Singapore is a city-state in South-East Asia best known for its reputation as the global business hub of the Asia Pacific region. Compared to its neighbours Malaysia and Indonesia, Singapore is tiny; made up of 60 small islets and one larger, diamond-shaped main island. The main island of Singapore covers 728.3 km², approximately 0.01% the size of the United States.
Singapore’s official currency is SGD and has been since 1965, following the breakdown of Malaysia and Brunei’s monetary union. However, the Currency Interchangeability Agreement of 1967 established a reciprocal agreement between the countries whereby the Brunei dollar became interchangeable with the Singapore dollar, accepted as “customary tender”. The same rules apply when using SGD in Brunei.
With one of the most stable economies in the world, the SGD is one of the best-performing currencies and the currency’s highest performances to date were recorded after the financial crisis. As a thriving business centre with a stable housing market, Singapore has become a popular destination for offshore investors and millions of international money transfers are sent to the country every year.
When considering how to send money Singapore from Malaysia there are some key aspects of the transfer to consider.
The cheapest provider we found is Wise at % Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using WorldRemit when transferring MYR to SGD.
This means that by using WorldRemit for online money transfers to Singapore from Malaysia, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access WorldRemit for any reason, our comparison engine has found Wise also to be very good options when sending MYR – SGD.
This recommendation was updated one minute ago.
In order to avoid high fees, you should consider the cheapest way to send from Malaysia to Singapore.
Wise has been determined by our comparison engine to be currently offering you the cheapest rates possible.
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When sending money from Malaysia to Singapore, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Currently, WorldRemit is the fastest way to send MYR – SGD.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as WorldRemit to pay for your transfer to Singapore.
With WorldRemit you can send money online to Singapore using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money Singapore as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use WorldRemit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When sending money to Singapore from Malaysia using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Singapore. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Singapore.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as WorldRemit and Wise.
Before sending money to Singapore from Malaysia, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send MYR to SGD.
After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Singapore. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Singapore, then they will usually need the following:
However, the amount of SGD you can receive from Malaysia will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of SGD that can be received in Singapore or sent from Malaysia before making your transfer.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.