Connect with us

Street Smart

Best Ways To Transfer Money From Singapore To Malaysia: 7 Remittance Services You Can Use

Send money back home in as fast as on the same day.

 

As the Singapore Dollar rises to a new record RM3.53 against the Malaysian Ringgit, Malaysians working in Singapore can take advantage of the exchange rate to plan for holidays, shopping trips and even renovations to their homes in Malaysia. 

With the festive season around the corner, you can also send a bigger ‘angbao’ back home to family. 

Here’s a guide to the remittance services that you can use when you send money from Singapore to Malaysia. 

Read Also: Why Do I Always End Up Spending More (Or Receiving Less) When I Remit Money Overseas?

Banks 

Most banks in Singapore offer competitive money transfer services to Malaysia. To get started, you need to have an account with the bank and may have to provide some recipient details like the recipient’s name and back account.  

Money transfers through banks can come with fees and charges, and the exchange rates used may differ from one bank to another. Your money transfers can take around 1 to 5 business days to be sent.   

Malaysian banks such as Maybank and CIMB have a strong presence in Singapore. Singapore’s DBS also provides competitive online remittance services to Malaysia. 

#1 Maybank Singapore 

As one of the largest banks in Malaysia, Maybank may be a popular option for those who want to remit money to family and friends living in Malaysia. 

Maybank Singapore offers telegraphic transfer of funds at a 0.125% commission (minimum S$20, maximum S$100) and processing fee of up to S$30. It also offers online remittance services to Malaysia through Maybank Overseas Transfer. You can enjoy instant fund transfer to banks in Malaysia for as low as S$0 transfer fee. The service is available round the clock and everyday including weekends and public holidays. 

Note that funds transfers are limited to S$20,000 a day. 

#2 CIMB Singapore 

CIMB is another Malaysian bank that has a strong presence in Singapore and the broader ASEAN region.  

CIMB Singapore allows those residing in Singapore to send money overseas through telegraphic transfer (TT) using the SWIFT network. The time taken to transfer funds varies depending on factors such as the destination. CIMB charges 0.125% commission (min S$10, max S$100) for outward transfers from an SGD account. 

You can also send money from Singapore to Malaysia for S$0 commission online on CIMB Clicks. 

CIMB is also running a promotion to match the lowest exchange rate you can find from other banks or licensed service providers. You can take a picture of the rates you get and send it to [email protected]. Photos must be taken within 1 hour of your transfer and sent within 3 days to get a refund. 

#3 DBS  

With 55 years of track record, DBS Singapore is one of the most established banks in Singapore and Southeast Asia, including Malaysia.  

You can send money from your DBS account in Singapore to Malaysia through TT, which will take 2 to 4 days. For the transfer, DBS will charge a commission as follows: 

  • $5 for debiting amount equal to or below $5,000 
  • $10 for debiting amount equal to or below $25,000 
  • $35 for all other amounts 

#4 UOB  

Singapore’s UOB is another popular bank in the city-state and has 500 offices and branches across 19 countries including Malaysia. 

UOB offers TT of funds to Malaysia at varying charges depending on how the transfer was made. 

For those who transfer via bank branches, you will have to pay 0.125% fees (min. S$10, max. S$100) +cable charges + agent charges, if any.  

Money Transfer Service Providers 

Over the years, there has been a rise in cross-border transfer services as well.  

These providers may also charge a fee depending on the transfer amount, recipient location and payment method (ie. the way you fund your transfer, either through bank transfers, PayNow, or debit/credit card or cash).  

#5 Wise 

Launched in 2011 in the US, Wise has expanded globally with the aim of simplifying the process of transferring funds internationally at an affordable price. 

Wise lets residents in Singapore send money to Malaysia at a fee starting from 0.42%. Depending on the currencies you want to exchange, fees may vary. 

#6 Remitly 

US-based Remitly is another international money transfer platform launched in 2011. One of Remitly’s business goal is to help immigrants around the world and the platform is part of the Pledge 1% movement, supporting local communities through donation of profit, equity or time.   

Remitly lets you send money from Singapore to Malaysia for a flat rate of S$1.99 per transfer, simplifying the charges you have to pay. You can also try out Remitly without any charges for your first transfer. 

#7 Singtel Dash 

Singtel Dash is one of Singapore’s leading e-wallets that provides remittance services to its users since 2014. 

Singtel Dash offers remittance service to Malaysia from the Dash account at a flat fee of S$2 per transfer within only 15 minutes.  

The Dash Remit feature is within the Singtel Dash e-wallet app, so you don’t have to download another remittance app if you’re an existing Singtel Dash user.  

No.  Remittance Service Provider  Charges  Processing Time 
1  Maybank Singapore 
  • TT: 0.125% commission (minimum S$20, maximum S$100)  
  • Maybank2u: S$0 to Maybank Malaysia & S$2 to other banks in Malaysia 
1 to 5 days 
2  CIMB Singapore
  • TT: 0.125% commission (min S$10, max S$100) + agent fee (if any) + cable charge of S$30 
  • CIMB Clicks: S$0 commission + agent fee (if any) + cable charge  
1 to 5 days 
3  DBS’s Telegraphic Transfer  S$5 – S$35 commission (depending on amount) + agent fee (if any) + cable charge of S$20  1 to 5 days 
4  UOB’s Telegraphic Transfer   0.125% fees (min. S$10, max. S$100) + agent charges (if any) + cable charge of S$20  Up to 2 working days 
5  Wise  From 0.42%  2 hours 
6  Remitly  S$1.99 per transfer  Delivery time will be provided before transfer 
7  Singtel Dash  S$2 per transfer  Up to 15 minutes 

Best Way To Remit Money From Singapore To Malaysia 

There are a few things to consider when you are choosing to remit money from Singapore to Malaysia. These include the fees incurred and processing time. 

If you’re sending money in a larger amount to Malaysia, you may want to do a price comparison to minimise fees and charges you incur.   

A lower fee may not always mean that you get the best bang for your Singapore dollars either. You should also look at the exchange rate, which is usually included in the calculations before you remit your money.  

Read Also: Comparing 21 Household Items From Bread To Kitchen Towels: What Is The Price Difference Between Buying In Singapore And Malaysia? 

 

DollarsAndSense Malaysia is a website that aims to help people make better financial decisions, one interesting, bite-sized article at a time. Like us on Facebook to stay in touch with our latest articles.