Send money globally with ease while saving more of your hard-earned cash on every transaction which is very necessary for most foreigners who are working and living in the USA. With a large number of remittance options available, it can be daunting to choose the right one for your needs. In this article, we'll take a close look at a few of the most popular money transfer apps and compare their fees to make a reference for you. Say goodbye to excessive fees thoroughly and prioritize your finances!

 

What is Money Transfer Fee?

 

Money transfer fee refers to the amount charged by financial institutions or payment processors when transferring money from one account to another. It is an essential component of a financial transaction involving money transfer between two parties. Normally, Money transfer fee varies greatly among money-transfer service providers.

 

What are the Factors that affect Money Transfer Fee?

 

Here are the 5 main factors affecting the money transfer fee in different methods.

 

（1）Economy

（2）Country

（3）Bank policy

（4）Payment Method

（5）Cooperation Partner

 

Usually, banks and payment processors assess money transfer fees as a percentage of the total amount transferred or as a fixed amount per transaction. For instance, if the transfer amount is $100, and the money transfer fee is 1%, then the fee would be $1. On the other hand, if the transfer fee is fixed at $20, then the fee would remain the same irrespective of the amount transferred.

 

However, there are situations where banks and payment processors may waive transfer fees, such as if the account holders have a certain minimum balance or if the transfer occurs within the same bank. In some cases, such as international money transfers, the transfer fees can be significant and can substantially reduce the amount received by the recipient.

 

Money Transfer Fee Comparison

 

Wise

Wise is a popular app for international money transfer that offers competitive exchange rates and low fees. For transferring $1,000 from the United States to the Philippines, Transfer-Wise charges $8.42 in fees, while for India and Indonesia, the fees are $8.08 and $8.41, respectively. Additionally, exchange rate of Wise is quite competitive, making it a popular choice for foreign customers.

 

Western Union

Western Union is another well-known remittance service. The fees for sending $1,000 from the United States to the Philippines, India, and Indonesia through Western Union are $10.00, $5.00, and $5.00, respectively. However, customers have reported that Western Union's exchange rates are not always favorable.

 

Remitly

Remitly is another popular app for international money transfer that promises low fees and fast transactions. For sending $1,000 to the Philippines and India, Remitly charges $3.99 and $4.99, respectively. However, for Indonesia, the fees are relatively high at $14.99. Like Wise, Remitly also offers competitive exchange rates.

 

Panda Remit

Panda Remit is relatively a newcomer to the remittance industry, but it offers some of the lowest fees for international money transfers. For $1,000 sent from the United States to the Philippines, Panda Remit charges just $2.99. The fees for sending money to India and Indonesia are also quite low at $1.99 and $3.99. In addition, Panda Remit also provides a very favorable exchange rate. If you're looking for the lowest fees, Panda Remit may be one of the best choice.

 

PandaRemit-1000USD
Country		Total Transfer Fee（$)
USD	IDR	1.99
USD	PHP	2.99
USD	THB	1.99
USD	INR	3.99
USD	CAD	3.99
USD	AUD	3.99
USD	MYR	2.99
USD	VND	3.99
USD	MXN	3.99
USD	SGD	3.99
USD	GBP	3.99
USD	KRW	3.99
USD	NPR	3.99
USD	LKR	3.99
USD	EUR	3.99
USD	HKD	3.99

 

Make a Transfer with Super Low Money Transfer Fee—Panda Remit

 

If you're looking for the lowest fees, Panda Remit may be the best choice. Panda Remit’s low-cost remittance solution ensures that your money goes where it is needed the most.

 

（1）Zero Fee for all New User

As part of a promotional campaign, Panda Remit offers a special deal for the first remittance made through their application. All new customers who make their first remittance with Panda Remit are eligible for this promotion which will be completely charge-free.

 

（2）Free-fee Promotion Activity

Panda Remit has also set a certain minimum remittance charge-free promotion activity.

Free basic handling fee for remittance over 1000 (USA-India, Indonesia, Thailand, Philippines)

Debit card fee reduction: 0.6% for new users and 0.8% for old users.

 

For more information and to get started, visit our website or download the Panda Remit mobile app.Terms and conditions apply.

 

（3）Marketing Activity of “Invite Friends”

As one of the leading international remittance providers, Panda Remit strives to make the process enjoyable and rewarding for all users. To show their appreciation for all users ‘support, they have launched the campaign of  "Invite Friends and Win Coupons" . With this exciting promotion, all users have the opportunity to earn exclusive discounts on their next transfer.

 

Invite a Friend to join the Panda Remit

The Friend earns 24USD cash coupon with successful sign up.

Referred Friend completes 1 remittance

You receive 30USD cash coupon

 

To know more rules pls click here: https://www.pandaremit.com/

 

Make the smarter choice and choose a remittance app that values your financial needs. With low transaction fees, competitive exchange rates, and a user-friendly interface, Panda Remit ensures that your money is in safe hands. Experience the convenience and savings that Panda Remit app offers – because your finances deserve it!