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Panda Remit review

An online money transfer that looks to provide a quick and affordable way to send money to China.

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.

1 - 1 of 1
Name Product Minimum Transfer Transfer Time Transfer Fee
Panda Remit - Sweden
$10
Within minutes
Varies
Get EUR5 after your first transfer including unlimited fee-free transfers. T&Cs apply.
Send money to China at competitive exchange rates with 24/ customer support.
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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

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 takeClock icon for transfer speed

1 day

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.

1 - 8 of 8
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Sweden
SEK 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
CurrencyFair - Sweden
SEK 50
1-2 days
EUR 3
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
XE Money Transfers - Sweden
XE Money Transfers - Sweden
SEK 0
Same day
EUR 2
XE has fast transfers with low fees and a range of foreign currency tools.
Revolut - Sweden
Revolut - Sweden
USD $0
Within minutes
USD $0
Make fee-free transfers in 27+ currencies from Monday to Friday.
WorldRemit - Sweden
SEK 1
1-3 days
SEK 39
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
TransferGo - Sweden
SEK 15
1-2 days
SEK 0
Key Currency - Global
Key Currency - Global
£5000.00
Same day on all majors, 1 day on exotics
None
Make same-day transfers in all major currencies across Europe.
Remitly - Sweden
Remitly - Sweden
SEK 0
1-5 days
SEK 24.90
Remitly has quick, affordable transfers around the world, with both express and economy options.
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Frequently asked questions

Is Panda Remit legit?

Yes, Panda Remit is a legitimate money transfer provider. It is backed by leading global investors and is licensed as a Money Service Operator Regulated remittance business.

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