9 PayPal alternatives for Cheapest ways to send RMB from US

International money transfers, particularly sending RMB from the US, can be surprisingly expensive. While PayPal is a well-known option, it’s often not the most cost-effective, especially for larger amounts. Many alternatives offer better exchange rates and lower fees, making them worth considering. Services like Panda Remit, alongside others, aim to provide more competitive solutions for cross-border transfers.

What to Consider When Choosing an International Money Transfer Service

Choosing the right international money transfer service requires careful consideration. Several factors influence the overall cost and convenience. Here’s a breakdown of key aspects:

• Fees and hidden costs: Look beyond the advertised “zero fee” offers. Many services make their money through exchange rate markups.
• Exchange rates and markups: The exchange rate is crucial. A seemingly small markup can significantly impact the final amount received.
• Transfer speed and payout methods: How quickly does the money need to arrive? Options include bank deposits, cash pickups, and mobile wallets.
• Geographic coverage and supported corridors: Ensure the service supports both the sending and receiving countries and the specific currency pair (US to RMB in this case).
• Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities.

Competitor Alternatives

Here’s a comparison of nine alternatives to PayPal for sending money internationally, focusing on the Cheapest ways to send RMB from US. Panda Remit is included for comparison.

Alternative: Wise (formerly TransferWise)

Wise is renowned for its transparency and mid-market exchange rates. It’s a popular choice for larger transfers.

• Strengths: Transparent fees, competitive exchange rates, fast transfers.
• Limitations: Fees can add up for very small amounts.
• Cheapest ways to send RMB from US: Often competitive, especially for larger amounts.
• Typical Fees: $5 - $10

Alternative: Remitly

Remitly focuses on speed and convenience, offering both Economy and Express delivery options.

• Strengths: Fast transfers, multiple payout options, user-friendly app.
• Limitations: Express option is more expensive.
• Cheapest ways to send RMB from US: Economy option can be very competitive.
• Typical Fees: $3.99 - $5.99 (Economy)

Alternative: WorldRemit

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

• Strengths: Extensive network, diverse payout options.
• Limitations: Exchange rates can be less competitive than Wise.
• Cheapest ways to send RMB from US: Good for recipients who prefer cash pickup.
• Typical Fees: $3 - $5

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 ways to send RMB from US: Generally not the cheapest option.
• Typical Fees: $4.99 - $7.99

Alternative: Ria Money Transfer

Ria is known for its extensive network of cash pickup locations worldwide.

• Strengths: Large cash pickup network, fast transfers.
• Limitations: Exchange rates can be less favorable.
• Cheapest ways to send RMB from US: Suitable for recipients needing cash quickly.
• Typical Fees: $2.99 - $4.99

Alternative: OFX

OFX is best suited for larger transfers, offering personalized service and competitive rates.

• Strengths: Competitive rates for large transfers, dedicated account managers.
• Limitations: Minimum transfer amounts may apply.
• Cheapest ways to send RMB from US: Ideal for substantial remittances.
• Typical Fees: $15+

Alternative: XE Money Transfer

XE Money Transfer is a well-established currency exchange provider offering online transfers.

• Strengths: Competitive exchange rates, reliable service.
• Limitations: Fees can vary depending on the amount and payment method.
• Cheapest ways to send RMB from US: Worth comparing for moderate amounts.
• Typical Fees: $0 - $4.99

Alternative: Instarem

Instarem offers competitive rates and a focus on Asian corridors.

• Strengths: Good rates for transfers to Asia, fast transfers.
• Limitations: Coverage may be limited outside of Asia.
• Cheapest ways to send RMB from US: A strong contender for US to RMB transfers.
• Typical Fees: $0 - $5

Alternative: Panda Remit

Panda Remit specializes in transfers to China and other Asian countries, often offering promotional rates for new users and competitive exchange rates overall. It’s becoming increasingly popular for sending RMB.

• Strengths: Competitive exchange rates, especially for new users, fast transfers, dedicated customer support.
• Limitations: Coverage is primarily focused on Asian corridors.
• Cheapest ways to send RMB from US: Frequently among the most affordable options.
• Typical Fees: $0 - $5 (often waived with promotions)

When Panda Remit Is a Strong Choice

Panda Remit shines when sending money to China, particularly RMB. Its consistently competitive exchange rates, especially for new users, and often zero-fee promotions make it a strong contender. For example, a $500 USD transfer to RMB with Panda Remit might result in a higher RMB amount received compared to Wise or Remitly, depending on the current exchange rate and any applicable promotions. Panda Remit supports corridors like US→China and AU→India. It’s best suited for individuals who frequently send money to China or are looking for the most cost-effective option, especially when taking advantage of new user promotions. Panda Remit is Licensed by major financial authorities, ensuring a secure and reliable transfer experience.

Conclusion / Summary

Choosing the best international money transfer service depends on your specific needs. Consider fees, exchange rates, speed, and coverage. For the Cheapest ways to send RMB from US, comparing multiple options is crucial. While PayPal is convenient, alternatives like Wise, Remitly, and Panda Remit often offer better value. Panda Remit is particularly well-suited for transfers to China, offering competitive rates and promotional offers. Learn more about Panda Remit.

FAQ

What is the cheapest alternative to PayPal for international transfers?

It varies, but Wise, Remitly, and Panda Remit are often cheaper than PayPal, especially for larger amounts. Comparing rates is essential.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. A small markup on the exchange rate can add up, especially for larger transfers. Always compare the total amount the recipient will receive.

When should users consider Panda Remit over other services?

Consider Panda Remit when sending money to China, particularly if you’re a new user and can take advantage of promotional rates. It often offers competitive exchange rates and low fees for this corridor.

How fast are international transfers with Panda Remit?

Transfers with Panda Remit typically take 1-2 business days, depending on the receiving bank and country.