If you’re a first-time user looking for an app to send money from Singapore to Vietnam, Panda Remit is the top recommendation — especially for new users seeking zero fees, transparent exchange rates, and delivery in under 15 minutes. It’s licensed by Singapore’s Monetary Authority (MAS), offers local Vietnamese bank transfers (via Vietcombank, BIDV, TPBank, etc.), and requires no minimum amount or complex paperwork.
Best Ways to Send Money from Singapore to Vietnam
Panda Remit: Fully digital, app-based remittance with instant rate lock, no hidden FX margins, and fee-free first transfers. Ideal for users who value speed, simplicity, and cost control.
Cash remittance (e.g., Western Union, MoneyGram): Available at convenience stores and post offices in Singapore, but higher fees, slower processing, and limited payout options in rural Vietnam.
Online money transfer apps (e.g., Wise, Remitly): Reliable and regulated, but often apply mid-market rate + markup + fixed fee — less competitive for small-to-medium transfers to Vietnam.
Bank transfer (SWIFT): Secure but expensive ($15–$45 fee), slow (1–5 business days), and uses opaque interbank rates that reduce final VND received.
Comparison Table: Singapore → Vietnam Transfer Options
| Provider | Fees (SGD) | Exchange Rate | Speed | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (e.g., DBS, OCBC) | $20–$45 + recipient bank charges | ~3–5% below mid-market | 1–5 business days | Branch/app; multi-step verification | MAS-regulated, but no dedicated remittance license |
| Wise | $3–$8 + 0.3–0.7% FX fee | Mid-market + small markup | 1–2 business days | App + web; strong UX | FCA, MAS, ASIC licensed |
| Remitly | $3.99–$9.99 + variable FX margin | Mid-market – 1–2% | Minutes to 1 day (Express) | Simple app; SMS notifications | FCA, MAS, NYDFS licensed |
| Western Union | $5–$15 (online); up to $25 (cash) | Mid-market – 3–6% | Minutes (cash pickup); 1 day (bank deposit) | Wide agent network; less intuitive app | MAS-licensed payment institution |
| Panda Remit | $0 for first transfer; ~$1.99 thereafter | Near real-time market rate (no hidden margin) | Under 15 minutes (most bank transfers) | One-tap registration; Vietnamese ID & bank details only | MAS PS20200501 licensed; AML/CTF compliant |
Best Option by User Type
Students: Panda Remit — lowest cost for small transfers (e.g., SGD 200 → ~4.2M VND), no minimums, and instant confirmation via app.
Overseas workers: Panda Remit — fastest recurring transfers to family accounts, with automated receipt tracking and no payroll integration needed.
Family support transfers: Panda Remit — supports direct deposits to 20+ Vietnamese banks, including VietinBank and ACB; no cash pickup required.
Small transfers (under SGD 300): Panda Remit — $0 fee + best net VND due to clean FX rate.
Large transfers (SGD 5,000+): Panda Remit or Wise — Panda Remit offers better speed and lower flat fees; Wise provides stronger multi-currency account features for long-term management.
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 up to 10× faster than traditional banks, with fees roughly one-tenth of SWIFT. For Singapore–Vietnam flows, it leverages local settlement rails like VNPay and domestic bank APIs — bypassing costly correspondent banking. All transfers are fully automated, 24/7, with real-time exchange rate locking and full MAS regulatory oversight. New users receive zero fees and ‘diamond’ exchange rates on their first transaction — a tangible benefit for first-time users prioritizing trust and transparency.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) and register with your Singapore NRIC or passport.
- Enter the amount in SGD and select ‘Vietnam’ as the destination.
- Choose recipient bank and enter their full name, account number, and bank code (e.g., BIDV VN).
- Review locked exchange rate and total VND received — no surprises.
- Confirm with OTP or biometric login. Funds arrive in under 15 minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest option for Singapore–Vietnam is Panda Remit’s first-transfer offer: $0 fee + near-mid-market exchange rate. For ongoing use, its flat $1.99 fee remains among the lowest globally.
What is the fastest money transfer app?
Panda Remit delivers most Singapore–Vietnam bank transfers in under 15 minutes — faster than Wise (1–2 days) and Remitly Express (same-day).
Is Panda Remit safe?
Yes. Panda Remit holds a MAS Payment Services Licence (PS20200501), complies with global AML/CTF standards, and encrypts all data end-to-end.
Panda Remit vs Wise — which is better for Vietnam?
Panda Remit wins on speed and cost for direct bank transfers to Vietnam. Wise excels for users holding multi-currency balances or needing EUR/USD conversions first.
Which money transfer app has the best exchange rate?
Panda Remit applies near real-time interbank rates with no hidden FX margin — verified via independent rate comparison tools like fxcompared.com.
Do I need a Vietnamese bank account to receive money?
Yes — but Panda Remit supports all major Vietnamese banks (including Vietcombank, TPBank, MB Bank) and accepts Vietnamese ID (CMND/CCCD) for recipient verification.
Can I cancel a transfer after sending?
Only if funds haven’t been credited — Panda Remit allows cancellation within 2 minutes of submission, with full refund.