Panda Remit is an online money transfer provider that was originally established to provide safe, convenient and low-cost money transfers to Chinese people living abroad. Since then, it has grown its network, supporting money transfers from multiple countries and regions to China. It has competitive exchange rates, low transfer fees and provides 24/7 customer service. However, you will need to verify your identity before sending funds and there are limits on how much can be sent in one transaction.
Why should I consider Panda Remit?
Low fees. Panda Remit keeps its fees low, and even has fee-free transfers for certain destinations.
Exchange rates. You’ll find competitive exchange rates, often lower than your bank – meaning more money for your recipient.
Multiple receiving methods. You can choose for your recipient to receive their money straight to their bank account, to their Alipay eWallet or via WeChat.
Fast transfers. It can take as little as a few minutes for the money to be sent to your chosen destination.
What do I need to be aware of?
ID verification. You will need to verify your ID before you can make your first transfer.
Limited payment options. Payments can only be made via bank transfer or with a debit card in Europe.
Transfer limits. Panda Remit has a minimum single remittance limit of €50 and a maximum of €3,000. However, there are no limits to how many transactions you can make.
Transfers only to China. While Panda Remit has multiple countries you can send from, the only country you can send to is China.
How much are Panda Remit’s fees?
Panda Remit looks to keep its costs down and typically charges a fee of €5.99. However, it often will waive this fee when sending to certain destinations. So for example, if you were to send €1,000 from Ireland to China, a transfer fee would not be charged.
You can check what fees will be applied to your transaction once you have entered your transfer details into the app. It is always a good idea to compare these against other money transfer providers to see if you are getting the best deal for your transfer.
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How are Panda Remit’s exchange rates?
You will find competitive exchange rates when you use Panda Remit. New customers will get an exclusive rate for their first transfer, which is very close to the mid-market rate.
It’s best to compare the displayed rate on Panda Remit with the current interbank rate to calculate the size of the margin charged. You can then use this as a benchmark for comparing the rates of other money transfer providers.
What are the ways I can send money abroad with Panda Remit?
Panda Remit only allows you to send money using its mobile app. On the website you will find QR codes for the Apple app store, Google Play store and the Panda Remit WeChat account. You can use any of these to find the app and download it to your smartphone.
How to send money transfer with Panda Remit
Use the QR codes on the Panda Remit website to download the app.
Set up your account by selecting your sending country and giving personal details including your mobile number. You will receive a verification code in an SMS message, which you will need to input when prompted.
Submit your personal information including your postal address and submit your government ID for verification
Select your transfer destination and how much you want to send. At this point, you will be able to see what fees you will be charged.
Enter your recipient’s information including how their receiving method. They can choose from Alipay, a bank card and WeChat.
Check your transfer details, and if you are happy, make your payment.
What are Panda Remit’s payment options?
Payment options for Panda Remit are relatively limited. As a completely online money transfer service, payments can either be made by bank transfer or as an online payment with a debit card in Europe.
How long does an international transfer with Panda Remit take?
Transfers with Panda Remit typically happen within minutes once it has verified the information. The majority of transfers are processed within 24 hours. Customers can check the progress of their transfer by logging into their account.
Transfers typically take
Is Panda Remit safe to use?
Panda Remit was founded in Hong Kong by Wo Transfer (HK) Limited and has held an MSO license since 2018. It is backed by Sequoia Capital and Lightspeed Partners, two global investors, and all its cross-border remittance flows are reviewed and regulated by King & Wood Mallesons to ensure they are legal and compliant.
It also uses Symantec SSL Certificate and provides a security guarantee of up to $1.5 million.
How does Panda Remit compare to other money transfer services?
If you want to see how Panda Remit compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
Kate Anderson is a writer at Finder who specialises in money transfers. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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