Panda Remit Hong Kong International Transfer: Fees and Rates

Cross-border remittances from traditional banks are secure but usually slow, with complicated fees and terms. The good news is that you can choose online remittance services to solve these issues.

With the rise of online money transfer services, you can now send money to almost anywhere in the world from the comfort of your home or office using smart devices. Panda Remit is one good example of an online money transfer service operating in Hong Kong! If you are considering using Panda Remit, it's important to understand how it transfers money from Hong Kong to mainland China, the USA, and other countries.

When it comes to international money transfers, it's important to compare different platforms to find the one that best suits your needs. This article also delved into another online remittance service, Wise.

Learn more about Wise

What is Panda Remit?

Founded in 2018 and owned by Wo Transfer (HK) Limited¹, Panda Remit provides a fully digital solution for you to send money across borders at a low cost. Its’ services cover over 40 countries and regions across Asia, Oceania, Europe, and North America². And you can easily access all the services through the Panda Remit app in Hong Kong.

In the last five years, Panda Remit has acquired operation licences from various countries, including Hong Kong. This company is backed by well-known investors like Sequoia Capital, Lightspeed Capital, and Jia Cheng Capital³. In 2020, Panda Remit achieved an outstanding milestone, including becoming a strategic partner with Alipay and being selected for the MasterCard "Start Path" project³.

One thing to take note is that you cannot use Panda Remit to send or receive money to or from a business account. This also means that Panda Remit doesn’t offer business accounts as of April 2024.

Panda Remit: How are the exchange rates?

Panda Remit takes pride in providing its users with competitive exchange rates through Real-time FX Rate. To evaluate how their rates compare against other currencies, it's recommended to compare Panda Remit HK with other alternatives. The table below displays a comparison between Panda Remit and Wise FX rate against the Hong Kong Dollar:

All foreign exchange rates are correct at time of research - 30 April 2024.

If you only consider the exchange rates, Panda Remit may seem like a better option. However, it's important to be aware that Panda Remit charges a transfer fee for its services. More on this will be discussed shortly!

Panda Remit: How much are the fees?

Panda Remit offers relatively cheaper fees when compared to traditional banks. By cutting down the cost of middlemen and offline stores, the company is able to keep its transfer fees relatively lower. For example, if you want to send HKD internationally, the transfer fee is only 30 HKD, and the exchange rate will be locked to keep the payment amount unchanged.

The following table sets out the service fees charged by Panda Remit For converting different currencies into Chinese Yuan:

All fees are correct at time of research - 30 April 2024.

At the time when this article is written, April of 2024, Panda Remit is offering a special promotion for new customers - it is waiving the money transfer fees, which means you can save more money when using its services. To check the live foreign exchange rates provided by Panda Remit, you can use their online calculator tool. You simply select the currency pair you want to proceed, and you will see exactly what your recipient will receive. Similar to Wise, Panda Remit is known for its transparency when it comes to foreign exchange rates and fees. You won't have to worry about hidden fees - what you see is what you pay.

Panda Remit: How much can I send?

The minimum single remittance limit of Panda Remit is 500 HKD and the maximum is 30,000 HKD⁵; Panda Remit, though, does not limit the number and amount of remittances daily. If you want to send a large amount of remittance, just split the amount and send multiple remittances.

However, according to China's foreign exchange management regulations, individual residents in China can receive up to US$50,000 in remittances per year, so it is best to confirm with the recipient that the remittance will not exceed the other party's collection limit to avoid any hassle from the receiving side.

Panda Remit: How long does it take?

The timing of your receipt may vary depending on the type of payment and currency used. After you approve the transfer, Panda Remit will review your information to ensure it is accurate and complete. The review process can take as little as 2 minutes⁴, but the exact timing will be updated in your Panda Remit app.

To avoid any delays, please ensure you provide all necessary documentation when you submit your transfer. It's worth noting that while the transfer speed is relatively fast, delays may occur due to banking times, holidays, processing time, compliance review, or missing/incomplete documentation and information.

Panda Remit: How to send money?

The process to send money using Panda Remit in Hong Kong starts as soon as you register for a free account on the official website of Panda Remit or Panda Remit App. You will need to provide³:

• Person mobile phone number to receive the OTP code;
• Address; and
• One of these documents:
  • Hong Kong ID Card
  • Mainland ID Card
  • Mainland Travel Permit for Hong Kong and Macau Residents
  • Global Passport

After gathering your signing up for a Panda Remit account, here’s the process to make your first transfer:

1. Verify your account information by uploading an ID card. Face recognition and ID verification are also required. Then you should bind a bank and set a transaction password.
2. Fill in the recipient information (name, bank card number, and account opening bank).
3. Enter the amount you wish to send, review the available exchange rates and associated fees. Confirm the details by clicking on the "Submit" button.
4. Choose either Visa/MasterCard debit card payment or Bank Debit ACH as your payment method to pay.
5. Your transfer is good to go. Make sure you check the timing on your screen so you know when your recipient can expect to have it in their account.

Is Panda Remit safe?

The short answer is Panda Remit is extremely safe to use. First and foremost, Panda Remit is regulated by the Hong Kong Customs and Excise Department (C&ED). The platform has received a licence to operate as a Money Service Operator (MSO). Panda Remit takes the financial safety of its users seriously and applies strict review procedures, advanced fraud detection technology, and other industry-standard security procedures⁵.

However, it is important to keep in mind that like any online payment platform, there may be scams or unauthorised entities trying to obtain your money. Therefore, it is strongly advised that you never send money to anyone you have not met in person.

How to contact Panda Remit customer service?

Panda Remit offers round-the-clock online customer service, available in multiple languages, and provides personalised VIP service to ensure a seamless remittance experience. If you encounter any issues during the remittance process, you can consult with the customer service representatives for assistance through the following methods:

• Contact phone (Singapore): +65 3159 3053
• Email: asia@pandaremit.com
• Online Customer Service on the website or through the Panda Remit app.

Panda Remit is a totally worthwhile and legitimate payment platform! It's super quick, affordable, and is surprisingly easy to use. If you're all about getting things done without any hassle, then Panda Remit is definitely worth checking out for international transfers.

However, it's worth noting that the service is currently available in only 40+ countries, mostly in Europe and Asia. Also, there is a minimum remittance amount. If you need more flexibility, such as sending smaller amounts of money, transferring money to China from areas that Panda Remit does not support, or sending money to other countries, you should consider using Wise.

Wise also provides convenient, faster and transparent cross-border remittance methods. Wise remits money at real-time exchange rates and can remit money to more than 70 countries. It is supervised by different financial institutions around the world, making it safe and secure.

Send money with Wise

Sources: