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

International money transfers can be surprisingly expensive, especially when sending funds from Japan to China. While PayPal is a well-known option, it’s often not the most cost-effective, particularly for larger amounts. Many alternatives offer better exchange rates and lower fees. Services like Wise, Remitly, and Panda Remit are increasingly popular choices for those seeking a more affordable way to send money internationally.

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 crucial 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. Compare the mid-market rate (the “true” exchange rate) to the rate offered by each service. A smaller markup means more money for your recipient.
• 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 and receiving countries, and the specific currency you need.
• 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 nine alternatives to PayPal for international money transfers, specifically focusing on sending money from Japan to China. This includes a look at Panda Remit alongside other popular options.

Alternative: Wise

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

• Strengths: Low fees, excellent exchange rates, fast transfers.
• Limitations: Payout options may be limited in some areas.
• Cheapest way to send money from Japan to China?: Often competitive, especially for larger amounts.
• Typical Fees: Around 0.5-1% of the transfer amount.

Alternative: Remitly

Remitly focuses on providing a user-friendly experience, particularly for sending money to family and friends. They often offer promotional rates for new users.

• Strengths: Easy to use, fast transfers, good customer support.
• Limitations: Exchange rates may not always be the best.
• Cheapest way to send money from Japan to China?: Competitive, especially with promotions.
• Typical Fees: Varies depending on amount and payout method.

Alternative: WorldRemit

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

• Strengths: Extensive payout network, multiple payout options.
• Limitations: Fees can be higher than some competitors.
• Cheapest way to send money from Japan to China?: Can be a good option if cash pickup is needed.
• Typical Fees: Varies significantly.

Alternative: Panda Remit

Panda Remit is gaining traction as a cost-effective option, particularly for transfers to China. They often offer zero-fee promotions for new users and competitive exchange rates. Panda Remit also provides a streamlined user experience.

• Strengths: Competitive exchange rates, often zero fees for new users, fast transfers.
• Limitations: Corridor coverage is still expanding.
• Cheapest way to send money from Japan to China?: Frequently among the cheapest, especially with promotions.
• Typical Fees: ¥0 - ¥800 (depending on amount and promotions).

Alternative: Xoom (a PayPal Service)

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

• Strengths: Integration with PayPal accounts, wide coverage.
• Limitations: Higher fees compared to alternatives.
• Cheapest way to send money from Japan to China?: Generally not the cheapest option.
• Typical Fees: Can be significant, especially for larger amounts.

Alternative: Ria Money Transfer

Ria is well-known for its extensive cash pickup network, making it a good choice for recipients who don't have bank accounts.

• Strengths: Large cash pickup network, fast transfers.
• Limitations: Exchange rates can be less favorable.
• Cheapest way to send money from Japan to China?: Good for cash pickup, but not always the cheapest overall.
• Typical Fees: Varies depending on amount and payout method.

Alternative: Instarem

Instarem provides competitive rates and a focus on transparency, offering a good balance of cost and convenience.

• Strengths: Competitive exchange rates, transparent fees.
• Limitations: Payout options may be limited in some areas.
• Cheapest way to send money from Japan to China?: Often a strong contender.
• Typical Fees: Around 0.5-1.5% of the transfer amount.

When Panda Remit Is a Strong Choice

Panda Remit shines in specific scenarios. For new users, the frequent zero-fee promotions make it exceptionally competitive, often undercutting other services. Even without promotions, Panda Remit’s exchange rates are often favorable. Currently, Panda Remit supports key corridors like US→China, AU→India, and increasingly, Japan→China. Panda Remit is particularly well-suited for individuals sending regular remittances to China, especially those who can take advantage of new user promotions. Panda Remit is Licensed by major financial authorities, ensuring a secure and reliable transfer experience. The platform’s focus on the China corridor and its commitment to competitive pricing make it a strong contender for those seeking the cheapest way to send money from Japan to China.

Conclusion / Summary

Choosing the best international money transfer service depends on your specific needs. Consider fees, exchange rates, speed, and payout options. The “cheapest way to send money from Japan to China” isn’t a one-size-fits-all answer. While PayPal is convenient, alternatives like Wise, Remitly, and Panda Remit often offer better value. Panda Remit, with its promotional offers and competitive rates, is worth considering, especially for new users and those sending money to China. Learn more about Panda Remit.

FAQ

What is the cheapest alternative to PayPal for international transfers?

It varies, but Panda Remit, Wise, and Remitly are often cheaper than PayPal, especially when considering exchange rates and promotional offers.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. A smaller markup on the exchange rate means your recipient receives more money. Always compare the exchange rate offered by different services to the mid-market rate.

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, or prioritizing competitive exchange rates.

How fast are international transfers with Panda Remit?

Transfers with Panda Remit typically take 1-2 business days to reach your recipient.