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Panda Remit Review: Fees, Safety, Alternatives, and More

Byron Mühlberg, writer at Monito.com
Oct 14, 2022
Affiliate disclosure

Panda Remit is a good money transfer service (7.8/10) which our reviewers recommend for your next international money transfer, especially if you're sending to India or China. Despite being a relatively new provider, Panda Remit is a licensed and legitimate remittance company (8.8/10) which offers a savvy mobile app (9.2/10) at low fees and exchange rates (7.5/10). However, because it's still a new money transfer platform, Panda Remit doesn't yet have many reviews from its users (5.6/10).

What Monito Likes About Panda Remit

  • An excellent option for transfers to India and China.
  • Fast transfers, often in only minutes.
  • 24/7 customer support.
  • Real-time transfer notifications via SMS, WeChat, or email.

What Monito Dislikes About Panda Remit

  • Customer support isn't easy to reach from the app home screen.
  • The app isn't as user-friendly as those of top rivals.
  • A relatively new service with few customer reviews.
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A reliable and well-priced remittance platform, Panda Remit is an excellent option for transferring money to China or India, where many other remittance services don't operate or charge high fees. However, if you'd like to transfer money for cash pick-up or ensure you're getting the best deal, we recommend searching Monito to find the best deal in real time.

Where Is Panda Remit Available?

Panda Remit is available to EU, UK, Australian, Canadian, New Zealand, Hong Kong, and Singaporean residents.

How Monito Reviewed Panda Remit

As with all services reviewed by Monito, Panda Remit underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Panda Remit account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, as well as business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed over 100 thousand searches on Monito's comparison engine to determine how often Panda Remit was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, Panda Remit's score was peer-reviewed by at least one Monito expert.

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Trust & Credibility

8.8

Background check

Regulated in Hong Kong, China, and Australia.

Security & reliability

Segregated accounts, HTTPS, top-notch cybersecurity.

Company size

Moves around USD 12 billion in client transactions every year.

Transparent pricing

Exchange rate margin isn't displayed transparently on the homepage calculator.

Can I Trust Panda Remit?

Yes, Panda Remit is a safe and secure transfer platform you can trust to send your money quickly, safely, and cheaply.

Panda Remit is a Hong Kong-based money transfer company with all the requisite licensing and authorisation from the Chinese Ministry of Industry and Information Technology (MIIT) and AUSTRAC in Australia. This makes it a completely legitimate company adhering to global standards and regulations on financial security, including separated user accounts.

Aside from its legal and regulatory status, Panda Remit is a highly secure platform that adheres to the latest security protocols on the internet, such as secure servers, HTTPS, and more. It also runs on NortonLifeLock cybersecurity software, meaning its information security is on par with most banks around the globe.

Moreover, two of the world's largest and most-reputable venture capital funds — Sequoia Capital and Lightspeed — are chief investors in the company.

The only reason we didn't score Panda Remit higher in this section is that it's (1) a relatively young company with a small corporate size and (2) it isn't transparent about making money on the exchange rate, instead remaining ambiguous on its homepage about whether or not the exchange rate displayed is the same as the actual mid-market exchange rate (more on this in the Fees section later).

Service & Quality

9.2

Opening an account

Opening a new account is requires is simple, but requires an app install and a number of on-boarding steps.

Making a transfer

The interface makes transferring money simple and easy to do in just minutes.

Contacting support

Customer support is readily available by phone, email, and live chat.

Panda Remit's Service Quality

Panda Remit is a good provider for sending money abroad, and in our tests, although we found the app to be somewhat dated and difficult to use at times, it was still easy enough to do the two most important things: sending money and tracking the status of the transfer.

With Panda Remit, you can quickly and reliably send money from 20 currencies (including all the major ones) to 21 others around the globe, especially in European and Asian markets. Interestingly, Panda Remit is one of the few money transfer platforms supporting transfers to CNY in China and NPR to Nepal. However, it doesn't support transfers to a few major currencies, most notably the USD and BRL.

Speed is one of the most significant selling points of Panda Remit. Indeed, according to its website, most transfers arrive within minutes of being sent, as long as the transfer is sent on a weekday during business hours. This makes Panda Remit one of the fastest ways to send money abroad, on par with Wise and Remitly.

Panda Remit supports transfers by bank transfer and debit card and pays out funds to foreign bank accounts as a local deposit and, in China, as Alipay or Weixin deposits.

How to Send Money With Panda Remit

  • Step 01

    Compare in advance

    Before you sign up, make sure Panda Remit is the best deal. Compare on Monito.com to find the best providers in real time.

  • Step 02

    Set up your account

    Enter your email address on Panda Remit's website and set a password. Verify the email and download the app when prompted.

  • Step 03

    Download the app

    Go to Google Play or the App Store and download Panda Remit's app on your smartphone or tablet. Log in with your new details.

  • Step 04

    Set up your transfer

    Enter the currencies, countries, and amount you'd like to send. Click 'Next' and enter your recipient's personal details and bank information. (If you're sending to China, you'll also need to specify whether you're sending to Alipay, a bank card, or Weixin.)

  • Final step

    Pay for your transfer

    Click 'Next' and pay for the transfer by making a bank deposit or sending it with your debit card.

    Go to Panda Remit ❯

Although the Panda Remit app is clear and mostly easy to use, we also found the interface not to be quite as savvy and user-friendly as those of top competitors such as Wise or Remitly, requiring more clicks and more brainwork to know where to go or what to do in-app. The worst part, in our opinion, was that customer support isn't accessible by the home page screen, meaning users needed either to (1) begin setting up a transfer or (2) visit the website to contact a customer support agent.

Here is a screenshot of the app's home screen:

One of the strengths of the app, however, is the thorough overview it provides about transfer status. Once you've made a money transfer via Panda Remit, you'll be able to track the remittance process from beginning to end, giving you peace of mind that it will arrive safely in your beneficiary's account.

Fees & Exchange Rates

7.5

Transfers to a bank account

Transfers are often, but not always below 1.5% in total fees.

Panda Remit's Fees & Exchange Rates

Panda Remit is a very cheap way to send money worldwide, charging no transaction fees and only charging a small exchange rate markup on some transfers.

For most international transfer platforms and banks, when you send money internationally, you'll be charged two types of fees: (1) either a fixed or commission-based transaction fee and (2) an exchange rate margin. However, when you send money internationally with Panda Remit, you'll only be charged the second type of fee, which means you'll be offered a slightly worse exchange rate than the 'real' mid-market exchange rate (with Panda Remit keeping the difference as a fee for its service) and no standard fees.

At Panda Remit, the exchange rate margin is usually between 0.2% and 2% of the total transfer amount, with some transfers coming with no margin. This means that for a EUR 1,000 transfer, you'll pay around EUR 2 to EUR 20 in total fees, depending on the transfer countries and amounts involved. This is much cheaper than the bank, which typically charges between EUR 30 and EUR 90 in total fees for a similar transfer.

Here are Panda Remit's approximate costs for various corridors for a similar-sized transfer of around USD 1,000:

Currencies Transferred

Approximate Cost (%)

AUD-GBP

1.4%

CAD-USD

2.0%

EUR-INR

1.6%

GBP-CNY

1.6%

HKD-EUR

1.5%

NZD-SGD

1.4%

SGD-MYR

2.5%

Quoted: 12/07/2022

Although these fees make Panda Remit cheap, it's only sometimes the cheapest provider for a given transfer where they're available on Monito's comparison. To make sure you're finding the best deal every time you send money abroad, run a search on Monito in real-time:

Compare Panda Remit's fees other top providers now:

Customer Satisfaction

5.6

Customer review score

A rating of 4.1 out of 5 stars on Trustpilot.

Number of positive reviews

Fewer than 500 four- or five-star reviews in total.

Panda Remit Reviews

Panda Remit is a relatively new service that's only recently begun to pick up in popularity. As a result, there are few independent reviews from consumers to date (fewer than 500 on Trustpilot as of September 2022). However, of these reviews, a majority of them are very positive, with the service's good exchange rates and easy registration process being most frequently praised.

FAQ About Panda Remit

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Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.