Panda Remit: Sending money from China, all you need to know!

The ever-growing demand for cross-border payments and money transfers is driving more and more people to search for a reliable and affordable international money provider. Panda Remit is one of the popular options in the market. If you are considering using the cross-border remittance service of Panda Remit, it is better for you to have a more particular knowledge of this tool, including how it transfers money from China to the USA, to Singapore, and other countries.

When it comes to sending money internationally, Wise is another great option. TheWise multi-currency account allows global users, including expats in China, to send, convert, and hold money in a safe, easy and cheap way. Why not compare Wise versus Panda Remit in every possible way, and pick the one that works best for you!

Send money home using Wise today

What is Panda Remit?

Panda Remit was founded in 2018¹ and has been headquartered in Singapore. It is a digital solution for cross-border remittance for over 40 countries and regions across Asia, Oceania, Europe, and North America². There are three types of services that Panda Remit currently offer: Global Remittance, Remittance to China and China Outward Remittance¹ .

Over the past five years, Panda Remittance has obtained payment licenses in many countries,⁶ while also receiving significant financial support from well-known investors such as Sequoia Capital and Lightspeed Capital. Panda Remittance reached a remarkable milestone by being included in the MasterCard "Start Path" project in 2020².

Is Panda Remit safe³?

Yes. In general, Panda Remit is safe to use.

Notably Lightspeed Partners and Sequoia Capital are investors in Panda Remit. Sequoia Capital has invested in Apple, Alibaba, Google and other well-known companies in China and abroad. Lightspeed Partners is a China-focused early-stage venture capital fund. Lightspeed Partners focuses on the consumer Internet, the "Internet+" that transforms traditional industries, and enterprise-oriented technology.

Secondly, Panda Remit is a partner with King & Wood Mallesons, a leading law firm in China. Panda Remit's business processes are subject to strict legal evaluation and compliance legal opinions issued by King & Wood Mallesons, so that every remittance from Panda Remit is legal and compliant.

In addition, Panda Remit is PCI DSS certified and has passed nearly 300 audit metrics covering 6 domains and 12 specifications encompassing cybersecurity, application and system security.

Last but not least, Panda Remit is committed to maintaining the confidentiality of user data and protecting the privacy of the remitters in strict accordance with local regulations and maximizing the security of remitters' information.

Panda Remit takes the following measures to ensure the financial security of its users¹**:**

• Panda Remit uses multiple information review procedures, implements strict risk control management, and protects user funds by encrypting all transactions and monitoring them all the time.
• Panda Remit uses the most advanced fraud detection technology to prevent unauthorized account access.
• The entire remittance process is visualized, traceable and notified in a timely manner via SMS/email/WeChat.

Panda Remit transfers money from China to the US

Step guide⁴:

1. Open a Panda Remit account with your certificate (Mainland China ID Card: that is to say Panda Remit is only available to mainland Chinese users) and your Mainland China Debit Bank Card. Face recognition and ID verification are also required.
2. Fill in the remitter information.
3. Add a payee account.
4. Choose either Visa/MasterCard debit card payment or Bank Debit ACH as your payment method to pay.

Transfer money from China to US Fees (10,000 RMB) and transfer limits⁴:

Note:

• The limit for a single transaction from China to the US via Panda Remit is 100 to 49,000CNY¹.
• You can use Panda Remit to complete an unlimited number of transactions per day or month¹.

Panda Remit transfers money from China to Singapore

Transfer fee⁵:

Note:

• The limit for a single transaction from China to Singapore via Panda Remit is 100 to 49,000CNY¹.
• There is no limit for the number of transactions per day or per month¹.

Use Wise to send your earnings out of China!

Both Wise and Panda Remit are popular and safe international money transfer tools. Fully available online and via app, they are easy to use, fast, and more convenient than traditional physical banks. For expats in China seeking out the one provider for sending money to and from China,Wise is definitely a smart choice! Wise enables you to transfer money from China to more than 160 countries, using the mid-market exchange rate and a small upfront conversion fee.

You are highly recommended to open a multi-currency account of Wise -- a powerful universal account -- to receive, send, hold, and convert money in one place. Obtain account details in 8 currencies, including USD, AUD, CAD, EUR, GBP, etc, while choosing to hold or convert from 40+ different currencies. Become one of the 16 million content users of Wise by creating a profile today!

*This service is provided in partnership with a licensed third-party payment provider in China.