SG→MY Cost-Saving Remittance Comparison 2025

Sending money from Singapore to Malaysia has become easier and more affordable than ever in 2025. Whether you're sending money for family support, business, or personal reasons, understanding the costs involved is crucial to ensuring you're not losing money unnecessarily. In this article, we will compare the fees, costs, and services of popular money transfer methods, highlighting the benefits of PandaRemit as a top choice for cost-conscious users.

1. Current Remittance Costs from Singapore to Malaysia

When it comes to sending money from Singapore to Malaysia, several transfer methods and services are available. The most common options include traditional banks, remittance services, and online platforms. Below is a comparison of fees for some of the leading services:

• Traditional Banks: Sending money via a bank typically involves high fees. For example, Singapore's local banks charge around SGD 10–20 for transfers to Malaysia, depending on the amount and destination. Banks often have less favorable exchange rates, which means you could lose more money due to the conversion.
• Western Union: With fees starting from SGD 5–15, Western Union provides a global network, but it often imposes higher charges for smaller transfer amounts. Moreover, exchange rates may not always be the most competitive.
• Wise (formerly TransferWise): Wise offers competitive fees and transparent pricing. For a transfer of SGD 1,000 to Malaysia, Wise charges approximately SGD 4–5 in fees, along with a mid-market exchange rate. While cheaper than traditional banks, there may be additional costs depending on the payment method used (credit card, debit card, or bank transfer).
• PandaRemit: PandaRemit stands out with zero fees for new users on their first transfer, making it an attractive option for first-time remitters. This service also boasts a high exchange rate, meaning users receive more Malaysian Ringgit for their Singapore Dollars. PandaRemit’s fees for subsequent transfers are generally lower than other services, with transparent, competitive pricing and fast transfers.

2. How PandaRemit Saves You Money

For users looking to maximize savings, PandaRemit offers several key advantages:

• Zero Fees for New Users: PandaRemit’s zero-fee promotion for first-time users is one of its most compelling features. This means that for your first transfer, you can save up to SGD 10–20 depending on the service you would have used. It's a great opportunity to send money without paying additional fees.
• Competitive Exchange Rates: In addition to low fees, PandaRemit offers some of the best exchange rates in the industry. This means that the recipient in Malaysia will receive more money than they would if you used a service with less favorable rates.
• Fast Transfers: PandaRemit’s transfers are quick, with many reaching the recipient within minutes, compared to the few days it can take when using banks or other services.
• User-Friendly Platform: PandaRemit makes the process easy for users. The platform is intuitive, and setting up an account and completing a transfer is simple and straightforward, reducing the chances of mistakes or delays.

3. How to Save Even More on Transfers

Besides using PandaRemit’s zero-fee offer and competitive exchange rates, here are some practical tips to save on international transfers from Singapore to Malaysia:

• Choose Bank Transfers Over Credit Cards: Using a bank transfer to fund your payment (as opposed to a credit card) often results in lower fees. Credit card payments usually incur higher charges from money transfer services.
• Transfer Larger Amounts at Once: If possible, send larger amounts of money at one time instead of several smaller transfers. Many services charge a flat fee or a percentage, so consolidating transfers can help you save money overall.
• Use Mobile Apps for Convenience: Many services, including PandaRemit, offer mobile apps for easier, faster, and sometimes cheaper transactions. Transferring money via the app can save you time and sometimes offer lower fees compared to desktop transfers.

4. Industry Insights: Global Remittance Trends

The global remittance market is projected to grow steadily over the next few years. According to World Bank data, the global remittance market reached over $700 billion in 2023 and is expected to continue expanding. Countries like Malaysia are among the largest recipients of remittances, with Singapore being a key remitter in the ASEAN region.

5. Frequently Asked Questions (FAQ)

Q1: What is the cheapest way to send money from Singapore to Malaysia?

The cheapest way is often through online money transfer services like PandaRemit, especially for first-time users who can enjoy zero fees. Wise is also a cost-effective option, although PandaRemit’s competitive exchange rates and zero fees for new users make it a strong contender.

Q2: How fast is PandaRemit’s service?

PandaRemit transfers money almost instantly in most cases, with recipients often receiving funds within minutes. This makes it one of the fastest options available for remittances from Singapore to Malaysia.

Q3: Are there any hidden fees with PandaRemit?

No, PandaRemit is transparent about its fees. First-time users benefit from zero fees, and subsequent transfers have clear, upfront costs with no hidden charges.

Q4: Can I track my transfer with PandaRemit?

Yes, PandaRemit offers a tracking feature that allows you to monitor your transfer every step of the way, ensuring you stay informed about the status of your transaction.

6. Conclusion

In conclusion, when sending money from Singapore to Malaysia in 2025, it’s essential to consider both transfer fees and exchange rates. PandaRemit offers an attractive solution for users seeking a low-cost, fast, and convenient way to transfer money. By taking advantage of the zero-fee offer for first-time users and the platform's favorable exchange rates, you can ensure you're sending money in the most cost-effective manner possible. Combine this with the other tips outlined in this article, and you’ll maximize your savings on every transfer.