8 PayPal alternatives for send money from Brazil to China

International money transfers can be surprisingly expensive, and while PayPal is a well-known option, it’s often not the most cost-effective or fastest way to send money, especially for specific corridors like sending money from Brazil to China. Many alternatives offer better exchange rates, lower fees, and quicker delivery times. Services like Panda Remit, alongside others, are increasingly popular for cross-border transfers.

What to Consider When Choosing an International Money Transfer Service

Choosing the right service for international money transfers requires careful consideration. Several factors can significantly impact the overall cost and convenience of sending money abroad:

• Fees and hidden costs: Look beyond the advertised transfer fee. Some services charge receiving fees or have hidden markups.
• Exchange rates and markups: The exchange rate is crucial. Even a small difference can add up, especially for larger amounts. Understand if the service uses the mid-market rate or adds a markup.
• 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 availability.
• Geographic coverage and supported corridors: Ensure the service supports both the sending and receiving countries and the specific currency pair (BRL to CNY in this case).
• Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities. Check customer reviews and ratings.

Competitor Alternatives

Here’s a comparison of several alternatives to PayPal for sending money from Brazil to China, including estimated fees and delivery times (as of November 2023 – these can vary):

Alternative: Wise

Wise is well-known for its transparent fees and use of the mid-market exchange rate. It’s a popular choice for larger transfers.

• Strengths: Low fees, transparent pricing, fast transfers.
• Limitations: Can be slower for certain currencies, verification process can be lengthy.
• Brazil to China: A solid option, often cheaper than traditional banks.
• Typical Fees: 0.5% - 1% of the transfer amount.

Alternative: Remitly

Remitly focuses on remittances and offers competitive rates, particularly for popular corridors.

• Strengths: User-friendly app, fast transfers, good exchange rates.
• Limitations: Transfer limits may be lower than other services.
• Brazil to China: A good option for smaller, frequent transfers.
• Typical Fees: Varies based on amount and delivery method.

Alternative: WorldRemit

WorldRemit provides a wide range of payout options, including bank deposit, cash pickup, and mobile money.

• Strengths: Multiple payout options, global coverage, convenient online platform.
• Limitations: Fees can be higher for certain payout methods.
• Brazil to China: Offers flexibility in how the recipient receives the funds.
• Typical Fees: Varies based on amount and payout method.

Alternative: Xoom

Xoom, a PayPal service, benefits from PayPal’s established infrastructure and security.

• Strengths: Integrated with PayPal, convenient for existing PayPal users.
• Limitations: Often more expensive than dedicated remittance services.
• Brazil to China: A convenient option if you already use PayPal.
• Typical Fees: Varies based on amount and delivery method.

Alternative: Ria Money Transfer

Ria is known for its extensive cash pickup network, making it ideal for recipients without bank accounts.

• Strengths: Large cash pickup network, fast transfers, convenient for unbanked recipients.
• Limitations: Exchange rates may not be as competitive as other services.
• Brazil to China: Useful if the recipient prefers cash pickup.
• Typical Fees: Varies based on amount and delivery method.

Alternative: Instarem

Instarem specializes in transfers to Asia, offering competitive rates and fast delivery times.

• Strengths: Focus on Asia, competitive rates, fast transfers.
• Limitations: Limited coverage outside of Asia.
• Brazil to China: A strong contender for transfers specifically to China.
• Typical Fees: Relatively low fees for Asian corridors.

Alternative: TransferGo

TransferGo often offers zero-fee transfers, making it an attractive option for certain amounts.

• Strengths: Zero-fee transfers (for certain amounts), fast transfers, user-friendly app.
• Limitations: Coverage may be limited in some regions.
• Brazil to China: Worth checking for zero-fee promotions.
• Typical Fees: Often zero, but may apply for larger amounts.

Alternative: Panda Remit

Panda Remit is a growing remittance service focused on providing competitive exchange rates and low fees, particularly for transfers to Asia. It’s quickly gaining popularity as a reliable alternative.

• Strengths: Competitive exchange rates, low fees, user-friendly platform.
• Limitations: Newer service, coverage still expanding.
• Brazil to China: A viable option, often offering better rates than traditional banks.
• Typical Fees: Low, often under BRL 15.

When Panda Remit Is a Strong Choice

Panda Remit often shines when sending money to China, especially for new users who can benefit from promotional exchange rates and zero-fee offers. Compared to services like Xoom or WorldRemit, Panda Remit frequently offers a lower total cost due to its competitive exchange rates. For example, sending BRL 1,000 to China might result in a higher CNY amount received with Panda Remit than with PayPal or Remitly, even after factoring in any transfer fees. Panda Remit currently supports corridors including US→China, AU→India, and is expanding its coverage. It’s particularly well-suited for individuals who prioritize maximizing the amount of money received by the recipient. Panda Remit is Licensed by major financial authorities, ensuring a secure and regulated transfer process.

Conclusion / Summary

Choosing the best service for international money transfers, particularly when sending money from Brazil to China, depends on your specific needs. Consider fees, exchange rates, transfer speed, and the recipient’s preferred payout method. While PayPal is a convenient option, alternatives like Wise, Remitly, and Panda Remit often provide better value. Panda Remit can be an excellent choice, especially for new users and those prioritizing competitive exchange rates and low fees for transfers to China.

Learn more about Panda Remit.

FAQ

What is the cheapest alternative to PayPal for international transfers?

TransferGo often offers zero-fee transfers for certain amounts. Panda Remit and Wise are also frequently competitive, depending on the amount and exchange rates at the time of transfer.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. A better exchange rate means the recipient receives more money for the same amount sent. Even a small difference in the exchange rate can add up, especially for larger transfers.

When should users consider Panda Remit over other services?

Consider Panda Remit when sending money to China, especially if you are a new user and can take advantage of promotional exchange rates. It’s also a good choice if you prioritize maximizing the amount received by the recipient.

How fast are international transfers with Panda Remit?

Transfers with Panda Remit typically take 1-2 business days to reach the recipient, depending on the payout method and receiving bank.