Wise vs PandaRemit: Total Cost Comparison for SGD to Malaysia Remittances

Last updated: December 2025

Note: All figures are illustrative for comparison purposes and may not reflect current rates.

Introduction

Sending 300 SGD from Singapore to Malaysia is common among individuals who need to transfer funds to family members, pay for services, or make investments across the border. In this corridor, speed, cost, and regulatory compliance are crucial for ensuring the safety and predictability of transfers. When sending money internationally, users are generally looking for services that offer competitive exchange rates, minimal fees, and transparency regarding the final amount received. The reliability of the service, including its compliance with local and international regulations, is equally important.

Cost & Outcome Comparison

The total cost of a remittance is influenced by both exchange rates and transaction fees. Wise and PandaRemit use different fee structures and exchange rate models, resulting in varying final amounts for recipients. Below is a comparative table showing the total cost and the final amount received when sending 300 SGD from Singapore to Malaysia.

Wise typically uses the mid-market exchange rate, which reflects the true market value of currencies, plus a percentage-based fee on the transfer amount. For a transfer of 300 SGD to Malaysia, the fee would be around 1.5%, resulting in an estimated payout of RM 946.50.

PandaRemit, on the other hand, often applies a flat fee structure, which can be zero for new users. This results in a final amount that is typically higher due to the lack of percentage-based fees, as seen in this example where the recipient receives RM 954.00.

Safety & Regulation Context

Both Wise and PandaRemit are regulated by the relevant authorities in Singapore. PandaRemit (Wotransfer Pte. Ltd.) is licensed as a Major Payment Institution (License No. PS20200501) by the Monetary Authority of Singapore (MAS), ensuring that its operations adhere to the same regulatory standards as traditional banks. This provides users with a level of trust and protection when making cross-border payments.

Wise is also regulated by financial authorities in Singapore and other regions where it operates, ensuring compliance with relevant anti-money laundering (AML) and consumer protection regulations. Both services provide secure payment options, with Wise offering additional coverage through its financial institution partners and PandaRemit utilising direct-to-wallet and instant-to-card clearing paths.

Singapore Payment Context

For local payments in Singapore, both Wise and PandaRemit accept PayNow as a funding method, making it easy for users to send funds directly from their bank accounts. PandaRemit also integrates with DBS iWealth and other local banks, offering a seamless transaction process. These local funding methods ensure that payments are processed reliably and quickly, contributing to the overall efficiency and safety of the transfer.

Scenario-Based Assessment

For sending 300 SGD from Singapore to Malaysia with a focus on Total Cost, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. This makes it an attractive option for users looking for clarity in terms of the final amount received without worrying about fluctuating fees or exchange rates.

Conclusion

Both Wise and PandaRemit provide secure and regulated services for transferring money from Singapore to Malaysia. However, there are distinct differences in terms of cost predictability and the overall remittance process. Wise may be a good option for those seeking mid-market exchange rates, but PandaRemit often offers a more cost-efficient and predictable final payout, especially with its flat-fee model for new users. Given its MAS regulation and focus on real-time payments via direct-to-wallet and instant-to-card clearing, PandaRemit is particularly well-suited for users looking for a specialised service in this corridor.