How to Send Money to China: A Smart SG Guide

Living and working in Singapore as an expat (EP, SP, or WP holder) comes with plenty of perks, but sending your hard-earned SGD back home to China can often feel like a headache. If you are wondering how to send money efficiently without losing a chunk of your salary to hidden fees, you are in the right place.

In this guide, we will cut through the noise. We will compare traditional heavyweights like DBS and UOB against modern fintech solutions like Panda Remit, ensuring you get the most RMB for your SGD.

The Real Cost: Banks vs. Digital Remittance

When you ask how to send money to China, the default answer used to be "go to the bank." However, while banks like DBS or POSB are secure, their exchange rates often include a significant markup compared to the mid-market rate (the real rate you see on Google).

Digital platforms like Panda Remit have disrupted this model. By operating purely online, they cut out the overhead costs of physical branches. For a user sending SGD 1,000 to China, the difference in exchange rates can mean the receiver gets an extra 50-100 CNY compared to traditional banking channels. It’s not just about the fee; it’s about the rate.

Stop Going to Chinatown: Where is the Best Place to Change Money in Singapore?

For decades, the standard advice for the query where is the best place to change money in Singapore was "People's Park Complex in Chinatown."

Let’s be honest: Is it really worth it? To get those rates, you have to:

• Travel to Chinatown (MRT fares + time).
• Withdraw large amounts of cash (security risk).
• Queue for 30-60 minutes in the heat.

In the digital age, the "best place" is on your phone. With Panda Remit, you can lock in rates that rival or beat the Chinatown money changers without leaving your sofa. You can send money 24/7, even on Public Holidays when physical shops are closed or charging premium rates.

The PayPal Trap: How Does PayPal Work When Sending Money?

Many expats ask how does PayPal work when sending money internationally. While convenient for e-commerce, it is often a poor choice for personal remittance to China.

PayPal typically charges a transaction fee plus a currency conversion spread that can be as high as 3-4%. This means if you send SGD, PayPal converts it to USD and then to CNY, or directly to CNY at a poor rate. In contrast, Panda Remit offers a transparent fee structure and displays the exact amount your recipient will receive in Alipay, WeChat, or their UnionPay bank card before you even hit send.

Step-by-Step: How to Transfer Money from DBS to Other Bank (Panda Remit)

To use a digital remittance service, you first need to fund your transaction. This is where the keyword how to transfer money from dbs to other bank comes into play. You don't need to visit a branch; you simply use Singapore's local payment rails.

The Process:

1. Create an Order: Open the Panda Remit app or website, enter the amount of SGD you want to send, and select China (CNY) as the destination.
2. Choose Recipient Method: Select Alipay, WeChat Pay, or a Chinese Bank Card.
3. Pay via PayNow or Bank Transfer:
   • PayNow (Recommended): This is the fastest method. In your DBS/POSB digibank app, select PayNow and enter the UEN provided by Panda Remit.
   • Bank Transfer: If you prefer standard transfer, add Panda Remit’s local Singapore bank account as a payee. This answers the query of how to transfer money from dbs to other bank—it is treated just like a local transfer, usually free of charge within Singapore.

Comparison: DBS vs. Chinatown vs. Panda Remit

Here is a quick breakdown to help you decide the best route for your needs.

FAQ: Remitting from Singapore

1. How long does overseas transfer take?

This depends on the method. With traditional banks (SWIFT), it can take 1-3 business days. However, regarding how long does overseas transfer take with Panda Remit to China, it is often near-instant (within minutes) because they utilize local payout partners like Alipay and WeChat.

2. Is Panda Remit regulated in Singapore?

Yes. Trust is critical. Panda Remit operates under the regulation of the Monetary Authority of Singapore (MAS). They hold a Major Payment Institution license, meaning your funds are handled with the same regulatory scrutiny as local banks.

3. What is the PayNow limit?

Most banks (DBS, UOB, OCBC) have a default daily PayNow limit (e.g., SGD 1,000 or SGD 5,000). If you need to send a larger amount (e.g., salary remittance), log into your banking app to raise your daily transfer limit before funding your Panda Remit transaction.

Ready to get the best rate for your RMB? Stop queuing and start saving. Check today's exchange rate on Panda Remit and send money home instantly.