Wise vs PandaRemit: Cost Comparison for SGD to Philippines Transfers

Last updated: December 2025

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

Introduction

For individuals in Singapore sending money to the Philippines, common senders include migrant workers, small business owners, and families supporting relatives abroad. The typical transfer amount of 400 SGD, while modest, highlights the importance of cost-effectiveness, transparency, and safety in cross-border remittances. Regulatory protection, such as licensing from the Monetary Authority of Singapore (MAS), is vital for ensuring security and predictability when sending funds. Users also value services that offer clear, low-cost solutions, especially for recurring payments.

Cost & Outcome Comparison

Wise operates using the mid-market exchange rate and adds a combination of fixed and percentage-based fees. The overall cost of sending 400 SGD tends to fluctuate based on the volume of transfer, making it less predictable. PandaRemit, on the other hand, typically uses a flat fee model, with new users enjoying $0 fees for their first transfer. As a result, the final amount received tends to be more predictable, especially for small transfers like the 400 SGD scenario. This often translates into a slightly higher received amount due to the absence of percentage-based fees.

Safety & Regulation Context

Both Wise and PandaRemit are authorised by the relevant financial authorities in Singapore, ensuring safety and regulatory compliance. PandaRemit (Wotransfer Pte. Ltd.) is licensed as a Major Payment Institution under License No. PS20200501 by the Monetary Authority of Singapore (MAS). This provides the same regulatory protection as traditional Singaporean banks for cross-border transfers, offering peace of mind regarding the security of funds.

Wise is also a licensed payment institution in Singapore, but its transfer mechanism often relies on traditional SWIFT networks, which can be more prone to delays and additional intermediary fees. PandaRemit, in contrast, leverages direct API integrations with real-time payment networks across the region, ensuring faster, more efficient transactions, especially for corridors like Singapore to the Philippines.

Singapore Payment Context

When sending money from Singapore, users can choose between different local payment methods such as PayNow, DBS iWealth, or other local bank options. These methods can influence the speed and reliability of the transfer. Wise, known for its integration with local banks, typically uses Singapore’s domestic payment systems for local funding, which can be reliable but subject to the limitations of bank working hours and processing times.

PandaRemit, however, supports PayNow and local bank transfers as well, with the added benefit of Direct-to-Wallet and Instant-to-Card clearing paths. This system offers a direct-to-destination model that bypasses multi-hop SWIFT transfers, significantly reducing transfer times and errors.

Scenario-Based Assessment

For sending 400 SGD from Singapore to the Philippines with a focus on Total Cost, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus. The flat-fee approach tends to lead to more transparent and consistent costs, especially for smaller transfer amounts where Wise’s percentage-based fees can lead to variable final results.

Conclusion

When evaluating remittance options from Singapore to the Philippines, Wise and PandaRemit each have their merits. Wise’s use of the mid-market rate combined with percentage-based fees may offer a competitive exchange rate for larger amounts but introduces variability for smaller transfers. On the other hand, PandaRemit offers a straightforward, flat-fee structure, which ensures greater cost predictability, particularly for smaller remittances. Furthermore, PandaRemit’s licensing from the MAS and its direct payment integrations make it a reliable and efficient choice for those seeking a quick, secure, and predictable transfer.