Singapore and Malaysia are closely linked in many ways, especially when many Malaysian expats work in Singapore. Due to that, sending money from Singapore to Malaysia has always been a topic of great interest. If you are wondering what are the best ways to send money from Singapore to Malaysia, we’ve done the ground work for you and shared the top services below, from your local bank to the money transfer specialists, together with a quick overview of their pros and cons.
While you can choose from several banks and fintech companies to complete the transfer, you should take these considerations into account:
The costs of a remittance transaction include a fee charged by the sending agent, typically paid by the sender, and a currency-conversion fee for delivery of local currency to the beneficiary in another country.
- Exchange rate
While some remittance services offer low transfer fees, that doesn’t mean that the exchange rates they have offered are in a reasonable range. While some are able to offer competitive exchange 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.
- Limits on amounts
Most money remittance service companies are obliged to set a limit. However, the limit on amounts varies between companies. So, research the limits of every money transfer company if you’re to send money to Malaysia, especially if you have a huge amount.
- Processing time
Gone are the days of long waiting time for your money to arrive safely to your recipient. Nowadays, most remittance services and even banks are offering speedy transfer as long as you are adhering to the cut-off time.
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. And sure enough you might have stumbled upon some money remittance service providers, which promise to help you send your money from Singapore to Malaysia with an exchange rate that’s too good to be true.
We’ve done a comprehensive research and listed the top remittance service providers in Singapore. From Instarem, Wise, BigPay, Singtel Dash, eRemit, WorldRemit, to banks like CIMB, OCBC, and DBS.
Better choice: Instarem
Sending money overseas shouldn’t cost a fortune. Compare money transfer services for the best rates, lowest fees, and fast delivery. Here’s why Instarem is a better option:
- Cost efficient
Instarem offers the lowest transfer fees that enable you to send money from Singapore to Malaysia without burning a hole in your pocket.
- Easy & fast
There are plenty of modes to transfer money as listed from the table above such as Instarem’s very own mobile app that offers a quick transfer process without any fuss. On top of that, transferring money from Singapore to Malaysia is typically an instant transaction.
- 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.
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.
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.