Send Money to Singapore with Peanut — Coming Soon
Peanut is expanding to Singapore. Soon you'll be able to send money and have recipients pay locally via PayNow — Singapore's instant payment system.
Send Money to Singapore with Peanut — Coming Soon
Singapore is a global financial hub with near-universal digital payment adoption. PayNow, the national instant payment system, allows transfers using just a phone number or NRIC — and SGQR codes at merchants unify multiple payment systems into a single scannable code. Yet sending money to Singapore from abroad still means dealing with slow bank transfers, hidden fees, and exchange rate markups that reduce what the recipient actually receives.
Peanut is building a better way. Soon you will be able to send money to Singapore and have the recipient access it instantly through PayNow — paying at merchants via SGQR, sending to friends by phone number, or withdrawing to a local bank account. No fees, no local ID required.
Why Peanut Will Be the Best Way to Send Money to Singapore
Better Exchange Rate
The Singapore dollar is one of Asia's most stable currencies, but traditional transfer services still add their own markup to the SGD exchange rate. Wise charges a fee plus a rate markup. PayPal takes 3-4% through fees and conversion charges. Peanut converts digital dollars directly to local currency at a competitive market rate, without the layered markups.
No Fees
Every step is free. Depositing into Peanut costs nothing. Sending to the recipient is free. Spending via PayNow will be free. No transfer fees, no receiving fees, no hidden charges. Traditional services charge per-transfer fees or percentage-based markups that add up quickly — especially on regular transfers.
Instant via PayNow
PayNow is built on Singapore's FAST (Fast and Secure Transfers) rail, enabling real-time payments linked to phone numbers or NRIC/FIN. SGQR at merchants unifies multiple payment QR codes into a single label. When Peanut launches, recipients will access funds through PayNow instantly — no 1-3 day bank transfer wait.
No Local Account Needed
Singapore's financial system typically requires an NRIC (for citizens/permanent residents) or FIN (for foreigners) to register for PayNow and open bank accounts. Peanut removes that requirement — recipients will verify with any passport, no NRIC, FIN, or local bank account needed.
How It Will Work
- 1
Sign up and verify
Create a Peanut account and complete identity verification with your passport. Takes under 2 minutes for most users.
- 2
Deposit funds
Fund your Peanut account via bank transfer (SEPA from Europe, ACH from the US) or send digital dollars from any major exchange.
- 3
Send to your recipient
Your recipient creates a Peanut account or receives funds to an existing one. Peanut-to-Peanut transfers arrive instantly.
- 4
Recipient pays via PayNow
The recipient uses their funds through PayNow — paying merchants via SGQR, sending to contacts by phone number, or withdrawing to a local bank account.
What the Recipient Will Be Able to Do
Pay via SGQR at Merchants
SGQR is Singapore's unified merchant QR code standard. One code at the point of sale works across PayNow, NETS, GrabPay, and other participating payment methods. When Peanut integrates with PayNow, the recipient will scan SGQR codes at hawker centres, retail shops, restaurants, cafes, and more. The merchant receives Singapore dollars instantly.
Send to Friends and Contacts
PayNow enables phone-number-based transfers. Recipients will be able to send money to anyone in Singapore by entering their mobile number — no bank account details needed. Ideal for splitting bills, paying friends, or sending to family.
Bank Withdrawal
Recipients will also be able to withdraw to a local Singapore bank account, converting their digital dollar balance to SGD at the point of withdrawal.
Cross-Border Payment Links
PayNow has established cross-border links with Thailand (PromptPay), India (UPI), and Malaysia (DuitNow). As Peanut's integration develops, these links could enable spending across multiple countries in the region.
Who This Is For
Expats and Professionals
Singapore is a global financial center with a large expat population. Professionals receiving salary or transfers from the UK, Australia, or other countries currently deal with bank wire fees and multi-day settlement times. Peanut will let them receive funds and spend via PayNow instantly — the same system their Singaporean colleagues use daily.
Cross-Border Workers
The Singapore-Malaysia corridor sees heavy daily cross-border commuting. Workers moving money between the two countries will benefit from instant transfers through Peanut's PayNow integration, especially given the existing DuitNow-PayNow cross-border QR link.
Tourists and Visitors
From hawker centres and shopping malls to taxis and government services, SGQR codes are everywhere in Singapore. Without an NRIC or FIN, visitors cannot register for PayNow directly. Peanut will give tourists access to Singapore's digital payment ecosystem through PayNow without needing local documentation.
How Much Will It Cost?
Peanut charges no fees on any operation. The exchange rate converts digital dollars directly to SGD at a competitive market rate.
| Service | Fee | Exchange Rate | Recipient Gets |
|---|---|---|---|
| Peanut (planned) | $0 | Market rate | More SGD |
| Wise | ~$3-5 | Mid-market with markup | Less |
| PayPal | ~$5 + 3-4% | Below mid-market | Significantly less |
| Western Union | $5-15 | Worst rate | Least |
Sending from Specific Countries
Send Money from the United Kingdom to Singapore
The UK-Singapore corridor is active with both personal remittances and business payments. UK senders will deposit via SEPA (free, 90% arrive in under 20 minutes) and send to Singapore. The recipient accesses funds through PayNow instantly.
Send Money from Australia to Singapore
Australia and Singapore share strong economic ties and frequent travel between the two countries. When Peanut launches, Australian senders will be able to deposit funds and send to Singapore, where the recipient accesses funds through PayNow in real time.
Send Money from Malaysia to Singapore
The Malaysia-Singapore corridor is one of the busiest in Southeast Asia, driven by daily cross-border commuters and deep economic integration. The existing DuitNow-PayNow cross-border QR link makes this corridor especially promising for Peanut users.
