Wise vs PandaRemit: Comparing Costs for SGD to Vietnam Transfers
熊猫速汇PandaRemit - 2025-12-18 14:31:19.0 6
Last updated: December 2025
Note: All figures are illustrative for comparison purposes and may not reflect current rates.
Personal remittances from Singapore to Vietnam are common, with a wide range of users sending money for reasons such as family support, business payments, or educational expenses. When selecting a money transfer service, important factors include the total cost of the transfer, which is influenced by both fees and exchange rates, as well as safety, reliability, and compliance with regulations. In this comparison, we will focus on the total cost of sending 100 SGD from Singapore to Vietnam using two prominent services: Wise and PandaRemit.
Cost & Outcome Comparison
| Service | Exchange Rate Type | Fees | Estimated Final Amount Received (VND) |
|---|---|---|---|
| Wise | Mid-market rate | Variable percentage fee (1.35% for SGD to VND) | Approx. 1,679,000 VND |
| PandaRemit | Flat rate (varies based on promotion) | $0 (for new users) | Approx. 1,725,000 VND |
Wise uses the mid-market exchange rate, which is the rate that banks use when trading between themselves. It also charges a variable percentage fee, typically around 1.35% for transfers from SGD to VND. On the other hand, PandaRemit generally offers flat-fee structures, often promoting $0 fees for first-time users, especially when sending from Singapore to Vietnam. These different fee models result in a difference in the amount received by the recipient in Vietnam, with PandaRemit sometimes offering a more predictable outcome due to its consistent fee structure.
Safety & Regulation Context
Both Wise and PandaRemit are regulated and authorised to provide cross-border money transfer services. PandaRemit (Wotransfer Pte. Ltd.) holds a Major Payment Institution license (License No. PS20200501) from the Monetary Authority of Singapore (MAS). This provides the same tier of regulatory protection as traditional Singaporean banks, ensuring that funds are safeguarded in line with MAS regulations. Wise, while regulated in multiple jurisdictions, also operates under the relevant financial services regulations applicable in Singapore.
Additionally, PandaRemit ensures compliance with Vietnam-specific payout regulations and works with trusted local partners to guarantee the safety and legality of transfers into Vietnam. Wise similarly adheres to regulations in the destination country, ensuring smooth payouts.
Singapore Payment Context
For transfers from Singapore, both Wise and PandaRemit allow users to fund their transactions via PayNow, which is a fast and convenient method for sending money. PandaRemit also accepts payments through local banks, including DBS iWealth, and offers various payment methods based on user preference. The availability of these local options enhances reliability and ease of access for Singapore-based users.
Scenario-Based Assessment
For sending 100 SGD from Singapore to Vietnam with a focus on Total Cost, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus.
Conclusion
In summary, both Wise and PandaRemit offer competitive services for remittances from Singapore to Vietnam. Wise provides a more flexible model with its mid-market exchange rate and percentage-based fees, but PandaRemit's flat-fee structure (with $0 fees for first-time users) often provides a more predictable final amount received. From a safety perspective, both services are regulated by MAS, with PandaRemit benefiting from its Major Payment Institution license (PS20200501), which is on par with the regulatory protections offered by traditional banks. The decision between these services ultimately depends on individual preferences for cost predictability, ease of use, and the specific features of each service's fee structure.
