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The best ways to transfer money from Singapore to Malaysia

DNBC Team DNBC Team

Jan 10, 2023

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Nowadays, many more options are available if you wish to transfer money from Singapore to Malaysia or the other way around. Remittance services provide an alternative, which is an affordable departure from the exorbitant fees that banks frequently charge. When transferring money to Malaysia, you should pick the remittance service provider that best fits your needs out of the many available options.

The best ways to transfer money from Singapore to Malaysia

The best ways to transfer money from Singapore to Malaysia

This will benefit Malaysians who work in Singapore. On August 4, 2022, the Singapore dollar reached an all-time high of 3.24 against the Malaysian ringgit, a development expected to maintain high demand for foreign currency transfers , especially among Malaysians who need to send money to their family back home.

Affordable methods to transfer money from Singapore to Malaysia

Given the plethora of options, finding the cheapest way to send money from Singapore to Malaysia might not be simple. To decide whether the cost of one money transfer operator is less than that of another, you must consider a number of factors, including exchange rates and fees.

It is also alluring to utilize conventional funds transfer services, such as currency exchanges or providers with locations in supermarkets, shopping centers, and other local businesses. Despite the fact that you can send money through these channels from SGD to MYR, they might not be the most cost-effective option. Brick-and-mortar businesses frequently impose greater fees and occasionally provide lower prices. Your foreign exchange transfer will cost extra as a result of everything mentioned.

Online money transfers are typically more affordable. These businesses will allow you to use your home bank account to transfer money from Singapore to Malaysia. Still, you will save a lot by taking advantage of higher rates and citing reduced foreign exchange transaction fees.

How to transfer money from Singapore to Malaysia fast?

The provider you pick, the payment method for your transaction, the method you choose for your recipient to receive the funds, etc., will affect how quickly you may transfer money from Singapore to Malaysia Ringgit. To determine which money transfer company can offer you the quickest transaction, it will be helpful to develop a thorough awareness of all the factors that influence transaction speed.

Using cash as payment and delivery is one option to send money quickly from Singapore to Malaysia. This would entail paying for your transfer in cash, most likely by going directly to the provider’s or agent’s location. Similarly, your recipient could likewise pick up cash in Malaysia if they have a nearby pickup place. Dealing with cash will avoid the need for bank transfers in the middle, which typically take longer because money needs to go between banks.

The necessity to travel to actual drop-off and pickup sites as well as the inherent risk of carrying cash, especially for larger sums, are drawbacks of cash transfers. Another is that compared to online transactions, cash transfers typically have lower exchange rates. If you don’t want to handle cash for the reasons above, the next fastest transfers would be to payout MYR into a mobile wallet or even perform a mobile airtime purchase. These options would be quicker than bank transfers from Singapore to Malaysia.

Choose your best money transfer company to send money to Malaysia

A list of qualified businesses to employ is the first step in choosing the best remittance provider to transfer money from Singapore to Malaysia.

What you are looking for will determine the next step in choosing a service. Depending on your tastes, these organizations can be contrasted against one another based on various factors. For instance, do you want the highest rate, the fastest transfer speed, low or no fees, etc.?

Any promotions and deals offered to send money from Singapore to Malaysia could also be a deciding factor in your choice of operator. Utilizing discounts and special offers is a strategy to cut costs, and it needs to be one of the factors you consider when choosing your top Malaysia money transfer options.

Some money transfer firms provide discounts to consumers to save even more money on their next transfer. You can take advantage of these promos to ensure that your loved ones in Malaysia receive the most amount in Malaysian Ringgit.

Using your local bank to transfer SGD to MYR is your least choice in Singapore. Banks are notorious for providing poor exchange rates while charging exorbitant foreign exchange costs. That double charge will make the transaction much more expensive for you.

Epilogue

With so many options to transfer money from Singapore to Malaysia, you may think about several factors to save money rather than squander it. The recipient will receive more ringgits for the same amount of money you send, thanks to their generally better exchange rates and reduced costs.

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.