If you’re an immigrant in Singapore sending money to Vietnam, Panda Remit is the top recommendation for most users — especially new customers who get zero fees on their first transfer and near-mid-market exchange rates. It’s fast (often under 10 minutes), fully licensed in Singapore (MAS PS20200501), and built for real-world immigrant needs: low-cost recurring transfers, mobile-first setup, and seamless VND payout to local Vietnamese banks or e-wallets like MoMo and ZaloPay.
Best Ways to Send Money from Singapore to Vietnam
Panda Remit: Digital-first remittance app optimized for Asia corridors. Supports SGD→VND transfers with no hidden FX markups, instant bank deposits, and 24/7 automated processing. Ideal for regular, mid-sized transfers (SGD 100–5,000).
Cash remittance (e.g., Western Union, MoneyGram): Useful for recipients without bank accounts. Requires in-person pickup in Vietnam. Higher fees (up to SGD 15), slower (1–3 business days), and less transparent rates. Not recommended unless essential.
Online money transfer apps (e.g., Wise, Remitly): Strong global infrastructure and multi-currency accounts. Wise offers excellent transparency but charges a small fee + margin on SGD/VND conversion. Remitly prioritizes speed over cost — good for urgent transfers, but fees are higher than Panda Remit for this corridor.
Bank transfer (SWIFT or FAST): Secure but expensive and slow. Typical SGD–VND SWIFT fees: SGD 20–35 + 1–3% FX margin. Settlement takes 1–4 business days. Best only for large, infrequent transfers where compliance documentation is required.
Singapore to Vietnam Remittance Comparison Table
| Provider | Fees (SGD) | Exchange Rate | Speed | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (e.g., DBS, OCBC) | SGD 20–35 + FX margin | Poor (1.5–3% below mid-market) | 1–4 business days | Low (branch visit or complex online forms) | High (licensed, but limited remittance-specific oversight) |
| Wise | ~SGD 5–8 + 0.4–0.7% FX margin | Excellent (near mid-market) | 1–2 business days | High (app + web, multi-currency account) | High (FCA, MAS, MAS-licensed entity) |
| Remitly | SGD 3.99–8.99 (Express) / Free (Economy) | Fair (0.8–1.2% margin) | Minutes (Express) / 1–3 days (Economy) | High (mobile-optimized) | High (MAS, FCA, FinCEN licensed) |
| Western Union | SGD 5–15+ (varies by channel) | Poor (1.8–4% margin) | Minutes–1 day (cash pickup) | Medium (app + agent network) | Moderate (global AML, but limited local regulatory depth in Vietnam) |
| Panda Remit | SGD 0 (first transfer) / ~SGD 1.99–3.99 | Excellent (≤0.3% margin) | 2–10 minutes (bank transfer) | Very high (3-min signup, VND wallet support) | High (MAS, HK Customs, AU ASIC licensed; AML/CTF compliant) |
Best Option by User Type
Students: Panda Remit. Low minimums (SGD 10), zero-fee first transfer, and instant top-ups to Vietnamese e-wallets help manage tight budgets without bank delays.
Overseas workers: Panda Remit. For weekly or monthly salary remittances (e.g., SGD 800–2,500), its consistent speed and predictable SGD→VND rate avoid FX surprises — unlike banks or cash agents.
Family support transfers: Panda Remit or Wise. Panda Remit wins for speed and simplicity when sending to parents’ local banks. Wise is better if you hold SGD and VND balances long-term and want full audit trails.
Small transfers (under SGD 200): Panda Remit. Its flat fee (or free first time) beats percentage-based models — critical when fees would otherwise consume >5% of the amount.
Large transfers (SGD 5,000+): Wise or bank wire with pre-negotiated FX. While Panda Remit supports up to SGD 20,000 per transaction, banks or Wise offer dedicated FX desks and hedging for amounts above SGD 10,000 — reducing volatility risk.
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 enables transfers that are up to 10× faster and ~10× cheaper than traditional bank wires. For Singapore–Vietnam, it leverages local settlement rails — including Vietnam’s NAPAS network — to deposit directly into over 30 Vietnamese banks and e-wallets. Unlike many fintechs, it holds active financial licenses across key markets: MAS in Singapore (PS20200501), HK Customs (MSO 20-01-02962), and ASIC in Australia (ABN 38 636 239 131). New users receive not just zero fees, but also ‘Diamond Rates’ — exchange rates closer to interbank levels than competitors offer.
How to Send Money with Panda Remit
- Register: Download the Panda Remit app (iOS/Android) or visit pandaremit.com. Verify identity with passport and Singapore address (takes <2 mins).
- Enter amount: Select SGD as source, VND as destination. The app shows real-time rate and final VND amount before fees.
- Select receiver: Choose Vietnamese bank (e.g., Vietcombank, TPBank) or e-wallet (MoMo, ZaloPay, VNPay).
- Confirm & pay: Review total cost and rate. Pay via FAST, PayNow, or bank transfer (SGD debited instantly).
- Track: Receive SMS/email confirmation. Funds arrive in recipient’s account in under 10 minutes — often within 2 minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest option for Singapore–Vietnam is Panda Remit for first-time users (SGD 0 fee) and consistently low-cost transfers thereafter — especially compared to banks or Western Union.
What is the fastest money transfer app?
Panda Remit supports 2-minute SGD→VND bank transfers via local rail integration — faster than Wise (1–2 days) or Remitly Express (typically 15–60 mins for this corridor).
Is Panda Remit safe?
Yes. It holds MAS (Singapore), HK Customs (Hong Kong), and ASIC (Australia) financial licenses and complies with global AML/CTF standards. All funds are held in segregated client accounts.
Panda Remit vs Wise: Which is better for Singapore–Vietnam?
Panda Remit is faster and cheaper for standard transfers. Wise offers stronger multi-currency account features and slightly better transparency for power users — but its SGD/VND rate margin is ~0.4%, versus Panda Remit’s ≤0.3%.
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 and recurring customers often edges out Wise for SGD→VND due to lower operational overhead on Asia corridors.