PayPal is a U.S.-based company that provides overseas money transfer services for individuals and businesses. As an individual, you may send money to another PayPal user using no more than the recipient’s email address. However, this company does not let you transfer money directly into a recipient’s bank account.While several PayPal alternatives give you the ability to send money directly into overseas bank accounts, there is no single company that suits the requirements of everyone equally well. For instance, where you live might have a bearing on the options you may shortlist.Here are some of the leading PayPal competitors that require your attention.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
- Free $50 Coupon!
- Receiving FREE / 1%
- 0 - 3 Days
- Varies Per Customer
- Yes. Payoneer allows you to order a Mastercard after you register
You may register with WorldFirst as an individual, a business, or an online seller. This UK-based PayPal competitor also has offices in Australia, the Netherlands, Japan, Hong Kong, and Singapore. It operates multilingual region-specific websites. With the World Account, you get access to free receiving accounts in different currencies.
- Provides services for individuals, businesses, and online sellers
- Headquarters in the UK, offices also in Australia, the Netherlands, Japan, Hong Kong, and Singapore
- Follows a transparent pricing band that applies on existing real/interbank exchange rates
- Operates multilingual region-specific websites
- Choose from forward contracts and scheduled transfers
- Get free receiving accounts in USD, CAD, EUR, GBP, JPY, AUD, and NZD by signing up for the World Account
- Initiate your transfer online or over the phone
- Transfer limits may vary depending on where you live
- Residents of the U.S. cannot use its services to send money
- No cash transfers
This alternative to PayPal is headquartered in the UK, and also has offices in the U.S., Hungary, Estonia, Ukraine, Hong Kong, and Singapore. You may sign up with TransferWise as an individual, a business, or an online seller. The company operates dedicated websites for different regions, and you may access them in local languages. The Borderless Account is designed for businesses and online sellers.
- Sign up as an individual, a business, or an online seller
- Use your Google or Facebook account to register
- UK-based, offices also in the U.S., Hungary, Estonia, Ukraine, Hong Kong, and Singapore
- Dedicated multilingual websites for different regions
- Depending on where you live, you may pay using credit cards
- The Borderless Account comes with free receiving accounts in USD, EUR, GBP, AUD, and NZD
- Access money in your Borderless Account by using the TransferWise Mastercard
- Not all currency-pairs supported by its peer-to-peer network
- Does not provide market orders, forward contracts, or scheduled transfers
- The currencies being traded, the payment method, and the transfer method might affect the fees you need to pay
XE Money Transfer
XE is a Canada-based company that lets you register as an individual or a business. Outside of Canada, the company has an office in the UK. You may sign up with this alternative to PayPal from most countries. It operates a multilingual website.
- Serves individuals and businesses
- Website access in different languages
- Fee-free personal transfers
- Lets you choose from limit orders and forward contracts
- Get customer service in English, French, and Spanish
- Offices only in Canada and the UK
- Does not provide scheduled transfers
- No cash transfers
WorldRemit has its headquarters in the UK, and international offices in the U.S., Canada, Australia, New Zealand, and Japan. You may sign up with this alternative to PayPal as an individual or a business. The company operates a multilingual website. Its extensive agent network facilitates cash transfers.
- UK-based, offices also in the U.S., Canada, Australia, New Zealand, and Japan
- Transfer money to bank accounts or cash pickup centers
- Top off mobile airtime and mobile wallets of service providers from different countries
- Send as little as £1
- Pay for your transfer by using a credit card
- Multilingual website
- Does not provide services for businesses
- Transfer fees depend on the currencies being traded, the mode of payment, and the transfer method
- No market orders, forward contracts, or scheduled transfers
Given that most banks offer less-than-favorable exchange rates while charging steep fees, finding one that is better than PayPal might be a tough task. If you wish to send money overseas in a quick and cost-effective manner, it might be in your best interest to stick to the specialists.
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