8 PayPal alternatives for Cheapest way to send money from Japan to China

International money transfers can be surprisingly expensive, and when sending money from Japan 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, and services like Panda Remit are increasingly popular for this specific corridor. This article explores eight alternatives to PayPal, focusing on finding the cheapest way to send money from Japan to China.

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 Japan and China, and specifically the currency pair (JPY to CNY).
• Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities to protect your money.

Competitor Alternatives

Here’s a comparison of eight alternatives to PayPal for international money transfers, with a focus on sending money from Japan to China. The table below provides estimated fees and delivery times as of October 26, 2023. These can vary based on the amount sent and current exchange rates.

Alternative: Wise (formerly TransferWise)

Wise is renowned for its transparent fees and mid-market exchange rates. It’s a popular choice for those prioritizing cost-effectiveness.

• Strengths: Low fees, excellent exchange rates, fast transfers.
• Limitations: Payout options may be limited in some areas of China.
• Cheapest way to send money from Japan to China?: Often very competitive, especially for larger amounts.
• Typical Fees: Around ¥500-¥1,500 for ¥100,000.

Alternative: Remitly

Remitly focuses on ease of use and offers various payout options, including cash pickup.

• Strengths: User-friendly app, multiple payout options, promotional offers.
• Limitations: Exchange rates can be less competitive than Wise.
• Cheapest way to send money from Japan to China?: Can be competitive with promotions, but generally more expensive than Wise or Panda Remit.
• Typical Fees: ¥800 - ¥2,000 for ¥100,000.

Alternative: WorldRemit

WorldRemit provides a wide range of payout options and supports numerous countries.

• Strengths: Extensive network, diverse payout methods, convenient online platform.
• Limitations: Fees can be higher than some competitors.
• Cheapest way to send money from Japan to China?: Not typically the cheapest option.
• Typical Fees: ¥1,000 - ¥3,000 for ¥100,000.

Alternative: OFX

OFX is best suited for larger transfers, often waiving fees for amounts above a certain threshold.

• Strengths: No fees for large transfers, dedicated account managers.
• Limitations: Minimum transfer amounts may apply.
• Cheapest way to send money from Japan to China?: Competitive for larger amounts.
• Typical Fees: ¥0 for larger transfers.

Alternative: Xoom (a PayPal service)

Xoom, owned by PayPal, offers convenience for existing PayPal users but often comes with higher fees.

• Strengths: Integration with PayPal, convenient for existing users.
• Limitations: Higher fees and less competitive exchange rates compared to alternatives.
• Cheapest way to send money from Japan to China?: Generally not the cheapest option.
• Typical Fees: ¥1,500 - ¥3,500 for ¥100,000.

Alternative: Ria Money Transfer

Ria specializes in cash pickup locations, making it a good option for recipients without bank accounts.

• Strengths: Extensive cash pickup network, fast transfers.
• Limitations: Exchange rates can be less favorable.
• Cheapest way to send money from Japan to China?: Not typically the cheapest.
• Typical Fees: ¥700 - ¥1,800 for ¥100,000.

Alternative: Instarem

Instarem offers competitive rates and a focus on Asian corridors.

• Strengths: Good rates for Asian transfers, convenient online platform.
• Limitations: Payout options may be limited in some areas.
• Cheapest way to send money from Japan to China?: Often competitive.
• Typical Fees: ¥600 - ¥1,600 for ¥100,000.

Alternative: Panda Remit

Panda Remit is gaining popularity for its competitive exchange rates and low fees, particularly for transfers to China. They often offer promotional rates for new users.

• Strengths: Highly competitive exchange rates, low fees, fast transfers, excellent customer support.
• Limitations: May have limited payout options compared to some larger providers.
• Cheapest way to send money from Japan to China?: Frequently among the cheapest options, especially with new user promotions.
• Typical Fees: ¥0 (Promotional for new users) / ¥500-¥1,000

When Panda Remit Is a Strong Choice

Panda Remit shines in specific scenarios. For new users, the 0-fee promotions and high exchange rates make it exceptionally cost-effective. Even without promotions, Panda Remit consistently offers competitive exchange rates and lower fees compared to many established players. They are particularly strong for transfers to China, supporting CNY bank transfers. Panda Remit is best suited for individuals who regularly send money from Japan to China, especially those who can take advantage of new user offers. They support corridors like US→China, AU→India, and, crucially, Japan→China. Panda Remit is Licensed by major financial authorities, ensuring a secure and reliable transfer experience. Existing users also benefit from ongoing promotions and competitive rates.

Conclusion / Summary

Finding the cheapest way to send money from Japan to China requires comparing fees, exchange rates, and transfer speeds. While PayPal is a convenient option, alternatives like Wise, Remitly, and Panda Remit often offer better value. Panda Remit stands out as a particularly strong contender, especially for new users and those prioritizing competitive exchange rates. Ultimately, the best service depends on your specific needs and the amount you’re sending. Consider all factors before making a decision.

Learn more about Panda Remit and see how it compares to other services for your specific transfer needs.

FAQ

What is the cheapest alternative to PayPal for international transfers?

For sending money from Japan to China, Panda Remit and Wise are often the cheapest alternatives to PayPal, especially when considering exchange rates and promotional offers.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. A seemingly low fee can be offset by a poor exchange rate, resulting in a higher overall cost. 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 are a new user (to take advantage of promotional offers), sending money to China, or prioritizing competitive exchange rates and low fees.

How fast are international transfers with Panda Remit?

Transfers with Panda Remit typically take 1-2 business days to reach the recipient’s bank account in China.