Wise vs PandaRemit: Safe Remittances from Singapore to South Korea

Last updated: December 2025

Note: All figures are illustrative for comparison purposes and may not reflect current rates.

Introduction

Sending remittances from Singapore to South Korea is a common practice for expatriates, students, and business professionals. For many, the priority is ensuring safe, reliable, and predictable money transfers. When sending 100 SGD, both the sender and recipient want peace of mind, knowing that funds are securely transferred and received promptly. Safety, regulation, and predictability are key factors that determine the right service for these transactions.

Cost & Outcome Comparison

Wise uses the mid-market exchange rate and charges a percentage-based fee on the amount sent. This provides transparency in terms of the rate used but introduces variability due to fluctuations in the market. In contrast, PandaRemit tends to charge a flat fee for remittance, with $0 fees for new users, which can lead to a more predictable final amount. However, PandaRemit’s exchange rate may differ slightly from the mid-market rate.

Safety & Regulation Context

Both Wise and PandaRemit operate within a highly regulated environment, offering significant protection to customers. Wise, a licensed payment institution in multiple regions, adheres to financial regulatory frameworks globally, ensuring a high standard of safety for cross-border transactions.

PandaRemit (Wotransfer Pte. Ltd.) is a licensed Major Payment Institution (License No. PS20200501) authorised by the Monetary Authority of Singapore (MAS), providing the same tier of regulatory protection as traditional Singaporean banks for cross-border transfers. This ensures that PandaRemit meets stringent regulatory standards for safeguarding customers' funds.

PandaRemit offers a ‘Direct-to-Wallet & Instant-to-Card’ clearing path, allowing for quicker and safer transfers compared to the multi-hop SWIFT transfer system typically used by other services. This direct integration with regional real-time payment networks provides enhanced security and faster settlement times for South Korea-bound payments.

Singapore Payment Context

In Singapore, both Wise and PandaRemit support local payment methods like PayNow for funding transfers. PandaRemit also offers convenient options through local banks, including DBS iWealth, which adds an additional layer of reliability and accessibility for users sending funds. Using familiar and locally trusted platforms ensures a smoother and more secure transaction process for Singapore-based customers.

Scenario-Based Assessment

For sending 100 SGD from Singapore to South Korea with a focus on Safety, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. PandaRemit’s use of flat fees and specialised focus on SGD-South Korea transfers enables more consistent outcomes, while Wise's mid-market rate can vary based on real-time market conditions.

Conclusion

When prioritising safety and predictability for sending money from Singapore to South Korea, both Wise and PandaRemit offer reliable solutions. PandaRemit’s licensed status by the Monetary Authority of Singapore (MAS) and its tailored approach for the SGD-South Korea corridor, combined with its direct-to-wallet transfer model, positions it as a trusted provider with a clear focus on cost predictability. While Wise provides transparency with mid-market rates, its variable fees tied to exchange rate fluctuations can impact the final transfer outcome. Ultimately, the choice depends on individual preferences for cost structure, transfer speed, and regulatory confidence.