It is not a secret that international transferring is getting more and more common in our daily lives. As a neighbor country, it’s undeniable that Singaporeans have some business to do with Malaysians even to an extent to transfer money to someone living there.
If you are new to this, you are not the only one who are stumbled upon confusion and asking the internet, ‘how to transfer money from Singapore to Malaysia?’ Let’s find out how.
Transfer Money From Singapore to Malaysia
In terms of international transferring, you can rely on many services; varying from banks, online services, and even wire transfers, etc. All of them have their own upsides and drawbacks, and they deal with exchange rate as well; unless if you and the recipient decided to accept a universal currency to work with.
If you decide to transfer funds from Singapore to Malaysia by using bank service, you may be facing such ease to transfer money. But their hidden transfer costs may be one of the reasons people opt other services, such as online services.
However, if compared to online services, international bank transferring is way more trustworthy due to its safety. So, even though the MYR (Malaysian Ringgit) – SGD (Singaporean Dollars) exchange rate isn’t as competitive as online services, people put their trust on banks still.
Transfer Funds from Singapore to Malaysia with Bank Service
In order to transfer money from Singapore to Malaysia with bank, you need to know how to work with overseas transfer fund (remittance). Generally, Singaporean banks have already provided easy step-by-step how to transfer funds from Singapore to other country.
Let’s take an example of how to transfer money from Singapore to Malaysia with DBS bank. If you are a DBS account holder, you will need to prepare these details beforehand:
- Bank name and the recipient account number
- Recipient’s address
- Recipient’s name (full name). For international transfer, it is considered safer if you use full name instead of nicknames.
The following below are the procedure to transfer money from Singapore to Malaysia.
Transferring Funds with Digibank Online
- Make sure you are logged into your bank account.
- Hover your pointer to ‘Transfer’ tab, then pick ‘DBS Remit and Overseas Transfer’
- Choose Malaysia from the drop-down ‘Country’
- Enter the amount you wish to transfer, then click ‘Get Quote’ and followed by clicking ‘Start a New Transfer’.
- On the next page, enter the recipient’s details that are required.
- Authorize the transfer process by clicking ‘Next’.
- Review all of the transfer details.
- Confirm your transfer by clicking ‘Submit’ to complete the whole process.
Transferring Funds with Digibank Mobile
- Log in to your bank account using user ID and PIN. Choose ‘Pay & Transfer’ simply by tapping on the icon.
- Tap ‘Overseas’ followed by tapping ‘Add overseas recipient’.
- Pick Malaysia as the country then enter all the information required accurately. Then, tap on ‘Add recipient now’.
- Next, pick your fund source and define the amount you want to transfer. Tap ‘Next’.
- Check back all the transfer details. If you think there’s nothing wrong with that, tap on ‘Transfer now’.
That sums up the answer to ‘how to transfer money from Singapore to Malaysia’. Transferring money from Singapore to Malaysia through bank isn’t that different from any other transfer processes. Aside from bank transfer, you may consider to try other methods, such as using PayPal or other services alike.