Cheapest Ways to Send MYR from Singapore: A Complete Guide for Supporting Family in Malaysia

Supporting family members, especially children in Malaysia, often involves sending money across borders. With the cost of remittances varying significantly depending on the service provider, it’s crucial to find the most cost-effective and reliable way to send Malaysian Ringgit (MYR) from Singapore. In this guide, we will explore some of the cheapest options for sending money to Malaysia, comparing different methods like traditional bank transfers, telegraphic transfers, and remittance apps like BigPay and Panda Remit.

Remittance Options Overview

When it comes to sending money from Singapore to Malaysia, several remittance options are commonly used. Traditional bank transfers are often considered a reliable method, but they tend to come with higher fees and slower processing times. For those looking for faster and cheaper alternatives, telegraphic transfers and remittance apps offer significant advantages. These services are designed to facilitate low-cost transfers and reduce the waiting time for recipients in Malaysia.

One popular option is the use of remittance apps. These apps are especially popular for cross-border transfers as they allow users to send money quickly and conveniently from their smartphones. Among these, BigPay is one of the leading apps, known for its competitive exchange rates and low fees. However, there are other apps like Panda Remit that also provide similar services with unique advantages. Let’s dive deeper into a comparison of BigPay and Panda Remit to help you make an informed decision.

BigPay vs. Panda Remit: A Comparative Look

When selecting a remittance service, the main factors to consider are exchange rates, fees, speed, and security. Let’s see how BigPay and Panda Remit stack up in these areas:

• Exchange Rate: BigPay offers competitive exchange rates for sending money to Malaysia. However, some users have reported slightly better rates with Panda Remit, depending on the market conditions. The exchange rate you get will largely depend on the time of your transfer and the provider’s current offerings.
• Fees: BigPay is known for its low fees, especially when sending smaller amounts. Panda Remit, on the other hand, has a more transparent fee structure and sometimes offers zero-fee transfers for certain amounts or during special promotions. Always compare the fees for the exact amount you plan to send.
• Speed: Both services are generally fast, with transfers from BigPay typically taking less than a day. Panda Remit also offers fast transfers, often completing in 1–2 business days depending on the recipient’s bank.
• Security: Security is a top priority for both BigPay and Panda Remit, both of which implement industry-standard encryption to protect users’ financial data. Panda Remit may have the edge with a more extensive support team and customer service for any issues.

User Experience Example

Let’s consider a typical scenario: a Singaporean father wants to send money to his child studying in Malaysia. He needs a reliable, affordable, and fast method for regular transfers. Using BigPay, the father can send a relatively small amount of MYR quickly with a low fee. However, if he’s sending larger amounts and wants the best exchange rate, Panda Remit might be a better choice. With Panda Remit, the father could benefit from a more transparent fee system and potentially lower overall costs, especially if he’s transferring large sums over time.

In this case, the father’s priority is supporting his child while minimizing transfer costs. Depending on his specific needs, he could choose BigPay for convenience or Panda Remit for better long-term savings on large transfers.

Key Factors to Consider When Sending Money to Malaysia

When sending money internationally, the following four factors should always be considered:

• Exchange Rate: A favorable exchange rate ensures that your money goes further in the destination country. Small differences in rates can add up, especially over frequent transactions.
• Fees: Remittance fees can vary greatly, so always calculate how much the transfer will actually cost you. Low fees are especially important for smaller transfers.
• Speed: Depending on your urgency, consider how quickly the funds will reach the recipient. Some services offer instant transfers, while others may take a few days.
• Safety: Ensure that the remittance service has strong security protocols, such as encryption and customer support, to safeguard your transaction.

Panda Remit: An Affordable and Reliable Choice

Panda Remit stands out in the crowded remittance market due to its focus on providing cost-effective transfers to Malaysia. It offers competitive exchange rates, low fees, and fast processing times, making it an ideal choice for individuals regularly sending money to family members or children in Malaysia. The platform also has an intuitive interface, making it user-friendly, and its customer support is highly rated by users for its prompt and helpful assistance.

Conclusion: Which Remittance Option Is Best for You?

The best remittance service depends on your unique needs. If you’re looking for low-cost and fast transfers for smaller amounts, BigPay may be your best option. However, if you’re sending larger sums or want better exchange rates, Panda Remit could offer you the best value. Remember, the exchange rate, fees, speed, and security of each service should align with your specific remittance needs. For regular transfers to support family members or children in Malaysia, Panda Remit’s transparent fees and competitive exchange rates might make it the most economical choice in the long run.

Disclaimer: The information in this article is for reference only; actual exchange rates, processing times, and fees may vary depending on the country or bank.