How to Send Money from Singapore to China: ICBC vs. PandaRemit

For individuals and businesses in Singapore looking to send money to China, Industrial and Commercial Bank of China (ICBC) is one of the most well-known banking options. However, traditional bank transfers often come with high fees, slow processing times, and less favorable exchange rates.

Fortunately, PandaRemit offers a faster, cheaper, and more convenient alternative for international remittances. This article compares ICBC Singapore and PandaRemit in terms of fees, exchange rates, processing time, and overall convenience, helping you choose the best service for your needs.

---

 

1. Sending Money to China via ICBC Singapore

As one of China’s largest banks, ICBC Singapore provides a secure way to remit money to China. However, traditional bank transfers often come with high fees and long processing times.

 

ICBC Singapore Remittance Fees

The cost of sending money via ICBC depends on the transfer amount, destination, and method used. Here’s an overview of ICBC’s standard international remittance fees:

Transfer Type	Fees	Additional Charges
Telegraphic Transfer (SWIFT)	SGD 20 – 50 per transfer	Exchange rate markup
Fast and Secure Transfers (FAST)	Limited availability	Varies by transaction
Receiving Bank Fees	Varies	Intermediary bank charges apply

💡 Hidden Cost Alert: ICBC applies an exchange rate markup, meaning the rate you get is often lower than the actual market rate. This means your recipient in China may receive less money than expected.

 

ICBC Transfer Speed

✔ Telegraphic Transfer: 1–3 business days
✔ FAST Transfers: Usually within 24 hours, but availability is limited

 

Pros & Cons of ICBC Singapore Remittance

✔ Pros:
✅ Well-established and trusted bank
✅ Secure transactions
✅ Supports multiple transfer methods

❌ Cons:
❌ High fees (especially for small transfers)
❌ Longer processing times (1–3 days)
❌ Less favorable exchange rates

---

 

2. Why Choose PandaRemit for Sending Money to China?

 

Lower Fees, No Hidden Costs

Unlike ICBC, PandaRemit charges significantly lower fees and offers zero hidden costs.

📌 PandaRemit’s Fee Structure:
✔ First transfer: FREE
✔ Subsequent transfers: Low transparent fees
✔ No intermediary bank fees

This means more of your money reaches your recipient in China.

 

Better Exchange Rates

PandaRemit offers real-time market exchange rates with no additional markup, ensuring higher payouts for your recipient.

💡 Example: Sending SGD 1,000 to CNY

Provider	Market Rate	Offered Rate	Amount Received
ICBC (with markup)	5.4	5.3	¥5,300
PandaRemit	5.4	5.39	¥5,390

🚀 With PandaRemit, you get an extra ¥90 per SGD 1,000 transfer!

 

Faster Transfer Times

Unlike ICBC’s 1–3 business days, PandaRemit typically completes transactions within minutes to a few hours.

 

Convenience: 100% Online Transfers

✔ No need to visit a bank branch
✔ Send money anytime, anywhere via the app
✔ 24/7 customer support

---

 

3. ICBC Singapore vs. PandaRemit: A Side-by-Side Comparison

Feature	ICBC Singapore	PandaRemit
Transfer Fees	SGD 20 – 50 per transfer	Low or free for first-time users
Exchange Rates	Lower due to markup	Real-time market rates
Transfer Speed	1–3 business days	Minutes to a few hours
Convenience	Requires branch visit or online banking	100% online
Hidden Costs	Yes (intermediary bank fees, markup)	No hidden fees

🏆 Winner: PandaRemit for lower fees, better rates, and faster processing.

---

 

Final Verdict: Which Is Better for Sending Money from Singapore to China?

Best for...	Recommended Provider
Trust & Bank Transfers	ICBC Singapore
Low Fees & High Exchange Rates	🏆 PandaRemit
Fastest Transfer Speed	🏆 PandaRemit
Overall Best Choice	🏆 PandaRemit

For small businesses, freelancers, international students, and anyone who wants a cost-effective and fast remittance solution, PandaRemit is the best choice.

---

 

Start Saving on International Transfers Today!

🚀 Sign up now and get your first transfer FREE!
🔗 Register on PandaRemit

📢 Follow us on Instagram for more updates:
👉 PandaRemit Instagram