How to use UnionPay for receiving KRW to CNY remittance
熊猫速汇PandaRemit - 2025-12-30 18:35:44.0 7
To use UnionPay for receiving KRW to CNY remittance, simply select UnionPay as your receiving method within the Panda Remit app. Funds arrive in as little as 2 minutes thanks to direct integration. This method bypasses SWIFT, offering exchange rates significantly better than traditional banks while ensuring full compliance with MOEF regulations.
Comparison: Panda Remit vs. Traditional Korean Banks & Competitors
When sending money from South Korea to China, choosing the right channel affects your speed and wallet. Here is how Panda Remit compares to traditional banks like Kookmin Bank and other remittance apps like Sentbe or GME.
| Feature | Panda Remit | Traditional Banks (e.g., Kookmin Bank) | Other Apps (Sentbe, GME) |
|---|---|---|---|
| Speed | Instant (As little as 2 mins) | 1-3 Business Days | Varies (10 mins - 24 hours) |
| Exchange Rate | Superior (Mid-market rates) | High Markup (SWIFT fees apply) | Competitive |
| Network | UnionPay, Alipay, WeChat | SWIFT Network | Limited Partners |
| Funding Methods | K-Bank, KakaoPay, Auto-debit | Bank Account Only | Virtual Accounts |
Step-by-Step Guide: Sending KRW to UnionPay Cards
Follow this 3-step guide to complete your transfer securely and instantly.
1. Create an Account and Verify Identity
Download the Panda Remit app and register. To comply with the Foreign Exchange Transactions Act, you must complete e-KYC verification using your Alien Registration Card (ARC) or Passport. This ensures your transaction is 100% legal and trackable.
2. Fund Your Transfer via Local Korean Banking
Input the amount of KRW you wish to send. You can fund your transfer instantly using South Korea’s digital banking grid. We support seamless transfers via K-Bank, KakaoPay, or by setting up auto-debit from major banks like Shinhan, Woori, and KB Kookmin.
3. Select UnionPay and Confirm
Choose 'UnionPay Card' as the receiving method. Enter the recipient's UnionPay card number (starting with 62). Panda Remit supports over 500+ Chinese banks. Once confirmed, the CNY will arrive in the recipient's account in as fast as 2 minutes, saving you approximately 3%-5% in total costs compared to traditional banking methods.
Safety and Compliance in South Korea
Security is paramount. Panda Remit partners with licensed entities strictly regulated by the Ministry of Economy and Finance (MOEF) and the Financial Supervisory Service (FSS). By adhering to the Foreign Exchange Transactions Act, we ensure that every KRW to CNY settlement is legitimate, secure, and fully compliant with local laws.
Explore More on Korea to China Remittance
- Best time to exchange KRW to CNY for maximum value
- Understanding annual remittance limits from Korea to China
Frequently Asked Questions
Can I send money to any UnionPay card in China?
Yes, Panda Remit supports transfers to UnionPay cards issued by over 500 major Chinese banks, including ICBC, Bank of China, and China Construction Bank, ensuring broad coverage for your remittance needs.
Is it cheaper to use Panda Remit than a Korean bank?
Absolutely. Panda Remit bypasses the expensive SWIFT network used by banks like Kookmin or Shinhan. This allows us to offer superior exchange rates and lower fees, typically saving users 3-5% per transaction. Plus, new users get zero fees on their first transfer.
How fast will the recipient receive the CNY?
Speed is a core advantage of Panda Remit. When you choose UnionPay as the receiving method, the funds are processed via our instant payout network and can arrive in the recipient's account in as little as 2 minutes.
This guide is verified by the Panda Remit Global Compliance Team. We are committed to providing regulated and secure KRW to CNY remittance solutions compliant with MOEF and FSS guidelines.
