Hidden Fees and Exchange Rates — Why Cross-Border Transfers Need Strategy

With more Chinese students studying in Belgium, many Singapore-based parents find themselves regularly converting Singapore Dollars (SGD) to Euros (EUR) or Chinese Yuan (CNY) for tuition and other academic expenses. However, relying on traditional banks for these transfers can come at a high hidden cost.

Let’s break down why:

• Bank fees are costly: Standard Singaporean banks (e.g., DBS, OCBC) charge S$20 to S$35 per transfer, excluding FX markup.

• Slow delivery: Even "express" options may take 1–3 business days, longer during holidays.

• Cumbersome procedures: Visiting physical branches, filling out forms — not exactly efficient.

(Source: DBS Outward Remittance Fee Schedule, 2024)

Why Panda Remit Is the Better Way to Send Money Abroad

Panda Remit is a digital-first platform that focuses exclusively on personal remittances, such as tuition payments, exam fees, and other academic costs. Here's why it's a top choice:

Transparent, Real-Time Exchange Rates

On Panda Remit’s website, you can check live exchange rates between SGD, EUR, and CNY, helping you choose the most favorable time to send money.

Lower Fees, First Transfer Free

Compared to banks, Panda Remit's fees are up to 90% lower, and new users get their first transfer fee-free. There are no intermediary or hidden charges, so recipients get exactly what you send.

Fully App-Based for Maximum Convenience

All remittance operations are completed via the Panda Remit App, including identity verification, recipient details, currency conversion, and status tracking. Say goodbye to branch queues and paper forms.

Certified Safe and Secure

Panda Remit is PCI DSS certified and uses end-to-end encryption to protect personal and financial information. The platform's advanced fraud detection ensures peace of mind with every transfer.

Who Should Use Panda Remit?

• Singapore residents sending tuition or registration payments to students in Belgium.

• Individuals needing to switch between SGD, EUR, and CNY with minimal cost.

• Anyone looking for a faster, safer, and cheaper alternative to traditional banks.

Note: Panda Remit supports personal remittances only, not for commercial or business purposes. All transfers must be executed via the mobile app, while the website is for viewing exchange rates and user registration.

Click here to register and enjoy zero fees on your first Panda Remit transfer:
 

 https://www.pandaremit.com/zh/chn/register