Panda Remit (熊猫速汇)

 

 

Panda Remit was established in 2018, headquartered in Singapore, and holds an MSO license. Since its establishment, Panda Remit has been committed to providing global users with safe, fast, convenient, and reasonably priced international remittance services.

 

With its professional capabilities and rich experience in the field of international payments, Panda Remit has received multiple rounds of financing from Sequoia Capital, Lightspeed Capital, and Jia Cheng Capital.

 

In 2020, Panda Remit became a strategic partner with Alipay and was the only remittance company selected for Mastercard's 2020 Start Path program.

 

Receiving methods:

Bank card, Alipay

 

Payment methods:

Online banking, FPS (Fast Payment System) transfer

 

Transfer speed:

As fast as 2 minutes.

 

Limits:

Minimum of 500 HKD per transaction, maximum of 30,000 HKD, but no limit on the number of transfers.

 

Fees:

First transfer is free for new users

Regular users: 30 HKD per transaction (no hidden or additional fees)

 

 

Alipay HK (支付宝香港)

 

 

AlipayHK is Alipay's first non-RMB mobile application, regulated by the Hong Kong Monetary Authority. In May 2017, Alipay announced the launch of the Hong Kong version of its electronic wallet, officially providing cashless services to residents of Hong Kong.

 

After the launch of Alipay in Hong Kong, all residents could use Alipay by linking local bank credit cards or topping up their balance in HKD. As of March 8, 2018, there were over 1 million users in Hong Kong and more than 10,000 cooperating merchants.

 

Receiving methods:

Mainland Alipay account balance or bank card linked to Mainland Alipay

 

Payment methods:

Hong Kong Alipay account, bank card linked to Hong Kong Alipay

 

Transfer speed:

As fast as 1 minute.

 

Limits:

Daily limit of 20,000 HKD, minimum transfer amount of 20 HKD

 

Fees:

First transfer is free for new users

Regular users: 25 HKD per transaction

 

Drawbacks:

Only available for transfers to Mainland Alipay users who have verified their identity with a PRC ID card or Mainland Travel Permit for Hong Kong and Macao Residents

 

 

ZA Bank App

 

 

ZA Bank Limited, a joint venture between ZhongAn Online and BOC International, is Hong Kong's first virtual bank, officially opening on March 24, 2020.

 

ZA Bank is currently the most comprehensive virtual bank in Hong Kong, offering basic services such as deposits, loans, and transfers, as well as commercial banking, card payments, cross-border remittances, investments, and insurance. ZA Bank, in collaboration with the technology company Wise, supports direct HKD to RMB transfers to Mainland China's Alipay.

 

Receiving methods:

Alipay

 

Payment methods:

Bank account, debit card, credit card

 

Transfer speed:

Officially, 50% of transfers through Wise are completed within 20 seconds.

 

Limits:

Maximum transfer limit of 50,000 RMB per transaction

• Up to 5 transfers per month to the same recipient

• Each recipient can receive up to 500,000 RMB per year

• When transferring to the same name Alipay account in Mainland China, proof of income may be required for identity verification

 

Fees:

Fees vary depending on the payment method

For example, for 1000 HKD:

Bank account payment: 17.56 HKD fee

Debit/credit card payment: 44.57 HKD fee

 

Drawbacks:

High transaction fees

 

 

Bank APPs — Example: Bank of China (Hong Kong)

 

 

Bank of China (Hong Kong) Holdings Limited, a licensed bank registered in Hong Kong, was established on September 12, 2001, and listed on the Main Board of the Hong Kong Stock Exchange on July 25, 2002. It is one of the largest listed companies and commercial banking groups in Hong Kong, as well as one of the three note-issuing banks in Hong Kong and the sole RMB clearing bank, leading in major business markets.

 

Receiving methods:

Mainland China Bank of China card

 

Payment methods:

Bank of China (Hong Kong) bank card

 

Transfer speed:

Varies. Faster during daytime on weekdays, ranging from a few minutes to several minutes. Large amounts require income documentation for manual review.

 

Limits:

Individual transfer limits vary

Maximum of 50,000 USD equivalent in foreign currency per year

 

Fees:

No fees for cross-border transfers to the same name Bank of China account

 

Drawbacks:

Limited payment and receiving methods

Unstable transfer times

 

 

WireBarley (汇宝利)

 

 

WireBarley is a global payment platform specializing in overseas remittance services. Initially growing based in the Asia-Pacific region, it has now expanded to the United States, Canada, Europe, and other countries. Licensed for remittances in several countries, it operates 8 global legal entities and works with over 50 partners worldwide. With a broad remittance network, it manages foreign exchange through a separate legal entity in Hong Kong.

 

Receiving methods:

Bank card

 

Payment methods:

Alipay balance, bank card linked to Alipay

 

Transfer speed:

Transfer times vary from a few minutes to a maximum of 2 business days. Detailed information can be confirmed in the "Final Confirmation" stage of the third phase of the remittance, and the scheduled delivery date can be reconfirmed through a notification before settlement.

 

Limits:

Minimum of 500 HKD per transfer, maximum limit of 35,000 HKD

Each recipient can receive up to 5 bank card & wallet balance transfers per month, totaling 10 times.

 

Fees:

First transfer is free for new users

Regular users: 10 HKD per transaction

 

Drawbacks:

Limited payment and receiving methods

Unstable transfer times

Limited number of transfers"

 

About Us - Panda Remit

 

Panda Remit, the choice of millions of users worldwide, provides a safer, more convenient, more reliable, and more affordable cross-border remittance service.

 

With Panda Remit, you can send money from more than 50 countries/regions in dozens of currencies or receive money through more than 500 banks and major wallets such as Alipay, WeChat, and PayPal.

 

Panda Remit caters to various remittance requirements, including global remittance, large amount remittance, RMB transfer to foreign countries, and tuition fees.

 

We offer the industry's best FX rates and lowest fees to ensure the safety of your funds, which have passed PCI DSS verification. Enjoy 24/7 convenient service throughout the remittance process, thanks to our global layout and regulatory compliance.

 

Visit the official website/APP of Panda Remit to experience the new global remittance service and receive more in less time!