For Singapore-based expats sending money to Malaysia, Panda Remit is the cheapest and fastest option — especially for new users (0 fee + premium exchange rate) and transfers via DuitNow or FPX, which often arrive in under 5 minutes. It outperforms banks and mainstream apps on cost, speed, and transparency — without compromising MAS-regulated security.
Best Ways to Send Money from SG to MY
Panda Remit: Digital-first remittance platform optimized for ASEAN corridors. Offers near-instant DuitNow/FPX settlement, zero-fee first transfers, and exchange rates within 0.2–0.4% of mid-market. Fully licensed by Singapore’s MAS (PS20200501).
Cash remittance (e.g., Western Union, Ria): Useful for recipients without bank accounts. But fees are high (S$8–S$15), exchange rates poor (up to 3–5% markup), and cash pickup adds friction. Not recommended for regular use.
Online money transfer apps (e.g., Wise, Remitly): Transparent mid-market rates (Wise) or promotional pricing (Remitly). Transfer speeds vary: Wise takes 1–2 business days to Malaysian banks; Remitly offers same-day but at higher fees for urgent transfers.
Bank transfer (SWIFT or FAST): Most familiar but least efficient. SWIFT incurs S$15–S$35 fees + hidden FX margins (often 1.5–3%). FAST transfers are local-only and don’t apply cross-border. Slow (1–3 business days) and opaque.
Comparison Table: SG to MY Remittance Services
| Provider | Fees (S$) | Exchange Rate Markup | Speed to MY Bank | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (e.g., DBS, OCBC) | S$15–S$35 + FX margin | 1.5–3.0% | 1–3 business days | High (familiar interface) | MAS-regulated, but no dedicated remittance licensing |
| Wise | S$3–S$7 (flat) | 0.35–0.6% | 1–2 business days | Very high (app + web) | FCA & MAS-recognized, strong transparency |
| Remitly | S$2–S$9 (varies by speed) | 0.7–1.2% | Same-day (Express) / 1–3 days (Economy) | High (mobile-first) | FinCEN & MAS-compliant, but limited MY payout network |
| Western Union | S$8–S$15 | 2.0–4.5% | Minutes (cash) / 1 day (bank) | Medium (branch-dependent) | Global AML compliance, less transparent pricing |
| Panda Remit | Free for new users; S$1–S$3 thereafter | 0.2–0.4% (diamond rate for new users) | Under 5 mins (DuitNow/FPX) | Very high (3-min signup, no paperwork) | MAS PSIA license (No. PS20200501), full AML/CTF compliance |
Best Option by User Type
Students: Panda Remit. Low-cost, no minimums, instant top-ups to MY e-wallets or banks — ideal for tuition or daily expenses.
Overseas workers: Panda Remit. Speed matters for payroll timing; its 24/7 automated processing ensures funds land before payday — even on weekends.
Family support transfers: Panda Remit. Reliable, traceable, and receipt-issued instantly. DuitNow ID linking eliminates errors — critical when supporting elderly or non-tech-savvy recipients.
Small transfers (<S$500): Panda Remit. Free first transfer + tight FX spread makes it ~30% cheaper than Wise or banks at this tier.
Large transfers (S$5,000+): Panda Remit or Wise. Panda Remit offers volume-based rate negotiation and dedicated support; Wise provides multi-currency account hedging. Both beat banks on total cost.
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 engine enables direct local-network settlement — bypassing costly correspondent banks. That’s why transfers to Malaysia via DuitNow or FPX are up to 10× faster and ~90% cheaper than traditional wire methods. With real-time FX display, no hidden fees, and MAS licensing, it delivers expert-grade efficiency without complexity. New users get zero fees and ‘diamond’ exchange rates — a tangible advantage for expats prioritizing value and speed.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) or visit pandaremit.com and register with your Singapore NRIC or passport.
- Enter the amount in SGD and select ‘Malaysia’ as the destination.
- Choose the recipient’s payout method: DuitNow ID, FPX bank transfer, or Maybank/CIMB account number.
- Review the live exchange rate and total MYR received — all fees shown upfront.
- Confirm and complete payment via PayNow, bank transfer, or debit card. Funds arrive in minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest way is using a licensed digital remittance provider like Panda Remit for ASEAN corridors — especially with its free first transfer and near-mid-market FX rates. Avoid banks and cash agents for cost-sensitive transfers.
What is the fastest money transfer app?
Panda Remit is the fastest for SG→MY: DuitNow and FPX transfers settle in under 5 minutes, 24/7. Wise and Remitly typically require 1+ business days for bank deposits.
Is Panda Remit safe?
Yes. Panda Remit holds a MAS Payment Services Act license (PS20200501), complies with global AML/CTF standards, 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. 1–2 days) and cost for standard transfers. Wise excels for multi-currency management and recurring payments — but its MY payout network is narrower and slower.
Which money transfer app has the best exchange rate?
Panda Remit offers diamond rates (near real-time mid-market) for new users and consistently ranks among the top 2 for SG→MY — alongside Wise. However, Panda Remit’s lower fees make its *effective* rate superior for most transfers.