Compare today's SGD to MYR (Singapore Dollar to Malaysian Ringgit) exchange rates
📈 Singapore to Malaysia Money Transfer Snapshot Today
- Best SGD to MYR exchange rate today: MYR 3.1113, offered by Panda Remit
- Number of money transfer providers compared: 15
- Exchange rate range: MYR 3.0120 to MYR 3.1113
- Potential savings on SGD 1000: MYR 99.30
- Number of deals and promo codes: 3
- Mid-market
ⓘThe mid-market exchange rate (also called the interbank rate) is the real SGD to MYR exchange rate before providers add their margin or fees. exchange rate: 1 SGD = MYR 3.1091 (Updated about 1 hours ago)
See detailed Singapore to Malaysia money transfer comparison below.
Money Transfer Providers that matched the search criteria
📢 Special exchange rate applied for first transfer
📢 B2B transfers only
📢 B2B transfers only
📢 Special exchange rate applied for first transfer
📢 New! Cash pickup available
If you are making international business money transfers or payments, RemitFinder can assist by matching you with the best options to suit your unique business needs. Get in touch now to see how we can help protect your business revenue by getting you higher exchange rates and lower transfer fees on international business FX.
💡What today's SGD-MYR exchange rates mean for you
Compare today's SGD-MYR exchange rates and send money from Singapore to Malaysia after comparing numerous money transfer providers. Check the latest exchange rates, read detailed provider reviews, and discover deals and promo codes — all in one place.
RemitFinder compared 15 providers that you can rely on for Singapore to Malaysia money transfers today. Here is a summary of how the competition looks like right now:
Today's Most Competitive Singapore to Malaysia Providers
🥇 Panda Remit with 1 SGD = 3.1113 MYR (best SGD to MYR exchange rate today).
🥈 Instarem offering 1 SGD = 3.0991 MYR.
🥉 Regency FX & Revolut are also providing good FX rate today.
The exchange rate provided by these 15 providers ranges from MYR 3.0120 to MYR 3.1113. For a SGD 1000 money transfer from Singapore to Malaysia, that could mean up to MYR 99.30 saved on FX alone.
SGD-MYR exchange rates fluctuate throughout the day, and top positions can change quickly. This volatility can significantly impact the final MYR payout that your recipient gets in Malaysia.
That's why we recommend comparing money transfer providers to ensure you can maximize the value of your Singapore to Malaysia remittances.
🔄 Looking for the reverse corridor? Send money from Malaysia to Singapore instead.
Looking for a different option? You can browse all sending countries on our send money from hub, or view all destinations available when sending money from Singapore.
👇 We also suggest looking beyond today's SGD-MYR exchange rate — historical pricing trends show many factors that can affect the overall transfer cost of your transfer.
Whilst SGD-MYR exchange rate is crucial, historical data shows that transfer fees, SGD amount sent and payment and delivery methods can also significantly influence your final payout.
Below, we analyze Singapore to Malaysia historical remittance data to help you understand where costs may arise and share some best practices to try to maximize your MYR payout.
Data-driven cost insights for Singapore to Malaysia money transfers
When you send money internationally from Singapore to Malaysia, the key factors that will influence the overall cost of your transaction are:
- SGD-MYR exchange rate
- Transfer fee
- Payment method
- Delivery method
Ideally, you would want to optimize these 4 factors to try to get the maximum MYR payout for your overseas recipient in Malaysia.
Another counter-balancing aspect is money transfer speed. If you need to rush money from Singapore to Malaysia, you may have to compromise on some of the above factors whilst optimizing for speed.
To put this into a better perspective using a data-driven approach, we analyzed historical remittance pricing1 for Singapore to Malaysia money transfers to compare transfer costs, FX margins, fees, and payment and delivery methods across providers.
This analysis is based on 603 actual Singapore to Malaysia money transfers handled by 26 providers over the last 5 years (for a SGD 260 remittance benchmark).
This data-driven approach using real SGD-MYR transfer data provides useful insights into identifying the lowest-cost payment and delivery combinations, thereby helping you reduce costs and maximize the amount received.
Before we deep dive, here are the key trends from our analysis, summarized in an easy to read format.
📌 Key insights for Singapore to Malaysia money transfers
- Average total cost: 4.57% (range 0.08% to 21.83%, spread 21.75 percentage points)
- Potential payout difference: On a SGD 260 transfer, the above variation can save you up to SGD 56.55.
- Average FX markup: 1.35% (range -0.25%
ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts. to 6.91%, spread 7.16 percentage points) - Average transfer fee: SGD 8.39 (range SGD 0.00 to SGD 50.00)
- Cheapest payment/delivery method combo: Bank Account Transfer → Cash Pickup (2.04% avg cost); most expensive is Cash → Cash Pickup (7.38%)
- Payment/delivery method choice impact: Cheapest vs most expensive combo saves 5.34% (SGD 13.90 on SGD 260 transfer).
- Market coverage: ~26 providers on average (competition level: highly competitive)
- Average speed: About 17 hours
🛠️ Key takeaway: Compare providers using both exchange rate and fees, then optimize your payment and delivery methods to reduce total cost.
Below, we provide detailed data-driven insights on various factors that influence the total cost of your Singapore to Malaysia money transfers.
📈 SGD to MYR exchange rate is often the biggest driver of both cost and payout
The exchange rate on your Singapore to Malaysia money transfers is usually the single biggest factor that will determine your overall SGD cost and your recipient's MYR payout.
To analyze exchange rates, we will rely on the exchange rate markup (also called FX margin) which is the difference between the mid-market exchange rate
Based on historical pricing data for a SGD 260 money transfer benchmark, we see the following FX markup ranges for Singapore Dollar to Malaysia transfers:
- Average markup: 1.35%
- Median markup: 1.06%
- Lowest markup: -0.25%
ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts. - Highest markup: 6.91%
That is a spread of 7.16 percentage points between the lowest and highest observed FX markups.
To put this into perspective, on a SGD 260 transfer, the above markup range is equivalent to roughly MYR 18.62 purely from differences in the exchange rate. That incremental saving increases to MYR 46.18 for a SGD 645 transfer.
🛠️ How to use this insight: When comparing providers for Singapore to Malaysia remittances, pay close attention to the exchange rate you receive. A small difference in the FX markup can quickly outweigh other factors like fees, and the gap generally grows as transfer amounts increase.
SGD to MYR exchange rate can be the single most critical factor that determines the cost of your transfer. When comparing providers, keep an eye on the rate you will get.
💰 Transfer fees affect your total Singapore to Malaysia remittance cost
Whilst exchange rate is a major factor affecting total transfer cost, the transfer fee can also have a big impact on how much of your Singapore Dollar reaches your recipient in Malaysia.
Based on data from last 5 years, we notice the below about Singapore Dollar to Malaysia money transfer fees:
- Average fee: SGD 8.39
- Median fee: SGD 6.00
- Lowest fee: SGD 0.00
- Highest fee: SGD 50.00
The average fee amount of SGD 8.39 noted above represents 3.23% of the total amount sent.
Also note that even if two providers provide the same exchange rate, a best vs worst case transfer fee can increase the payout by SGD 50.00.
🛠️ How to use this insight: For your next money transfer from Singapore to Malaysian Ringgit, look for providers that provide lower (or even 0) fees.
One caveat to this, though, is something called the hidden fee. Some providers may hide their real fees by offering a 0 or low fee, but providing a lower exchange rate. The money lost due to an inferior FX rate affects your bottom line and is referred to as a hidden fee. Therefore, you should also keep an eye on rates whilst paying attention to fees.
Another point that you should keep in mind is that for larger transfers, fixed fees become a lesser percentage of total amount. But for smaller transfers, fees can be a major part of total cost.
💸 Payment and delivery methods matter for SGD-MYR remittances
Based on our detailed analysis of historical Singapore to Malaysia data, we see consistent variation in overall cost amongst the payment method and delivery method you choose.
Here is the average cost for popular payment methods used to send money to Malaysia from Singapore:
- Debit Card: 2.61%
- Credit Card: 3.74%
- Bank Account Transfer: 4.70%
- Cash: 5.22%
That is a total spread of 2.61 percentage points.
This means that on a SGD 260 transfer, you could save up to SGD 6.80 simply by choosing the best priced payment method.
These savings will only multiply for higher SGD amounts.
Here is the average cost of popular delivery methods used to send money from Singapore to Malaysia:
- Bank Deposit: 4.38%
- Cash Pickup: 5.14%
The cost difference between the above delivery methods is 0.76 percentage points.
Once again, this means that you could save up to SGD 1.98 on a SGD 260 transfer to Malaysia by choosing Bank Deposit versus Cash Pickup.
As you can imagine, the possible combinations of Singapore payment methods and Malaysia delivery methods will all have disparate cost. Let us look at that next.
Here is a summary of the average cost of payment and delivery method combinations for Singapore to MYR money transfers.
| Payment Method | Delivery Method | Average Cost (%) |
|---|---|---|
| Bank Account Transfer | Cash Pickup | 2.04 |
| Debit Card | Bank Deposit | 2.24 |
| Debit Card | Cash Pickup | 2.94 |
| Credit Card | Bank Deposit | 3.06 |
| Credit Card | Cash Pickup | 4.36 |
| Cash | Bank Deposit | 4.66 |
| Bank Account Transfer | Bank Deposit | 4.80 |
| Cash | Cash Pickup | 7.38 |
Sorted by Average Cost % (cheapest to most expensive).
As you can see, the difference between these SGD-MYR payment and delivery options is significant. Here are some observations:
- Bank Account Transfer → Cash Pickup has the lowest average cost at 2.04%.
- Cash → Cash Pickup has the highest average cost at 7.38%.
- Bank Account Transfer → Cash Pickup average cost is 5.34 percentage points lower than that of Cash → Cash Pickup.
- This means that on a SGD 260 money transfer, you could save up to SGD 19.19 simply by choosing the best payment and delivery method combo.
- Further, on a SGD 645 money transfer, the savings increase to SGD 47.60.
Here is a quick summary of the average historical cost of various payment and delivery methods for SGD to Malaysia money transfers.
💸 Cheapest payment and delivery methods (data-backed)
- Cheapest payment method: Debit Card averaged 2.61%, compared to 5.22% for Cash, a difference of 2.61 percentage points.
- Cheapest delivery method: Bank Deposit averaged 4.38%, compared to 5.14% for Cash Pickup (0.76 percentage points higher).
- Cheapest combo: Bank Account Transfer → Cash Pickup averaged 2.04%, which is 5.34 percentage points lower than Cash → Cash Pickup (7.38%).
🛠️ How to use this insight: As you compare money transfer providers for your next Singapore to Malaysia international money transfer, strive to pair the lowest-cost payment method with the lowest-cost delivery method.
This can help you avoid the pitfall of "great exchange rate, expensive methods".
You can save money on your Singapore to Malaysia remittances by carefully choosing the most economical payment and delivery methods.
🏦 Are banks more expensive than money transfer providers for SGD-MYR remittances?
When we compared Singapore banks with money transfer providers based on 5 years of remittance data, we noticed some patterns.
We observed that traditional banks charged 4.32 percentage points more on average than money transfer providers for Singapore to Malaysia remittances.
This means banks tend to be approximately 2.06x more expensive than money transfer companies.
Here are the key stats behind this comparison:
| Banks | MTOs^ | Difference | |
|---|---|---|---|
| Average transfer fee | SGD 19.43 | SGD 6.94 | SGD 12.49 |
| Exchange rate markup | 0.92% | 1.40% | -0.49 pp* |
| Average total cost (%) | 8.39% | 4.07% | 4.32 pp* |
^MTO: Money transfer operator, a commonly used term for a money transfer provider
*Percentage points
🛠️ How to use this insight: Whilst banks in Singapore may offer convenience and familiarity, money transfer providers often deliver lower overall cost due to their better exchange rates and lower fees. Even if you want to send money overseas with your bank in Singapore, we recommend comparing with money transfer companies to find your best options.
📊 Does sending more money reduce the cost of SGD-MYR money transfers?
To see if transfer cost varies based on the amount sent, we compared the average cost of sending SGD 260 vs SGD 645 from Singapore to Malaysia.
We found that sending a higher amount (SGD 645) tends to be cheaper - average cost drops from 4.57% to 2.83%, a reduction of 1.74 percentage points.
The cost of your transfer usually continues to drop as transfer amount increases. That said, always check the latest exchange rates and fees for your intended transfer amount.
🛠️ How to use this insight: Since it is generally cheaper to send higher Singapore Dollar amounts to Malaysia, consider consolidating smaller, more frequent transfers into fewer, larger ones. Doing so may reduce the total cost you pay.
🏛 How competitive is the Singapore to Malaysia remittance market?
Based on data from the last 5 years, SGD-MYR money transfers are provided on an average by 26 remittance companies. With around 26 providers serving this market, we consider the level of competition to be highly competitive.
Traditional banks have represented only 19.2% of active providers in this corridor (5 out of 26), meaning money transfer companies make up the majority.
A remittance market with more active providers is typically more competitive. This means you can get a better pricing and more payment and delivery options for your Singapore to Malaysia remittances.
⏱️ How fast are SGD-MYR money transfers?
If your recipient in Malaysia needs funds urgently, you may need to optimize your transfer for speed.
Here is what we see for Singapore to Malaysia transfers when it comes to processing time:
- Average transfer time: About 17 hours.
- Fastest transfer time: About less than 1 hour.
- Slowest transfer time: About 144 hours (~6.0 days).
- Average speed at SGD 260: About 17 hours.
- Average speed at SGD 645: About 17 hours.
Banks vs money transfer providers speed comparison: Banks are 3 hours faster on average than money transfer providers.
🛠️ How to use this insight: If you need to send money from Singapore to Malaysia in a hurry, compare providers not just on exchange rate, but also on expected speed. Speed also varies based on the delivery method (bank vs cash vs wallet) you choose for Malaysia.
Singapore to Malaysia transfer speed varies across providers, so compare transfer speed along with cost for time-sensitive money transfers. In addition, pick the fastest payment and delivery methods for faster processing.
Frequently Asked Questions about Singapore to Malaysia money transfers
These FAQs use data from RemitFinder's historical analysis of Singapore to Malaysia money transfers over several years.
What factors affect the total cost of sending money from Singapore to Malaysia?
The total cost of your SGD-MYR money transfer depends on how you fund the transaction (payment method), how the recipient receives it (delivery method), the exchange rate you get, and any transfer fee charged by the provider.
To avoid overpaying for your transfer, compare money transfer providers.
How much does the exchange rate affect Singapore to Malaysia transfers?
Historical SGD to MYR exchange rate markup ranges from -0.25% to 6.91%, a spread of 7.16 percentage points. Even small differences in the exchange rate markup can impact your final payout significantly.
Can SGD-MYR exchange rate markup be negative?
Sometimes, money transfer providers may offer promotional exchange rates that are better than the mid-market exchange rate, resulting in a negative SGD-MYR exchange rate markup.
Such offers are generally limited by transfer amount, eligibility, or duration. Compare providers to see if you can take advantage of any ongoing special offers.
Is the exchange rate or the transfer fee more important for Singapore to Malaysia transfers?
Exchange rate markup ranges from -0.25% to 6.91% (a spread of 7.16 percentage points).
Transfer fees range from SGD 0.00 to SGD 50.00, which equals roughly 19.23% on a SGD 260.00 transfer.
At both SGD 260.00 and SGD 645.00, the transfer fee shows larger variation than the other component.
Regardless, our recommendation is that it is important to compare both exchange rates and fees when choosing a provider for Singapore to Malaysia transfers.
As the transfer amount increases, the % impact of fees decreases (because the fee gets spread across a larger SGD amount), whilst exchange rate markup remains a percentage-based cost that can scale with transfer size.
For smaller transfers, fees can matter more, whilst for larger transfers, exchange rate often becomes the bigger driver. Either way, comparing both helps you get the most MYR for your SGD.
How much can Singapore to Malaysia transfer costs vary between providers?
Historical transfer cost ranges from 0.08% to 21.83% for SGD transfers to Malaysia. That is a spread of 21.75 percentage points, meaning significant differences between various money transfer providers.
A major contributor to this variation is exchange rate markup. FX markup alone ranges from -0.25% to 6.91% (a spread of 7.16 percentage points). Thus, even small differences in FX margin can have a big impact on the final MYR payout.
Why do various money transfer providers price SGD to Malaysia transfers differently?
If you send the same Singapore Dollar amount to Malaysia via different providers, the cost of each transfer will be different because of variations in FX markup, fees, and payment and delivery methods.
Even small differences among all the above factors can change the final MYR payout in Malaysia in a big way.
How stable are transfer costs in the Singapore to Malaysia corridor?
When we analyzed the historical total cost for SGD-MYR transfers, we observed a range from 0.08% to 21.83% (21.75 percentage points difference), along with a variability (standard deviation) of 3.87%.
A major driver of cost in this market is exchange rate markup. FX markup ranges from -0.25% to 6.91% (7.16 percentage points difference), with a standard deviation of 1.12%. Fees and payment/delivery method choices can contribute to further volatility.
This is exactly why we recommend comparing money transfer providers to get the most of your SGD-MYR transfers.
Which payment method is cheapest for Singapore to Malaysia remittances?
Debit Card is the cheapest payment method in Singapore based on its average cost at 2.61% (compared to Cash at 5.22%, a difference of 2.61 percentage points).
Based on this, we recommend paying for your SGD transfer with Debit Card, and avoiding Cash if possible.
Is Debit Card cheaper than Credit Card for Singapore to Malaysia transfers?
Debit Card is cheaper on average when sending money to Malaysia from Singapore since it costs 2.61% (compared to 3.74% for Credit Card payments, a difference of 1.13 percentage points).
As a result, we recommend that you avoid paying for your transfer to Malaysia with a Credit Card.
Which delivery method is cheapest for SGD-MYR money transfers?
Bank Deposit is the cheapest delivery method in Malaysia as it costs 4.38% (compared to Cash Pickup at 5.14%, a spread of 0.76 percentage points).
If your recipient in Malaysia can accept Bank Deposit, we recommend choosing it as your preferred delivery option for SGD-MYR transfers.
Is Bank Deposit cheaper than Cash Pickup for Singapore to Malaysia transfers?
Bank Deposit is cheaper for transfers to Malaysia given its 4.38% average cost (versus 5.14% for Cash Pickup, a difference of 0.76 percentage points).
To save more, consider choosing the cheapest delivery option for Malaysia.
What is the cheapest way to send money from Singapore to Malaysia?
We evaluated 8 payment and delivery method combinations for Singapore to Malaysia remittances.
Based on historical data, Bank Account Transfer → Cash Pickup is the cheapest combination with 2.04% cost.
At the other end of the spectrum, Cash → Cash Pickup is the most expensive combination at 7.38% cost. That is a difference of 5.34 percentage points between the cheapest and most expensive combinations.
Money transfer providers tend to price payment and delivery methods for Singapore to Malaysia remittances differently. As you compare options, look for the cheapest payment-delivery method combo to maximize the value of your SGD-MYR transfers.
Does sending more money reduce the cost for Singapore to Malaysia transfers?
Larger SGD-MYR transfers are cheaper on average.
The cost of a SGD 260 transfer averages 4.57% as compared to 2.83% for a SGD 645 transfer, a difference of 1.74 percentage points.
How long does it take to send money from Singapore to Malaysia?
Based on our analysis, the average transfer time for SGD-MYR transfers is 17 hours, with the fastest transfers completing in less than one hour and the slowest in 144 hours (~6.0 days).
Are instant transfers available from Singapore to Malaysia?
Yes, historical data shows that some transfers to Malaysia from Singapore can complete in less than one hour.
Note that the actual speed of your SGD-MYR transfer will depend on the chosen provider, payment method, delivery method, and eligibility checks.
Are banks more expensive than money transfer companies for Singapore to Malaysia?
Banks in Singapore are more expensive than money transfer providers.
The average cost of banks is 8.39% compared to 4.07% for money transfer providers in Singapore, a difference of 4.32 percentage points.
Why do banks charge more for Singapore to Malaysia transfers?
Bank transfers in Singapore cost 8.39% compared to 4.07% for money transfer companies.
The difference is often due to the fact that banks in Singapore provider lower exchange rates and charge high wire transfer fees.
How competitive is the Singapore to Malaysia remittance market?
Based on historical data, the competition level in Singapore to Malaysia is considered highly competitive with 26 active providers.
Money transfer providers represent about 80.8% of identified providers in Singapore.
Do I risk overpaying if I do not compare providers for Singapore to Malaysia?
Historically, total SGD-MYR transfer cost has varied by 21.75 percentage points. On a SGD 260 transfer, that can translate to SGD 56.55 in savings.
SGD-MYR exchange rate markup also varies across providers. The average markup spread has been about 7.16 percentage points. On a SGD 260 transfer, that could be SGD 18.62 saved from FX alone.
Fees can also make a big difference in this market, with a difference of about SGD 50.00 across providers.
That is why comparing providers can materially change how much of the SGD you send does your recipient receive in Malaysia in Malaysia.
Latest SGD to MYR Conversion Rates
Here are some latest SGD to MYR (Singapore Dollar to Malaysian Ringgit) exchange rates for popular conversion amounts*.
| 1 SGD | 3.11 MYR |
| 5 SGD | 15.55 MYR |
| 10 SGD | 31.09 MYR |
| 25 SGD | 77.73 MYR |
| 50 SGD | 155.46 MYR |
| 100 SGD | 310.91 MYR |
| 150 SGD | 466.37 MYR |
| 200 SGD | 621.82 MYR |
| 250 SGD | 777.28 MYR |
| 300 SGD | 932.73 MYR |
| 400 SGD | 1,243.64 MYR |
| 500 SGD | 1,554.55 MYR |
| 600 SGD | 1,865.46 MYR |
| 700 SGD | 2,176.37 MYR |
| 800 SGD | 2,487.28 MYR |
| 1000 SGD | 3,109.10 MYR |
| 1500 SGD | 4,663.65 MYR |
| 2000 SGD | 6,218.20 MYR |
| 2500 SGD | 7,772.75 MYR |
| 3000 SGD | 9,327.30 MYR |
| 4000 SGD | 12,436.40 MYR |
| 5000 SGD | 15,545.50 MYR |
| 10000 SGD | 31,091.00 MYR |
| 15000 SGD | 46,636.50 MYR |
| 20000 SGD | 62,182.00 MYR |
| 30000 SGD | 93,273.00 MYR |
| 40000 SGD | 124,364.00 MYR |
| 50000 SGD | 155,455.00 MYR |
| 100000 SGD | 310,910.00 MYR |
*Based on the Mid-market Exchange Rate
1 Based on 603 pricing observations across 26 firms over the last 5 years for a SGD 260 money transfer from Singapore to Malaysia. Data Source: The World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org.
How we analyze remittance data?
Insights are derived from the World Bank's Remittance Prices Worldwide dataset, which collects standardized provider pricing information at defined transfer amounts.
We aggregate this data across multiple providers and multi-year periods to calculate averages, medians, and variability measures in order to identify consistent pricing patterns for the Singapore to Malaysia remittance corridor.
RemitFinder does not modify the underlying World Bank data. The analysis presented here is independently calculated from published datasets and is intended for informational and comparison purposes only.