📈 Singapore to Malaysia Money Transfer Snapshot Today
- Best SGD to MYR exchange rate today: MYR 3.1111, offered by Panda Remit
- Number of money transfer providers compared: 14
- Exchange rate range: MYR 3.1111 to MYR 3.0101
- Potential savings on SGD 1000: MYR 101.00
- Number of deals and promo codes: 2
- 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 3.1068 (Updated about an hour ago)
See detailed Singapore to Malaysia money transfer comparison below.
Singapore to Malaysia money transfer providers that matched the search criteria
📢 Special exchange rate applied for first transfer
📢 B2B transfers only
📢 Special exchange rate applied for first transfer
📢 B2B transfers only
📢 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 these rates mean for sending money to Malaysia from Singapore today
Compare top-rated money transfer providers to find the best way to remit money to Malaysia from Singapore. Check today's SGD to MYR exchange rates, read detailed provider reviews, and discover exclusive deals and promo codes.
RemitFinder compared 14 providers for Singapore to Malaysia money transfers today. Here is what the competition looks like right now:
Today's Most Competitive Providers to Transfer Money to Malaysia from Singapore
🥇 Panda Remit with 1 SGD = 3.1111 MYR (best SGD to MYR exchange rate today).
🥈 Regency FX offering 1 SGD = 3.1037 MYR.
🥉 Key Currency & Instarem are also providing good FX rate today.
The 14 providers compared today offer exchange rates from MYR 3.0101 to MYR 3.1111. On a SGD 1000 transfer from Singapore to Malaysia, that spread means up to MYR 101.00 in potential savings — simply by choosing the right provider.
Singapore Dollar to Malaysian Ringgit exchange rates fluctuate throughout the day, and top-ranked providers can change quickly. Even a small difference in the rate offered can significantly impact how much MYR your recipient receives in Malaysia.
Compare the providers above to maximize every SGD you send to Malaysia. The best Singapore Dollar to Malaysian Ringgit transfer rate changes daily, so comparing today matters.
🔄 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.
👇 There is more to a great transfer than today's SGD to MYR exchange rate — 5 years of historical pricing data reveals what really drives the total cost of sending money to Malaysia from Singapore.
Whilst Singapore Dollar to Malaysian Ringgit 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 5 years of Singapore to Malaysia remittance data to show you exactly where costs arise, and the best practices that maximize your MYR payout on every transfer.
Cost insights to remit money from Singapore to Malaysia (data-backed)
When you send money internationally from Singapore to Malaysia, the following 4 key factors determine how much your recipient actually receives:
- SGD to MYR exchange rate
- Transfer fee
- Payment method
- Delivery method
Ideally, optimizing all four factors together gives your recipient in Malaysia the maximum MYR payout on every transfer.
Another counter-balancing aspect is money transfer speed. If you need to transfer money from Singapore to Malaysia urgently, you may have to compromise on some of the above factors whilst optimizing for speed.
To understand what actually drives cost, we analyzed historical remittance pricing1 for SGD to MYR money transfers — comparing 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 analysis of real Singapore Dollar to Malaysian Ringgit transfer data identifies the lowest-cost payment and delivery combinations — so you keep more of every Singapore Dollar you send.
Before we deep dive, here are the key trends:
📌 Key Cost Insights: Transferring money from Singapore to Malaysia
- 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 break down each of these factors in detail — so you know exactly where to focus when comparing providers for your next money transfer to Malaysia from Singapore.
📈 SGD to MYR Exchange Rate: The biggest factor when you send Singapore Dollar to Malaysian Ringgit
The exchange rate on your Singapore to Malaysia money transfer is the single biggest factor determining your overall SGD cost — and how many Malaysian Ringgit your recipient actually receives.
To analyze exchange rates, we use the exchange rate markup (also called FX margin) — the difference between the mid-market exchange rate
Here is what 5 years of historical data shows for FX markup on 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, that spread is MYR 18.62 in differences purely from the exchange rate. On a SGD 645 transfer, that gap grows to MYR 46.18.
🛠️ 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.
The SGD to MYR exchange rate is the single most critical factor in the cost of your transfer. When comparing providers, always check the rate first — it matters more than you might expect.
💰 Transfer Fees: What to watch when you remit money from Singapore to Malaysia
Whilst exchange rate gets most of the attention, the transfer fee can also have a big impact on how much of your Singapore Dollar actually reaches your recipient in Malaysia.
Based on 5 years of pricing data, here is what we see on 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 of SGD 8.39 represents 3.23% of a SGD 260 transfer, a meaningful cost on its own.
And even when two providers offer identical exchange rates, the difference between the lowest and highest fee means a payout difference of up to SGD 50.00.
🛠️ How to use this insight: For your next money transfer from Singapore to Malaysian Ringgit, look for providers that offer lower (or even 0) transfer fees.
One important caveat: watch out for hidden fees. Some providers advertise zero or low fees but offset it with a lower SGD to MYR exchange rate. The money lost through an inferior FX rate is just as real as a visible fee — but since it does not show up as a line item, it is called a hidden fee.
This is why comparing total cost (fee + FX markup combined) always gives you a clearer picture instead of looking at rates or fees alone.
Finally, keep in mind that fixed fees matter more on smaller transfers. On a SGD 200 transfer, a SGD 5 fee is 2.5% of your total amount. On a SGD 2,000 transfer, that same fee is just 0.25%. If you send smaller Singapore Dollar to Malaysian Ringgit transfers regularly, pay even more attention to fees.
Transfer fees can be just as costly as a poor exchange rate — always look at the total cost of your SGD to MYR transfer, not just rates or fees alone.
💸 Payment & Delivery Methods that reduce your cost to transfer money to Malaysia from Singapore
Based on our analysis of historical Singapore to Malaysia remittance data, we see consistent variation in overall cost amongst various payment method and delivery methods.
Even when Singapore Dollar to Malaysian Ringgit exchange rates are similar, different combinations of payment and delivery options can lead to meaningful differences in what you pay.
💳 Average Cost by Payment Method
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 spread of 2.61 percentage points.
👉 On a SGD 260 transfer, this means you could save up to SGD 6.80 simply by choosing a lower-cost payment method.
These savings increase further for larger SGD transfer amounts.
📥 Average Cost by Delivery Method
Here is the average cost of popular delivery methods used to remit money from Singapore to Malaysia:
- Bank Deposit: 4.38%
- Cash Pickup: 5.14%
This is a difference of 0.76 percentage points.
👉 On a SGD 260 transfer, you could save up to SGD 1.98 by choosing Bank Deposit instead of Cash Pickup.
Different combinations of payment methods in Singapore and delivery methods in Malaysia can lead to very different total costs when sending or remitting money.
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).
The difference between these SGD to MYR payment and delivery options is significant.
- Lowest cost: Bank Account Transfer → Cash Pickup (2.04%)
- Highest cost: Cash → Cash Pickup (7.38%)
- Difference: 5.34 percentage points
👉 On a SGD 260 transfer, you could save up to SGD 19.19
👉 On a SGD 645 transfer, 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 & Delivery Methods to send SGD to MYR transfers (data-backed)
- Cheapest payment method: Debit Card (2.61%) vs Cash (5.22%)
- Cheapest delivery method: Bank Deposit (4.38%) vs Cash Pickup (5.14%)
- Cheapest combination: Bank Account Transfer → Cash Pickup (2.04%) vs 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 cheapest payment and delivery methods.
🏦 Are banks more expensive than money transfer services for Singapore to Malaysia money transfers?
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 are roughly 2.06x more expensive for sending SGD to Malaysia.
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 use your bank in Singapore, we recommend comparing with money transfer companies to find your best options.
📊 Does sending more money reduce the cost to remit money from Singapore to Malaysia?
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) is typically 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 market for sending money to Malaysia from Singapore?
Based on data from the last 5 years, Singapore Dollar to Malaysian Ringgit money transfers are provided on an average by 26 remittance companies. With this number of providers, we consider the level of market competition to be highly competitive.
Traditional banks account for only 19.2% of active providers (5 out of 26), whilst money transfer services make up the majority. This means you have more options beyond banks when you transfer SGD to Malaysia.
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.
This is why comparing providers is especially important when you transfer money from Singapore to Malaysia.
⏱️ How fast can you transfer Singapore Dollar to Malaysian Ringgit?
If your recipient in Malaysia needs funds urgently, transfer speed becomes just as important as cost when sending money.
Here is what we see for Singapore to Malaysia transfers:
- 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.
In many cases, the fastest providers are not always the cheapest, so balancing speed and cost is important when you transfer SGD to Malaysia.
🛠️ 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.
Transfer speed for Singapore to Malaysia money transfers can vary widely across providers. For time-sensitive transfers, compare speed alongside cost and choose faster payment and delivery methods.
Frequently Asked Questions: Sending money to Malaysia from Singapore
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 Singapore Dollar to Malaysian Ringgit 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 transferring money to Malaysia from Singapore?
Historical Singapore Dollar to Malaysian Ringgit 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 you get a better-than-market rate when you send Singapore Dollar to Malaysia?
Sometimes, money transfer providers may offer promotional exchange rates that are better than the mid-market exchange rate, resulting in a negative SGD to MYR remittance 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.
Exchange Rate vs Transfer Fee: What matters more when you send money to Malaysia from Singapore?
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 money 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 costs vary between providers when sending money from Singapore to Malaysia?
Historical transfer cost ranges from 0.08% to 21.83% for SGD transfers to Malaysia. That is a spread of 21.75 percentage points, indicating 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 Money Transfer Providers charge different rates for Singapore Dollar to Malaysian Ringgit money transfers?
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 the costs to remit money to Malaysia from Singapore?
When we analyzed the historical total cost for SGD to 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 Singapore Dollar to Malaysian Ringgit transfers.
Which Payment Method is the cheapest to send money from Singapore to Malaysia?
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 when you transfer money to Malaysia from Singapore?
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 when you remit money to Malaysia from Singapore?
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 Singapore Dollar to Malaysian Ringgit transfers.
Is Bank Deposit cheaper than Cash Pickup when you send money to Malaysia from Singapore?
Bank Deposit is cheaper for Singapore Dollar 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 price payment and delivery methods for Singapore to Malaysia remittances differently. As you compare options, look for the cheapest combination to maximize the value of your SGD to MYR transfers.
Does sending more money reduce the cost to transfer money to Malaysia from Singapore?
Larger Singapore Dollar to Malaysian Ringgit 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 SGD to MYR money transfers?
Based on our analysis, the average transfer time for Singapore Dollar to Malaysian Ringgit transfers is 17 hours, with the fastest transfers completing in less than one hour and the slowest in 144 hours (~6.0 days).
Can you instantly transfer money 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 to 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 remittances?
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 to remit money from Singapore to Malaysia?
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 provide lower exchange rates and charge higher wire transfer fees.
How competitive is the market for sending money from Singapore to Malaysia?
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.
Can you overpay if you do not compare providers before transferring money to Malaysia from Singapore?
Historically, total SGD to MYR transfer cost has varied by 21.75 percentage points. On a SGD 260 transfer, that can translate to SGD 56.55 in savings.
Singapore Dollar to Malaysian Ringgit 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 your recipient receives in Malaysia.
Latest Exchange Rates for Sending Money to Malaysia from Singapore
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 | 15.53 MYR |
| 10 SGD | 31.07 MYR |
| 25 SGD | 77.67 MYR |
| 50 SGD | 155.34 MYR |
| 100 SGD | 310.68 MYR |
| 150 SGD | 466.02 MYR |
| 200 SGD | 621.36 MYR |
| 250 SGD | 776.70 MYR |
| 300 SGD | 932.04 MYR |
| 400 SGD | 1,242.72 MYR |
| 500 SGD | 1,553.40 MYR |
| 600 SGD | 1,864.08 MYR |
| 700 SGD | 2,174.76 MYR |
| 800 SGD | 2,485.44 MYR |
| 1000 SGD | 3,106.80 MYR |
| 1500 SGD | 4,660.20 MYR |
| 2000 SGD | 6,213.60 MYR |
| 2500 SGD | 7,767.00 MYR |
| 3000 SGD | 9,320.40 MYR |
| 4000 SGD | 12,427.20 MYR |
| 5000 SGD | 15,534.00 MYR |
| 10000 SGD | 31,068.00 MYR |
| 15000 SGD | 46,602.00 MYR |
| 20000 SGD | 62,136.00 MYR |
| 30000 SGD | 93,204.00 MYR |
| 40000 SGD | 124,272.00 MYR |
| 50000 SGD | 155,340.00 MYR |
| 100000 SGD | 310,680.00 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.