Panda Remit Detailed Review

Rates, Fees, Limits, Safety and More

Last updated: April 15, 2022

What is Panda Remit? An introduction

Panda Remit company information

Panda Remit was established in Hong Kong in 2018 and is owned by Wo Transfer (HK) Limited. In the past three years, Panda Remit has focused on the international remittance business, and has expanded rapidly into newer markets.

With the advent of the era of online remittances, more and more people choose the internet for their international money transfer needs. Panda Remit is building a new global remittance network around the world.

Panda Remit has licenses to operate in multiple countries, and users can send and receive money using their platform.

Panda Remit is a rapidly growing fintech startup focusing on making international remittances cheap, quick and easy.

Panda Remit provides money transfer services to people all over the world. In 2021 alone, there were 900,000 remittance transactions, with the remittance amount exceeding USD 940,000.

Panda Remit is also backed by Sequoia Capital and Lightspeed Partners, two globally reputable and large investment firms that invest in great businesses worldwide. They also were selected into the Mastercard Start Path Program in 2020.

Panda Remit is a fully digital solution

Panda Remit handles the full end to end remittance process online. This helps them prevent the cost operating offline stores. As a result, Panda Remit is able to provide optimal exchange rates and the lowest handling fees to their customers.

Panda Remit is a great choice for the world's top investment institutions and partners. They use bank-level security technology solutions to provide your family and friends with the safest and most efficient way to send money overseas.

Let's deep dive into why Panda Remit could be a great choice for your next money transfer.

Which countries does Panda Remit operate in?

As an emerging remittance service provider, Panda Remit is rapidly expanding their global footprint. At this time, they allow you to send money from almost 10 countries to more than 40 destinations worldwide.

Where can I send money from with Panda Remit?

Currently, Panda Remit supports remittance from the below regions and countries.

• Europe - Many European countries and United Kingdom
• North America - Canada and United States
• Australasia - Australia and New Zealand
• Asia - Hong Kong, Japan and Singapore

Panda Remit continues to grow worldwide and keeps adding more markets to serve the cross-border remittance needs of its customers.

Where can I send money to with Panda Remit?

With Panda Remit, you can send money to over 40 countries and regions globally.

Panda Remit supports many popular destination currencies including Australian Dollar, New Zealand Dollar, US Dollar, Canadian Dollar, Singapore Dollar, Japanese Yen, Hong Kong Dollar, European Euro, British Pound, Indian Rupee, Thai Baht, Indonesian Rupiah and Malaysian Ringgit.

Panda Remit continues to add support for additional source as well as destinations countries and currencies, so if your country or currency pair is not supported yet, make sure to check back regularly.

Panda Remit supports close to 500 remittance source and destination country combinations.

What are Panda Remit's fees and exchange rates?

Panda Remit tends to have really good fees and exchange rates compared to their competitors in the money transfer space.

One reason why they are able to do so is due to their lower costs of operating fully online without physical branches. As a result, they try to pass on some of the savings to customers.

To verify if Panda Remit's exchange rates are good, lets embark on some case studies.

We will see what are Panda Remit's transfer fees and rates for sending 1000 units of currency for some country pairs, and do some calculations to see if the rates are good or not.

The below table shows the relevant Panda Remit exchange rates, fees and payouts for some country pairs.

*Exchange rates and fees as on April 11, 2022
**Mid-Market Rate from XE.com
See how we calculate FX Markup

You can easily check live rates from Panda Remit by using their online calculator. Select your country/currency pairs, and enter your transfer amount, and the calculator will show you how much money your recipient will get. You will also be able to see the applied exchange rate as well as the fee.

Panda Remit is also waiving all money transfer fees at this time, so you can send money with them for free. This is a great way to save even more with your money transfers with them!

Panda Remit provides really good exchange rates. They are also waiving all fees so you can save even more!

Are Panda Remit exchange rates good?

In our analysis, Panda Remit provides really good exchange rates across almost all of their supported country combinations. You can quickly get a live quote using their online calculator to estimate how much you will pay and how much your recipient will get.

Based on the evidence from our case studies, Panda Remit charges a very low FX Markup in the 0.02% to 0.62% range. This is a very low markup, so you are definitely getting a very good exchange rate with them.

Panda Remit tends to charge a very low FX Markup. This helps you get a better exchange rate.

However, when it comes to international money transfers, there are numerous variables involved. For example, in addition to exchange rates and fees, you may also want to look at transfer limits, payment and delivery methods, transfer speed, and so on.

A great way to ensure you are always getting the best deal is to compare money transfer companies. You can use RemitFinder for your remittance comparison needs to easily inspect the strengths and weaknesses of money transfer operators in an easy to understand view.

Is Panda Remit a cheap way to send money overseas?

There are 2 ways money transfer companies make money from your international remittances; these are as follow.

• Giving you a poor exchange rate - By charging a high FX Markup, the money transfer operator keeps more of your money for their profit margin
• Charging transfer fees - The fee you pay for your money transfer is money that stays with them, and does not to go your recipient

By providing very competitive exchange rates and charging 0 fees, Panda Remit helps you make the most of your money.

Panda Remit is a cost effective way to send money abroad.

How do I avoid Panda Remit fees?

Currently, you pay 0 fees when you send money with Panda Remit. Take advantage of no fees to get an even higher return on your money.

Another way to avoid fees is to use your bank account to pay for your Panda Remit money transfers. Anytime you pay for your transaction with a credit card, you risk paying high fees to your credit card company.

Panda Remit provides very competitive exchanges rates and charges 0 fees. Given that, your recipient will get more out of your Panda Remit money transfer.

How much money can I send with Panda Remit?

With Panda Remit, there are no limits to either the amount of money you can send or the number of remittances you make.

You just have to ensure you are compliant with your local regulatory and legal requirements. For example, Chinese government foreign exchange laws allow Chinese residents to receive up to $50,000 USD from overseas per year. Additionally, fund settlement in China must also meet individual annual quota requirements.

Note that Panda Remit may ask you to furnish additional documents to facilitate your money transfers. This is to ensure compliance with legal regulations and your safety.

There is no limit to how much money you can send with Panda Remit.

How long does it take for Panda Remit to send money overseas?

The speed of your Panda Remit money transfers depends on the type of payment and receipt selected. Usually, transfers complete within 1-3 working days, while the fastest your money will reach the recipient is two minutes.

Make sure you provide all the necessary documentation when you submit your transfer. Missing or incomplete documentation will delay the compliance checks and fraud review process as well.

Finally, delays can also happen as a result of banking times and holidays.

Panda Remit can clear some transactions in just 2 minutes! Most transfers will complete within 1-3 working days.

What payment methods can I use to send money with Panda Remit?

You can pay for your Panda Remit money transfer online with quite a few different payment methods.

Panda Remit supports the below payment methods to fund your money transfers with them. Note that some are local to certain countries.

• Debit card
• ACH bank transfer
• Poli - Australia and New Zealand only
• ATM transfers

You have multiple options to pay for your Panda Remit money transfer. In some countries, Panda Remit also accepts local payment methods.

How can my recipient get paid with Panda Remit?

The method in which you choose to get your recipient paid is called a delivery method or a delivery option. Panda Remit support numerous delivery methods, including some local ones in certain countries.

Below is the list of Panda Remit's supported delivery methods.

• Bank transfer
• Alipay - China only
• Weixin - China only
• Gcash - Philippines only
• Debit card - with more than 500 mainstream UnionPay banks in mainland China

Panda Remit allows you to send money to your recipient via bank transfers or using local delivery methods in some countries.

Are there any Panda Remit coupon codes or promotions I can use?

Deals and promotions are a great way to further lower the cost of your money transfer, and put more money in your recipient's pocket.

Panda Remit has several exclusive promotions for RemitFinder users. These offers generally fall into 3 categories.

• Free transfers - For example, Free transfers from the US
• Cashback coupons - For example, GBP 5 off on first transfer from the UK
• Referral rewards - For example, Refer a friend to earn CAD 20 in Canada

Below is a screenshot of another Panda Remit deal on RemitFinder whereby customers in Hong Kong get HKD 10 off on first transfer, and 0 fees on all transfers.

Panda Remit promotion for Hong Kong users to get HKD 10 off on first transfer

There are many Panda Remit coupons and deals available exclusively for RemitFinder users. You can use these to save even more on your next money transfer.

We will keep this page updated with any future Panda Remit coupon codes, deals and promotions, so be sure to check back regularly.

Another great option to avoid manually looking for deals is to register for RemitFinder's daily free exchange rate alert. Once you create your free alert, we will keep you informed of the latest exchange rates and deals on your provided email address.

Sign up for a free rate alert and stay up to date with market trends

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Is Panda Remit a safe way to send money abroad?

Panda Remit takes the security of your hard earned money as well as confidential information very seriously. They have made user privacy and security one of their guiding principles and a cornerstone of their service.

Below are some additional measures that Panda Remit takes to ensure continued safety of your funds and information.

• Panda Remit provides a secure online platform - All information on Panda Remit website and mobile apps is encrypted using Norton Secure Site SSL Certificates which ensures a secure connection and protects your information.
• Panda Remit secures your money transfers - In addition to using security certificates throughout, Panda Remit also provides up to USD 1.5 million in security.
• Panda Remit fully secures their backend servers - To add additional layers of security, Panda Remit ensures that all of their backend servers are fully secure so your information and privacy are in safe hands with them.
• Panda Remit implements safety best practices - If you ever have to contact Panda Remit, no one will ever ask you for your password. They also advise customers on how to avoid fraud and be vigilant at all times.
• Panda Remit provides 100% Money Transfer Guarantee - Panda Remit guarantees that your funds are safe with them, and that your money transfer will complete successfully (assuming you provide all necessary identity verification documents and pass fraud checks).

As a fully online business with no brick and mortar branches, it is no surprise that Panda Remit implements numerous security guidelines and ensures a safe environment.

Can I trust Panda Remit?

In addition to implementing numerous safety procedures, Panda Remit also ensures full legal and regulatory compliance in all the markets they operate in.

Panda Remit has licenses to operate as a money transfer business in all the countries they service, and are regulated by various financial institutions around the world.

Below we list some regulatory and compliance bodies that Panda Remit complies with.

• Wo Transfer (HK) Limited dba Panda Remit has an MSO (Money Service Operator) license with the Hong Kong Customs department
• Panda Remit is registered with the Financial Crimes Enforcement Network (FinCEN) in the United States
• Panda Remit partners with CFSB (Community Federal Saving Bank) in the United States
• Wo Transfer (HK) Limited dba Panda Remit is licensed as a money transmitter in the state of Georgia in the United States, and is supervised by Georgia's Department of Banking and Finance.
• Wo Transfer (HK) Limited dba Panda Remit is regulated by MAS (Monetary Authority of Singapore) in Singapore
• Wo Transfer (HK) Limited dba Panda Remit is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) in Australia

Additionally, Panda Remit procures the services of King & Wood Mallesons, a leading law firm from China. The said law firm helps Panda Remit stay compliant with numerous money transfer laws and regulation throughout all global regions that they operate in.

As an online financial business dealing with currency exchange, Panda Remit implements many security protocols and best practices to ensure customer information and funds are safe at all times.

Given Panda Remit's focus on security and their compliance with various laws and regulations, your money and information is safe with them.

How good is Panda Remit's service?

A great way that you can see if a particular remittance service provider is good or not is by checking out ratings and reviews from fellow remitters like you. Let's check what customers say about Panda Remit.

What do users have to say about Panda Remit?

When we checked Panda Remit's reviews and ratings on some popular platforms^, we found the below information.

• Panda Remit has an excellent rating of 4.6/5.0 on Trustpilot with about 250 reviews
• Panda Remit's Android app is rated 3.1/5.0 on the Google Play Store, and has more than 5,000 ratings
• Panda Remit's iOS app has a 2.9/5.0 rating on the Apple App Store with 155 ratings
• Panda Remit is rated 5.0/5.0 on RemitFinder with total 6 reviews

^Ratings on various platforms as on April 13, 2022

While Panda Remit has an excellent rating on Trustpilot, we notice lower ratings for both their Android and iOS mobile apps. Proceed with caution if you are using their mobile app for your money transfer. It may be better to rely on Panda Remit website for the best customer experience.

Panda Remit has an excellent rating on Trustpilot. However, their mobile apps are rated lower.

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Is Panda Remit the best choice for me?

Based on our deep dive into Panda Remit's money transfer services, we notice many areas where they are good at. Below we list the major strengths of Panda Remit's remittance product.

• Good corridor coverage - Panda Remit covers about 500 global corridors at this time, and continues to expand rapidly. We expect their coverage to continue to increase, so depending on where you live and where you need to send money to, Panda Remit may be a great option for you.
• Excellent exchange rates - Panda Remit charges a very low FX Markup, thereby giving you a very good exchange rate. One reason they are able to operate on thinner margins is due to the fact that they do not have physical offices. Panda Remit operates its business online only, and this helps lower the overall cost of operation.
• 0 transfer fees - At this time, Panda Remit is charging absolutely 0 fees. Take advantage of this to send money with them and get the most of your money.
• No money transfer limits - Panda Remit does not restrict how much money you can send overseas with them. Note that you may still have to comply with local laws in your source and destination countries. For example, Chinese residents can only receive up to USD 50,000 remittances from overseas every year.
• Fast transfer speeds - In some cases, Panda Remit is able to send your money overseas in just 2 minutes! Most transfers take 1-3 working days to complete processing.
• Flexible payment and delivery methods - Panda Remit supports a variety of payment as well as delivery methods to help both you and your recipient send and receive money conveniently. They also support local payment and delivery options in some countries.
• Attractive deals and promotions - Panda Remit is offering exclusive coupon codes and offers for RemitFinder users. These Panda Remit coupons are a great way to put even more money in your recipient's pocket.

RemitFinder likes Panda Remit for offering highly competitive exchange rates, charging 0 fees, having no money transfer limits, moving money abroad fast and offering many deals and promotions.

What are the best reasons to use Panda Remit?

There are several common money transfer scenarios for which Panda Remit seems like a good fit. Based on our detailed analysis of their services and above mentioned strengths, we find Panda Remit to be a good choice for some common remittance needs as below.

• If you want the maximum payout for your recipient, Panda Remit can be a good choice. The below reasons contribute to maximizing your return with them:-
  • Very competitive exchange rates
  • 0 transfer fees
  • Coupons, deals and promotions
• If you need to send a large amount of money abroad, Panda Remit is a great option as they do not have any limits on how much money you can send with them. As long as you comply with any financial regulations in your source and destination countries, Panda Remit will help you move large sums of money overseas.
• If you need to send money internationally very quickly for urgent situations or emergencies, Panda Remit can be a great partner to help you do so. Some of their transfers clear in 2 minutes. At most, your recipient will have to wait for 1-3 business days to get the funds.
• Sometimes you may prefer to send or receive money using local payment methods supported in your region or country. If this is important to you, Panda Remit might be a good fit as they support several local payment and delivery methods in some countries. Check their website for your specific country and local payment method to see if it supported.

Panda Remit can be a good choice for many common money transfer needs that you may have.

What type of transfers can I make with Panda Remit?

Panda Remit offers online money transfer from a source country and currency to a destination country and currency.

It is simple and easy to send money via Panda Remit, and once you have added the needed documentation, your money transfer proceeds forward pretty quickly.

What are various ways to send money with Panda Remit?

Panda Remit is an online business - this means there are no physical locations or branches to go to. In fact, operating online only helps Panda Remit reduce their operational costs, and hence offer better exchange rates.

There are 2 convenient ways you can send money with Panda Remit; these are as below.

• Via Panda Remit's website
• Using Panda Remit's mobile apps - these are available for both Android as well as iOS users

Whether using the Panda Remit website or mobile app, its quick and easy to send money overseas. Additionally, you can use these on the go without having to step outside of your home or office.

How to send and receive money with Panda Remit?

Both the Panda Remit website as well as mobile apps are straight forward to use for sending money to another country, and it should not take too much time to finish a money transfer.

Let's take a look at the steps you need to take to be able to send money internationally with Panda Remit.

Step by step guide to send money with Panda Remit

Follow the below steps to quickly send money using Panda Remit's online money transfer services.

• Step 1 - Determine if Panda Remit is the optimal money transfer provider for your remittance. An efficient way to do this is by using a real time remittance service comparison platform that compares many companies for you. This way, you do not have to manually search and compare various providers yourself.
• Step 2 - Register with Panda Remit with your email or phone number. Whether you use the Panda Remit website or their mobile app, create your account by providing your email or phone number.
• Step 3 - Complete your personal profile and upload identity verification documentation. To ensure that you are the rightful owner of your account, Panda Remit will verify your identity. Providing timely and complete identity verification documentation will ensure your money transfer transaction clearly smoothly and quickly.
• Step 4 - Place your remittance order. Create your money transfer with Panda Remit by choosing your source and destination countries, and the amount you want to send. You can also add a new recipient, or choose from an existing one if you have sent money with Panda Remit before.
• Step 5 - Pay for your money transfer. Make the payment to Panda Remit for the amount of your money transfer. You can use any of the supported payment methods to do so. Panda Remit also support local payment methods in some countries. Be sure to check if your local payment method is allowed.
• Step 6 - Monitor your transaction status. After Panda Remit receives funding for your money transfer, they will do the currency conversion and pay out to your recipient. You can track the progress of your transfer on their website or app at any time.
• Step 7 - Check that your recipient received the money. It is always a good idea to confirm with your recipient that they received the funds you sent via your money transfer transaction.

Panda Remit website and mobile apps are easy to use, and you can send money quickly in just a few simple steps with them.

How can Panda Remit help me send money?

Panda Remit aims to provide safe, convenient, and low-cost international money transfer services to the global community.

Below are some of the reasons why you may need to send money overseas with Panda Remit.

• You travel, live & work internationally
• You send money to support your family living overseas
• You are paying your loan
• You are buying or selling your property
• You are recharging your online shopping e-wallet

Whatever we your need to send money internationally, Panda Remit will help you send money in an easy, secure & fast way and help you receive the most of your money overseas.

To get started, you can simply visit the Panda Remit website, register an account with them and send money by following quick and easy steps.

Panda Remit also has a dedicated help page that provides additional useful resources on how to use their money transfer services.

Do I need a Panda Remit account to receive money?

You do not need a Panda Remit account to be able to receive money overseas with them. You can simply choose to get paid via direct back account transfer, or choose available local delivery methods to receive funds.

The recipient does not need to have a Panda Remit account to receive money sent via Panda Remit.

Does Panda Remit have a mobile app?

Panda Remit has a mobile app which you can use to send money on the go without having to step out of your home.

Panda Remit has both Android and iOS mobile apps that are available for download via the Google Play Store and the Apple App Store, respectively.

How do I track my Panda Remit transfer?

Panda Remit makes the end to end remittance process clear and transparent to give you visibility at each step.

You can track the progress of your Panda Remit transfers in real time. Simply click on your ongoing money transfer in your account to view details and current status.

Additionally, Panda Remit will also send you notifications once your transactions progresses to next steps.

Can I use Panda Remit for international bank transfers?

You can definitely use Panda Remit for international bank to bank transfers.

When you fund your money transfer with Panda Remit, choose bank account or ACH transfer. Similarly, choose back transfer as the delivery option to pay your recipient overseas.

By choosing bank transfer as the mechanism for both payment and delivery methods for your money transfer, you achieve the same result as a traditional international bank transfer, but will better rates and speed.

Is Panda Remit online better than sending money in-person in stores?

Panda Remit is a fully online money transfer company, and does not have any branches or locations where you can go physically to send money from.

Operating a fully online business without brick and mortar locations enables Panda Remit to lower their running costs. This is one of the reasons why they are able to pass on some of their cost savings to customers by providing a better rate and charging 0 fees.

Send money with Panda Remit online to avoid the hassle of standing in lines and waiting at stores.

Sending money online is convenient and easy, and you never have to step outside our home and stand in long lines in malls or offices.

Does Panda Remit have a rewards program?

Panda Remit has a referral program whereby you can refer your friends to use their money transfer services.

If your friend signs up with Panda Remit, and sends at least one money transfer with them, both you and your friend get a referral reward.

Below are some referral programs created by Panda Remit for RemitFinder users.

• Refer a friend to earn 30 AUD
• Refer a friend to earn 30 CAD
• Refer a friend to earn 10 EUR
• Refer a friend to earn 10 GBP
• Refer a friend to earn 100 HKD
• Refer a friend to earn 30 NZD
• Refer a friend to earn 30 SGD
• Refer a friend to earn 24 USD

Take advantage of these offers and earn referral awards for introducing your friends. It's a great way to save even more with Panda Remit.

What customer support options are available with Panda Remit?

Should you need to contact Panda Remit customer support team for any problems or questions, there are several easy ways to do so.

Panda Remit customer support is available 24/7 via any of the methods listed below.

• Real time support via the mobile app
• Email support by writing to service@pandaremit.com
• By filling up a web form at Panda Remit contact page
• Phone support by calling customer service helpdesk

For support via phone, you can call the below numbers to reach out to Panda Remit customer service in your region.

• Australia - 0061 2 8880 5830
• New Zealand - 0064 4888 1382
• Singapore - 0065 3159 3053
• Japan - 0081 50 5865 3085

Panda Remit's customer support team is proficient in both the English and Chinese languages.

Can I cancel my Panda Remit transfer?

If you need to cancel your Panda Remit transfer, you should reach out to their customer support as soon as possible.

If your transaction has already cleared and your recipient has received the funds, it may not be possible to cancel. Panda Remit customer support will be able to assist you with your cancel transfer request based on the state your transfer is in.

How do I delete my Panda Remit account?

You can contact Panda Remit customer service if you wish to delete your account with them.

Note that account deletion will mean that you will lose access. Make sure to make copies of your transaction history and any other useful information before you delete your account.

Additional Information

Legal and Regulatory Compliance

Wo Transfer (HK) Limited dba Panda Remit is regulated in every market they operate in. Below is some information related to some of the financial regulatory organizations that Panda Remit is registered with and regulated by.

• MSO (Money Service Operator) license with the Hong Kong Customs department
• Registered with the Financial Crimes Enforcement Network (FinCEN) in the United States
• Licensed as a money transmitter in the state of Georgia in the United States
• Supervised by Georgia's Department of Banking and Finance
• Regulated by MAS (Monetary Authority of Singapore) in Singapore
• Registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) in Australia
• Partners with CFSB (Community Federal Saving Bank) in the United States

Helpful Links

• RemitFinder blog on how to send money to India using UPI
• RemitFinder blog on the best ways to send money from the United States
• RemitFinder blog on Panda Remit's 4th anniversary promotions and rewards
• RemitFinder blog on 6 Tips to Maximize Your Money Transfers to Mexico, and how Panda Remit is an excellent choice to send money to Mexico from the US
• RemitFinder blog on what to look for in a money transfer company when sending money to Mexico, and how Panda Remit meets all of our important criteria