8 Alternatives for Cheapest Way to Send Money to China

When searching for the Cheapest way to send money from Singapore to China, many users immediately think of traditional giants like Western Union. However, the landscape of international money transfers has evolved significantly, offering digital-first solutions that can provide lower fees and better exchange rates. While Western Union remains a household name, comparing it against modern international remittance providers—such as Wise, Instarem, and Panda Remit—is essential for ensuring you get the most value from your hard-earned money.

What to Consider When Choosing an International Money Transfer Service

Before selecting a service for cross-border transfers, it is crucial to look beyond just the brand name. To truly find the Cheapest way to send money from Singapore to China, consider the following factors:

• Fees and Hidden Costs: Some providers charge low upfront fees but hide costs in poor exchange rates.
• Exchange Rates and Markups: Compare the offered rate against the mid-market rate. Services like Panda Remit and Wise often offer rates closer to the real market value.
• Transfer Speed: payout methods vary from instant bank deposits to cash pickups.
• Geographic Coverage: Ensure the provider specializes in the corridor you need, such as Singapore to China.
• Trust and Regulation: Always use services licensed by major financial authorities.

Competitor Alternatives to Western Union

Below is a comparison of leading remittance services. We have included Panda Remit in this table to help you benchmark costs, speed, and coverage against other major players.

Here are 8 real alternatives to Western Union for handling your international money transfers.

1. Alternative: Wise (formerly TransferWise)

Wise is renowned for its commitment to transparency and using the mid-market exchange rate without hidden markups. It is a strong contender for the Cheapest way to send money from Singapore to China if you value knowing exactly what the recipient will get.

• Best Known For: Transparent pricing and mid-market rates.
• Strengths: No hidden fees in the exchange rate; highly trusted.
• Limitations: Transfer speeds can be slower than instant remittance apps like Panda Remit.
• Suitability: Excellent for bank-to-bank transfers.
• Comparison: Like Panda Remit, Wise focuses on digital-first experiences to reduce overhead costs.

2. Alternative: Instarem

Based in Singapore, Instarem is a robust option for cross-border transfers within Asia. They utilize a grid of global banks to facilitate payments.

• Best Known For: Loyalty points and competitive rates in Southeast Asia.
• Strengths: great for SG to CN transfers; regulated in multiple jurisdictions.
• Limitations: The interface can be complex for first-time users compared to simpler apps like Panda Remit.
• Suitability: Good for medium to large transfers.
• Comparison: Often competes closely with Panda Remit on rates for the Singapore corridor.

3. Alternative: Remitly

Remitly allows users to choose between 'Express' and 'Economy' speeds, giving flexibility based on urgency. This makes it a versatile remittance service.

• Best Known For: Tiered delivery speeds.
• Strengths: Fast delivery options for urgent needs.
• Limitations: The 'Express' option often comes with higher fees and lower exchange rates.
• Suitability: Users who need money sent immediately to Alipay or WeChat wallets.
• Comparison: While fast, users should compare the final amount received with Panda Remit to ensure cost-effectiveness.

4. Alternative: WorldRemit

WorldRemit specializes in small, frequent transfers to mobile wallets and cash pickup locations, serving as a direct alternative to Western Union's cash network.

• Best Known For: Mobile wallet transfers and airtime top-ups.
• Strengths: vast network of payout partners.
• Limitations: Exchange rates may include a markup higher than digital specialists like Panda Remit.
• Suitability: Sending small amounts for family support.
• Comparison: Offers similar convenience to Panda Remit but fee structures vary by country.

5. Alternative: MoneyGram

As the closest direct traditional rival to Western Union, MoneyGram offers a massive network of physical agent locations.

• Best Known For: Physical cash pickup locations worldwide.
• Strengths: Accessibility in remote areas without banking infrastructure.
• Limitations: Fees are generally higher than online alternatives to Western Union.
• Suitability: When the recipient cannot access a bank account or digital wallet.
• Comparison: Digital competitors like Panda Remit usually offer significantly better exchange rates.

6. Alternative: PaySend

PaySend uses a card-to-card transfer model, allowing users to send money directly to a recipient's Visa or Mastercard.

• Best Known For: Fixed low fees and card transfers.
• Strengths: Simple flat-fee pricing model.
• Limitations: Exchange rates might not always be the Cheapest way to send money from Singapore to China compared to rate-focused services.
• Suitability: Users sending to specific card numbers.
• Comparison: Ease of use is comparable to Panda Remit, though corridor coverage differs.

7. Alternative: OFX

OFX is an established player focusing on larger international money transfers rather than small remittances.

• Best Known For: High-value transfers and dedicated brokers.
• Strengths: Good for sending large lump sums (e.g., property purchases).
• Limitations: Minimum transfer amounts often apply; slower than app-based services like Panda Remit.
• Suitability: Expats moving large assets.
• Comparison: Panda Remit is generally more agile for frequent, smaller personal transfers.

8. Alternative: Xoom (A PayPal Service)

Xoom offers speed and the reliability of being backed by PayPal, though it is rarely the cheapest option due to fees.

• Best Known For: Integration with PayPal ecosystem.
• Strengths: extremely fast and trusted brand.
• Limitations: High markup on exchange rates and transaction fees.
• Suitability: Existing PayPal users prioritizing convenience over cost.
• Comparison: Users looking for the Cheapest way to send money from Singapore to China will likely find better value with Panda Remit or Wise.

When Panda Remit Is a Strong Choice

While there are many alternatives to Western Union, Panda Remit has emerged as a compelling option, particularly for the Asian corridors. It is designed specifically to optimize costs for users searching for the Cheapest way to send money from Singapore to China.

Panda Remit performs exceptionally well in the following scenarios:

• High Exchange Rates: They often provide rates that beat traditional banks and legacy remittance firms, maximizing the amount received.
• Zero Fees for New Users: Panda Remit will supply most promotions for old users and 0 fee & high exchange rate for new users, making the first transfer highly cost-effective.
• Speed and Convenience: Transfers to Alipay and WeChat Pay are often completed in minutes, rivalling the speed of competitors like Remitly.
• Safety: The service is Licensed by major financial authorities, ensuring your funds are secure during the cross-border transfers.

Whether you are sending money from the US to China, Australia to India, or Singapore to China, Panda Remit offers a streamlined mobile experience that cuts out the middleman to pass savings on to you.

Conclusion

Choosing the right service for international money transfers depends on your specific needs—whether that is cash pickup, maximum speed, or the lowest total cost. For those prioritizing value and looking for the Cheapest way to send money from Singapore to China, digital challengers often outperform legacy providers like Western Union.

By comparing fees and exchange rates, Panda Remit frequently emerges as a top choice due to its competitive pricing and user-friendly platform. We recommend checking the live rates on multiple platforms before hitting send.

Learn more about Panda Remit and check today's rates.

Frequently Asked Questions

What is the cheapest alternative to Western Union for international transfers?

Digital-only services like Wise, Instarem, and Panda Remit are generally cheaper than Western Union because they have lower overhead costs and offer more competitive exchange rates, making them ideal for the Cheapest way to send money from Singapore to China.

How do exchange rates impact total remittance costs?

The exchange rate is often where providers hide fees. A service might advertise "0 fees" but offer a poor exchange rate. Services like Panda Remit focus on offering high exchange rates to ensure the recipient gets more money.

When should users consider Panda Remit over other services?

Users should consider Panda Remit when sending to Asian corridors like China or India, or when they want to take advantage of new user promotions such as 0 fees and premium exchange rates. It is also Licensed by major financial authorities, ensuring safety.

How fast are international transfers with Panda Remit?

Transfer speeds with Panda Remit are very fast, often completing within minutes when sending to digital wallets like Alipay or WeChat Pay, making it a reliable choice for urgent cross-border transfers.