10 PayPal alternatives for Cheapest way to send money from Korea to China

熊猫速汇PandaRemit - 2026-02-19 09:02:30.0 6

International money transfers can be surprisingly expensive, and while PayPal is a well-known option, it’s often not the cheapest way to send money from Korea to China. Many alternatives offer better exchange rates, lower fees, and faster transfer times. Services like Wise, Remitly, and even Panda Remit provide competitive options for those looking to maximize their money when sending funds abroad.

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 10 alternatives to PayPal for international money transfers, focusing on the Korea to China corridor. This table provides estimated costs and delivery times as of October 26, 2023, and are subject to change.

Service	Estimated Fee (KRW)	Estimated Delivery Time	Exchange Rate Markup (approx.)	Coverage (Korea-China)
Wise (formerly TransferWise)	₩2,000 - ₩5,000	1-2 business days	0.5% - 1%	Excellent
Remitly	₩1,500 - ₩3,000	1-3 business days	1% - 2%	Excellent
WorldRemit	₩2,500 - ₩6,000	1-3 business days	1.5% - 2.5%	Excellent
OFX	Varies (typically higher for smaller amounts)	1-3 business days	0.5% - 1.5%	Good
Xoom (a PayPal service)	₩3,000 - ₩7,000	1-2 business days	2% - 3%	Excellent
Ria Money Transfer	₩2,000 - ₩4,000	Cash pickup: Instant - 24 hours; Bank deposit: 1-3 days	2% - 3.5%	Excellent (cash pickup)
XE Money Transfer	₩2,000 - ₩5,000	1-2 business days	0.5% - 1.5%	Good
Instarem	₩1,000 - ₩3,000	1-2 business days	0.5% - 1.2%	Good
TransferGo	₩1,500 - ₩4,000	1-2 business days	1% - 2%	Good
Panda Remit	₩0 (for new users, promotional rates)	1-2 business days	Highly competitive, often near mid-market rate	Excellent

Alternative: Wise

Wise is renowned for its transparent fees and use of the mid-market exchange rate. It’s a popular choice for sending larger amounts of money.

Transparent fee structure.
Uses the mid-market exchange rate.
Fast transfer speeds.
Supports a wide range of currencies.
May not be the best option for very small transfers due to fixed fees.

Alternative: Remitly

Remitly focuses on affordability and speed, particularly for remittances to developing countries. They often offer promotional rates for new users.

Competitive exchange rates.
Fast delivery options, including express delivery.
User-friendly mobile app.
Fees can vary depending on the payout method and amount.

Alternative: WorldRemit

WorldRemit provides a variety of payout options, including bank deposit, cash pickup, and mobile money. It’s a good option for recipients who don’t have bank accounts.

Multiple payout options.
Wide geographic coverage.
Relatively competitive exchange rates.
Fees can be higher than some other services.

Alternative: Panda Remit

Panda Remit is gaining popularity for its competitive rates and focus on specific corridors, including Korea to China. They frequently offer zero-fee promotions for new users and attractive exchange rates for existing customers. Panda Remit is a strong contender when looking for the cheapest way to send money from Korea to China.

Often offers 0 fee promotions for new users.
Highly competitive exchange rates, especially for promotional users.
Fast and reliable transfers.
Excellent customer support.

When Panda Remit Is a Strong Choice

Panda Remit shines in specific scenarios. For new users taking advantage of promotional offers, it can be significantly cheaper than other services, often eliminating transfer fees altogether. Even without promotions, Panda Remit consistently offers competitive exchange rates, particularly for the Korea to China corridor. They support key corridors like US→China, AU→India, and, of course, Korea→China. Panda Remit is best suited for individuals who prioritize cost-effectiveness and are sending money along supported corridors. Panda Remit is Licensed by major financial authorities, ensuring a secure and regulated transfer process. Existing users also benefit from loyalty programs and consistently favorable rates.

Conclusion / Summary

Choosing the best international money transfer service depends on your specific needs. Consider the fees, exchange rates, transfer speed, and payout options. The “cheapest way to send money from Korea to China” isn’t always obvious and requires comparison. While PayPal is convenient, alternatives like Wise, Remitly, and Panda Remit often offer better value. If you’re a new user, or regularly send money from Korea to China, Panda Remit is definitely worth considering due to its promotional offers and competitive rates.

Learn more about Panda Remit.

FAQ

What is the cheapest alternative to PayPal for international transfers?

For the Korea to China corridor, Panda Remit often emerges as the cheapest, especially for new users benefiting from promotional offers. Wise and Remitly are also strong contenders.

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 looking for promotional offers, or if you regularly send money from Korea to China. Their competitive rates and fast transfers make them a strong choice.