When it comes to transferring funds overseas, you have a plethora of options. If you’re considering using the services of CurrencyFair or PayPal, and aren’t sure of which one to choose, a quick glance through this guide is in your best interest.
Both companies provide reliable services, letting you transfer funds in a range of currencies to different countries. However, when it comes to making a PayPal vs. CurrencyFair comparison, there pros and cons to both.
This PayPal vs. CurrencyFair comparison is divided into multiple sections so you can select a company according to your own needs:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
When compared to banks, using the services of CurrencyFair or PayPal can lead to real savings in fees. This aspect requires particular attention because both companies follow different fee structures.
- Fees charged by CurrencyFair depend on your transfer finding a match.
- If your transfer matches that of another customer, you pay 0.25% to 0.3% of the transferred amount plus €3 as fees.
- If there’s no matching customer, CurrencyFair charges 0.4% to 0.6% plus €3 as fees. In this case, CurrencyFair matches your transfer.
- On average, CurrencyFair customers pay around 0.4% of transferred amount plus €3 as fees.
- Express deposits come with added fees.
- PayPal fund transfer fees can vary depending on the sender’s residence country.
- In Australia, if you’re making a transfer through your PayPal balance or linked bank account, you’ll have to pay 0.5% to 3.3% of the transfer amount as fees, depending on the destination country.
- This increases to 3.9% to 7.4%, plus a fixed fee, if you pay using a debit or credit card.
- An added currency conversion fee may apply to the sender or the recipient.
Ease of Use
This PayPal vs. CurrencyFair comparison favors one company over the other when it comes to accessing websites in foreign languages. Both companies let you sign-up in minutes. The verification of your details follows.
- Other than English, you can use the CurrencyFair website in French and German.
- CurrencyFair provides specialized services for individuals and businesses.
- The company accepts payments via electronic bank transfers.
- You may make express deposits in different European currencies by using Visa or Mastercard debit cards.
- CurrencyFair provides apps for devices that run on iOS and Android.
- PayPal lets you access its website in various languages, some of which include French, Spanish, Portuguese, Italian, Russian, Japanese, and Chinese.
- You can pay for your transfer using your PayPal balance, a debit card, a credit card, or a linked bank account.
- The only way to transfer funds is to another PayPal account. The recipient then has to withdraw the funds into a local bank account.
- PayPal users can use their balances to make online purchases.
- PayPal provides apps for iOS and Android.
Regular Overseas Payments
This section of the CurrencyFair vs. PayPal comparison favors the former. While scheduling regular transfers with CurrencyFair is simple, PayPal does not offer this functionality as of now.
- Use the Fee Free Transfers coupon offered by CurrencyFair upon registering.
- When CurrencyFair and TransferWise go head to head.. who wins?
- Read about TransferWise features and their pros and cons.