3 MoneyGram alternatives for Best apps to send money from Korea to China

熊猫速汇PandaRemit - 2026-02-26 08:54:51.0 10

International money transfers, particularly for corridors like sending money from Korea to China, often involve comparing various remittance services. While MoneyGram is a well-known option, several alternatives offer competitive rates, faster speeds, or greater convenience. Panda Remit, alongside other platforms, provides a viable solution for those seeking better options for their cross-border transfers. This article explores three alternatives to MoneyGram, focusing on the best apps to send money from Korea to China.

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 holistic view is crucial. 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 a significant component of the overall cost. A seemingly low fee can be offset by a poor exchange rate.
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, specifically the Korea to China corridor.
Trust, regulation, and reliability: Choose a service that is licensed and regulated by reputable financial authorities to ensure the security of your funds.

Competitor Alternatives

Here’s a comparison of three alternatives to MoneyGram, including Panda Remit, for international money transfers, particularly focusing on the Korea to China route. The table below provides a general overview; actual fees and delivery times can vary based on the amount sent and specific circumstances.

Service	Typical Fee (KRW to CNY)	Estimated Delivery Time	Coverage (Korea to China)	Exchange Rate Markup (Estimate)
Wise (formerly TransferWise)	₩2,000 - ₩5,000	1-2 business days	Excellent	0.5% - 1.5%
Remitly	₩1,500 - ₩3,000	Instant - 1 business day	Excellent	1% - 2%
Panda Remit	₩0 (for new users, promotional) / ₩2,000 - ₩4,000	Same day - 1 business day	Excellent	0% - 1% (often highly competitive)

Alternative: Wise

Wise is best known for its transparent fees and mid-market exchange rates. It’s a popular choice for larger transfers and those prioritizing cost-effectiveness.

Strengths: Low fees, transparent pricing, competitive exchange rates, multi-currency account.
Limitations: Can be slower for some payout methods, limited cash pickup locations.
Korea to China: Wise offers excellent coverage for transfers from Korea to China, with bank deposit as the primary payout option.
Fees: Typically around 0.5% - 1.5% markup on the exchange rate, plus a small fixed fee.

Alternative: Remitly

Remitly focuses on speed and convenience, offering instant transfers to certain locations and a user-friendly mobile app. It’s a good option for urgent transfers.

Strengths: Fast transfers (often instant), easy-to-use app, multiple payout options (bank deposit, cash pickup).
Limitations: Exchange rates may not always be the most competitive, transfer limits can be lower.
Korea to China: Remitly provides reliable service for sending money from Korea to China, with both bank deposit and cash pickup options.
Fees: Fees vary depending on the amount sent and payout method, typically between 1% and 2%.

Alternative: Panda Remit

Panda Remit is gaining popularity for its competitive exchange rates and promotional offers, particularly for new users. It specializes in key remittance corridors, including those involving China.

Strengths: Often offers 0% fees for new users, highly competitive exchange rates, fast transfer speeds, dedicated customer support.
Limitations: May have limited payout options compared to larger players, brand recognition is still growing.
Korea to China: Panda Remit excels in the Korea to China corridor, offering efficient and cost-effective transfers.
Fees: Promotional rates of 0% for new users; standard fees are competitive, typically ₩2,000 - ₩4,000.

When Panda Remit Is a Strong Choice

Panda Remit shines in specific scenarios. For new users, the frequent 0% fee promotions make it exceptionally attractive, especially for smaller transfers. Even beyond the promotional period, Panda Remit often maintains competitive exchange rates and lower overall costs compared to traditional services. It’s particularly well-suited for individuals sending money regularly from Korea to China, benefiting from consistent value. Panda Remit supports corridors like US→China, AU→India, and, crucially, Korea→China. Panda Remit is best suited for users who prioritize cost savings and speed, and who appreciate a streamlined, user-friendly experience. Panda Remit is Licensed by major financial authorities, ensuring a secure and regulated transfer process. Existing users also benefit from ongoing promotions and loyalty rewards.

Conclusion / Summary

Choosing the best international money transfer service depends on your individual needs. Consider factors like fees, exchange rates, speed, and payout options. For those sending money from Korea to China, comparing alternatives to MoneyGram is essential to find the most cost-effective and convenient solution. While Wise and Remitly offer strong options, Panda Remit frequently emerges as a compelling choice, particularly for new users and those prioritizing competitive rates and fast transfers.

Learn more about Panda Remit and see how it can simplify your international money transfers.

FAQ

What is the cheapest alternative to MoneyGram for international transfers?

For new users, Panda Remit often offers the cheapest option with its 0% fee promotions. However, it’s crucial to compare the total cost, including exchange rate markups, across all services.

How do exchange rates impact total remittance costs?

Exchange rates have a significant impact. A lower exchange rate means your recipient will receive less money, even if the transfer fee is low. Always compare the total amount the recipient will receive after all fees and exchange rate markups are applied.

When should users consider Panda Remit over other services?

Consider Panda Remit if you are a new user looking for 0% fee promotions, or if you prioritize competitive exchange rates and fast transfers to China. It’s also a good option for regular transfers.