9 PayPal alternatives for US to CN money transfer with the lowest fees

International money transfers can be surprisingly expensive, and PayPal, while convenient, isn’t always the most cost-effective option, especially for sending money from the US to China. Many individuals and businesses are actively seeking alternatives to PayPal to minimize fees and maximize the amount received. Services like Panda Remit, alongside others, offer competitive rates and features for cross-border transfers.

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; a deeper dive into the details can reveal significant cost differences. Here’s what to keep in mind:

• 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. A seemingly small markup can add up, especially for larger amounts.
• Transfer speed and payout methods: How quickly does the money need to arrive? What payout options are available (bank deposit, cash pickup, mobile wallet)?
• Geographic coverage and supported corridors: Ensure the service supports both the sending and receiving countries and the specific currency.
• 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 the US to China, including estimated fees and delivery times. Keep in mind that these figures are estimates and can vary based on the amount sent and current exchange rates.

Alternative: Wise (formerly TransferWise)

Wise is well-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 less competitive for very small amounts.
• US to CN Fees: Typically $5 - $10 depending on the amount.
• Speed: 1-2 business days.

Alternative: Remitly

Remitly focuses on speed and convenience, offering both Economy and Speed transfer options.

• Strengths: Fast transfers, user-friendly app, multiple payout options.
• Limitations: Exchange rates can be less favorable than Wise.
• US to CN Fees: $3.99 - $7.99 depending on the speed and amount.
• Speed: Same day - 2 business days.

Alternative: WorldRemit

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

• Strengths: Extensive network, diverse payout options.
• Limitations: Fees can be higher than some competitors.
• US to CN Fees: $3 - $5.
• Speed: 1-3 business days.

Alternative: Xoom (a PayPal service)

Xoom, owned by PayPal, provides a convenient option for those already using the PayPal ecosystem.

• Strengths: Integration with PayPal, convenient for existing users.
• Limitations: Often higher fees and less favorable exchange rates than alternatives.
• US to CN Fees: $4.99 - $7.99.
• Speed: Same day - 2 business days.

Alternative: Ria Money Transfer

Ria is a well-established remittance service with a large global network, particularly strong for cash pickups.

• Strengths: Extensive cash pickup locations, reliable service.
• Limitations: Exchange rates can be less competitive.
• US to CN Fees: $2.99 - $4.99.
• Speed: Same day - 2 business days.

Alternative: OFX

OFX is best suited for larger transfers, offering competitive exchange rates and dedicated account management.

• Strengths: Competitive rates for large amounts, dedicated account manager.
• Limitations: Higher minimum transfer amounts, less convenient for small transfers.
• US to CN Fees: $15+ (depending on amount).
• Speed: 1-3 business days.

Alternative: XE Money Transfer

XE Money Transfer is known for its currency exchange expertise and competitive rates.

• Strengths: Strong currency exchange rates, reliable service.
• Limitations: Fees can vary.
• US to CN Fees: $4 - $5.
• Speed: 1-3 business days.

Alternative: Instarem

Instarem offers competitive rates and a focus on speed and convenience.

• Strengths: Fast transfers, competitive rates, user-friendly platform.
• Limitations: Limited payout options in some regions.
• US to CN Fees: $0 - $5.
• Speed: 1-2 business days.

Alternative: Panda Remit

Panda Remit specializes in transfers to China, often offering very competitive exchange rates and low fees, particularly for new users. They are quickly gaining popularity as a reliable and cost-effective option.

• Strengths: Highly competitive rates for US to China transfers, fast processing, user-friendly interface.
• Limitations: Primarily focused on transfers to China.
• US to CN Fees: $0 - $3 (often promotional rates available).
• Speed: 1-2 business days.

When Panda Remit Is a Strong Choice

Panda Remit shines when sending money specifically from the US to China. Its focus on this corridor allows it to offer consistently better exchange rates and lower fees compared to more general remittance services. For example, a $500 transfer might save you $5-$10 compared to other platforms, especially when taking advantage of new user promotions. Panda Remit is also known for its fast processing times and reliable service. They support transfers from the US to China, and Australia to India. Panda Remit is best suited for individuals who frequently send money to China and prioritize maximizing the amount received. Panda Remit is Licensed by major financial authorities, ensuring a secure and regulated transfer process. New users often benefit from 0 fee and high exchange rate promotions, making it an exceptionally attractive option.

Conclusion / Summary

Choosing the best international money transfer service for your needs depends on several factors, but for US to CN transfers with the lowest fees, careful comparison is essential. While PayPal offers convenience, alternatives like Wise, Remitly, and Panda Remit often provide better value. Panda Remit stands out as a particularly strong choice for those specifically sending money to China, thanks to its competitive rates, fast processing, and focus on this key corridor.

Learn more about Panda Remit and see how much you could save on your next transfer.

FAQ

What is the cheapest alternative to PayPal for international transfers?

For US to China transfers, Panda Remit, Wise, and Instarem are often the cheapest alternatives to PayPal, depending on the amount sent and current promotions.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. Even a small markup on the exchange rate can add up, especially for larger transfers. Always compare the total cost, including fees and the exchange rate.

When should users consider Panda Remit over other services?

Consider Panda Remit when sending money from the US to China, particularly if you are a new user and can take advantage of promotional rates. Its focus on this corridor allows for highly competitive pricing.

How fast are international transfers with Panda Remit?

International transfers with Panda Remit typically take 1-2 business days to reach the recipient.