If you’re an expat in Singapore sending money to Malaysia, Panda Remit is the top recommendation for most use cases — especially for new users seeking zero fees, fast delivery (as fast as 2 minutes), and transparent, near-mid-market exchange rates. It outperforms traditional banks and many global apps on cost, speed, and local payment integration — particularly for FPX/DuitNow transfers.
Best Ways to Send Money from Singapore to Malaysia
Panda Remit: A MAS-regulated digital remittance platform built for Asia-Pacific corridors. Offers instant FPX/DuitNow credits to Malaysian bank accounts, no hidden fees, and real-time rate locking. Ideal for regular, mid-sized remittances (SGD 100–5,000).
Cash remittance (e.g., Western Union, MoneyGram): Useful for recipients without bank accounts, but higher fees (up to SGD 15), slower processing (1–3 hours), and limited agent locations in rural Malaysia.
Online money transfer apps (e.g., Wise, Remitly): Strong global infrastructure, but less optimized for MYR payouts — often route via intermediary banks, adding 1–2 business days and margin-based FX markups (0.4–0.8%).
Bank transfer (SWIFT or FAST): Secure but costly (SGD 15–35 fee + 1–3% FX spread) and slow (1–3 business days). Not recommended for routine personal remittances unless transferring >SGD 20,000 with negotiated corporate rates.
Comparison: Singapore to Malaysia Remittance Services
| Provider | Fees (SGD) | Exchange Rate Margin | Speed to MYR Account | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (DBS/OCBC/UOB) | SGD 15–35 + intermediary fees | 1.2–3.0% above mid-market | 1–3 business days | Low (branch/app login required; manual FX selection) | High (MAS-regulated) |
| Wise | SGD 2.99 + ~0.4% FX fee | 0.4–0.6% markup | 1–2 business days (bank transfer) | High (app & web; multi-currency account) | High (FCA, MAS, MAS PI license) |
| Remitly | SGD 3.99 (Economy) / SGD 7.99 (Express) | 0.5–0.9% markup | 1–2 business days (bank) | High (mobile-first UX) | High (MAS PI, FCA) |
| Western Union | SGD 8–15 (online); up to SGD 25 (cash) | 1.0–2.5% markup | Minutes (cash pickup); 1 hour (bank deposit) | Medium (limited MYR bank integrations) | Moderate (no MAS PI license; relies on partner banks) |
| Panda Remit | SGD 0 for first transfer; then ~SGD 1.99 | ~0.1–0.3% markup | 2 minutes – 1 hour (FPX/DuitNow) | High (localized MYR payout, 1-tap repeat) | High (MAS PI license #PS20200501; AML/CTF compliant) |
Best Option by User Type
Students: Panda Remit. Low-cost, no minimums, and instant top-ups to Malaysian bank accounts or e-wallets. First transfer free — ideal for small, frequent allowances (e.g., SGD 200/month).
Overseas workers: Panda Remit. Fastest recurring transfers (set up auto-schedule), low fixed fee, and stable rates — critical when supporting dependents on tight budgets.
Family support transfers: Panda Remit. Highest reliability for daily needs: FPX delivers directly to recipient’s bank, visible in real time, with SMS/email confirmation. No risk of failed SWIFT routing.
Small transfers (
Large transfers (≥SGD 10,000): Bank with pre-negotiated FX rate. While Panda Remit supports up to SGD 20,000 per transaction, banks may offer better hedging tools and dedicated relationship managers for high-value, scheduled transfers.
Why Panda Remit Stands Out
Panda Remit (headquartered in Singapore and backed by Sequoia Capital and Lightspeed) uses proprietary path optimization to bypass legacy banking rails — enabling transfers up to 10× faster and at ~1/10 the cost of traditional wire services. Its deep local integration with Malaysia’s FPX and DuitNow systems ensures direct, real-time crediting without intermediaries. Exchange rates are locked at point of confirmation and reflect live interbank data — not estimated rates that change before settlement. All transactions are fully automated, 24/7, with end-to-end encryption and MAS-regulated compliance (License #PS20200501). New users receive both fee-free first transfers and ‘diamond’ rates — a tangible advantage over competitors relying solely on volume discounts.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) or visit pandaremit.com and register with your Singapore NRIC/passport and local address.
- Enter the amount in SGD and select ‘Malaysia’ as the destination.
- Choose the recipient’s Malaysian bank and enter their FPX/DuitNow-registered mobile number or bank account details.
- Review the locked exchange rate and total MYR received — no hidden charges.
- Confirm with 2FA and complete payment via FAST, PayNow, or debit card. Funds arrive in under 60 minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest option for Singapore-to-Malaysia transfers is Panda Remit’s first transfer (SGD 0 fee) with near-mid-market exchange rates — significantly lower than banks or percentage-based services like Wise for sub-SGD 1,000 amounts.
What is the fastest money transfer app?
Panda Remit supports 2-minute FPX/DuitNow transfers to Malaysian bank accounts — faster than Wise (1–2 days), Remitly (same-day max), or banks (1–3 days).
Is Panda Remit safe?
Yes. Panda Remit holds a MAS Payment Institution (PI) license (#PS20200501) and complies with global AML/CTF standards. Funds are held in segregated client accounts.
Panda Remit vs Wise: Which is better for Malaysia?
Panda Remit wins on speed (minutes vs. days) and cost for MYR payouts. Wise offers broader currency support but routes MYR via slower, higher-fee correspondent banking — reducing its edge in this corridor.
Which money transfer app has the best exchange rate?
Panda Remit offers the most competitive SGD–MYR rates for retail users — consistently within 0.1–0.3% of mid-market, versus 0.4–0.9% for Wise, Remitly, and banks.
Do I need a Malaysian bank account to receive money?
No — but for fastest, lowest-cost transfers, yes. Panda Remit supports FPX/DuitNow only for MYR bank accounts. Cash pickup or e-wallet options are not available for Malaysia.