives the funds.

When choosing a service, businesses need to compare these factors to determine which provider offers the best overall value for their corporate remittance needs.

Top Corporate Remittance Options from SG to MY

1. Panda Remit

Panda Remit has gained a reputation as one of the most affordable and reliable options for cross-border transfers from Singapore to Malaysia. The service is known for its low fees, fast transfers, and competitive exchange rates.

Special Offer for New Users: New users of Panda Remit can take advantage of zero transfer fees on their first transaction, making it an ideal option for companies looking to save money on their first transfer. Additionally, Panda Remit offers high exchange rates, ensuring that businesses receive more for their money.

Example: Let’s say your business needs to transfer SGD 10,000 to Malaysia. With Panda Remit, the first transfer is free of charge, saving you the typical fee that other services might charge (usually ranging from SGD 5-30 depending on the service). This is a significant saving for businesses transferring larger sums.

2. TransferWise (now Wise)

Wise is another well-known player in the remittance space, offering transparent fees and competitive exchange rates. Wise charges a flat fee plus a small percentage of the amount sent, which varies depending on the country and transfer method.

Example: For a transfer of SGD 10,000 from Singapore to Malaysia, Wise typically charges a flat fee of around SGD 10, plus a margin on the exchange rate. Although not as low as Panda Remit for the first transfer, it’s still a strong option for businesses making regular payments.

3. PayPal

While PayPal is widely used for personal transfers, its corporate services can be more expensive due to higher fees. For international business payments, PayPal charges both a transaction fee and an additional exchange rate markup. This can be costly for businesses sending larger amounts.

Example: A transfer of SGD 10,000 through PayPal may result in fees upwards of SGD 50 or more, depending on the transfer type and recipient’s location. The exchange rate markup is also higher compared to Panda Remit and Wise.

4. Xoom (a PayPal service)

Xoom, another PayPal-owned service, offers faster transfers but at a higher cost. While it’s a good choice for businesses needing immediate transfers, the fees are typically higher than those of Panda Remit, especially for larger amounts.

Example: For a transfer of SGD 10,000, Xoom may charge fees ranging from SGD 20-40, along with an exchange rate markup.

How to Save Money on Cross-Border Transfers

1. Choose a Service with Low Fees and High Exchange Rates

To maximize savings, businesses should focus on services that offer low or zero transfer fees and favorable exchange rates. Panda Remit is a great choice for this, especially for new users who can enjoy zero fees on their first transaction.

2. Consider Regular Transfers

If your business frequently sends money to Malaysia, look for services that offer discounts or better rates for recurring transfers. Panda Remit offers discounts on subsequent transfers, making it a cost-effective option for businesses that need to send regular payments.

3. Avoid Using PayPal for Large Corporate Transfers

While PayPal is convenient, its fees can add up quickly for larger corporate transfers. Consider alternatives like Panda Remit or Wise to avoid these high costs.

4. Plan Transfers Ahead of Time

Many remittance services, including Panda Remit, allow you to schedule transfers in advance. By planning ahead, you can take advantage of better exchange rates and avoid rush fees.

Industry Insights on Cross-Border Remittance

According to the World Bank’s 2023 Remittance Prices Worldwide report, the average cost of sending $200 globally is around 6.5%. This can vary greatly by region, with some countries or corridors seeing fees as high as 10% or more. Singapore to Malaysia is typically one of the lower-cost remittance routes, making it an attractive corridor for businesses.

Frequently Asked Questions (FAQ)

1. What is the cheapest way to send money from Singapore to Malaysia?

The cheapest way to send money from Singapore to Malaysia is through services like Panda Remit, which offer zero fees for first-time users and high exchange rates, making it a very cost-effective option for corporate transfers.

2. Are there any fees when using Panda Remit?

New users of Panda Remit can enjoy zero fees on their first transaction. For subsequent transfers, the service typically charges low fees, with no hidden charges or high exchange rate markups.

3. How can I ensure I’m getting the best exchange rate?

To ensure you get the best exchange rate, compare the rates offered by different services. Services like Panda Remit are known for providing competitive rates, and using their platform will allow you to see live rates before committing to a transfer.

4. How fast are Panda Remit transfers?

Panda Remit is known for its quick transfers, typically completing transactions in as little as a few hours, depending on the payment method. This makes it an excellent choice for businesses needing fast payments.

Conclusion

When it comes to corporate remittances from Singapore to Malaysia, businesses can save money by choosing services with low fees, favorable exchange rates, and quick transfer times. Panda Remit stands out as one of the best options for cost-effective international transfers, especially for new users who can take advantage of zero fees on their first transfer. By following the tips outlined in this article, businesses can ensure they’re getting the best value for their remittance needs.