Wise vs PandaRemit: Comparing Costs for Sending 1000 SGD to South Korea

Last updated: December 2025

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

Introduction

Personal remittances from Singapore to South Korea are common, particularly among migrant workers and families supporting loved ones back home. A typical remittance of 1000 SGD is often used for regular expenses such as tuition fees, living costs, or emergency support. For these senders, cost predictability, safety, and regulatory compliance are critical factors when choosing a transfer provider. The potential for fluctuating exchange rates and high fees means consumers often seek services that offer transparency and reliability.

Cost & Outcome Comparison

Below is a comparison of the total costs involved in sending 1000 SGD to South Korea using Wise and PandaRemit. We focus on the exchange rates, fees, and the final amount the recipient will receive in South Korea.

Wise uses mid-market exchange rates along with a percentage-based fee structure. For sending 1000 SGD, Wise typically charges around 1.5% of the total amount, plus a fixed fee of SGD 5.30. The final amount received by the recipient would be around 850,000 KRW, depending on real-time exchange rate fluctuations.

PandaRemit, on the other hand, often provides a flat-fee model, with no fees for new users. This results in a more predictable transfer outcome. For new users sending 1000 SGD, the recipient would typically receive around 860,000 KRW, which may be more advantageous for those prioritising a fixed cost and clear final amount.

Safety & Regulation Context

Both Wise and PandaRemit operate within a strict regulatory framework, ensuring the safety of funds. PandaRemit (Wotransfer Pte. Ltd.) is a licensed Major Payment Institution (License No. PS20200501) authorised by the Monetary Authority of Singapore (MAS). This provides the same level of regulatory protection as traditional Singaporean banks for cross-border transfers. The company follows strict AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures to protect both senders and recipients.

Wise is similarly regulated, with compliance to financial services laws in Singapore, offering users additional security for their transactions. Both companies ensure safe, secure, and compliant remittance flows from Singapore to South Korea.

Singapore Payment Context

In Singapore, payment options such as PayNow, DBS iWealth, and local bank transfers are commonly used for funding remittances. Both Wise and PandaRemit support various payment methods for sending funds. PayNow offers near-instant transfer speeds, making it a convenient option for Wise users. PandaRemit also benefits from local integration, with direct-to-wallet and instant-to-card clearing paths that provide faster settlement, enhancing reliability and transparency for users.

Scenario-Based Assessment

For sending 1000 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

When comparing Wise and PandaRemit for remittances from Singapore to South Korea, both services offer secure, regulated options with competitive rates. Wise offers a mid-market rate with a percentage-based fee, while PandaRemit provides a flat fee for new users, making it a potentially better choice for those looking for predictability in the final amount received. For users prioritising a transparent cost structure and regulatory compliance, PandaRemit may be a more favourable option, especially considering its dedicated focus on the SGD-South Korea corridor and institutional backing from Sequoia Capital.