CanadianForex or PayPal – would using the services of one fund transfer company work better for you than the other? Since both companies specialize in international repatriation of funds, they serve as better alternatives to most banks. However, when choosing between the two, it is important that you identify your specific requirements at the onset.
Whether you pick PayPal or CanadianForex, take heart in knowing that you will be working with a company that provides reliable services. By understanding the intricacies of how these companies operate, you can make the right choice easily.
This PayPal vs. CanadianForex comparison is divided into multiple sections to highlight the similarities and differences of these companies:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
This aspect of the CanadianForex vs. PayPal comparison requires careful consideration because it has a direct effect on how much your transfer costs.
- The fee you have to pay depends on the transfer amount and the currency you use to make your payment.
- If the transfer amount exceeds a predetermined threshold, you do not have to pay any fees.
- A CAD $15 fee applies on transfers below CAD $10,000.
- Transfers below USD $5,000 attract USD $5 as fees.
- If the transfer amount is below €5,000, CanadianForex charges a €10 fee.
- Check the company’s latest fee structures for different currencies online.
- Where you reside, the mode of payment, and the destination country have a bearing on the fees PayPal charges.
- If you initiate the transfer from the U.S. and pay using your PayPal balance or a bank account linked to your PayPal account, the fee can vary from 0% to 2%, depending on the destination country.
- If you partially or completely fund the transfer using PayPal credit, a debit card, or a credit card, you pay 2.90% to 5.99% plus a fixed fee, depending on the destination country.
Ease of Use
You can register as a new customer with both companies in minutes. Once the company you sign up with verifies your credentials, you can start transferring funds. Both companies let you register as an individual, a business, or an online retailer. If website access in a foreign language is important, this PayPal vs. CanadianForex comparison tilts the balance in favor of the former.
- Access to the CanadianForex website is offered only in English.
- You can transfer funds online and over the phone.
- The company accepts payments from its international customers via electronic bank transfers.
- If your transfer originates in Canada, you can pay for it via a pre-authorized debit. You can also pay using the online bill payment service linked to your Canadian bank account.
- CanadianForex provides apps for devices that run on iOS and Android.
- You can access the PayPal website in various languages other than English, some of which include Spanish, French, Italian, Portuguese, Russian, Chinese, and Japanese.
- Payment for your transfer can come from your PayPal balance, a linked bank account, a debit card, or a credit card.
- You can transfer funds only to the recipient’s PayPal account, after which the recipient withdraws transferred funds into a local bank account.
- You can use your PayPal balance to pay for purchases you make online.
- You can use PayPal apps for Android and iOS.
Regular Overseas Payments
This aspect of the CanadianForex vs. PayPal comparison favors one company over the other. While CanadianForex lets you set up regularly-scheduled transfers according to your needs, PayPal has yet to start offering this service.