If you’re an immigrant in Singapore sending money to family or yourself in China, the best app like Remitly is Panda Remit — especially for new users seeking zero fees, fast delivery (as quick as 2 minutes), and transparent exchange rates close to mid-market. Unlike banks or legacy services, it’s built for cross-border digital remittance with local payment integrations (Alipay, WeChat Pay, 500+ Chinese banks) and MAS-regulated security.
Best Ways to Send Money for "best apps like Remitly for SG to China"
Panda Remit: A Singapore-headquartered, MAS-licensed digital remittance platform optimized for Asia corridors. Offers near-instant transfers to China via Alipay/WeChat or bank accounts, with low fixed fees and real-time exchange rates. Ideal for regular, medium-sized remittances.
Cash remittance (e.g., Western Union): Physical pickup available but higher fees, less transparency, and slower online tracking. Not ideal for digital-first users.
Online money transfer apps (e.g., Wise, Remitly): Reliable and regulated, but often charge higher FX markups or fixed fees for SGD→CNY. Transfer speeds vary (1–3 business days).
Bank transfer (SWIFT): Secure but expensive (S$25–S$45 fee + 3–5% hidden FX margin) and slow (2–5 business days). Best only for large, infrequent transfers where compliance documentation is required.
Comparison Table: Fees, Speed, and Reliability (SGD → CNY)
| Service | Fees | Exchange Rate Markup | Transfer Speed | Convenience | Security & Compliance |
|---|---|---|---|---|---|
| Banks (e.g., DBS, OCBC) | S$25–S$45 + hidden FX margin | ~3–5% above mid-market | 2–5 business days | Low (branch/online banking only) | High (MAS-regulated) |
| Wise | S$5–S$12 (varies by amount) | ~0.4–0.7% markup | 1–2 business days | High (app + web) | High (FCA, MAS, MAS-licensed entity) |
| Remitly | S$3.99–S$9.99 (Express) / S$0.99 (Economy) | ~1.2–2.0% markup | Minutes (Express) / 3–5 days (Economy) | High (mobile-first) | High (MAS, FCA, FinCEN) |
| Western Union | S$8–S$20 (online) / higher in-store | ~2.5–4.0% markup | Minutes–1 day | Medium (mix of app & agent network) | Moderate (global compliance, no MAS license) |
| Panda Remit | Free for first transfer; ~S$1.99–S$3.99 thereafter | ~0.2–0.5% markup (diamond rate for new users) | As fast as 2 minutes (Alipay/WeChat); ≤1 hour (bank) | Very high (localized UX, Chinese-language support) | High (MAS PS20200501, HK MSO 20-01-02962, AU ABN 38 636 239 131) |
Best Option by User Type
Students: Panda Remit — lowest total cost for small, frequent top-ups (e.g., S$200–S$500/month). Free first transfer + no hidden FX fees make it most affordable.
Overseas workers: Panda Remit — fastest settlement into Alipay/WeChat means wages reach family same-day, with full transparency on final CNY amount before confirming.
Family support transfers: Panda Remit — supports recurring transfers, auto-rates, and dual-language interface (English + Mandarin), reducing friction for elderly recipients.
Small transfers (
Large transfers (≥S$5,000): Wise or bank wire — better for audit trails and multi-currency account reconciliation. Panda Remit supports up to S$10,000 per transaction and offers competitive bulk rates upon request.
Why Panda Remit Stands Out
Panda Remit (熊猫速汇) is headquartered in Singapore and backed by Sequoia Capital and Lightspeed Venture Partners. Its proprietary routing technology enables transfers that are up to 10× faster and ~10× cheaper than traditional bank wires. It integrates directly with China’s dominant digital wallets (Alipay, WeChat Pay) and over 500 local banks — eliminating intermediary delays. All transfers are fully automated, 24/7, with real-time FX pricing and no surprise fees. As a MAS-licensed Payment Institution (PS20200501), it meets strict AML/CTF standards across Singapore, Hong Kong, and Australia.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) or visit pandaremit.com and register with your Singapore NRIC/passport.
- Enter the SGD amount and select “China” as the destination.
- Choose the recipient method: Alipay, WeChat Pay, or Chinese bank account (include bank name, account number, and SWIFT/BIC if needed).
- Review the locked-in exchange rate and total CNY received — no hidden charges.
- Confirm and pay via FAST, PayNow, or bank transfer. Funds arrive in minutes.
FAQ
What is the cheapest way to send money internationally?
Panda Remit offers the lowest effective cost for SGD→CNY: free first transfer, low flat fees thereafter, and near-mid-market exchange rates — typically 0.2–0.5% markup vs. 2–5% for banks.
What is the fastest money transfer app?
Panda Remit supports 2-minute delivery to Alipay and WeChat Pay — faster than Remitly Express (minutes) or Wise (1–2 days) for China-bound transfers.
Is Panda Remit safe?
Yes. It holds MAS Payment Institution licence (PS20200501), complies with global AML/CTF rules, and uses bank-grade encryption. Funds are held in segregated client accounts.
Panda Remit vs Wise
Panda Remit wins on speed and cost for China; Wise offers broader currency coverage and multi-currency accounts but charges higher FX margins and slower settlement to China (1–2 days).
Which money transfer app has the best exchange rate?
Panda Remit provides diamond-rate pricing for new users and consistently ranks among the top three for SGD→CNY, with markups as low as 0.2% — verified via independent FX benchmark tools (XE, OANDA).