Panda Remit is an emerging remittance tool in recent years, favored by many overseas Chinese. Panda Remit supports 17 remittance currencies, 37 sending countries/regions, and over 40 receiving countries/regions. The fees of Panda Remit are also very low, with a fixed fee amount regardless of the amount of money being remitted. Moreover, Panda Remit often launches promotional activities, where new users can enjoy fee-free remittances and special exchange rates, and existing customers have the opportunity to receive remittance coupons.

Pros and Cons of Panda Remit

Pros

• Simple remittance operation
• Low fees
• Fast arrival

Cons

• Exchange rates are not as good as banks, resulting in slight exchange losses
• Does not provide personal IBAN, and the arrival display shows a non-personal name, not suitable for same-name deposit verification

Registering for Panda Remit

You can directly search for "Panda Remit" in major mobile app stores to install it, or visit the web version for registration: https://pandaremit.kcbebank.com.cn/h5activity/jcRemit?invtCode=10947138&targetLocation=ip

Remember to enter the referral code: 10947138 when registering. Using the referral code can get you a remittance coupon. When registering, please note:

1. Enter the mobile number associated with your domestic bank card.
2. Do not fill in your name randomly to avoid affecting real-name authentication.
3. Prepare your domestic bank card, ID card, and mobile number for real-name authentication.

If you choose to send money from Hong Kong during registration, please use the exclusive referral code: 11065336.

Remittance Fees

After successful registration, Chinese users can directly carry out cross-border remittances without the need for foreign exchange purchase. You can make remittances by paying in RMB through the domestic bank card you have bound. The one-time fee is 80 CNY per transaction (can be offset by coupons), and the remittance will arrive in full.

Supports remittances from mainland China to:

Real Test of Panda Remit

The following is a real operation record shared by the blogger using Panda Remit for cross-border remittances. The exchange rate fluctuates, so the actual situation prevails.

Remittance to OCBC Bank in Singapore (Overseas Chinese Bank)

• Remittance amount: 5292.73 CNY
• Remittance fee: 80.00 CNY
• Total payment: 5572.73 CNY
• Actual arrival in OCBC: 1020 SGD

Panda Remit charges a one-time fee of 80 CNY, with no telegraphic fee or transfer fee. However, Panda Remit has a different exchange rate, and the remittance to OCBC Bank in Singapore arrives instantly (on business days).

Remittance to Hong Kong

• Remittance amount: 10,000.00 CNY
• Arrival: 10,688.00 HKD
• Arrival time: about 1 hour

Other Notes

When making a remittance, it is recommended to choose the working day operation of the recipient bank, as this may speed up the process. Remittances made on non-working days may affect the remittance speed.

Conclusion

Panda Remit makes cross-border remittances very convenient, with simple operations, low fees, and fast arrival. However, the exchange rates are not as good as banks, resulting in slight exchange losses. It is suitable for small remittance operations such as travel and studying abroad.

• Panda Remit registration address: https://pandaremit.kcbebank.com.cn/h5activity/jcRemit?invtCode=10947138&targetLocation=ip
• Panda Remit referral code: 10947138 (Using the referral code during registration can get you a remittance coupon)