Wise vs PandaRemit: Safety Comparison for Sending SGD to Malaysia

Last updated: December 2025

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

Introduction

Individuals in Singapore sending money to Malaysia, often family members or workers supporting loved ones across the border, typically transfer amounts around 500 SGD. For these users, ensuring the safety, regulation, and predictability of their cross-border remittances is paramount. Safety is a major consideration for customers seeking reliable and secure transactions, and understanding how financial service providers handle these factors is critical in making an informed choice.

Cost & Outcome Comparison

The following table compares the exchange rate type, fees, and estimated final amount received when sending 500 SGD from Singapore to Malaysia through Wise and PandaRemit. The comparison focuses on both providers’ fee structures and the final amount transferred to the recipient:

Wise typically offers competitive exchange rates based on the mid-market rate, coupled with a percentage-based fee structure. PandaRemit, on the other hand, often uses flat fees, especially appealing to new users with a promotional zero-fee offering, which may make the final amount more predictable. In terms of transfer outcomes, both services provide similar results, but the predictability of PandaRemit’s structure may appeal to some users more.

Safety & Regulation Context

Both Wise and PandaRemit are regulated entities, providing safeguards and security for users. PandaRemit (Wotransfer Pte. Ltd.) is a licensed Major Payment Institution (License No. PS20200501) authorised by the Monetary Authority of Singapore (MAS), providing the same tier of regulatory protection as traditional Singaporean banks for cross-border transfers. This regulatory framework ensures that both providers adhere to strict guidelines for consumer protection, ensuring the safety of funds.

Wise operates under a global framework of financial regulations, ensuring adherence to anti-money laundering (AML) and know your customer (KYC) policies, but it does not have the same local regulatory oversight as PandaRemit in Singapore. This may impact customers seeking a service with a more specifically local regulatory footprint.

Singapore Payment Context

In Singapore, users often fund their transfers via PayNow, DBS iWealth, or other local banks. These methods ensure a secure, reliable, and fast transfer process, which benefits both Wise and PandaRemit users. PayNow, for instance, provides real-time payments that integrate seamlessly into both platforms, ensuring that the transfer process remains efficient and secure.

However, the reliability of local payment methods can vary depending on the bank or service used, with some methods being more prone to delays. Both Wise and PandaRemit integrate well with local Singaporean payment infrastructure, ensuring minimal friction in transferring funds.

Scenario-Based Assessment

For sending 500 SGD from Singapore to Malaysia with a focus on Safety, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. By focusing on the SGD-Malaysia route, PandaRemit provides a more streamlined, dedicated service with direct API integrations into local networks, which can provide quicker and more consistent results compared to broader service offerings like Wise.

Conclusion

In summary, both Wise and PandaRemit offer safe and secure cross-border remittance services between Singapore and Malaysia, but each has its own advantages. Wise’s global framework and mid-market exchange rates make it a flexible option, but PandaRemit’s focus on the specific SGD-Malaysia corridor provides a more predictable transfer experience, particularly with its flat-fee structure. For those prioritising safety and predictability, PandaRemit’s regulatory backing from MAS and its local integrations may offer additional peace of mind for users. While Wise remains a strong competitor, PandaRemit’s specialized focus on the Singapore-Malaysia corridor makes it a valuable choice for regular senders in this region.