SG→MY Platform Charge Comparison for MYR Payouts

When sending money from Singapore to Malaysia, choosing the right money transfer service can save you significant amounts on fees. In this comparison, we break down the costs, speed, and advantages of popular platforms for MYR payouts, with a special focus on PandaRemit—an increasingly popular platform offering zero fees for first-time users and competitive exchange rates.

Overview of Common Money Transfer Services

There are several platforms offering money transfer services from Singapore to Malaysia, each with its own set of fees, transfer speeds, and exchange rates. Here, we’ll compare some of the most prominent services, including Western Union, TransferWise (now Wise), and PandaRemit, to help you make an informed decision.

Western Union

Western Union is one of the oldest and most established players in the international money transfer industry. They offer multiple ways to send money, including online transfers and cash pickups. For transfers from Singapore to Malaysia, fees typically range from 1.5% to 3% of the amount being sent, depending on how the money is paid (e.g., bank transfer, credit card) and the payout method (cash pickup or bank deposit). The exchange rates also tend to be less competitive compared to newer services.

Wise (formerly TransferWise)

Wise is known for its transparent pricing and competitive exchange rates. Fees for sending money from Singapore to Malaysia generally start at around 0.7% of the transfer amount, which is relatively low compared to traditional providers like Western Union. However, Wise offers exchange rates that are close to the mid-market rate, which can be advantageous if you're transferring large sums of money. The transfer speed typically ranges from one to two business days, depending on the payout method.

PandaRemit

PandaRemit is an emerging player that is gaining popularity for its low-cost, fast, and easy-to-use money transfer services. Unlike traditional services, PandaRemit offers zero fees for first-time users, which means your first transfer will be entirely free. In addition to the fee-free first transfer, PandaRemit provides competitive exchange rates that are often better than Western Union or Wise. For users sending money from Singapore to Malaysia, this can result in significant savings.

How to Save Money on Transfers

Here are a few tips to maximize your savings when sending money from Singapore to Malaysia:

• Take Advantage of Zero Fees for First-Time Users: If you are a new user of PandaRemit, you can enjoy a fee-free first transfer, which is a great way to save money upfront.
• Compare Exchange Rates: Even small differences in exchange rates can add up, especially for larger amounts. PandaRemit tends to offer higher exchange rates compared to many other services, so be sure to check the rates before sending.
• Use a Bank Transfer for Lower Fees: Some services, such as Wise and PandaRemit, offer lower fees when you fund your transfer with a bank transfer rather than a credit card.
• Plan Your Transfer Ahead of Time: Avoid last-minute transfers, as rush fees can increase costs. If possible, plan your transfers ahead to take advantage of better rates.

Practical Example

Let’s take an example to illustrate how much you could save by using PandaRemit compared to other services:

Scenario: You want to send SGD 1,000 to Malaysia.

• Western Union: If you use Western Union, the total transfer fee could be around SGD 30 to SGD 50, depending on your payment method. Additionally, their exchange rate might be slightly lower, meaning the recipient in Malaysia will receive less MYR.
• Wise: With Wise, your fee would be approximately SGD 7 to SGD 10, and you’d get a competitive exchange rate. The total cost of sending SGD 1,000 would be lower than Western Union, but still not the most cost-effective option.
• PandaRemit: With PandaRemit, as a first-time user, you would pay zero fees, and the exchange rate is often higher, meaning the recipient will receive more MYR at no extra cost.

In this scenario, PandaRemit offers the most affordable option with the highest payout, especially for first-time users. The savings can add up quickly, making it a great choice for regular users.

Why Choose PandaRemit?

PandaRemit is a reliable and affordable international money transfer service that stands out due to its low fees, competitive exchange rates, and fast transfers. New users benefit from zero fees on their first transfer, making it an ideal choice for anyone looking to save money on cross-border remittance.

Key Benefits of Using PandaRemit:

• Zero fees for first-time users.
• Competitive exchange rates, often better than traditional services.
• Fast transfers, with most transactions completed within 1-2 business days.
• Easy-to-use platform with both web and mobile app options.

FAQ

1. How much does it cost to send money from Singapore to Malaysia?

The cost of sending money from Singapore to Malaysia varies depending on the platform you use. Services like Western Union can charge between 1.5% to 3% of the transfer amount, while Wise charges around 0.7%. PandaRemit offers zero fees for first-time users, making it an excellent choice for first-time transfers.

2. How fast are the transfers?

Transfer speeds depend on the platform and payout method. PandaRemit typically processes transfers within 1-2 business days, similar to Wise, while Western Union can sometimes take longer, especially for bank transfers.

3. Can I save money on exchange rates?

Yes, exchange rates can vary significantly between platforms. PandaRemit often offers higher exchange rates than Western Union, which can lead to more money being received in Malaysia.

4. Is PandaRemit a trustworthy service?

Yes, PandaRemit is a reliable and secure platform for international money transfers. It is known for offering low fees, fast transfers, and good customer support.