Cross-border businesses that initially focus on the Mainland China market before expanding internationally often prioritise payment solutions that are straightforward to operate and allow funds to be credited promptly in operations. In response to this demand, personal remittance solutions such as Panda Remit are widely used by businesses operating in the Mainland China market, owing to their relatively low entry barriers. However, their use is typically limited to peer-to-peer (P2P) or small-value transfers within a predominantly domestic operating context.
As companies expand into international markets, the focus shifts from convenience in individual transactions to broader considerations of cash flow management, operational efficiency, and financial control. When transaction volumes increase and operations span multiple markets and currencies, it is essential to assess whether the current payment solution can support sustainable growth.
This article examines the suitability of Panda Remit for business use and compares it with Airwallex, a platform designed with enterprise requirements in mind, to guide start-ups and scaling companies in selecting the most appropriate solution for different stages of growth.
Challenges in receiving international funds
During the early phase of international operations, cross-border payments primarily aim to ensure that funds are received efficiently. As business scale increases, payment processes begin to influence overall operational efficiency.
Businesses frequently face challenges in aligning payment methods with the expectations and practices of local markets. If companies cannot provide options like local transfers or widely used payment tools, payment processes become cumbersome, potentially affecting conversion rates. The management of multiple currencies introduces further operational complexity, as frequent and reactive currency conversions increase costs and complicate financial planning.
The timing and reliability of fund receipts are essential for effective cash flow management. Delays can impose financial pressures on order fulfilment, inventory replenishment, and supplier payments. With increasing transaction volumes, companies also encounter more sophisticated financial management requirements, including batch payments, approval workflows, and comprehensive accounting records, which typically exceed the capabilities of personal remittance platforms.
Is Panda Remit suitable for businesses?
Panda Remit supports transfers from over 40 countries to Mainland China but is primarily designed for personal remittances, focusing on convenience and speed. It works well for individual users or occasional, small-value transfers. For businesses in the early stages or with limited transaction volumes, it can serve as a temporary solution.
From an operational perspective, however, personal remittance tools exhibit limitations in account structure, functionality, and compliance. Accounts are typically established in personal names, which restricts the management of multiple currencies and the implementation of enterprise-level controls. Accounting features are limited, and as transaction volumes and frequency increase, businesses may need to allocate additional resources to address these limitations.
The suitability of Panda Remit for business purposes therefore depends on whether the company’s requirements are limited to China-centric personal remittance use cases.
Panda Remit vs Airwallex: Distinction between personal remittance tools and enterprise platforms
| Panda Remit | Airwallex |
|---|---|---|
Coverage for International transfers | 40+ countries/regions | 200+ countries/regions |
Coverage for collection | Mainland China | 70+ countries/regions |
Typical use case | P2P or low-value transfers | Cross-border business payments, supplier settlements, and multi-market cash management |
Account structure | Individual account or wallet | Business accounts supporting multiple currencies |
Scale and Limits of Local Collection | More restrictive, primarily supporting bank transfers, Alipay, and WeChat Pay | Local collection accounts available in 70+ countries, with multiple payment methods |
System integration | Standalone with minimal integration | Integrates with accounting, ERP, or eCommerce systems |
Financial management | Limited accounting functionality | Layered permissions, transaction logs, and comprehensive financial tracking |
Panda Remit is positioned primarily as a personal remittance service and is typically used for occasional or low-volume cross-border fund collection within the China market. Airwallex, in contrast, is designed to support business operations across multiple markets and currencies, with infrastructure suited to higher transaction volumes and more complex operational requirements. From an organisational perspective, Airwallex aligns more closely with use cases that involve ongoing fund collection and structured cash management across regions.
Advantages and key considerations by platform
From a practical perspective, Panda Remit is recognised for its simplicity and is suitable for one-off or temporary fund collection within Mainland China. It provides a practical solution for individuals or small businesses initiating operations in the domestic market. However, accounts are established under an individual’s name and cannot be integrated with corporate account structures. Combined with the platform’s limited financial management and system integration capabilities, this may prevent it from adequately supporting long-term operations or professional financial management as business scale and transaction volumes increase.
In contrast, Airwallex is designed as a comprehensive financial and payment platform for businesses with cross-border operations. It supports transactions across multiple markets and currencies and provides local collection accounts along with a range of payment methods, enabling companies to receive funds from overseas clients through local channels while centralising global cash flow management. As operations expand, businesses can gradually implement more advanced financial management and treasury functions, establishing a stable and scalable cross-border fund collection framework. While initial setup requires business verification and account configuration, this represents a strategic long-term investment for organisations with established or planned international operations.
The significance of localised payment solutions
The payment experience can significantly influence transaction completion rates and client trust. International clients are more likely to complete payments when familiar methods are available.
Providing local currency accounts with corresponding local bank details enables clients to conduct domestic transfers, thereby avoiding the complexities of cross-border wire transfers. This approach typically results in shorter fund settlement times and lower intermediary costs.
Market preferences for payment methods also vary. Supporting widely used local payment tools and displaying prices in the local currency can improve conversion rates. These factors explain why businesses increasingly prioritise localised payment configurations when entering new markets.
As the number of transactions and markets grows, foreign exchange costs and cash management efficiency become increasingly important. Immediate conversion into a single currency may incur repeated exchange costs and increase exposure to exchange rate fluctuations. Without real-time settlement or batch payment capabilities, cash flow may be constrained, which could affect supplier payments and order fulfilment.
Streamline cross-border fund collection for businesses with Airwallex
Receive multi-currency funds with Global Accounts
Airwallex enables businesses to establish accounts to collect locally in more than 70 countries, supporting over 20 major currencies, including USD, EUR, and GBP. Companies are provided with local payment details, such as ACH numbers in the United States, Sort Codes in the United Kingdom, or IBANs in Europe. This facilitates payments from international clients via domestic transfers, reducing reliance on traditional cross-border wire transfers and contributing to more predictable settlement times and costs.
Funds may be retained or converted as required, allowing businesses to delay unnecessary currency conversions. This contributes to mitigating foreign exchange risk and enhances overall flexibility in cash management, particularly during the early stages of market expansion.
Transfer over local payout network
Airwallex supports payouts to over 200 countries and regions, where local payment networks are utilised for over 120 countries and regions. Approximately 93% of transfers can be completed on the same day. Localised processing reduces the time funds are in transit and limits uncertainties associated with intermediary institutions, improving cash flow predictability and facilitating supplier payments.
Batch payments to multiple regions reduce operational workload and the risk of manual errors, particularly for businesses with high transaction volumes and frequent fund movement.
Unify your financial infrastructure
For scaling businesses, efficiency extends beyond collections. Airwallex integrates collections, currency conversion, payments, company cards, expense management, and bill payments on a single platform.
Global Accounts allow centralised management of revenue from multiple markets, while payments can be executed to over 200 countries and territories. Virtual or physical company cards streamline routine expenses, and all data synchronises with accounting systems, reducing manual reconciliation. As transaction volumes increase, this integrated structure standardises previously fragmented financial processes, enhancing operational control.
Security and compliance
Security and regulatory compliance are critical in cross border payments. Airwallex holds over 80 global financial licences and operates in accordance with local regulatory requirements. Its systems adhere to international standards such as PCI DSS, SOC 1, and SOC 2 to mitigate unauthorised access and fraud.
Client funds are segregated from platform operational funds and held with regulated banking institutions. All transfers and currency conversions are executed according to client instructions. Partnerships with multiple banks further reduce custody risks. This framework ensures a compliant, transparent, and auditable structure for international cash management.
Selecting the right solution is critical to a company’s operational efficiency and growth trajectory. While personal remittance tools such as Panda Remit may suffice for occasional cross-border transactions, they are limited in scalability, multi-currency management, and operational oversight.
For businesses operating across multiple markets that need a scalable solution to grow with their operations, enterprise-grade platforms like Airwallex deliver a comprehensive and integrated solution. Explore Airwallex’s fund collection solutions today to identify the approach that best supports your business growth.
Frequently asked questions
Can Airwallex be used for corporate fund collection?
Yes. Airwallex Business Accounts allow businesses to receive payments via local accounts in key markets, reduce fees and currency costs, and monitor cash flow in real time. Activate Airwallex today to make business fund collection faster, more cost-efficient, and more flexible.
Is Airwallex suitable for long-term business use?
Yes. Airwallex provides a scalable platform for managing collections, payments, currency conversions, and treasury operations across multiple markets, supporting sustainable growth. By reducing cross-border transaction costs and improving liquidity, Airwallex helps businesses establish a sustainable financial foundation for long-term growth.
Is it difficult for a business to switch from a personal remittance tool to an Airwallex Business Account?
Not at all. Switching is a standard step for growing businesses that need to move away from using personal accounts for commercial transactions. The application for Airwallex is fully online – you simply need to provide your business registration details to open multi-currency accounts. This allows you to upgrade from a P2P remittance model to a professional financial infrastructure without visiting a branch.
Sources:
Information on Panda Remit was retrieved as of January 2026, from below sources. Information provided is for reference only. Please refer to the official website for the most up-to-date details
https://www.pandaremit.com/zh-hk/hkg/about
Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every 6 months. If you would like to request an update, feel free to contact us at [email protected].
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The Airwallex Editorial Team
Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.
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