Panda Remit vs Wise: Which one is better for Americans

When you need to send money internationally from the US, choosing the right provider can save you a hefty amount of money on fees and exchange rates. Panda Remit and Wise are both ways to transfer money to your loved ones abroad, but which one is the better option for you?

Panda Remit specializes in transfers to Mainland China but also serves 40 other countries across Asia and Europe, as well as select destinations in Latin America and Africa.¹

Wise has a more global reach, covering 160 countries worldwide, and no currency exchange rate markups, which means that a lot of the time, it's cheaper and more convenient. Here's everything else you need to know about Panda Remit vs Wise.

Table of contents
Panda Remit vs Wise: Overview Panda Remit vs Wise: Fees & pricing Panda Remit vs Wise: Supported countries Panda Remit vs Wise: Money transfer times Panda Remit vs Wise: Security Frequently asked questions

Panda Remit vs Wise: Overview

What is Panda Remit and how does it work?

Panda Remit allows you to send international money transfers. It focuses on Asian and European countries, but from the US, you can also send money to select destinations in Latin America and Africa, though the available countries are more limited compared to other global providers.¹

To get started, you'll need to create a Panda Remit account, pass identity verification, and link a payment method like your bank account or debit card. Your recipient usually receives money through bank deposits, though the exact delivery options vary depending on which country you're sending to.

Unlike other popular money transfer services like Western Union or MoneyGram, Panda Remit doesn't offer cash pickups.

✅ Pros	❌ Cons
Covers Asia, Europe, and select other regions	Limited global reach
Available in the US	Charges transfer fees
Established provider since 2018²	Confusing website
	No cash pickup options
	Adds markup to exchange rates
	Limited to small transactions, likely under 3,000 USD²

What is Wise and how does it work?

Wise is a popular way to send an international money transfer, and for good reasons. To start, Wise uses the mid-market exchange rate you see on Google when you convert from USD to foreign currencies without adding a markup. Virtually no other providers do this.

You can send money to 160 countries from the US using Wise, which is significantly more than with Panda Remit. Beyond transfers, Wise also offers a multi-currency account that holds over 40 different currencies and provides local bank details in 9 countries. You can also get a Wise debit card for spending money internationally.

Overall, Wise offers more features than Panda Remit, and you'll likely pay less for your international transfers because there's no currency exchange rate markup.

✅ Pros	❌ Cons
Mid-market exchange rate with no markup	No cash pickup locations
Transparent fees from 0.57%³	Still charges transfer fees
Multi-currency account
Debit card
Covers 160 countries
Fast transfers and user-friendly

Panda Remit vs Wise: Fees & pricing

Exchange rates

One of the biggest differences between Panda Remit vs Wise is how these providers handle currency exchange, which is a very important aspect of transferring money abroad. When you send USD to another country, your money needs to be converted to the local currency using an exchange rate.

Panda Remit adds a markup to the exchange rate, keeping the difference as profit. For example, if the mid-market rate is 1 USD = 7.20 CNY, Panda Remit might only give you 1 USD = 7.05 CNY. You lose money on every dollar you send, and Panda Remit earns it.

Like many money transfer services, Panda Remit claims that they offer competitive exchange rates, but the fact of the matter is that they still make revenue on them.¹

In turn, Wise uses the mid-market exchange rate and doesn't earn anything on the conversion. They make money through their money transfer fees, but there isn't anything hidden in the currency switch.

While Wise won't always be cheaper than Panda Remit, it likely will save you money, especially on larger transfers where exchange rate markups add up quickly.

Costs

Here's how the costs of Panda Remit vs Wise compare:

Feature	Panda Remit	Wise
Account opening	Free	Free
Transfer fees	6.99 USD (may vary)¹	From 0.57%³
Exchange rate	Includes markup	No markup
Minimum transfer	1 USD	1 USD
Maximum transfer	Usually 3,000 USD²	1,600,000 USD⁴

There are costs to send money abroad with both Panda Remit and Wise. Both of these companies need to charge you in one way or another to operate. However, with Panda Remit, you'll pay twice—through transfer fees and exchange rate markups.

At the same time, sometimes Panda Remit's transfer fees can be lower than what Wise offers, especially on larger amounts, since Wise's fee is percentage-based.

Transfer fees

Panda Remit and Wise charge their transfer fees in different ways.

Panda Remit uses a flat fee structure for most transfers from the US. According to their current pricing, this "handling fee" is 6.99 USD per transaction.¹ However, it may change depending on your sending amount and destination, though it's unlikely that it'll be lower than that.

For your first transfer, Panda Remit offers discounts.¹ Either way, the best way to check how much you'll pay in transfer fees with Panda Remit is to use their online calculator.

Wise calculates transfer fees as a percentage of your sending amount, starting at 0.57% of the total transfer.³ You'll see the precise fee before you confirm any transfer, so there are no surprises.

A quick price comparison

Since both providers use dynamic pricing that changes based on various factors, neither service is universally cheaper than the other. To find out which one gives you a better deal, test both services using your transfer details:

Keep in mind that Panda Remit might show a lower upfront fee, but their exchange rate markup could make the total cost higher than Wise's because of the hidden fees in the exchange rate.

Panda Remit vs Wise: Supported countries

Panda Remit's coverage is a bit more limited when compared to Wise. You can send money to many countries in Asia and Europe from the US, but very few places in Latin America and Africa.

Here's where you can send money with Panda Remit:¹

• Asia: Mainland China, Hong Kong SAR, the Philippines, Thailand, Vietnam, Singapore, Malaysia, Indonesia, India, South Korea, Nepal, Sri Lanka, Pakistan
• North America: Canada, Mexico
• Europe: United Kingdom, France, Germany, Netherlands, Italy, Spain, Ireland, Estonia, Luxembourg, Greece, Belgium, Portugal, Austria, Finland, San Marino, Slovakia, Cyprus, Latvia, Malta, Lithuania
• Oceania: Australia
• South America: Brazil, Peru, Colombia
• Africa: Ghana, Egypt

Wise has a much broader coverage with 160 countries and territories worldwide. Plus, Wise has several important features that Panda Remit doesn't provide.

Feature	Panda Remit	Wise
Supported countries	40+ countries¹	160 countries
Cash pickup locations	No	No
Currencies supported	Not listed	40+ currencies
Multi-currency account	No	Yes
Debit card	No	Yes
Business accounts	No	Yes

Given Panda Remit's specialization, it makes the most sense for Americans who regularly send money to family or loved ones in China, but it can also work for Asia and Europe more generally.

However, you'll likely need to use an alternative if you need to send money to Latin America, since it only covers Mexico, Brazil, Peru, and Colombia.

You can also use Wise for a broader range of needs, from personal transfers to international business transactions and property purchases.

It's especially a good choice for people who split time between countries, run international businesses, or need to send large amounts (up to 1,600,000 USD per transfer).⁴

Panda Remit vs Wise: Money transfer times

Panda Remit claims that transfers can arrive within 2 minutes at the earliest, but their platform doesn't provide any specific delivery estimates beyond that.² This lack of transparency can make it difficult to plan your transfer.

Generally speaking, international transfers arrive in 1 to 5 business days.

Wise has much clearer delivery estimates, and you'll be able to easily see when the money will get to your recipient when you set up your transfer.

Generally speaking, with Wise, 64% of international money transfers arrive in under 20 seconds, and 95% get there within 24 hours.⁵

That said, both providers will give you international wire transfer instructions that'll have estimated delivery times for your destination and currency pair.

Panda Remit vs Wise: Security

Both Panda Remit and Wise are safe and regulated ways to send money abroad from the US.

Panda Remit's website interface might appear somewhat confusing or less polished compared to other providers, but they're a genuine, authorized money transfer company.

Wise is regulated by financial authorities in multiple countries and has built a proven track record serving millions of customers worldwide. It's also very user-friendly.

However, it's important to stay alert for scams that target people using any money transfer service.

Common scams include romance fraud, where someone builds a fake online relationship before requesting emergency money, and advance fee scams, where criminals promise large payments in exchange for upfront fees.

To protect yourself, only send money to people you know and trust personally. Remember that once you authorize a transfer, it's nearly impossible to reverse, regardless of which provider you use.

Frequently asked questions

What apps are like Panda Remit?

You'll find a few other providers that offer the same functionality as Panda Remit, including Remitly, WorldRemit, Western Union, and MoneyGram. With some of these apps, you can also send cash pickups, which aren't available with Panda Remit or Wise. That said, keep in mind that most money transfer companies apply exchange rate markups similar to Panda Remit's pricing model.

Is Panda Remit a good service?

Panda Remit is a reliable way to send money to another country from the US, especially if you're sending funds to Asia or Europe. However, their website interface isn't as user-friendly as some competitors, which can make the transfer process feel more complicated. Plus, they also charge transfer fees and currency exchange rate markups.

It's a good service, but it's still important to compare your options—you may find something better.

Is there a monthly fee for Panda Remit?

No, you don't have to pay a monthly fee to use Panda Remit. You only pay when you send money, with the costs determined by the transfer fee and the currency exchange rate markup.

Is Panda Remit available in the US?

Yes, Panda Remit operates in the US and allows American residents to send money to their supported destination countries. Most of those countries are in Asia and Europe, but you can also send money to Mexico, Brazil, Peru, Colombia, Canada, Ghana, Egypt, and Australia.¹

Can I trust Panda Remit?

Panda Remit is a legitimate, regulated money transfer service that you can trust to deliver your funds safely. However, being trustworthy doesn't necessarily mean it's the cheapest or most user-friendly option available. Their exchange rate markups and somewhat confusing website interface might make other providers more attractive.

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Panda Remit is one way to send money abroad, but it may not be the best one. For most Americans sending money internationally, Wise offers better value through transparent pricing, broader country coverage, and additional features like multi-currency accounts and debit cards.

With Wise, you can send up to 1,000,000 USD per wire transaction to 140+ countries, with the mid-market exchange rate and low, transparent fees.

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Sources

1. Panda Remit - Send Money to Mexico
2. Panda Remit - Panda Remit, All You Need to Know
3. Wise - Pricing
4. Wise - Full Guide to (Transfer)Wise Limits
5. Wise - Home

Sources checked 09/10/2025