How to Transfer Money from Malaysia to Singapore

Sending money from Malaysia to Singapore can be straightforward, but the best way to do it depends on how much you’re sending, how often you make payments, and who you’re paying.

For a Malaysian business, a quick payment to a Singaporean supplier may look very different from a one-off personal transfer. While options such as DuitNow-PayNow can make smaller eligible payments convenient, daily limits can become a consideration when you’re dealing with larger supplier invoices or regular business payments.

In this guide, we’ll cover how to transfer money from Malaysia to Singapore, including payment methods, fees, exchange rates, transfer times, and options for larger business payments.

Key takeaways

• You can transfer money from Malaysia to Singapore using different payment methods, including bank transfers, DuitNow-PayNow, online money transfer services and multi-currency accounts. The right option depends on the payment amount, frequency and business needs.
• The total cost involves more than the transfer fee; the exchange rate, FX markup, intermediary charges and amount the recipient receives can all affect the overall cost.
• DuitNow-PayNow can be useful for smaller eligible payments, but its RM3,000 or S$1,000 daily limit may not suit larger business or supplier payments.
• Transfer times can vary depending on the payment method, cut-off times, payment network, bank processing, weekends and public holidays, and any compliance checks.
• For regular business payments, managing currencies can be just as important as making the transfer. Holding SGD can give businesses more flexibility when paying Singapore suppliers.
• WorldFirst can help Malaysian businesses manage international payments in one place, with 20+ currencies, supplier payments, FX tools, accounting integrations and access to funds from 100+ marketplaces and 30+ payment gateways.

Can You Transfer Money from Singapore to Malaysia?

Yes. You can send money from Singapore to Malaysia using several methods, including bank transfers and online money transfer services. The most suitable option depends on factors such as the amount you need to send, the exchange rate, transfer fees, and how quickly the recipient needs the money. Businesses making regular cross-border payments may also want to consider solutions that make it easier to manage currencies and track payments.

What Should Malaysian Businesses Consider When Sending Money to Singapore?

Before sending a business payment to Singapore, it’s worth looking beyond the transfer fee. The payment method, exchange rate, recipient details and transaction limits can all affect the cost and ease of the payment. Here are the key factors to consider:

• Check the beneficiary details: Make sure the recipient’s name, account number, bank details, and SWIFT/BIC are correct where required. Keep the invoice and payment reference available in case additional verification is needed.
• Choose the right payment method: Businesses can use bank transfers, online transfer services or multi-currency accounts. Compare the processing time, fees, and payment options available for each method.
• Compare the total cost: Look beyond the advertised transfer fee. The exchange rate, FX markup, intermediary charges, and amount received in SGD can all affect the actual cost.
• Consider how you manage currencies: If you make regular payments to Singapore, holding SGD can give you more flexibility over when you convert MYR. A multi-currency account can also make it easier to manage supported currencies in one place.
• Check limits and requirements: Before sending a payment, check whether any Malaysian Foreign Exchange Policy requirements or exceptions apply, along with provider and payment-rail limits. These can vary depending on the payment method and transaction.

Ways to Transfer Money from Malaysia to Singapore

There’s more than one way to send money from Malaysia to Singapore, from traditional bank transfers to digital payment options. Here’s a quick comparison to help you find the right fit for your business.

Bank transfer

A bank transfer lets Malaysian businesses send money directly from their business bank account to a Singapore bank account. You’ll usually need the recipient’s name, account number and bank details, with a SWIFT/BIC code required for some international payment routes.

Before sending the payment, check your bank’s MYR-to-SGD exchange rate, transfer fee and estimated processing time. The final cost can also depend on intermediary charges. Some international bank transfers use the SWIFT network, depending on the payment route.

This can be a practical option for one-off or larger supplier payments, particularly when your business already manages payments through a bank.

Learn more: What Details Are Needed for a Bank Transfer in Malaysia?

DuitNow-PayNow

DuitNow-PayNow links Malaysia’s DuitNow system with Singapore’s PayNow, allowing eligible users to send money between the two countries using a mobile number or Virtual Payment Address (VPA). Transfers can be made in real time through participating financial institutions.

The service can be useful for smaller payments, personal transfers and quick peer-to-peer payments. However, the daily transfer limit is an important consideration for businesses. Bank Negara Malaysia states that participating users can send and receive up to RM3,000 or S$1,000 per day through the linkage.

For example, if a Malaysian business needs to pay a Singapore supplier S$5,000, the payment exceeds the S$1,000 daily limit for DuitNow-PayNow. In cases like this, the business may need to consider another payment method that better suits the payment amount and frequency.

This makes the distinction important for businesses. DuitNow-PayNow can be useful for eligible smaller payments, while larger or regular supplier payments may require a different payment route.

Online money transfer services and multi-currency accounts

For businesses transferring money from Malaysia to Singapore, online money transfer services provide a digital way to convert MYR to SGD and send the funds to a Singapore bank account. Some providers also offer multi-currency accounts, allowing businesses to hold SGD and other currencies and use those balances for international payments.

For example, a Malaysian business making regular payments to a Singapore supplier could convert MYR to SGD, hold the SGD balance and use it when the next payment is due. This can make recurring cross-border payments easier to manage.

Providers such as WorldFirst, Wise and Airwallex offer different combinations of international transfer and multi-currency services. When comparing them, consider the FX rate, transfer fees, supported currencies and transfer speed for your MYR-to-SGD payments.

How to Transfer Money from Malaysia to Singapore

Sending money to Singapore involves a few simple checks before you confirm the payment, especially when you’re making a business transfer. Here’s a step-by-step guide on how to transfer money from Malaysia to Singapore.

Choose a transfer method

The best transfer method depends on what you’re paying, how often you make the payment and how you want to manage your money. A larger supplier invoice, a small one-off payment and regular MYR-to-SGD payments may each suit a different approach. Consider which of these options best matches your payment needs:

• Bank transfer: Suitable for one-off or larger supplier payments sent directly to a Singapore bank account.
• DuitNow-PayNow: Suitable for smaller eligible payments where a quick transfer between participating users is appropriate.
• Online money transfer services and multi-currency accounts: Suitable for regular business payments, particularly when you need to convert, hold and send MYR and SGD.

Check the exchange rate and fees

Before initiating the transfer, review the following costs and rates to understand how much you’ll pay and how much SGD the recipient will receive.

• MYR-to-SGD exchange rate: Check the rate offered when converting your MYR to SGD and how much SGD you’ll receive for the amount you’re sending.
• Transfer fee: Check whether your bank or provider charges a fee for sending the payment and whether it is a fixed or percentage-based charge.
• FX markup: Check whether a markup or spread is added to the exchange rate, as this can affect the overall cost of the conversion.
• Bank or intermediary charges: Check whether additional charges may apply from the sending, intermediary or receiving bank, particularly for international bank transfers.

Enter the recipient’s details and review the transfer

The information you need depends on the transfer method and the recipient’s bank or payment account. Enter the required details carefully before you transfer money to Singapore, then review the payment to make sure everything is correct. Before confirming, check:

• Recipient details: Make sure the name, account number and other required payment details are correct.
• Amount and currency: Confirm the amount you’re sending and whether the payment is in MYR or SGD.
• Exchange rate and fees: Check the rate being applied and any applicable transfer or other charges.
• Recipient amount: Check how much SGD the recipient is expected to receive.

Confirm and track the transfer

Once you’ve checked all the payment details, confirm the transfer through your bank or provider. Keep the payment reference or transaction details for your records. If tracking is available, use the provider’s tracking tools to check the payment status and confirm when the transfer has been completed.

How Much Does It Cost to Transfer Money from Malaysia to Singapore?

The cost of sending money from Malaysia to Singapore depends on more than the transfer fee. Look at the exchange rate, any additional charges and the amount the recipient will receive to understand the total cost:

• Transfer fees: Check whether the bank or provider charges a fixed fee or a percentage of the amount you send. Some providers may advertise low or no transfer fees but recover costs elsewhere.
• Exchange-rate markup: The exchange rate can have a significant impact on the overall cost. Check how the MYR-to-SGD rate compares with the market rate and whether the provider adds a markup or spread.
• Intermediary or correspondent bank charges: International bank transfers may involve intermediary banks, which can deduct additional charges from the payment where applicable.
• Receiving-bank charges: The recipient’s Singapore bank may apply a fee for receiving an international payment, depending on the bank and payment route.
• Amount the recipient receives: Compare the final SGD amount the recipient will receive, rather than looking only at the fee you pay to send the money.
• Overall value: A lower transfer fee does not always mean a lower total cost. A provider with a slightly higher fee may offer better value if it provides a more competitive exchange rate and fewer additional charges.

How Long Does It Take to Transfer Money from Malaysia to Singapore?

The time it takes to transfer money from Malaysia to Singapore can vary depending on the transfer method, payment network and processing times of the banks or providers involved. Several factors can affect when the recipient receives the funds:

• Cut-off times: Payments sent after a bank or provider’s cut-off time may be processed on the next business day.
• Weekends and public holidays: Bank holidays and non-business days can affect when a payment is processed or credited.
• Payment network used: Local and international payment networks have different processing procedures, which can affect delivery times.
• Currency: If the payment involves currency conversion, the conversion process and currencies supported by the provider can affect processing.
• Compliance checks: Banks and providers may carry out additional checks before releasing a payment, which can add to the processing time.
• Bank processing: The sending or receiving bank may need additional time to process and credit the funds.
• Domestic or international processing: Depending on the provider, the payment may be processed as a domestic transaction at one stage and an international transaction at another, which can affect the overall timing.

For business payments, check the estimated delivery time provided by your bank or payment provider before sending the money. Avoid relying on a fixed timeframe unless the provider specifically confirms it.

How WorldFirst Can Help Malaysian Businesses Manage Payments to Singapore

For Malaysian businesses making regular payments to Singapore, having a way to send money is only part of the process. Managing SGD, handling exchange-rate movements, paying suppliers, and keeping financial records organised can also make cross-border payments more complicated. WorldFirst brings these functions together to help businesses manage their international payments from one account:

• Hold and manage multiple currencies: Hold 20+ currencies, including MYR, SGD and USD, so you can keep SGD available for upcoming supplier payments.
• Pay Singapore suppliers directly: Send payments to business partners in Singapore across 210+ countries and territories in 100+ currencies. With 80% of payments landing on the same day, you can get funds to suppliers quickly.
• Manage MYR-to-SGD exchange-rate risk: Use Spot Contracts, Firm Orders and Rate Alerts to manage currency movements. A Firm Order lets you set an exchange rate in advance, helping you plan the MYR cost of a future SGD payment.
• Keep accounting in sync: Connect WorldFirst with Xero or NetSuite to sync multi-currency transactions and simplify reconciliation.
• Receive international and marketplace payments: Receive funds from 100+ marketplaces and 30+ payment gateways around the world into your World Account, then hold, convert or use those funds for international payments.

How to Transfer Money from Malaysia to Singapore with WorldFirst

If you’re using WorldFirst for a payment to Singapore from Malaysia, the process is straightforward. Here’s how to make the transfer:

1. Log in to your WorldFirst account: Go to Payments > Send & withdraw to start a payment.
2. Add your Singapore beneficiary: Add a new receiving account or select an existing payee. You’ll need the beneficiary’s required bank details, such as their Singapore account number and SWIFT/BIC code.
3. Choose SGD and review the exchange rate: Enter the amount you want to send, select SGD as the payout currency and review the exchange rate and applicable fees before proceeding.
4. Fund your WorldFirst account: If required, transfer the funds to WorldFirst from your Malaysian bank account so the payment can be processed.
5. Review and authorise the payment: Check the beneficiary details, amount, currency, exchange rate and fees. Complete the required two-factor authentication and confirm the payment.

Open a World Account to manage MYR-to-SGD conversions and pay your Singapore suppliers from one platform.

FAQs

1. How can I transfer money from Malaysia to Singapore?

You can transfer money from Malaysia to Singapore through a bank transfer, DuitNow-PayNow, or an online money transfer service. The right option depends on the amount, payment frequency, transfer speed, fees and whether you need to manage multiple currencies.

2. What details do I need to transfer money to Singapore?

You’ll generally need the recipient’s name, bank account details and other information required by the payment method. For some international bank transfers, you may also need the recipient bank’s SWIFT/BIC code and a payment reference.

3. How much does it cost to transfer money from Malaysia to Singapore?

The total cost can include the transfer fee, exchange-rate markup, intermediary or correspondent bank charges, and receiving-bank charges. Compare the amount of SGD the recipient will receive rather than looking at the advertised transfer fee alone.

4. How long does it take to transfer money from Malaysia to Singapore?

Transfer times vary depending on the payment method, payment network, bank processing times, cut-off times, weekends and public holidays, and any compliance checks. Check the estimated delivery time with your bank or payment provider before sending the payment.

5. What is the most efficient way to transfer money from Malaysia to Singapore?

The most efficient option depends on the transfer amount, frequency, exchange rate, fees and processing time. For regular business payments, WorldFirst allows businesses to manage MYR and SGD in one account and make payments to Singapore suppliers, making recurring cross-border payments easier to manage.

Sources:

1. https://www.bnm.gov.my/-/mysg-pmt-en
2. https://www.bnm.gov.my/fep/policies/rules-by-residency/resident/payment-in-fc
3. https://www.worldfirst.com/my/product/pay/
4. https://wise.com/my/send-money/send-money-to-singapore
5. https://www.airwallex.com/en-my