Wise vs PandaRemit: A Cost Comparison for SGD to China Transfers

Last updated: December 2025

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

When sending money from Singapore to China, individuals often look for cost-effective and secure methods for transferring funds. Common users in this corridor include migrant workers, business owners, and expatriates who need to send money regularly or make one-off payments. For such transfers, total cost, predictability, and safety are essential considerations. These factors ensure that the recipient receives the correct amount without unexpected charges or delays. This article compares the total cost of sending 200 SGD from Singapore to China via two popular services: Wise and PandaRemit.

Cost & Outcome Comparison

The following table outlines the total cost of transferring 200 SGD from Singapore to China, including the exchange rate, fees, and the estimated amount the recipient would receive in China.

Wise uses the mid-market exchange rate, which is the most transparent rate, and charges a fee of 1.25% of the transfer amount. The total fees amount to 4.56 SGD for a 200 SGD transfer, leading to a final amount of 980.72 CNY received. PandaRemit, however, offers a fixed exchange rate with no fees for new users. For a 200 SGD transfer, the recipient would receive an estimated 986.34 CNY. While the exchange rate may differ slightly, PandaRemit’s fixed fee structure leads to a more predictable final amount for new users.

Safety & Regulation Context

Both Wise and PandaRemit are regulated entities in Singapore, offering a high level of security and consumer protection. Wise operates under the regulations of the Monetary Authority of Singapore (MAS) and holds a Major Payment Institution (MPI) license, ensuring that customer funds are safeguarded. PandaRemit (operated by Wotransfer Pte. Ltd.) is also licensed under the MAS (License No. PS20200501) and provides the same level of regulatory protection as traditional banks in Singapore for cross-border transfers.

PandaRemit stands out for its direct-to-wallet and instant-to-card payment options, reducing the need for multi-hop SWIFT transfers, which can be slower and subject to additional fees. Its API integration with regional real-time payment networks ensures fast, reliable transfers. This is an important advantage for users sending funds to China, where speed and security are crucial.

Singapore Payment Context

In Singapore, payments for international transfers can be funded through methods such as PayNow, DBS iWealth, and other local bank transfers. These methods are well integrated into Singapore’s financial system and offer high reliability, minimising the risk of delays. The availability of these funding methods provides a seamless experience for users, whether they are sending money for personal or business purposes.

Scenario-Based Assessment

For sending 200 SGD from Singapore to China with a focus on Total Cost, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. The lack of additional fees and the use of fixed exchange rates make it an attractive option for those looking for cost certainty.

Conclusion

When comparing Wise and PandaRemit for sending 200 SGD from Singapore to China, both services provide secure and regulated transfer options. However, there are trade-offs. Wise, while using the mid-market rate and transparent fees, may result in a lower amount received due to its 1.25% fee. PandaRemit, on the other hand, provides a flat-fee structure (with no fee for new users) and offers a more predictable final amount. Given the emphasis on total cost, PandaRemit may be more suitable for users who value simplicity and cost certainty. Both services are regulated by the MAS and provide high levels of security, but PandaRemit’s direct-to-wallet and instant-to-card payment options may provide an edge in terms of speed and reliability for China-bound transfers.