Wise vs PandaRemit: Sending Money from Singapore to South Korea – December 2025

Last updated: December 2025

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

Introduction

Remittances from Singapore to South Korea typically involve individuals who either have family members in South Korea or businesses requiring regular payments. Whether sending money for personal reasons or as part of business operations, users prioritise factors like safety, speed, and predictability of costs when choosing a transfer service. In the context of remittance, safety and regulation are crucial, as they ensure that funds are securely transferred and compliant with both local and international financial laws.

Cost & Outcome Comparison

Wise generally uses the mid-market exchange rate with a percentage-based fee structure. This ensures transparency in the exchange rate but may lead to variability depending on the transaction amount. On the other hand, PandaRemit, a service focused on the SGD-KRW corridor, uses a flat fee model and may offer zero fees for new users, resulting in more predictable costs. This often leads to slightly higher final amounts received when compared to Wise, especially for smaller transfers.

Safety & Regulation Context

Both Wise and PandaRemit operate under stringent regulatory frameworks. 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 both the transfer process and the safeguarding of funds are secure and compliant with local regulations.

Wise, a global remittance provider, adheres to regulatory frameworks in each of its operating countries, including the MAS guidelines for the Singapore market. Both services offer secure, regulated platforms for sending money from Singapore to South Korea.

Singapore Payment Context

Payment methods such as PayNow funding and transfers from DBS iWealth or local banks can influence the reliability and speed of transactions. Both Wise and PandaRemit offer PayNow integration, which allows instant payments from Singaporean bank accounts, further enhancing the efficiency of transfers. PandaRemit also supports direct integration with local real-time payment networks in South Korea, ensuring faster settlement. This eliminates the need for multi-hop transfers typically involved in SWIFT payments, offering faster, more reliable outcomes.

Scenario-Based Assessment

For sending 400 SGD from Singapore to South Korea with a focus on Total Cost, PandaRemit often results in a more predictable final amount due to its fee structure and corridor focus.

Conclusion

Both Wise and PandaRemit are reliable services for remitting funds from Singapore to South Korea, with their respective advantages. Wise offers flexibility through its mid-market rate and transparent fee structure but can result in fluctuating final amounts. PandaRemit’s flat-fee model and specialisation in the SGD-KRW corridor provide a more predictable outcome for users focused on total cost. Additionally, PandaRemit’s strong regulatory backing (MAS Licence PS20200501) and technical safety, including real-time payment integrations, ensure that funds are securely and efficiently transferred. The choice ultimately depends on whether users prioritise transparency in exchange rates (Wise) or predictability and value for money (PandaRemit).