Exchange Rate Protection Service

What is the Exchange Rate Protection Service?

The Exchange Rate Protection Service (Rate Protection) allows customers, in a specific period of time, to lock in a fixed exchange rate for currency exchange and remit funds.

What are the terms and conditions of the rate lock-in service?

We offer a locked exchange rate for most money transfers, but if the exchange rate you locked in drops by more than 1% during the valid lock-in period, we may not be able to offer this service and customers can still choose to send money using the real time exchange rate.

In addition, you need to follow the remittance requirements: Be sure the actual remittance amount is the same as the order amount; Accurately fill in the information(Reference, Causale, Concepto, etc.); Make sure the name of the payment account is the same as that of the account you opened in Panda Remit; Complete the remittance within the stipulated time. If the above is not completed as required, it may affect the time of the crediting and make us unable to provide the rate protection service.

How can I be sure to enjoy the locked-in exchange rate?

Once you make a transfer, we will lock in the exchange rate for you for a certain period of time. Please make your transfer in time for us to receive the payment on time. As long as we receive your payment within the specified time, you will be able to enjoy the locked exchange rate.

What happens if my payment does not arrive on time?

If your payment does not arrive on time, we will exchange and remit the money using the market rate.

How long is the lock-in rate valid for?

The validity period of the locked exchange rate depends on the source currency you choose, and will be calculated from the time you put the remittance order. You can check the exchange rate lock-in period we provide on the page where you choose to exchange the currency.

What happens if the exchange rate drops by more than 1%?

If the exchange rate you locked in drops by more than 1% during the lock-in period, we reserve the right to cancel the transfer and refund the money back to your payment account.

How many orders can I create with a locked exchange rate?

You cannot create unlimited number of transfer orders using the locked rate. We recommend that you only create orders when you are certain that you will be able to complete the transfer. If you eventually make only one of multiple payments, we will arrange the funds according to the last payment you made.

Why was my locked rate service removed?

If you make more than 3 refunds on locked rate orders you paid, we will remove your locked rate service.

How do I restore the locked rates service after it has been removed?

If the locked rates service is removed, we may reintroduce it to you after a period of time as long as you comply with the User Agreement. The exact time cannot be advised as it depends on your past remittance activities and future compliance.

What is the best way to inquire about other issues?

For all other matters, please contact our online customer service.