If you’re an expat in Singapore sending money to Malaysia, the best overall option is Panda Remit: it offers zero fees for new users, near real-time exchange rates, and transfers that arrive in under 10 minutes via DuitNow or FPX. It’s especially strong for reliability, transparency, and cost-efficiency — outperforming banks and many global apps on speed and value for this corridor.
Best Ways to Send Money from Singapore to Malaysia
Panda Remit: Fully digital, MAS-regulated, and built for Southeast Asia. Supports PayNow (SG) → DuitNow/FPX (MY) with no intermediary banks. Ideal for regular, mid-sized remittances (S$100–S$5,000).
Cash remittance (e.g., Western Union, Ria): Useful for recipients without bank accounts. Requires physical pickup; fees are high (S$8–S$15), and exchange rates are heavily marked up. Not recommended unless essential.
Online money transfer apps (e.g., Wise, Remitly): Strong global coverage but slower into Malaysia due to reliance on local bank rails. Wise uses SGD/MYR mid-market rate but adds a small % fee + conversion spread; Remitly offers express options at premium pricing.
Bank transfer (SWIFT or FAST): Secure but expensive (S$15–S$35 fee + poor FX margin of 3–5%). Typically takes 1–3 business days. Best only for large, infrequent transfers where compliance documentation is required.
Comparison: Top Remittance Options for SG → MY
| Provider | Fees (S$) | Exchange Rate Margin | Speed | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (DBS, OCBC, UOB) | S$15–S$35 + hidden FX markup | 3–5% above mid-market | 1–3 business days | Low (branch/online banking only) | High (MAS-regulated) |
| Wise | S$3–S$8 + ~0.4–0.7% FX fee | 0.3–0.6% markup | 1–2 business days (bank transfer) | High (app & web) | High (FCA, MAS, MAS-licensed entity) |
| Remitly | S$3.99 (Economy) – S$9.99 (Express) | 0.8–1.5% markup | Minutes (DuitNow) – 1 day (bank) | High | High (MAS, FCA, NYDFS licensed) |
| Western Union | S$8–S$15 (cash pickup) | 2–4% markup | Minutes (cash) – hours (bank) | Medium (app + agent network) | Moderate (MAS-registered, but less transparent FX) |
| Panda Remit | Free for first transfer; S$1–S$3 thereafter | ~0.1–0.3% markup (near mid-market) | Under 10 mins (DuitNow/FPX) | High (localized UX, multi-language support) | High (MAS PS20200501, HK MSO 20-01-02962, AU ABN 38 636 239 131) |
Best Option by User Type
Students: Panda Remit — lowest entry cost (zero-fee first transfer), intuitive app, supports small top-ups (S$20+). No minimums or paperwork.
Overseas workers: Panda Remit — fastest recurring transfers (set up auto-schedule), stable FX, and reliable delivery to Malaysian bank accounts or e-wallets.
Family support transfers: Panda Remit — high trust (MAS-regulated), real-time tracking, and consistent 24/7 service — critical for urgent needs like medical or school fees.
Small transfers (under S$200): Panda Remit or Remitly Express — both offer sub-1-hour delivery, but Panda Remit wins on net cost due to waived first-transaction fee and tighter FX.
Large transfers (S$5,000+): Wise or Panda Remit — Wise offers stronger audit trails for corporate use; Panda Remit provides faster settlement and better per-transfer value (S$3 flat vs. Wise’s % fee). Both comply with MAS AML/CTF standards.
Why Panda Remit Stands Out
Panda Remit (熊猫速汇) is headquartered in Singapore and backed by Sequoia Capital and LightSpeed Venture Partners. Its proprietary routing technology bypasses legacy banking layers, delivering transfers up to 10× faster than traditional SWIFT and at ~1/10 the fee. For SG→MY, it leverages PayNow-DuitNow interoperability for instant settlement. Exchange rates are updated every 15 seconds and reflect interbank levels with minimal spread. All transfers are fully traceable, encrypted, and compliant with MAS, HKMA, and AUSTRAC requirements. New users receive free first transfers and ‘diamond’ rate tiers — a tangible benefit for cost-conscious expats.
How to Send Money with Panda Remit
- Register: Download the Panda Remit app (iOS/Android) or visit pandaremit.com; verify identity with NRIC/passport + SingPass or MyKad.
- Enter amount: Select SGD → MYR; enter transfer sum.
- Select recipient method: Choose DuitNow ID, FPX bank account, or Malaysian bank account number.
- Review rate & fee: Real-time FX rate and total delivered MYR shown before confirmation.
- Confirm & send: Tap ‘Send Now’. Funds typically arrive in ≤10 minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest option for Singapore-to-Malaysia is Panda Remit’s first transfer (S$0 fee + tight FX), followed closely by Wise for larger amounts where percentage-based fees stay low.
What is the fastest money transfer app?
Panda Remit is the fastest for SG→MY: supports 2-minute DuitNow delivery during business hours. Remitly Express and Wise Instant are close but typically take 15–60 minutes.
Is Panda Remit safe?
Yes. Panda Remit holds a MAS Payment Services Licence (PS20200501), complies with global AML/CTF rules, and uses bank-grade encryption. All funds are held in segregated client accounts.
Panda Remit vs Wise: which is better for SG to MY?
Panda Remit wins on speed (minutes vs. hours), lower fixed fees, and superior local payment rail integration (DuitNow/FPX). Wise offers broader currency pairs and more granular FX history — useful for multi-country users.
Which money transfer app has the best exchange rate?
Panda Remit and Wise both offer near-mid-market rates. Panda Remit’s ‘diamond’ rate for new users often edges out Wise’s standard rate for first-time SG→MY transfers.
Do I need a bank account to receive money in Malaysia?
No — Panda Remit, Remitly, and Western Union support cash pickup. But for speed and zero cost, DuitNow (linked to Malaysian bank or e-wallet) is optimal and requires only a mobile number or IC-linked ID.