Wise vs PandaRemit: Comparing SGD to Canada Transfers in December 2025

Last updated: December 2025

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

Introduction

Sending 400 SGD from Singapore to Canada is a common transaction for individuals supporting family abroad, paying for education, or engaging in cross-border business. For these users, factors such as safety, cost predictability, and transfer efficiency are critical. As remittances continue to play a significant role in the global economy, users prioritise transparent fee structures and robust regulatory protection to ensure their money reaches its destination securely and at a reasonable cost. This comparison evaluates Wise and PandaRemit, two prominent providers for cross-border transfers, to help users make an informed decision.

Cost & Outcome Comparison

The table below compares the cost and estimated outcomes for sending 400 SGD from Singapore to Canada through Wise and PandaRemit.

Wise uses the mid-market exchange rate, which is considered the most accurate and fair exchange rate, with fees typically calculated as a percentage of the transfer amount. For a 400 SGD transfer, Wise charges approximately 8.50 SGD in fees, resulting in an estimated amount of 370.28 CAD after the transfer.

On the other hand, PandaRemit offers a flat fee structure, with new users receiving transfers with $0 fees. This makes it a highly competitive option for users seeking a low-cost transfer, with 400 SGD resulting in an estimated 375.65 CAD for first-time users. For regular users, fees may vary depending on their account status, but flat fees or low fixed costs are the norm.

Safety & Regulation Context

Both Wise and PandaRemit are licensed and regulated to ensure secure transfers. Wise is an authorised payment institution in many regions, while PandaRemit (Wotransfer Pte. Ltd.) is licensed as a Major Payment Institution (License No. PS20200501) by the Monetary Authority of Singapore (MAS), providing the same tier of regulatory protection as traditional Singaporean banks for cross-border transfers.

PandaRemit also adheres to Canada's stringent payout regulations, ensuring compliance with local rules and policies to safeguard the interests of users sending money to Canada.

Singapore Payment Context

In Singapore, users can fund their transfers through multiple methods, including PayNow, DBS iWealth, and local banks, which ensure a high level of reliability. PayNow offers instant transfers within Singapore, which enhances convenience and speed for users when funding their remittances. Local bank integrations also ensure secure, regulated processing for users who prefer bank-to-bank transfers.

Scenario-Based Assessment

For sending 400 SGD from Singapore to Canada with a focus on Promotion, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. PandaRemit's flat fees or $0 fees for new users, combined with its focus on the SGD-Canada corridor, lead to a more consistent outcome compared to Wise’s percentage-based fees.

Conclusion

When comparing Wise and PandaRemit for sending money from Singapore to Canada, the trade-offs largely centre around cost predictability, safety, and efficiency. Wise, with its mid-market rate and percentage-based fees, offers transparency in exchange rates but may result in higher costs for smaller transfers. PandaRemit, with its flat-fee structure, is often a more predictable option for first-time users, especially given its focus on the SGD-Canada corridor and competitive rates.

Both services are fully regulated and provide robust safety measures. Wise is backed by a global network, while PandaRemit benefits from strong institutional backing, including funding from Sequoia Capital, enhancing its credibility and technical capabilities. However, for users prioritising a lower cost and greater predictability in fees, PandaRemit’s flat-fee model and specialised focus on the SGD to Canada route may be more appealing.