Panda Remit Review

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

panda remit review and 7 must knows

Panda Remit is a fast and affordable way to send money to 40+ countries, especially in Asia and Europe. Using their service is easy and the fees are low. It’s a good option for international transfers. However, Panda Remit also has some limitations in coverage, fees, and transfer amounts.

In this Panda Remit review, I will help you decide if Panda Remit is right for you. I will explain its advantages and disadvantages, fees, security, and customer feedback. I will also examine the negative reviews and what they reveal.

Let’s begin!

Disclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. For more information, see our disclosures here.

Panda Remit Pros

Available in 40+ countries

Fast transfers – often in minutes

Very good service in Asia and Europe

Regulated service

Panda Remit Cons

Limited availability in North America, South America, Africa, and Middle East

Not for large transfers

Fees not transparent

1. Panda Remit Review Quick Take

On Trustpilot, Panda Remit is rated 4.0/5 with over 426 reviews, which is considered “Great. Of these reviews 85% are 5-star reviews with 12% as one star reviews. Analysis of the reviews shows Panda Remit is loved for its low fees, ease of use and fast transfers.

🏛️ Established2018, Hong Kong
💁🏼‍♂️ ClientsPersonal
💱 CurrenciesMany global currencies (20+ currencies, send money to 40+ countries)
🏛️ Physical officesHong Kong (HQ)
💻 AvailabilityOnline and mobile
⚖️ RegulationRegulated in the US, Australia, Hong Kong, and Singapore
🔒 SecurityPCI DSS certification, Notification at every step, Regulated service, Only information encryption by Symantec
⭐ Reviews“Great” – 4.1/5 on Trustpilot with 500+ reviews (January 2024)
💰 FeesGet your first transfer fee-free here. Flat fee for most transfers and a margin on the exchange rate.
🌐 Official WebsiteVisit Panda Remit

What’s Panda Remit’s edge?

Fast transfers – nearly in minutes to Asian and European countries at affordable rates. Check out their calculator here and the first transfer is often fee free!

2. When Panda Remit Works (and When it Doesn’t)

panda remit reviews

2.1 When Panda Remit Works

Personal transfers for expats and immigrants

Live or work overseas and want to send money to friends and family in Asia, Europe, Australia, New Zealand and some North American countries (the US, Canada, and Mexico)? 

Panda Remit is a good option for fast card-to-bank transfers or slower (and more affordable) bank-to-bank transfers. 

Sending money to most Asian or European countries

Panda Remit supports fast and affordable transfers to most Asian and European countries from the UK, US, Australia, etc. 

However, they have limited support for transfers to North and South America, Africa, and the Middle East. 

Send small amounts in card or bank transfers

Currently, Panda Remit only supports bank-to-bank and card-to-bank transfers in small amounts (the maximum you can send is €3,000 GBP or equivalent).

2.1 When Panda Remit Doesn’t Work

Sending cash or large transfers $ 7000 USD (£4500 GBP/€4500 EU/$9500 CAD AUD) and above

Currently, Panda Remit doesn’t support cash payouts or transfers of large amounts locally or internationally. 

Want to send cash abroad or large amounts over $7000 USD and above? We’ve got you covered. Check out “Panda Remit Alternatives” below.

Sending business payments

Panda Remit doesn’t support business payments to its supported locations – however, we have tried and tested options you can consider (see below). 

Sending money abroad to North and South America, Africa, or the Middle East

Currently, Panda Remit has limited support for countries in these regions and they’re largely focusing on transfers in Asia and Europe. 

Keep reading to learn more about affordable transfers to more regions and more supported currencies (since Panda Remit only supports 20 at the moment).

3. Real Fees (including Hidden Fees)

If you’re wondering whether Panda Remit is free for international transfers, you’re not alone. 

Currently, Panda Remit is running a marketing promotion where they’re waiving the service fees on your first transfer. But all other charges apply. 

Typically, Panda Remit charges the following fees:

  1. A service fee
  2. A margin on the exchange rate
  3. Other miscellaneous fees

1. Service Fee

We’ve thoroughly tested their calculator, and we have compiled a list of fees they charged for the following currencies based on the results.

CurrenciesMinimum FeeMaximum Fee

This fee is waived for the first transfer and does not change as the amount changes.

This is competitive for larger transfers but is relatively expensive for small transfers of less than a few hundred USD.

2. Margin on the exchange rate

According to their fee calculator, Panda Remit offers a rate very close to the mid-market or the interbank rate.  

The good news is: Panda Remit’s margin on the exchange rate is very low – typically around 0.1% to 2% of the amount.

3. Other miscellaneous fees

These include sending and receiving fees charged by banks at either end or debit card fees (usually up to 3% of the amount – varies by location) in case of card-to-bank transfers.

Overall, Panda Remit’s fees are reasonable. But it’s hard to understand what you’re really going to pay for your transfers because they don’t currently offer a fee breakdown on their website – even on their fee calculator. 

Want to send money affordably while making sure you know exactly how much money will arrive? Check out Wise (review)

They offer transfers at the mid-market rate and no markup on the exchange rate.

4. How Fast is Panda Remit?

how fast is panda remit transfer?

Panda Remit offers two types of transfers:

  • Card-to-bank 
  • Bank-to-bank

Typically, card-to-bank transfers are faster (but more expensive) and can be completed within minutes or at least a few hours. 

Bank-to-bank transfers are slower (but also more affordable) and can take anywhere between 2-5 days. 

This is because bank-to-bank transfers account for the time taken for the money to move from one intermediary bank to another (your account to Panda Remit’s bank account to the recipient’s bank account in another country), including the banking hours in different countries. 

Please note that the transfer can be delayed if you set it up over a weekend or public holiday since banks are closed during this time.

5. Panda Remit Alternatives

Best forTrustpilot ScoreFeesThe GoodThe BadWhy better?
WiseAffordable bank-to-bank transfers. No hidden fees.4.2/5 from over 203,000 reviews (as of January 2024)LowTransparent pricing – no markups on the exchange rate, personal and business use, debit cardNot for large transfers

No cash transfers
Customer service is stronger than Panda Remit.
WorldRemitAffordable cash transfers4/5 with over 85,000 reviews (as of January 2024)MediumWide coverage, many payout methods, very fast transfersNot always the cheapestHas a proven track record since 2010 and better customer service than Panda Remit
RemitlyCash transfers in minutes4.1/5 with over 43,000 reviews (as of January 2024)MediumGuaranteed cash transfer in minutes, many payout methodsLimited sending countriesHas express transfers and home delivery to recipient’s home option
OFXSending large transfers above $7000 USD (£4500 GBP/€4500 EU/$9500 CAD AUD)4.3/5 on Trustpilot with over 6,500+ reviews (as of January 2024)Medium24×7 phone support, no fixed fee above $10,000, multi-currency account for businessNo cash transfersHas express transfers and home delivery to the recipient’s home option
TorFX/Currencies DirectSending large transfers above $7000 USD (£4500 GBP/€4500 EU/$9500 CAD AUD)TorFX: 4.9/5 with over 7,100 reviews (as of January 2024)

Currencies Direct: 4.9/5 with over 10K+ reviews
MediumAward-winning customer support, Personal Account Manager, Set up transfers over the phoneNo cash transfersHas no minimum or maximum transfer limits and excellent customer service

6. What do Panda Remit Customers Say (including Negative Reviews)?

Panda Remit is rated 4/5 with over 426 reviews since they’re pretty new (founded in 2018). 

Of these, 89% of reviews are positive (4- and 5-star reviews), while 10% are negative. 

We went through most of these real user reviews to give you a balanced view of the service.

The Good

Panda Remit’s customer’s love their:

  • Competitive rates
  • Ease of use
  • Fast transfers

Here’s what Ranjit, who has been using Panda Remit for more than a year, has to say:

I’ve been using Panda Remit for more than a year now… Based on my last one year experience, Panda Remit is my preferred platform for FX transfer. App is quick, easy, flat transaction Fee, competitive FX spread and lot of times the FX coupons for zero fee or rate upgrade.

– Ranjit Jain on Trustpilot

And here’s another frequent user’s experience:

The transfer was fast and efficient. 24/7 customer service available. I can send money to relatives and it arrives in minutes. I recommend Panda to all my friends.

– Katie Chen on Trustpilot

The Bad

  • Transfer delays
  • Customer service

Debited $3000 from my account. Money never reached the recipient account and they say the amount is deposited in the recipient account. No customer service and no visible means of getting my money back. Don’t know who to complain to.

– Shariq Ali on Trustpilot

This is the worst thing which I experienced with Panda Remit. I transferred money from Germany to India 6 days back but till now, I have not received the money. I tried to reach them through emails but no response. They have WhatsApp number as well. I contacted them but no proper reason for this. I am not sure whether they are frauds or what. Lastly, I asked them to refund my amount but no response at all

– Babita Singh on Trustpilot

Understanding the negatives

Transfer delays

Usually, Panda Remit is quick to process their transfers, but sometimes there can be delays. 

If it’s your first transfer, the identity verification process can take longer, which leads to delays. Delays can also be caused if you’re trying to send a large amount – Panda Remit will flag and pause this transfer because you can only send up to €3,000 GBP or equivalent. 

Delays can also be caused if you’ve set up your bank-to-bank transfer over the weekend or on a public holiday. 

Customer service

Panda Remit’s customer service can be a hit and a miss. Officially, they’re available 24×7 on Whatsapp. However, their customer service representatives may be busy at times, which can lead to longer response times. 

Panda Remit has responded to their negative feedback on Trustpilot stating that users can also email them in case the chat is unavailable.

7. Is Panda Remit Safe?

Short answer: yes. 

Panda Remit is regulated by the financial authorities in many countries. 

For example, it’s regulated and registered by 

  • Austrac in Australia
  • MAS in Singapore

Other compliance can be found here

It also has a PCI DSS to protect those card-to-bank transfers and its online data encryption services are provided by Symantec, a leader in online data security that’s also trusted by hundreds of high street banks. 

Additionally, Panda Remit is financially backed by Sequoia Capital and Lightspeed Partners. Sequoia is also known for backing fin-tech giants like Apple and Google – which gives confidence, Panda Remit is a safe and trustworthy money transfer company.


Panda Remit is relatively new but it is emerging as a great option for expats and immigrants who live and work abroad and want to send money home (small bank-to-bank transfers) to friends and family, especially in Asia or Europe. 

Based on their strong Trustpilot score and the fact they are backed by Sequoia Capital and Lightspeed Partners gives us a lot of confidence.

Their fees are pretty low and you can often get the first transfer fee free with a very competitive exchange rate.

Panda Remit doesn’t support cash or large transfers right now, but that may change in the future.

For now, we recommend services like WorldRemit (review) and Remitly (review) for cash transfers and OFX (review) and TorFX (review) /CurrenciesDirect (review) for large bank transfers.

Is Panda Remit legit?

Yes, Panda Remit is legit, it’s a licensed Hong Kong-based company and uses industry-standard protocols to protect your data. However, it is important to consider its pros and cons to understand if Panda Remit is perfect for your situation.

How long does Panda Remit transfer take?

Card-to-bank transfers usually take minutes. Bank-to-bank transfers can complete within 2-5 days. However, sometimes there can be delays.

Panda Remit Review (Uncovered) → 7 Things You Must Knows

Panda Remit review: A good option for sending money abroad with a 4/5 Trustpilot ratings. However, it has cons on coverage and fees.

Editor's Rating:

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *