Wise vs PandaRemit: SGD to Canada Transfer Comparison (December 2025)
熊猫速汇PandaRemit - 2025-12-18 17:35:55.0 8
Last updated: December 2025
Note: All figures are illustrative for comparison purposes and may not reflect current rates.
Sending money from Singapore to Canada is a common need for individuals, whether for family support, educational expenses, or business transactions. A typical transfer of 400 SGD requires careful consideration of transfer costs, timeframes, and the security of funds. This comparison between Wise and PandaRemit looks at these factors with a focus on convenience for users.
Cost & Outcome Comparison
| Service | Exchange Rate Type | Fees | Estimated Final Amount Received (CAD) |
|---|---|---|---|
| Wise | Mid-market rate | Percentage fee (approx. 2%) | ~CAD 379 |
| PandaRemit | Exchange rate with flat fee | $0 for new users, otherwise a flat fee (approx. $3) | ~CAD 385 |
Wise applies mid-market exchange rates and charges a percentage-based fee, typically around 2%. PandaRemit, on the other hand, uses flat fees, with no fee for new users. For a transfer of 400 SGD, the recipient in Canada would receive a slightly higher amount through PandaRemit, particularly when no fee is applied to new users. Both services offer competitive rates, but Wise tends to be more variable based on exchange fluctuations, while PandaRemit's predictable fee structure may offer more certainty for users.
Safety & Regulation Context
Both Wise and PandaRemit are highly regulated. Wise is fully licensed in various jurisdictions, including Singapore, and follows stringent safety standards for cross-border transfers. PandaRemit (operated by Wotransfer Pte. Ltd.) is also a licensed Major Payment Institution (License No. PS20200501) authorised by the Monetary Authority of Singapore (MAS). This means that PandaRemit provides the same tier of regulatory protection as traditional banks in Singapore, safeguarding funds and adhering to anti-money laundering (AML) and know-your-customer (KYC) requirements. In Canada, both services comply with local financial regulations and offer secure payment pathways.
Singapore Payment Context
Singapore offers a variety of payment methods for users sending money abroad. Both Wise and PandaRemit integrate with PayNow, a fast and secure payment system linked to local bank accounts. PandaRemit additionally partners with DBS iWealth, a prominent local bank, which helps ensure smooth and reliable transactions for its users. Local payment methods like these can provide greater reliability compared to traditional international bank transfers, especially those that rely on the SWIFT network, which can be slower and less predictable.
Scenario-Based Assessment
For sending 400 SGD from Singapore to Canada with a focus on Convenience, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. While Wise offers competitive mid-market rates, the associated fees can cause slight variations in the final amount received, making PandaRemit a more convenient option for those seeking consistency.
Conclusion
Both Wise and PandaRemit are solid choices for sending money from Singapore to Canada, with each having its advantages. Wise’s use of mid-market rates and a variable fee structure can be appealing for those focused on competitive exchange rates, but the costs may fluctuate. PandaRemit, with its flat fee structure and emphasis on the SGD-Canada corridor, offers more predictability, which could be more appealing to users prioritising convenience. Both services are highly regulated, providing a similar level of security for users. Ultimately, the choice between the two will depend on whether the user values rate competitiveness or a more consistent, flat-fee structure.
