Singapore Cross-Border Remittance Should Still Be Done Through Official Channels

Due to several remittance centers in Singapore facing issues one after another, people are becoming increasingly concerned about remittance matters. However, Singapore still has legitimate remittance platforms and methods for everyone to consider:

Bank SWIFT is an international interbank communication standard used for cross-border remittances.

Wise (formerly known as TransferWise) is a technology-driven financial company that offers convenient and low-cost cross-border transfer services.

Panda Remit is the preferred choice for overseas Chinese for cross-border remittances. Initially targeting overseas Chinese, it provides customer service in both Chinese and English, addressing the language barriers for many users. Additionally, Panda Remit is continuously expanding its coverage, supporting remittances to China from overseas and mutual transfers between multiple countries worldwide. Its business scope and application scenarios are also being upgraded.

The main differences among them lie in the service providers, fees, transfer speed, and availability. SWIFT is typically slower and more expensive, Wise is generally faster and more cost-effective, while Panda Remit focuses on the Chinese market and offers relatively cheaper services. The choice depends on specific needs and the destination.

1. Large International Remittances  
Bank SWIFT channel wire transfers may be the most suitable option. Generally, the definition of a large remittance varies depending on the specific country and region. For example, remittances exceeding $4,000 may be more suitable for the Bank SWIFT channel, as banks usually charge a fixed base fee, which does not increase significantly even for larger remittance amounts.

2. Small Company Remittances or Remittances to Non-Mainland China Regions  
Wise may be the most suitable choice. Wise has advantages for small remittances and allows company accounts to be registered in many countries with low handling fees. Similarly, remittances from other countries to non-Mainland China regions also incur relatively low fees with Wise.

3. Small Remittances to Mainland China Regions (or Non-Mainland Regions)  
Panda Remit may be the most suitable choice. Typically, for remittances from Singapore not exceeding SGD 6,000, Panda Remit offers the lowest handling fees and minimal exchange rate losses. It supports remittances to both Mainland China and non-Mainland regions, currently covering dozens of recipient countries. However, it is worth noting that Panda Remit currently only supports personal remittances and does not support company remittances.

We hope everyone uses legitimate platforms for remittances and avoids being tempted by slightly better exchange rates. After all, successfully receiving the remittance is far better than having your bank account frozen.