Complete guide to transferring money from Singapore to Malaysia
This article covers:
Sending money from Singapore to Malaysia is a bigger deal than you might think. In 2023, about 1.13 million Malaysians were living and working in Singapore. They make up the largest chunk of the Malaysian diaspora and roughly 60% of all Malaysians working abroad. On top of that, around 300,000 to 350,000 people commute daily across the Johor-Singapore Causeway for work.
If you’re a Malaysian sending money home or starting work in Singapore, this blog is for you.
We’ve done the homework and rounded up the top services to help you transfer funds from SGD to MYR conveniently, securely, and with the best currency rates. We’ll also highlight what to look out for before choosing a service and the options you should consider.
What to consider when choosing a money transfer service?
Sending money from Singapore to Malaysia isn’t just about picking a service and hitting “send.” A few key factors can impact:
how much your recipient actually receives,
how quickly the money arrives,
and how secure the transfer is.
Before you choose a provider, it helps to consider things like the transfer method, fees, exchange rates, limits, processing time, and security.
Let’s take a closer look at each of these.
Exchange rates
It’s perfectly normal to look at FX rates for SGD to MYR as your first criterion. You can usually find it within the bank and online remittance app or website.
And you might be wondering why some exchange rates are better than others.
Sure, the exchange rates they have offered are in a reasonable range (which means you get more bang for your bucks). While some are able to offer competitive FX rates that are close to mid-market rate, most, however, charge an excessive markup on the exchange rate. Meaning, the same amount you send might be worth less in some instances.
Also, sometimes, the higher the transaction amount, the better the rates you might be offered.
Limits on funds transfer
Most money remittance service companies and even banks are obliged to set a transfer limit. However, the limit on amounts varies between companies. So, research the limits of every money transfer company if you’re to send money back home to Malaysia, especially if you have a huge amount.
Transfer / Funding method / Payment method
You commonly see transfer method, funding method or payment method used interchangeably
For overseas money transfer method, it refers to how you fund your transfer to your recipient (be it yourself or your loved ones)
Some common transfer methods include:
Bank transfer
Linked Bank account (GIRO)
Real-time bank transfer (Singapore Paynow, Malaysia Duitnow)
Mobile wallet transfer
Credit card
Debit card
Payment method can affect the speed of transfer for banks and online remittance companies.
Fees
The costs of a remittance transaction include transfer fees charged by the sending agent, typically paid by the sender, and a currency-conversion fee for the delivery of SGD to MYR to your recipient.
It also depends on your transfer method. For example, funding your transfer with a credit card usually comes with higher fees compared to using PayNow.
Processing time
Remember the days of outward telegraphic transfers? It used to take days before money finally reached your loved ones.
Thankfully, those long waiting times are mostly a thing of the past. Today, most remittance services and even banks offer much faster transfers, as long as you meet the cut-off times.
Some banks and remittance apps also let you track your transfer in real time, so you don’t have to keep checking back to see if your money has arrived.
Security measures
When deciding whether a service can reliably send money to Malaysia, most people start by checking app or website reviews. That’s a good first step, but it shouldn’t be the only one.
Next, look at whether the service is regulated by the relevant authorities. Beyond that, it’s important to understand how your data is protected, what security infrastructure is in place, how privacy is handled, and how you can report issues if something goes wrong.
Customer support
Transferring money can be an emotional roller coaster. When everything goes smoothly, there’s no stress at all.
But problems can happen. For example, if you unknowingly make a transaction during a bank holiday, or if your funds are delayed or flagged for potential fraud. In moments like these, responsive customer support makes all the difference.
Being able to easily reach a help centre online or speak to customer support via a hotline can quickly ease frustration and help you understand the next steps, whether that’s completing the transfer or getting your money back into your account.
Top remittance services for sending money from Singapore to Malaysia
You must have tried googling “How to transfer money from Singapore to Malaysia?”, right? And I’m not surprised if you are confused, judging by the number of remittance service providers that exist in Singapore.
We’ve done comprehensive research and listed the top remittance service providers in Singapore.
Customers like yourself can decide what benefits you as customers based on transfer fees and exchange rates.
Banks | Online Remittance Service Providers |
DBS OCBC CIMB | Instarem Western Union Wise BigPay Singtel Dash eRemit SingEx |
Better choice: Transfer money to Malaysia from Singapore with Instarem
Looking to convert SGD to MYR with a money transfer app? Try out Instarem.
Here’s why Instarem is a better option:
Cost efficient
Instarem offers the lowest transfer fees that enable you to send funds from Singapore to Malaysia without burning a hole in your pocket.
Easy & fast
There are several ways to transfer money, as shown in the table above. One option is Instarem’s mobile app, which offers a fast and hassle-free transfer experience. In addition, transfers from Singapore to Malaysia are typically processed instantly.Trusted and secure
Instarem is strictly regulated by nine financial regulators across the globe. Instarem is a trusted licensed service provider with licenses in Australia, Singapore, Hong Kong, Malaysia, India, UK, US, EU, and Canada.
Earn loyalty points
You’ll also get to earn loyalty points for every transfer you make! Each time you transfer to Malaysia, you will be rewarded with InstaPoints. The more you transfer, the more points you get! InstaPoints can then be redeemed as a discount on your future transfers.
Transparency
Instarem offers close to the mid-market fees with absolutely no hidden costs. You will be in the know of the exact rates used for your money transfer.
See how Instarem works and find out for yourself.
How to sign up for an Instarem account?
Account creation is easy. You just need to sign up with your email ID or Google / Facebook ID as your username. You then use your Singpass to verify your identity. Once you are done, you can start sending money to Malaysia.
Frequently asked questions
How to transfer money with Instarem?
Customers will need to sign up for an Instarem account, add in your recipient’s account number and details, and input the currency they want to send to and from (SGD to MYR). Then fund your transfer and complete your transaction.
How do I check the fees and exchange rate on Instarem?
Customers can go to the Instarem app, click on send, input the amount, and they should be able to see the transfer fee and exchange rate they are getting.
Can you transfer funds to Malaysia’s DuitNow?
Yes. With Instarem, you can send money to Malaysia directly to a DuitNow ID quickly and conveniently.
Can you use Paynow to fund your transfer?
Yes, you can. Customers can simply download the QR code after confirming their transaction, upload it to their bank’s app, and complete the payment. Once done, tap “I’ve completed my payment.”
Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.
