Wise vs. Panda Remit: Remittance Limits and Fees Compared
Benjamin Clark - 2025-08-22 17:36:33.0 11
Wise (formerly TransferWise) is lauded for transparency, but Panda Remit’s lower fees and faster transfers are reshaping the Philippines-to-U.S. corridor. This comparison breaks down limits, costs, and convenience.
Wise: Limits and Fee Structure
Wise imposes:
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Philippines Limits: ₱2,000,000 PHP ($36,000) per transfer, with no annual cap .
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Fees: 0.55% variable fee + $1.50 fixed cost. Sending $5,000 incurs $27.50 + $1.50 = $29 .
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Speed: 1–3 business days for bank transfers, slower than digital alternatives .
Panda Remit: Superior Speed, Lower Costs
Panda Remit outperforms in key areas:
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Limits: $10,000 per transaction (BSP-compliant), $60,000/year for verified users .
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Fees: 0 for first transfers, $1.99 thereafter + 0.5% exchange rate markup. Sending $5,000 costs $1.99 + $25 = $26.99—$2 cheaper than Wise .
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Speed: 2-minute deposits to U.S. banks (e.g., Chase, Bank of America) via local clearing rails .
Case Study: Sending $3,000 Monthly
|
Metric |
Wise (Annual Cost) |
Panda Remit (Annual Cost) |
|---|---|---|
|
Fees |
$3,000 × 0.55% × 12 = $198 |
$1.99 × 11 (first free) = $21.89 |
|
Exchange Markup |
$3,000 × 0.55% × 12 = $198 |
$3,000 × 0.5% × 12 = $180 |
|
Total |
$396 |
$201.89 |
Panda Remit saves $194.11 annually for regular senders.
Regulatory Compliance
Both platforms adhere to strict KYC norms:
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Wise: Requires passport, proof of address, and purpose documentation for amounts >$10,000 .
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Panda Remit: AI-driven verification approves IDs in minutes, with 256-bit TLS encryption .
Make the switch today
👉 Sign up for Panda Remit and cut your remittance costs by 50%!
Data sources: BSP regulations (2025), Wise fee calculator, Panda Remit terms of service.
