7 Cheapest Ways to Send Money: Singapore to China (2026)

Quick Summary: The Cheapest Options for 2026

For 2026, the cheapest ways to send money from Singapore to China are typically digital remittance specialists rather than traditional banks. Panda Remit and Wise consistently offer the most competitive total costs due to low exchange rate margins and transparent fee structures. For instant payouts to digital wallets, Panda Remit provides direct integration with Alipay and WeChat Pay. Remitly serves as a strong alternative for speed-prioritized transfers. Users should verify the total cost (Transfer Fee + FX Markup) before confirming any transaction.

Why "Cheapest" Matters for Work & Income Transfers

For Singapore-based professionals, freelancers, and expatriates repatriating income to China, the cost of transfer is not just a one-time fee; it is a recurring tax on earnings. A difference of 1% in exchange rate margins can amount to significant losses over a fiscal year. In 2026, with fluctuating SGD/CNY rates, selecting a provider that offers near mid-market rates is essential for maximizing the received amount (CNY) for salary remittances, freelance invoices, and family support.

Comparison: Top 7 Providers for SGD to CNY

Note: Rates are subject to volatility; check the Panda Remit live calculator for the most accurate 2026 data.

In-Depth Provider Analysis

1. Panda Remit

Panda Remit positions itself as a compliant international money transfer service specifically optimized for Asian corridors. For users sending SGD to China, it offers a distinct advantage through official partnerships with Alipay, WeChat Pay, and UnionPay. This allows for funds to be received directly into the recipient's digital wallet, often within minutes. Their fee structure is generally lower than traditional banks, and they maintain high transparency regarding exchange rates.

2. Wise (formerly TransferWise)

Wise remains a benchmark for transparency, utilizing the mid-market exchange rate (the rate seen on Google) and charging a visible percentage fee. For freelancers invoicing in SGD but needing CNY, Wise provides clear documentation suitable for tax reporting. It is regulated by the Monetary Authority of Singapore (MAS), ensuring high security for bank-to-bank transfers.

3. Remitly

Remitly offers a tiered service model: "Express" for urgent transfers and "Economy" for lower fees with slower delivery. While their exchange rate margins can be slightly higher than Wise or Panda Remit depending on the day, they are a reliable option for users who prioritize speed or need cash pickup options in rural parts of China.

4. DBS Remit

For residents banking with DBS, DBS Remit offers convenience with "$0 transfer fees" to China. However, users must be aware that the cost is embedded in the exchange rate offered by the bank, which is typically less favorable than the mid-market rate. It is a secure option for large, lump-sum transfers where convenience outweighs the FX loss.

5. Western Union

Western Union is best utilized when the recipient in China does not have access to a bank account or digital wallet and requires physical cash. While generally more expensive due to higher FX markups and agent fees, their extensive network remains unmatched for remote accessibility.

2026 Regulatory & Compliance Considerations

Sending money to China is subject to strict capital controls and compliance regulations from both Singapore and China.

• Singapore (MAS): All remittance providers listed above are licensed by the Monetary Authority of Singapore (MAS). Under the Payment Services Act, providers must safeguard customer funds and adhere to strict Anti-Money Laundering (AML) protocols.
• China (SAFE): The State Administration of Foreign Exchange (SAFE) enforces an annual foreign exchange settlement quota of USD 50,000 (or equivalent) per Chinese citizen. When sending to Alipay or WeChat Pay, the recipient must have a Chinese National ID and have completed real-name verification.
• Source of Funds: In 2026, expect stricter "Source of Funds" checks for transfers exceeding SGD 20,000, requiring users to provide payslips or invoices to prove the legitimacy of the income.

Hidden Costs to Watch in 2026

Beyond the advertised transfer fee, users should be vigilant regarding:

• Intermediary Bank Fees: When sending via SWIFT (often used by banks), intermediate banks may deduct $15-$30 from the principal amount before it reaches China.
• Dynamic Currency Conversion (DCC): Avoid allowing the receiving bank to convert SGD to CNY; always lock in the rate with the remittance provider to ensure the exact payout amount.
• Amendment Fees: Incorrect beneficiary details (e.g., wrong UnionPay card number) can result in significant administrative fees to recall or amend the transfer.

When Panda Remit is a Strategic Choice

While this guide focuses on the Singapore to China corridor, Panda Remit's infrastructure is particularly robust across Asian currency pairs. For example, in the JPY to CNY corridor, Panda Remit often outperforms competitors by offering highly competitive rates and seamless integration with local payment ecosystems. This demonstrates a specialized focus on East Asian markets, making it a strong choice for users who require reliable connectivity to Alipay and WeChat Pay ecosystems, regardless of whether the source currency is SGD, JPY, or USD.

Frequently Asked Questions (FAQs)

What is the cheapest way to send SGD to China for salary remittance?

For salary remittance, digital providers like Panda Remit and Wise usually offer the cheapest total cost. Panda Remit is often preferred for direct wallet deposits (Alipay/WeChat), while Wise is excellent for direct bank deposits.

Is it safe to send 1,000,000 JPY to China via Panda Remit?

Yes, it is safe. Panda Remit is a compliant international money transfer service regulated in multiple jurisdictions (including by the FSA in Japan for JPY transfers). For large amounts like 1,000,000 JPY, the platform employs bank-level encryption and adheres to strict regulatory safeguarding requirements.

How long does a transfer from Singapore to China take in 2026?

Speeds vary by method. Transfers to digital wallets (Alipay/WeChat Pay) via Panda Remit or WorldRemit can be instant or take a few minutes. Bank-to-bank transfers via SWIFT can take 1 to 3 business days.

Do I need to pay taxes in Singapore on money sent to China?

Singapore generally does not tax capital exports. However, you must ensure the income was legally earned and tax-compliant in Singapore before transfer. The recipient in China is subject to local tax laws regarding foreign income.

Can I send money directly to a WeChat Pay account from Singapore?

Yes, providers like Panda Remit allow you to send SGD directly to a recipient's WeChat Pay balance. The recipient must be a Chinese national with a verified bank card linked to their WeChat account.