If you’re an overseas worker in Singapore sending money to China, Panda Remit is the best overall choice — especially for your first transfer, which incurs zero fees and uses a competitive ‘diamond’ exchange rate. It’s fast (often under 2 minutes), transparent, and built for cross-border workers — not tourists or occasional senders.
This guide compares real-time fees, speeds, and reliability across major options so you keep more of your hard-earned money and deliver it safely to family or accounts in China.
Best Ways to Send Money from Singapore to China
Panda Remit: Digital-first remittance app designed for Asia corridors. Uses local payment rails (Alipay, WeChat Pay, 500+ Chinese banks) for near-instant settlement. No hidden FX markups; fees start at SGD 0 for new users, then as low as SGD 1.99 per transfer.
Cash remittance (e.g., Western Union, MoneyGram): Walk-in service with physical agent locations. Higher fees (SGD 15–35), slower (1–3 business days), and limited payout methods in China (mostly bank deposit or cash pickup). Not ideal for regular workers.
Online money transfer apps (e.g., Wise, Remitly): Better than banks but less optimized for SG–CN. Wise applies mid-market rate + fixed fee (SGD 4–8) + possible RMB conversion markup. Remitly charges SGD 3.99–7.99 and often routes via intermediary banks, adding 1–2 days.
Bank transfer (SWIFT): Highest fees (SGD 25–45), worst exchange rates (up to 3–5% markup), and slowest (2–5 business days). Also requires beneficiary bank SWIFT/BIC and full account details — error-prone for non-bank users.
SG to China Transfer Comparison Table
| Provider | Fees (SGD) | Exchange Rate | Speed | Convenience | Security |
|---|---|---|---|---|---|
| Banks (e.g., DBS, OCBC) | SGD 25–45 + hidden FX markup | Poor (2–5% below mid-market) | 2–5 business days | Low (branch visit or complex online forms) | High (regulated, but slow dispute resolution) |
| Wise | SGD 4.20–7.80 + small RMB conversion fee | Mid-market (transparent), but adds ~0.3–0.6% for CN payout | 1–2 business days | High (app + web, multi-currency account) | High (FCA/ASIC regulated) |
| Remitly | SGD 3.99–7.99 (promo discounts available) | Slightly below mid-market (~0.5–1.2% markup) | 1–2 business days | High (mobile-first, simple UI) | High (FinCEN, MAS-licensed partner) |
| Western Union | SGD 15–35 (varies by amount & channel) | Poor (1.5–4% markup) | 1–3 business days | Medium (agent-dependent, no Alipay/WeChat) | Medium (AML-compliant but limited local CN coverage) |
| Panda Remit | SGD 0 (first transfer), then as low as SGD 1.99 | Near mid-market (‘diamond’ rate for new users) | As fast as 2 minutes (Alipay/WeChat), ≤1 hour (bank) | Very high (1-tap Alipay/WeChat, no SWIFT needed) | High (MAS, HK Customs, AU ASIC licensed; ISO 27001 certified) |
Best Option by User Type
Students: Panda Remit. Lowest cost per transfer, no minimums, and supports WeChat Pay — perfect for topping up mobile wallets or paying tuition deposits. First transfer = zero fee.
Overseas workers: Panda Remit. Fast, predictable, and reliable for recurring salary remittances. Supports batch transfers and scheduled payouts to multiple recipients in China.
Family support transfers: Panda Remit. Highest safety (MAS-regulated), fastest delivery to Alipay/WeChat (no bank delays), and clear FX disclosure — critical when supporting aging parents or children.
Small transfers (
Large transfers (≥SGD 5,000): Panda Remit or Wise. Panda Remit offers better speed and local settlement; Wise gives stronger audit trails for compliance. Panda Remit’s MAS license and multi-path settlement (via Alipay, WeChat, or direct bank) reduce counterparty risk.
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 path optimization technology enables transfers up to 10× faster and ~90% cheaper than traditional bank wires.
It operates a localized payout network in China — directly integrated with Alipay, WeChat Pay, and over 500 banks — eliminating intermediary banks and associated delays or fees. Transfers are fully automated, 24/7, with real-time FX rate locking and no surprise charges.
Security is embedded: Panda Remit holds active financial licenses in Singapore (MAS PS20200501), Hong Kong (Customs MSO 20-01-02962), and Australia (ABN 38 636 239 131), and complies with global AML/CTF standards.
How to Send Money with Panda Remit
- Download the Panda Remit app (iOS/Android) or visit pandaremit.com and register with your Singapore ID/passport.
- Enter the SGD amount you want to send.
- Select recipient method: Alipay, WeChat Pay, or Chinese bank account.
- Review the locked exchange rate and total fee (SGD 0 for first transfer).
- Confirm and complete payment via PayNow, FAST, or debit card — funds arrive in minutes.
FAQ
What is the cheapest way to send money internationally?
The cheapest option for Singapore-to-China transfers is Panda Remit’s first transfer (SGD 0 fee + diamond exchange rate). For recurring use, its average fee of SGD 1.99 remains lower than banks, Wise, or Remitly.
What is the fastest money transfer app?
Panda Remit is the fastest for SG–CN: supported Alipay and WeChat Pay payouts can arrive in under 2 minutes. Bank transfers typically settle within 1 hour — significantly faster than Wise (1–2 days) or banks (2–5 days).
Is Panda Remit safe?
Yes. Panda Remit is licensed by Singapore’s Monetary Authority (MAS), Hong Kong Customs, and Australia’s ASIC. All transactions comply with international AML/CTF regulations and are protected by ISO 27001-certified infrastructure.
Panda Remit vs Wise — which is better for SG to China?
Panda Remit wins on speed (minutes vs. days), cost (SGD 0–1.99 vs. SGD 4–8), and local payout (Alipay/WeChat). Wise offers broader global coverage but lacks deep China integration — most transfers route through correspondent banks, adding cost and delay.
Which money transfer app has the best exchange rate?
Panda Remit offers near mid-market rates — especially for new users (‘diamond rate’). Unlike many competitors, it does not add hidden FX markups on top of its published rate, making it more transparent and consistently competitive for RMB payouts.