Alternatives to Alipay's Suspended Shangyin Remittance Service: Introducing Panda Remit

Alipay's Shangyin Remittance Suspension: When Will It Resume?

Alipay, in partnership with Shanghai Bank, once provided an online cross-border remittance service known as "Shangyin Remittance." This online solution saved users significant time and effort compared to traditional bank counter services. However, due to regulatory changes following Ant Financial's halted IPO, Alipay's financial services, including Shangyin Remittance, underwent a major restructuring. As a result, Shangyin Remittance was discontinued starting December 1, 2020. To date, there are no signs of resumption.

Alternative Channels for Alipay's Shangyin Remittance Service

Several other platforms are available for those seeking alternatives to Alipay's Shangyin Remittance service. According to industry recommendations, Panda Remit stands out as a top choice for international money transfers, offering competitive exchange rates, low fees, and fast processing times. Other available options include Remitly, Western Union, Wirebarley, and GeeRemit.

A New Solution for Overseas Chinese: Panda Remit for Seamless Transfers

Founded in Hong Kong, Panda Remit is a licensed international remittance service provider designed to facilitate safe, fast, and cost-effective money transfers. The platform supports transactions to China and numerous other countries, making it an excellent choice for overseas Chinese looking to send funds back home.

Why Choose Panda Remit?

• Lower Fees: Unlike traditional banks and some online platforms, Panda Remit eliminates intermediary costs, reducing transaction fees significantly.
• Competitive Exchange Rates: Panda Remit offers real-time exchange rates that are more competitive than those of banks and other remittance services.
• Fast Transfers: With processing times as fast as 30 minutes, Panda Remit ensures that funds reach recipients quickly and securely.
• Safe and Reliable: Panda Remit is fully licensed and regulated, ensuring compliance with financial security standards.
• Global Coverage: The platform supports transfers from multiple countries, providing flexibility for international users.

Send money via Panda Remit

1. Create or Log in to Your Panda Remit Account
   Visit the official Panda Remit website and sign up for an account. You can register using your email or a linked social media account.

2. Initiate a Transfer
   After logging in, navigate to the transfer section. Select the currency you wish to send and enter the desired amount.

3. Enter Recipient Information
   Provide the recipient’s details, including their name and bank account information in China.

4. Choose a Payment Method
   Depending on your country, you can select from various payment options such as bank transfer, debit card, or other local payment methods.

5. Confirm and Complete the Transaction
   Review all transaction details, including fees and exchange rates, before finalizing your payment. Once confirmed, the transfer will be processed, and the recipient will receive the funds swiftly.

Conclusion

With the discontinuation of Alipay's Shangyin Remittance, many users are searching for a reliable and cost-effective alternative. Panda Remit emerges as a superior choice, offering low fees, competitive exchange rates, and fast processing times. Whether you're an overseas Chinese sending money home or an international worker supporting your family, Panda Remit provides a seamless and secure solution.

Try Panda Remit today! Register now to enjoy zero fees on your first transfer and exclusive exchange rate discounts.

Stay updated with our latest promotions by following our official Instagram account: https://www.instagram.com/panda.remit/