5 PayPal alternatives for Cheapest way to send money from Korea to China

熊猫速汇PandaRemit - 2026-02-05 09:02:47.0 4

International money transfers can be surprisingly expensive, and when sending money from Korea to China, finding the most cost-effective solution is crucial. While PayPal is a well-known option, it’s often not the cheapest, especially for larger amounts. Several alternatives offer better exchange rates and lower fees. Services like Wise, Remitly, and Panda Remit are increasingly popular choices for cross-border transfers, each with its own strengths and weaknesses.

What to Consider When Choosing an International Money Transfer Service

Choosing the right international money transfer service requires careful consideration of several factors. It’s not just about the headline fee; the total cost, speed, and reliability all play a significant role. Here’s a breakdown of what to look for:

Fees and hidden costs: Be aware of upfront transfer fees, but also look for hidden costs like receiving bank fees or intermediary bank charges.
Exchange rates and markups: The exchange rate is often where services make their profit. A seemingly low fee can be offset by a poor exchange rate.
Transfer speed and payout methods: How quickly does the money need to arrive? Payout options (bank deposit, cash pickup, mobile wallet) vary in speed and convenience.
Geographic coverage and supported corridors: Ensure the service supports both the sending country (Korea) and the receiving country (China).
Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities.

Competitor Alternatives

Here’s a comparison of several alternatives to PayPal for sending money from Korea to China. Fees and delivery times are estimates and can vary based on the amount sent and the specific exchange rate at the time of transfer.

Service	Typical Fee (KRW)	Estimated Delivery Time	Exchange Rate Markup (Estimate)	Coverage (Korea to China)
Wise	₩2,000 - ₩5,000	1-2 business days	0.5% - 1%	Excellent
Remitly	₩1,500 - ₩3,000	Same day (for smaller amounts)	1% - 2%	Excellent
WorldRemit	₩2,500 - ₩6,000	1-3 business days	1.5% - 2.5%	Good
Xoom (PayPal Service)	₩3,000 - ₩7,000	1-2 business days	2% - 3%	Excellent
Panda Remit	₩0 (for new users, promotional) / ₩1,000 - ₩3,000	Same day - 1 business day	0% - 0.8% (often competitive)	Excellent

Alternative: Wise

Wise (formerly TransferWise) is known for its transparent fees and mid-market exchange rates. It’s a popular choice for larger transfers.

Strengths: Low fees, transparent pricing, fast transfers.
Limitations: Can be slower for certain currencies or payout methods.
Cheapest way to send money from Korea to China?: Often competitive, especially for larger amounts.
Typical Fees: Around 0.5% - 1% markup on the exchange rate.

Alternative: Remitly

Remitly focuses on speed and convenience, offering same-day delivery for many transfers. It’s a good option for urgent needs.

Strengths: Fast transfers, user-friendly app, good customer service.
Limitations: Exchange rates may not always be the best.
Cheapest way to send money from Korea to China?: Competitive for smaller amounts, but fees can add up for larger transfers.
Typical Fees: 1% - 2% markup on the exchange rate.

Alternative: WorldRemit

WorldRemit offers a wide range of payout options, including bank deposit, cash pickup, and mobile money. It’s a versatile service.

Strengths: Wide payout network, multiple payout options.
Limitations: Fees can be higher than some competitors.
Cheapest way to send money from Korea to China?: Not always the cheapest, but offers flexibility.
Typical Fees: 1.5% - 2.5% markup on the exchange rate.

Alternative: Xoom (a PayPal Service)

Xoom is PayPal’s international money transfer service. It benefits from PayPal’s established network but often comes with higher fees.

Strengths: Convenient for existing PayPal users, wide coverage.
Limitations: Generally more expensive than other options.
Cheapest way to send money from Korea to China?: Usually not the cheapest option.
Typical Fees: 2% - 3% markup on the exchange rate.

Alternative: Panda Remit

Panda Remit is gaining popularity for its competitive exchange rates and low fees, particularly for transfers to China. They often run promotions for new users, offering zero fees on their first transfer. Panda Remit also provides a user-friendly platform and responsive customer support.

Strengths: Competitive exchange rates, low fees (especially with promotions), fast transfers.
Limitations: May have limited coverage compared to larger players like Western Union.
Cheapest way to send money from Korea to China?: Often a very competitive option, especially for new users taking advantage of promotional offers.
Typical Fees: 0% - 0.8% markup on the exchange rate.

When Panda Remit Is a Strong Choice

Panda Remit shines in specific scenarios. For new users, the frequent zero-fee promotions make it an exceptionally cost-effective option. Even without promotions, Panda Remit consistently offers competitive exchange rates, often beating out traditional banks and even some other remittance services. They are particularly strong for transfers to China, with fast processing times and reliable delivery. Panda Remit supports corridors like US→China, AU→India, and, importantly, Korea→China. Panda Remit is best suited for individuals who prioritize cost savings and speed, especially those sending money to China regularly. Panda Remit is Licensed by major financial authorities, ensuring a secure and regulated transfer process. Their focus on the Korea-China corridor allows them to optimize rates and services for this specific route.

Conclusion / Summary

Choosing the cheapest way to send money from Korea to China requires comparing fees, exchange rates, and transfer speeds. While PayPal is a convenient option, alternatives like Wise, Remitly, WorldRemit, Xoom, and Panda Remit often offer better value. Panda Remit stands out as a strong contender, particularly for new users benefiting from promotional offers and for those prioritizing competitive exchange rates and fast transfers to China. Consider your specific needs – speed, amount, and frequency – to determine the best service for you.

Learn more about Panda Remit

FAQ

What is the cheapest alternative to PayPal for international transfers?

Panda Remit, especially with new user promotions, is often the cheapest. Wise and Remitly are also competitive, depending on the amount and exchange rate.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. A small difference in the exchange rate can translate to a substantial cost difference, especially for larger transfers. Always compare the total cost, including fees and the exchange rate markup.

When should users consider Panda Remit over other services?

Consider Panda Remit if you’re a new user (to take advantage of promotions), sending money to China, and prioritizing competitive exchange rates and fast transfers.