About Panda Remit

Panda Remit was founded in Hong Kong and operates under Wo Transfer (HK) Limited. It holds an MSO license and aims to provide overseas Chinese users with a safe, convenient, and reasonably priced remittance service, with the goal of making money transfers as simple as sending a WeChat red envelope to family. Traditional remittance companies rely on offline and agent-based models, which inevitably raise costs significantly and make service quality harder to guarantee. Panda Remit, by contrast, uses an internet-based direct operation model. The entire remittance process is completed online, with no offline overhead and no middlemen. As a result, it can substantially reduce transfer fees for users, letting you send money to China for about the price of a cup of coffee.

Panda Remit is app-only and does not have a desktop platform. I tried the app myself, and it felt very polished with an excellent user experience. Each step is clearly laid out, and the app responds quickly. You can also contact online customer service during business hours if you have questions. The app has a Chinese-language version as well, which makes it more comfortable to use for many users. Its exchange rates are indeed competitive, though transfers carry a fee of $2.99-$6.99 depending on the amount. Risk controls are fairly strict, and you need to verify your identity before making a transfer, but the app lets you complete document entry, uploads, and facial recognition directly, so the process is still quite fast.

Sign-Up and Welcome Offer

If you sign up for Panda Remit through our partner link now, you can get your first transfer fee waived plus an improved exchange rate for new users (an extra 50 RMB delivered via Alipay/WeChat).

This account-opening offer only applies when converting U.S. dollars to Chinese yuan. It does not apply if you use the RMB outbound transfer feature. You should be able to see both the exchange-rate boost and the waived fee.

You can register with either a mobile number or an email address, and then verify that mobile number or email. After completing registration, you can download the Panda Remit app from the APP Store. It is available in both the China and U.S. app marketplaces.

Sender Account Verification

Panda Remit is fairly strict about account verification. You first need to verify your email address or mobile number. Then you complete identity verification in the app. You can choose a passport, U.S. driver’s license, or U.S. permanent resident document for verification. You can take photos of your documents directly in the app and upload them; it appears to recognize and verify them automatically. A photo of a screen will not work—you need the physical document. After uploading the document photos, you also need to complete facial recognition in order to pass verification.

How to Send U.S. Dollars to China

Here we’ll walk through how to use Panda Remit to send U.S. dollars to China and have them converted into RMB.

  • After registering an account, select Transfer to enter the transfer screen.
  • The recipient can choose a bank card, Alipay, or WeChat. One thing to note is that Alipay and WeChat are essentially intermediary channels used for collection. The funds still go directly into the bank card linked to your WeChat or Alipay account. If you need the money in your Alipay or WeChat balance, you can transfer it there afterward. It is also fine to use that linked bank card directly as the payment method for WeChat Pay or Alipay.
  • To receive funds through Alipay, you need to enter the linked name and mobile number, or email address. You also need to fill in the sender information and transfer purpose.
  • PandaRemit offers 2 payment methods. We chose debit card payment, which has the fastest delivery time. Select the payment method (debit card payment), enter your bank card information, then confirm the payment after verifying everything is correct.
  • You need to link a bank account to use ACH, and the login is handled through the Plaid platform. Most common banks are listed, so just choose yours.
  • If you think ACH is too slow, you can use a debit card to pay. The funds can arrive in as fast as two minutes.
  • You may need to complete verification during payment, so watch for text messages.
  • If you access Panda Remit using a non-U.S. IP address, it may even prompt you to switch IP addresses before proceeding. That is actually pretty thoughtful. Some banks may trigger fraud controls when you log in from an unusual IP, which can be a hassle.
  • If this is your first transfer, you will also need to set a payment password.
  • To receive funds through Alipay, you need to enable the instant collection feature. For details, see: the Alipay receiving remittance section
  • The process for sending money to WeChat or a bank card is generally similar, so I won’t repeat it here.

Other Notes About Transfers

Exchange Rate

I made a transfer on January 12, 2022. At that time, Panda Remit offered an RMB exchange rate of 6.3367, while Google’s rate was 6.37. The exchange rate was very good.

For comparison, the Bank of China rate at the time was 6.3403, so the difference was very small.

If you have an exchange-rate coupon in your account (I happened to win a 0.2% exchange-rate coupon in a drawing), you could improve the rate further to 6.3494.

Fees

Panda Remit uses a tiered fee structure. Compared with other services, the fees are not high. Given that the exchange rate itself is already good, the overall effective cost remains relatively low among transfer platforms even after including the fee.

  • $0-$1,000: fee $2.99
  • $1,000.01-$2,000: fee $4.99
  • $2,000.01-$3,000: fee $6.99

Limits

Panda Remit allows transfers of $100-$3,000 per transaction, with a daily maximum of $9,000. There are no other stated restrictions, but very large transfer volumes could potentially trigger review within China. Also note that the recipient must comply with China’s annual foreign-exchange limit of $50,000. All transfers count toward this limit, including funds sent through services other than Panda Remit.

Transfer Speed

At present, because Panda Remit only supports ACH as the funding method, delivery time is about 1-3 business days. If the transfer is flagged for manual review, it may take longer. Around February, Panda Remit is expected to launch debit card funding, which would shorten delivery time to about half an hour, but please wait for the official announcement for specifics.

Other Promotions

They also have a referral program. Referring users can earn cash rewards and chances to enter prize drawings.

By default, when you sign up, you get one lucky draw chance. If you flip over three matching symbols, you can claim a prize, and there’s even an iPhone in the drawing. I got an exchange-rate coupon...

RMB Outbound Remittance Service

Overview

Recently, Panda Remit partnered with banks in mainland China to launch outbound RMB remittances (including USD transfers). It also works with Jincheng Bank to provide an exclusive RMB 300,000 foreign exchange quota, separate from the US$50,000 annual FX control limit. Key features include:

  • Exclusive quota: Panda Remit’s partner bank provides each user with an annual RMB 300,000 remittance quota. This does not use up the US$50,000 convenience quota.
  • Low cost: The total fee is only 80 CNY, far lower than other currency exchange methods.
  • Convenient process: Everything can be done on your phone. You only need an ID card, bank card, and mobile number to complete the remittance. Service is available 24/7.
  • Higher efficiency: Unlike traditional wire transfers, the funds are sent through compliant local transfers in the destination country, with same-day delivery possible in the fastest cases.

Supported destinations: United States (USD), Australia (AUD), Canada (CAD), Hong Kong, China (HKD), Singapore (SGD), Japan (JPY), United Kingdom (GBP), and Europe (EUR).

Step-by-Step Process

  • Open the Panda Remit app. On the home page, choose China CNY as the sending country and select the country where you want the money delivered.

Account Setup

You can register using the link above, then enable the China remittance feature. There is no need to register a separate account.

  • Log in + upload ID card + confirm ID information + facial recognition + link bank card + set transaction password

Note: (1) The mobile number used during registration must match the phone number on file for the linked bank card. (2) In this initial phase, changing the bank-registered phone number and changing the linked bank card are not supported. If you have any issues, please contact customer service promptly. (3) You must use your own mainland China ID card to register.

Note: You must link a bank card issued in mainland China under your own name. It is strongly recommended that you choose a card with a higher per-transaction and daily transfer limit as the linked card. The supported bank list is shown below:

Remittance Steps

  • Payment: transaction password + SMS verification code

Note: When making payment, make sure the linked bank card has a sufficient balance. If not, please add funds to the linked bank card first so the payment can be completed successfully.

Besides paying with the linked bank card, you can also use a bank transfer. Use the provided reference information and transfer the money to Jincheng Bank to complete the remittance.

  • On the [Remittance Payment Method] page, select [Bank Transfer].
  • Then note down the required transfer details, and use online banking to transfer the funds to the Jincheng Bank account with the correct reference note.
  • The supported banks and transfer details are as follows.

Summary

Its biggest strength is the excellent app user experience. Every stage of the transfer process is very clear, and verification can be completed entirely within the app, without having to go back and forth over email. Since it is a Hong Kong, China company, its Chinese-language service and customer support are much more friendly for Chinese users than many other overseas platforms. In addition, its exchange rates are strong and its fees are low, making its overall pricing highly competitive. It is a great choice as a primary app for everyday money transfers.

For a comparison with other remittance platforms, see the table below.

Comparison of International Money Transfer Platforms

Platform Delivery Time Fees Receiving Method Limits Quick Take Sign-Up Bonus
LemFi Real-time $5.98 for transfers above 100, $6.98 below Alipay, WeChat, UnionPay card Up to $4,000 per transfer

Up to $8,000 per day

 High security, Chinese-language customer service, generous sign-up bonus Get $20
Remitly Real-time to 4 business days None (under $1,000, $2.99 per transfer) Alipay, WeChat, UnionPay card $2,999/day, $10,000/month, can be increased Fast delivery, no ID verification required, exchange rate is average Get $10
Panda Remit Real-time to 3 business days ACH $2.99-$6.99, Debit 0.8% Alipay, WeChat, UnionPay card $3,000/transfer, $9,000/day Good exchange rates, very low overall fees, user-friendly interface, smooth experience, solid Chinese-language support First transfer fee waived + better exchange rate
Western Union Real-time to 4 business days $0-$2.99 per transfer Alipay, UnionPay card $2,500 or $7,000/transfer Fast delivery, currently no fee for Alipay transfers, exchange rate is average Get a $20 Amazon gift card
Wise 1 hour to 2 business days Debit ($1.27+2.20%), ACH ($1.27+1.22%), Wire ($5.41+1.06%) Alipay, UnionPay card ￥3.1W or ￥5W/transfer, $10,000/day Comprehensive features, supports many currencies, transparent fees Get $600 in fee-free transfers

Registration Link

  • Panda Remit registration link (get your first transfer fee waived + an improved exchange rate for new users, with an extra 50 yuan delivered via Alipay/WeChat)