SG→MY Low-Cost Remittance Providers in 2025

Sending money internationally has never been easier or more affordable. In 2025, cross-border remittances from Singapore (SG) to Malaysia (MY) are becoming increasingly cost-effective, thanks to innovative services and competition in the global remittance market. Whether you're sending funds to family, friends, or for business, finding the right provider can save you a significant amount in transaction fees and exchange rate costs. In this guide, we’ll explore some of the top low-cost remittance providers, including PandaRemit, and provide practical tips on how to get the most out of your transfer.

Understanding Remittance Fees and Costs

When sending money from Singapore to Malaysia, there are typically two types of costs to be aware of: transaction fees and exchange rate margins. The transaction fee is the direct cost charged by the remittance provider, while the exchange rate margin refers to how much less favorable the exchange rate is compared to the mid-market rate.

In addition, providers may offer different options for how funds are received in Malaysia, which can impact the overall cost. Some services may also have hidden fees, such as for currency conversion or receiving funds in a different form (e.g., cash pickup or mobile wallet).

Top Low-Cost Remittance Providers from SG to MY in 2025

1. PandaRemit

PandaRemit is quickly gaining popularity as one of the best low-cost remittance providers for transfers from Singapore to Malaysia. One of the standout features of PandaRemit is that new users enjoy zero fees for their first transfer. This makes it a great choice for those looking to save on initial transfers. Additionally, PandaRemit offers competitive exchange rates, ensuring that you get more value for your money.

Here’s a breakdown of the typical costs for using PandaRemit:

• Transaction Fee: Zero fees for first-time users
• Exchange Rate: Highly competitive, often closer to the mid-market rate
• Transfer Time: Typically within minutes
• Additional Benefits: User-friendly mobile app, secure transfers, and a wide range of payment and delivery options

To use PandaRemit, simply download their app, register as a new user, and enjoy your zero-fee first transfer. Afterward, their fees remain low compared to other services in the market.

2. Wise (formerly TransferWise)

Wise has long been a popular option for low-cost international money transfers, offering transparent fees and competitive exchange rates. Wise uses the real exchange rate (the mid-market rate) without a margin, so you get the most value for your money.

Here’s how Wise compares for SG to MY transfers:

• Transaction Fee: Around 0.6% to 1% of the transfer amount, depending on the payment method
• Exchange Rate: No markup, uses mid-market rate
• Transfer Time: 1–2 business days

Wise is ideal for those who prioritize transparency and fair exchange rates. However, it’s important to note that fees can vary based on the transfer amount and payment method, so always check the exact costs before sending.

3. Revolut

Revolut offers another affordable and convenient option for cross-border remittances, especially for users who already have a Revolut account. With Revolut, users can send money internationally at competitive rates and low fees. They also offer some unique features for those making frequent transfers.

Here’s what you can expect with Revolut:

• Transaction Fee: Zero to 1% fee for international transfers depending on the plan you’re subscribed to
• Exchange Rate: Mid-market rate with no markup for Premium users
• Transfer Time: Instant or within a day, depending on payment method

Revolut offers competitive rates, particularly if you have a Premium account, which gives you access to better exchange rates and fewer fees.

4. PayPal Xoom

For those who already use PayPal, Xoom is a convenient remittance option. Xoom allows you to send money quickly and securely, though its fees tend to be slightly higher than other services.

Here’s how Xoom stacks up:

• Transaction Fee: $2.99 to $4.99, depending on the amount and payment method
• Exchange Rate: Typically, Xoom adds a small margin to the exchange rate
• Transfer Time: Instant or up to 1 business day

While Xoom’s fees are not as low as some other options, it’s still a solid choice for those who prioritize speed and convenience.

How to Save Money on Transfers from SG to MY

Even with the best providers, there are still several ways you can save money on your international transfers:

• Compare Fees: Always check multiple providers before sending money. Look at both transaction fees and exchange rate margins.
• Take Advantage of Promotions: Many services offer promotions or zero-fee transfers for first-time users. For instance, PandaRemit offers zero fees for new users, which is a great way to save on your first transfer.
• Transfer in Larger Amounts: Some services offer better rates for larger transfers. Check if increasing your transfer amount can reduce fees or offer better exchange rates.
• Use Bank Transfers: Paying with a bank transfer (rather than a credit card) often results in lower fees, as credit card payments incur additional charges.
• Schedule Transfers: If you’re not in a rush, scheduling your transfer to avoid high-demand periods can sometimes result in better rates and lower fees.

Conclusion

Choosing the right low-cost remittance provider for transfers from Singapore to Malaysia can make a big difference in the amount of money that reaches the recipient. PandaRemit, Wise, Revolut, and PayPal Xoom all offer reliable, cost-effective services with competitive exchange rates and low fees. However, for first-time users, PandaRemit stands out with its zero-fee promotion and attractive exchange rates, making it a top contender for those looking to send money affordably.

Frequently Asked Questions

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

The cost depends on the provider, payment method, and amount being sent. Some services charge a flat fee, while others charge a percentage of the transfer amount. Always check the fees before sending.

2. Are there any hidden fees when using PandaRemit?

No, PandaRemit offers transparent fees. New users enjoy zero fees for their first transfer, and the exchange rates are competitive with no hidden charges.

3. How can I get the best exchange rate for transfers to Malaysia?

Look for providers that offer the mid-market exchange rate, like Wise or PandaRemit. Avoid services that add significant margins to the exchange rate.