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
- Online Only
- First £3,000 Fee Free
- 1 - 2 Days
- £1 / $1
- TransferWise Debit Card now comes with the Borderless Account!
- 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
- No fees for personal transfers
- 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
- Maximum transfer limits may vary depending on where you live
- Minimum transfer limits apply on transfers initiated from Singapore and Hong Kong
- Residents of the U.S. cannot use its services to send money
- No cash transfers
This alternative to PayPa 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
Headquartered in Ireland, this PayPal alternative also has offices in the UK and Australia. You may sign up with CurrencyFair as an individual or a business. Access to this company’s website comes in different languages. Its Exchange platform lets you bid for better-than-existing rates.
- Serves individuals and businesses
- Ireland-based, offices also in the UK and Australia
- Low minimum transfer limit of €8
- Use the Exchange platform to bid for preferred rates
- Multilingual website
- Lets you schedule transfers
- Lets you make express deposits in different European currencies
- Average transfer fees includes €3 plus around 0.4% of the transfer amount
- Cannot register from all states in the U.S.
- No market orders or forward contracts
- No cash transfers
This UK-based PayPal competitor also has an office in Australia. It serves individuals and businesses. TorFX operates a UK-based website for its global customers, and one dedicated for the Australian market. Access to both websites comes only in English.
- Register as an individual or a business
- Fee-free personal transfers
- Business clients get to choose from different hedging tools
- Provides travel money solutions in the UK
- Physical presence limits to the UK and Australia
- Website access only in English
- No cash transfers
- Do you think Azimo has an edge over Paypal?
- Who is similar to OFX.com?
- Does TransferWise live up to their hype?