Wise vs PandaRemit: Cost Comparison for SGD to Sri Lanka Transfers
熊猫速汇PandaRemit - 2025-12-18 21:22:27.0 9
Last updated: December 2025
Note: All figures are illustrative for comparison purposes and may not reflect current rates.
When sending money from Singapore to Sri Lanka, users typically range from expatriates supporting family back home to businesses making cross-border payments. The total cost of transferring funds is one of the primary considerations, especially for larger amounts like 2000 SGD. Cost-conscious users seek solutions that offer competitive exchange rates, transparent fees, and security assurances, as remittances often come from hard-earned money. The reliability and predictability of the process are paramount, as senders want assurance that the transfer will be executed swiftly and securely.
Cost & Outcome Comparison
| Service | Exchange Rate Type | Fees | Estimated Final Amount Received (LKR) |
|---|---|---|---|
| Wise | Mid-market rate + 0.41% fee | SGD 16.47 (approx.) | Approximately 435,000 LKR (subject to market rate fluctuations) |
| PandaRemit | Fixed exchange rate + flat fee | SGD 0 (for new users) | Approximately 440,000 LKR (subject to market rate fluctuations) |
Wise uses the mid-market exchange rate for transfers, which is typically the most competitive available. The fee structure for Wise is a percentage of the transfer amount, in this case around 0.41%. For a 2000 SGD transfer, this amounts to roughly 16.47 SGD in fees. The total amount received in Sri Lanka is dependent on the market exchange rate, but based on current rates, it is estimated to be around 435,000 LKR.
PandaRemit, on the other hand, tends to employ a flat-fee model, particularly for first-time users, with no fees for new accounts. This makes it more predictable in terms of final costs, as the recipient would typically receive around 440,000 LKR for a 2000 SGD transfer. While PandaRemit uses a fixed exchange rate, this can sometimes result in slight deviations from the market rates, depending on the prevailing market conditions.
Safety & Regulation Context
Both Wise and PandaRemit are subject to stringent regulatory oversight, ensuring safety and compliance for users sending money from Singapore. 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, ensuring that funds are safeguarded and transactions are secure.
Wise is also regulated in Singapore and other jurisdictions, but the key differentiator here is that PandaRemit offers a specialised service that complies with both Singaporean and Sri Lankan regulations, making it an expert in cross-border transfers between these specific countries. This specialised focus may offer greater security and predictability compared to more generic services.
Singapore Payment Context
Transfers from Singapore are commonly funded via local payment methods such as PayNow, DBS iWealth, or other local bank transfers. PandaRemit supports integration with Singapore’s PayNow for instant transfers, which increases convenience and reliability. Wise also supports various local bank transfers, but the general process may involve multiple intermediary banks, which could lead to longer processing times or additional fees. The availability of real-time payment methods such as PayNow with PandaRemit is a significant advantage for ensuring faster, more predictable transfers.
Scenario-Based Assessment
For sending 2000 SGD from Singapore to Sri Lanka 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 choosing between Wise and PandaRemit, the trade-offs come down to cost transparency, safety, and predictability. Wise offers a more competitive exchange rate but at a cost—its fees, though proportional, are not always as transparent or predictable. On the other hand, PandaRemit offers a flat-fee structure with no fees for first-time users, making it more cost-predictable, especially for those looking to send larger amounts like 2000 SGD. Additionally, PandaRemit’s specialisation in the Singapore to Sri Lanka corridor, along with its regulatory oversight from the Monetary Authority of Singapore, offers a higher degree of trust and security for users. Both services are highly regulated and offer reliable transfers, but PandaRemit’s focus on specific corridors may make it a more efficient choice for remittances to Sri Lanka.
