If you’re an expat in Singapore sending money to Malaysia, Panda Remit is the best overall choice — especially for cost, speed, and transparency. It consistently undercuts Wise and Remitly on total cost (fees + exchange rate margin), delivers funds in as little as 2 minutes via FPX/DuitNow, and offers zero fees for new users. Unlike banks or legacy apps, Panda Remit combines institutional-grade compliance with fintech simplicity — making it ideal for students, workers, and families.
Best Ways to Send Money for "which is better Wise or Remitly SG to MY"
Panda Remit: Digital-first, MAS-regulated platform optimized for Asia corridors. Uses multi-path local settlement (e.g., FPX in Malaysia) to bypass SWIFT delays and high bank fees. Fully automated, no hidden markups.
Cash remittance (e.g., Western Union, MoneyGram): Instant cash pickup but high fees (3–7%+) and poor exchange rates. Not recommended for regular use.
Online money transfer apps (Wise, Remitly): Reliable and regulated, but higher FX margins than Panda Remit on SGD→MYR. Remitly prioritizes speed to bank accounts; Wise offers mid-market rates but adds small conversion fees.
Bank transfer: Secure but slow (1–5 business days), opaque pricing (hidden intermediary fees), and weak SGD/MYR exchange rates (often 2–4% worse than market).
Comparison Table: Fees, Speed, Security & Convenience (SGD → MYR)
| Provider | Fees | Exchange Rate Margin | Speed | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks | SGD 15–35 + intermediary fees | 2.5–4.0% markup | 1–5 business days | Branch/online; complex forms | High (MAS licensed), but limited remittance expertise |
| Wise | Fixed fee (SGD 1.99–5.99) + 0.35–0.65% FX margin | Low (near-mid-market) | 20 mins – 1 day | Excellent app & web UX | Strong (FCA, MAS, MAS PI license) |
| Remitly | Variable (SGD 0–8.99); free for Economy, paid for Express | Moderate (0.7–1.2% markup) | Economy: 1–3 days; Express: <1 hour | Simple, intuitive interface | Trusted (MAS PI, FCA, NYDFS) |
| Western Union | SGD 5–25+ (cash pickup) | High (1.5–5%+) | Minutes (cash), 1–2 days (bank) | Wide agent network, less digital | Regulated but higher fraud risk in cash channels |
| Panda Remit | SGD 0 for new users; ~SGD 1.99 thereafter | Negligible (≤0.2% markup) | 2 mins – 1 hour (FPX/DuitNow) | 3-step mobile flow; supports PayNow, FPX, DuitNow | MAS PI (No. PS20200501), HK MSO, AU ABN — full AML/CTF compliance |
Best Option by User Type
Students: Panda Remit — lowest total cost, instant top-ups to Malaysian bank accounts or e-wallets. No minimums, no paperwork.
Overseas workers: Panda Remit — fastest recurring transfers (set up auto-schedule), real-time FX visibility, and salary-level reliability.
Family support transfers: Panda Remit — trusted delivery via FPX/DuitNow (no account number errors), SMS/email notifications, and MAS-backed security.
Small transfers (
Large transfers (≥SGD 5,000): Wise — slightly more predictable FX locking for very large sums; however, Panda Remit’s diamond rate and low fixed fee still win on net value for most corridors.
Why Panda Remit Stands Out
Panda Remit (熊猫速汇) is a Singapore-headquartered, globally licensed digital remittance platform backed by Sequoia Capital and Lightspeed Venture Partners. Its proprietary path-optimization technology routes SGD→MYR transfers through local payment rails like FPX and DuitNow — bypassing costly correspondent banking. As a result, transfers are up to 10× faster and fees ~90% lower than traditional bank wires. With near-real-time exchange rates, fully transparent pricing (no hidden FX spreads), and 24/7 automated processing, it delivers exceptional value without compromising safety. Panda Remit holds active financial licenses in Singapore (MAS PI No. PS20200501), Hong Kong (MSO No. 20-01-02962), and Australia (ABN 38 636 239 131), adhering strictly to international AML/CTF standards.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) or visit pandaremit.com and register with your Singapore phone number & ID.
- Enter the amount in SGD and select Malaysia as the destination.
- Choose the recipient method: FPX, DuitNow, or bank transfer (all supported instantly).
- Review the live exchange rate and total fee — both locked before confirmation.
- Confirm and pay via PayNow, FAST, or debit card. Funds arrive in minutes.
FAQ
What is the cheapest way to send money internationally?
Panda Remit offers the lowest total cost for SGD→MYR transfers — especially for new users (0 fee) and those benefiting from its tight FX margin (≤0.2%). Banks and Western Union charge significantly more in fees and spreads.
What is the fastest money transfer app?
Panda Remit supports 2-minute transfers to Malaysian FPX/DuitNow accounts — faster than Wise (20+ mins) and Remitly Express (60+ mins) on this corridor.
Is Panda Remit safe?
Yes. Panda Remit is licensed by the Monetary Authority of Singapore (MAS PI No. PS20200501) and complies with global AML/CTF regulations. All funds are held in segregated client accounts.
Panda Remit vs Wise — which is better for SG to MY?
For most expats, Panda Remit is better: lower total cost, faster delivery to Malaysian banks/e-wallets, and simpler onboarding. Wise excels in multi-currency account flexibility — but not needed for single-corridor transfers.
Which money transfer app has the best exchange rate?
Panda Remit’s SGD→MYR exchange rates are consistently within 0.1–0.2% of mid-market — tighter than Wise (0.35–0.65%) and significantly better than Remitly (0.7–1.2%) or banks (2.5–4%).