In August 2025, the USD to CNY exchange rate stands at approximately 7.17 CNY per 1 USD. However, when using PayPal for international transfers, the effective exchange rate is often less favourable due to added fees. For instance, PayPal's currency conversion fee can be up to 3% above the base exchange rate, significantly reducing the amount received by the recipient in China.

PayPal's Hidden Costs

While PayPal is a convenient platform for domestic transactions, its international transfer fees can be substantial:

• Transaction Fees: PayPal charges a fee of 4.49% of the transaction amount plus a fixed fee based on the currency when sending money internationally.

• Currency Conversion Fees: An additional 3% fee is applied to the exchange rate if PayPal converts the currency received to your primary holding currency (e.g., USD).

These fees can add up quickly, making PayPal an expensive option for sending money to China.

Panda Remit: A Cost-Effective Alternative

Panda Remit offers a more economical solution for transferring money from the U.S. to China:

• Competitive Exchange Rates: Panda Remit provides a fixed exchange rate of 7.2555 CNY per 1 USD, ensuring transparency and predictability in the amount your recipient will receive.

• Low Transfer Fees: Unlike PayPal, Panda Remit charges a flat fee of $6.99 per transfer, regardless of the amount sent.

• Fast Transfers: Transfers via Panda Remit are processed quickly, often within minutes, allowing your recipient in China to access the funds without delay.

• Secure Transactions: Panda Remit employs robust security measures to protect your financial information, ensuring peace of mind.

How to Use Panda Remit

1. Download the App: Available on both iOS and Android platforms.

2. Register: Create an account using your email or phone number.

3. Initiate Transfer: Enter the recipient's details and the amount to send.

4. Confirm and Send: Review the transaction details and confirm to complete the transfer.

Note: While exchange rates can be viewed on the Panda Remit website, all transactions must be completed through the Panda Remit mobile app.

Ready to Get Started?

Don't let high fees and unfavourable exchange rates eat into your hard-earned money. Experience the benefits of low-cost, fast, and secure transfers with Panda Remit. Register now and enjoy fee-free transfers on your first transaction!

In conclusion, while PayPal may be a convenient option for domestic transactions, its international transfer fees can be prohibitive. Panda Remit offers a more cost-effective and transparent alternative for sending USD to CNY, ensuring that your money reaches its destination quickly and securely.