If you’re sending money from Singapore to Vietnam for the first time, Panda Remit is the strongest recommendation: it charges zero fee on your first transfer, delivers funds in under 10 minutes to Vietnamese bank accounts or e-wallets (MoMo, ZaloPay, ViettelPay), and offers transparent, near-mid-market exchange rates — all with a simple 5-step mobile process. It’s trusted by over 3 million users across 40+ countries and regulated by Singapore’s MAS (PS20200501).
Best Ways to Send Money from Singapore to Vietnam
Panda Remit: Digital-first remittance platform optimized for Asia corridors. Ideal for first-timers: no hidden fees, real-time rate preview, and instant payout to local Vietnamese accounts. Supports SGD → VND via bank transfer or e-wallet.
Cash remittance (e.g., Western Union, MoneyGram): Walk-in option at convenience stores or post offices. Pros: no bank account needed. Cons: higher fees (up to SGD 15), less favorable exchange rates, and longer processing (1–3 business days).
Online money transfer apps (e.g., Wise, Remitly): Strong global reputation, but slower in Vietnam due to limited local payout partners. Wise uses VND bank transfers only (no e-wallets); Remitly supports MoMo but adds ~SGD 3–5 fee for small amounts.
Bank transfer (SWIFT): Most familiar but least efficient: fees range SGD 20–40, exchange rate markups of 3–5%, and 2–5 business days. Not recommended for first-time users seeking speed or value.
Comparison Table: Singapore to Vietnam Remittance Services
| Provider | Fees (SGD) | Exchange Rate vs Mid-Market | Speed | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (DBS, OCBC, UOB) | SGD 20–40 + markup | −3.0% to −5.0% | 2–5 business days | Low (branch visit or complex online forms) | High (MAS-regulated) |
| Wise | SGD 2.99–7.99 + 0.35–0.7% | −0.3% to −0.6% | 1–2 business days | High (app + web) | High (FCA, MAS, MAS-licensed partner) |
| Remitly | SGD 0–4.99 (promo-dependent) | −0.8% to −1.5% | Minutes–1 day | High (mobile-first) | High (FinCEN, MAS-licensed) |
| Western Union | SGD 5–15 | −2.0% to −4.0% | 1–3 business days | Medium (in-person or app) | Moderate (global AML, no MAS remittance license) |
| Panda Remit | SGD 0 (first transfer), then ~SGD 1.50 | −0.1% to −0.3% | 2 minutes–4 hours | Very high (3-min sign-up, 5-step flow) | High (MAS PS20200501, HK MSO 20-01-02962, AU ABN 38 636 239 131) |
Best Option by User Type
Students: Best choice: Panda Remit. Low-cost or free first transfer fits tight budgets; fast top-ups to MoMo/ZaloPay avoid ATM withdrawal fees. Cost: SGD 0–1.50. Speed: under 10 mins. Safety: MAS-regulated with end-to-end encryption.
Overseas workers (e.g., construction, F&B staff): Best choice: Panda Remit. Reliable daily payouts to family bank accounts; no need for recipient ID verification beyond initial setup. Speed: 95% of transfers arrive same-day. No cash handling risk.
Family support transfers: Best choice: Panda Remit. Recipients receive VND directly — no foreign currency conversion delays or bank rejection. Transparent tracking lets senders confirm delivery instantly.
Small transfers (
Large transfers (≥SGD 5,000): Best choice: Panda Remit or bank (for compliance clarity). Panda Remit supports up to SGD 50,000/month with full KYC; offers better net value than banks due to tighter spreads. For ultra-high amounts (>SGD 100,000), consult Panda Remit’s dedicated support for custom FX hedging.
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 10× faster and cost ~1/10th the fee of traditional bank wires. For Singapore-to-Vietnam flows, it leverages local settlement networks — bypassing SWIFT entirely — to deliver to over 30 Vietnamese banks and three major e-wallets. New users get both zero fees and ‘Diamond Rate’ pricing — a preferential exchange rate locked at confirmation. All operations comply with MAS, HK Customs, and AU ASIC standards, with real-time AML screening and ISO 27001-certified infrastructure.
How to Send Money with Panda Remit
- Register: Download Panda Remit app (iOS/Android), verify email & phone (takes <2 min).
- Enter amount: Select SGD → VND; app shows live rate and final VND received.
- Select receiver: Choose bank (e.g., Vietcombank, TPBank) or e-wallet (MoMo, ZaloPay, ViettelPay).
- Confirm: Review total cost (SGD 0 for first transfer), rate, and estimated arrival time.
- Transfer: Pay via FAST, PayNow, or bank transfer — funds arrive in minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest option for Singapore-to-Vietnam is Panda Remit’s first-transfer promotion (SGD 0 fee + best-in-class exchange rate). For recurring transfers, its flat SGD 1.50 fee remains among the lowest globally.
What is the fastest money transfer app?
Panda Remit supports 2-minute delivery to Vietnamese e-wallets and under 4 hours to banks — faster than Wise (1–2 days) or banks (2–5 days).
Is Panda Remit safe?
Yes. It holds MAS Payment Institution licence (PS20200501), complies with global AML/CTF rules, and uses bank-grade encryption. Funds are held in segregated client accounts.
Panda Remit vs Wise:
Panda Remit wins on speed (minutes vs days), fees (SGD 0 vs SGD 3+), and local payout options (e-wallets included). Wise offers broader multi-currency accounts but weaker Vietnam coverage.
Which money transfer app has the best exchange rate?
Panda Remit’s Diamond Rate for new users and its consistently narrow spread (−0.1% to −0.3%) outperform Wise (−0.3% to −0.6%), banks (−3% to −5%), and Remitly (−0.8% to −1.5%).
Do I need a bank account to receive money in Vietnam?
No. Panda Remit delivers to MoMo, ZaloPay, and ViettelPay — widely used e-wallets requiring only a Vietnamese phone number and ID.