When sending money abroad, understanding fees and exchange rates is essential to maximizing recipient value. Western Union, a legacy remittance service, and Panda Remit, a fintech innovator, represent two contrasting approaches. This article breaks down Western Union’s fee structure and highlights why Panda Remit offers a more affordable alternative.

Western Union’s Fee Structure

Western Union’s fees depend on transfer amount, destination, and payment method:

• Outside Africa: Transfers ≤$500 cost $15, $500–$1,000 cost $20, and $1,000–$2,000 cost $25.

• Within Africa: Fees are higher, with ≤$50 costing $13 and $50–$100 costing $14.

• Exchange Rate Markup: Western Union applies a 2–4% markup on mid-market rates. For example, if the market rate for 1 USD = 7.2 CNY, Western Union might offer 7.0–7.1 CNY.

Example: Sending $1,000 to the U.S. via Western Union incurs a $25 fee plus a 3% exchange rate loss, resulting in $945 received (after $25 fee and $30 exchange loss).

Panda Remit: Transparent Pricing and Lower Costs

Panda Remit disrupts the market with:

• Zero Fees for First Transfers: New users pay $0 on their initial transaction.

• Low Subsequent Fees: Starting at $2.99, with no hidden charges.

• Mid-Market Exchange Rates: Rates align with real-time market values, avoiding Western Union’s 2–4% markup.

Example: Sending $1,000 to the U.S. via Panda Remit costs $0 (first transfer) with the mid-market rate, resulting in $1,000 received in 5 minutes.

Key Advantages of Panda Remit Over Western Union

Why Choose Panda Remit?

For frequent senders, Panda Remit’s savings add up. A user sending $1,000 monthly could save $300–$500 annually compared to Western Union.

Switch to Panda Remit and cut your remittance costs today! https://www.pandaremit.com/en