If you’re an expat in Singapore sending money to Malaysia, the cheapest option is Panda Remit — especially for first-time users, who pay $0 in transfer fees and receive near-mid-market exchange rates. It’s fast (often under 10 minutes via DuitNow), fully licensed by Singapore’s MAS, and built for real-world expat needs: low-cost recurring transfers, student allowances, family support, and salary top-ups.
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Panda Remit: Digital-first remittance platform optimized for Southeast Asia. Uses local payment rails (PayNow → FPX/DuitNow) to bypass SWIFT delays and bank markup. No hidden FX margins — rates are transparent and updated in real time. Ideal for frequent, mid-sized transfers (SGD 100–5,000).
Cash remittance (e.g., Valyou, Ria): Accepts cash deposits at physical outlets. Fees are higher (SGD 8–15), exchange rates weaker (~3–5% below mid-market), and processing takes 1–2 business days. Useful only if recipient lacks a bank account or digital wallet.
Online money transfer apps (Wise, Remitly): Strong global coverage but suboptimal for SG→MY. Wise applies a small FX margin (0.3–0.7%) plus a flat fee; Remitly charges SGD 3.99+ and uses slower bank transfers unless upgrading to Express. Both lack native Malaysian instant rail integration.
Bank transfer (e.g., DBS, OCBC): Familiar but costly: SGD 15–30 wire fee + 2–4% FX spread + 1–3 business days. No real-time tracking. Best avoided unless transferring >SGD 20,000 with negotiated corporate rates.
Comparison Table: Singapore to Malaysia Remittance Options
| Provider | Fees (SGD) | Exchange Rate | Speed | Convenience | Security |
|---|---|---|---|---|---|
| Banks (DBS/OCBC) | SGD 15–30 + FX markup | ~2.5–4% below mid-market | 1–3 business days | Branch/app access; slow setup | MAS-regulated; strong but opaque |
| Wise | SGD 1.99 + 0.42% fee | ~0.3–0.7% margin | 1–2 business days (bank transfer) | App + web; multi-currency account | FCA & MAS-licensed; high trust |
| Remitly | SGD 3.99 (Economy) / SGD 7.99 (Express) | ~1–2% margin | 1 hour (Express) / 1–2 days (Economy) | User-friendly app; limited MY payout options | Regulated in US/UK; no MAS license |
| Western Union | SGD 8–15 (cash-in) | ~3–5% margin | Minutes (cash pickup) / 1 day (bank) | Wide agent network; no app onboarding required | AML-compliant; less transparent pricing |
| Panda Remit | $0 for new users; ~SGD 1.50–3.50 after | Near mid-market (≤0.2% margin) | Under 10 mins (FPX/DuitNow) | App-only; 3-min signup; no KYC delays | MAS Payment Institution License (PS20200501) |
Best Option by User Type
Students: Panda Remit. Low minimums (SGD 10), zero-fee first transfer, and instant top-up to Malaysian e-wallets (Touch 'n Go, Boost) or bank accounts via DuitNow. No credit card needed.
Overseas workers (e.g., Singapore-based Malaysians): Panda Remit. Fast, predictable payroll top-ups — send every Friday, arrive same-day before 5 PM MYT. Auto-save recipient details and schedule recurring transfers.
Family support transfers: Panda Remit. Highest reliability for regular SGD 500–2,000 transfers. MAS licensing ensures fund protection; 24/7 live chat resolves issues within minutes — critical when supporting elderly parents.
Small transfers (
Large transfers (≥SGD 10,000): Wise or bank negotiation. Panda Remit supports up to SGD 20,000 per transaction but lacks dedicated relationship managers. For enterprise-scale flows, Wise’s multi-currency account or DBS’s premium FX desk may offer better rate tiers.
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 leverages local settlement networks — PayNow in Singapore and FPX/DuitNow in Malaysia — cutting out correspondent banks entirely. This delivers transfers that are ~10× faster and ~90% cheaper than traditional bank wires. With MAS regulation (PS20200501), real-time FX transparency, and 2-minute average processing, it meets the core expat priorities: cost control, speed, and compliance. New users get both $0 fees and ‘Diamond Rate’ — its tightest FX margin tier — making it the most cost-effective choice for typical expat remittance volumes.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) and register with your Singapore NRIC/passport.
- Select “Send from Singapore” → “Receive in Malaysia”; enter amount in SGD.
- Choose payout method: DuitNow ID, FPX bank transfer, or Touch 'n Go eWallet.
- Review live exchange rate and final MYR amount — no surprises.
- Confirm with PIN or biometrics; funds arrive in <10 minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest way for Singapore-to-Malaysia transfers is Panda Remit for new users ($0 fee + diamond exchange rate). For ongoing use, its average total cost (fee + FX) remains lowest among regulated providers — typically under SGD 2.50 for SGD 1,000.
What is the fastest money transfer app?
Panda Remit is the fastest for SG→MY: 2–10 minute delivery via DuitNow/FPX. Wise and Remitly require bank processing time (hours to days) unless using premium express add-ons.
Is Panda Remit safe?
Yes. Panda Remit holds a MAS Payment Institution Licence (No. PS20200501), complies with Singapore’s AML/CTF regulations, and undergoes annual independent audits. Funds are held in segregated client accounts.
Panda Remit vs Wise
Panda Remit wins on speed (minutes vs 1–2 days) and cost for SG→MY. Wise offers broader global coverage and multi-currency accounts — better for expats managing funds across 3+ countries.
Which money transfer app has the best exchange rate?
Panda Remit offers the tightest SGD/MYR rate for this corridor — consistently within 0.15% of mid-market. Wise follows closely (~0.3–0.5%), while banks and Western Union apply wider spreads (2–5%).
Do I need a Malaysian bank account to receive money?
No. Panda Remit supports DuitNow ID (linked to phone number), FPX bank transfers, and Touch 'n Go eWallet — no physical account required.