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 RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
TransferWise
- 9.3/10
- Online OnlyOne off transfers Regular transfers
- ~0.5%Min and Max Fees apply.. Learn More
- 1 - 2 Days
- £1 / $1Min and Max Fees apply.. Learn More
TransferWise Debit Card now comes with the Borderless Account!TransferWise Debit Card is currenty available in UK, US, Australia, New Zealand, Singapore, Switzerland and EEA (except Greece)
Check this page to learn more about TransferWise Borderless Accounts.
Payoneer
- 9.2/10
- Online
Phone Assistance - Free $50 Coupon!
Exclusive to iCompareFX customers *The $50 reward will be credited to you once you receive a minimum of $1000 payments to you Payoneer balance for the first time following registration with Payoneer - Receiving FREE / 1%EUR; GBP; JPY; CNY are free via receiving accounts while USD can charge 1%
Withdrawing EUR; GBP; JPY; CNY; USD can charge up to 2%.
For more details see Payoneer Fees. - 0 - 3 DaysPayoneer offer instantaneous payments if you are transferring from Payoneer account to Payoneer account.
- Varies Per CustomerThe withdrawal service limits with Payoneer vary per customer account.
- Yes. Payoneer allows you to order a Mastercard after you register
Click here to learn more about Payoneer Local Currency Accounts.
WorldFirst
- 4.8/5
- Online
PhoneOne off transfers Regular transfers Forward contracts Currency options - Real Exchange Rate Used
0.15% - 0.5%Fee is added to the real Exchange rate for transparent pricing.
Fee on top of inter-bank rate is based on total transfers for the year.
0.5% < £500k
0.25% < £5m
0.15% > £5m - 1 - 3 Days
- Their website is responsive so it auto-scales to your screen size.
- £1000 / €1000 / AUD$2000
- No
Learn more about WorldFirst World Account.WorldFirst World Account allows you to ppen multiple local currency accounts in GBP, USD, EUR, CAD, JPY, AUD, SGD, NZD, HKD & CNH. You can now receive funds using local banking details for your suppliers.
WorldFirst
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.
Pros
- 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 – save on currency conversion fees when you reconcile payments using matching currency accounts
- Integrate the World Account with Xero in minutes
- Initiate your transfer online or over the phone
Cons
- Transfer limits may vary depending on where you live
- Residents of the U.S. cannot use its services to send money
- No cash transfers
Payoneer
Payoneer is a U.S.-based alternative to PayPal that lets its customers send and receive money to and from different countries. However, both functionalities are not available in all the countries it supports. Depending on where you live, you may get access to receiving accounts in different currencies through the Payoneer Global Payment Service. As an online seller, you may benefit by using the services of this company to receive payments from most prominent ecommerce platforms.
Pros
- Serves individuals and businesses
- Get receiving accounts in GBP, EUR, USD, CAD, AUD, CNY, and JPY
- Hold funds and transact in multiple currencies
- The Payoneer Mastercard provides easy access to funds in your Payoneer account
- Make payments using debit cards, credit cards, or bank account transfers
Cons
- Allows transfers only between Payoneer users
- Option of sending money not available in all countries
- You pay an annual fee for the Payoneer Mastercard
TransferWise
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.
Pros
- 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
Cons
- 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
OFX
OFX is headquartered in Australia, and it also has offices in the U.S., Canada, the UK, New Zealand, and Singapore. This PayPal alternative serves individuals, businesses, and online sellers. OFX operates different region-specific websites, which you may access only in English.
Pros
- Register as an individual, a business, or an online seller
- Australia-based, offices also in the U.S., Canada, the UK, New Zealand, and Singapore
- No fees for personal transfers
- Choose from market orders, forward contracts, and scheduled transfers
- Get free receiving accounts in EUR, GBP, USD, CAD, AUD, and HKD through the Global Currency Account
- Initiate transfers online or over the phone
- Get local phone support in various countries
Cons
- Some currencies can be traded only over the phone
- No cash transfers
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.
Pros
- 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
Cons
- Offices only in Canada and the UK
- Does not provide scheduled transfers
- No cash transfers
CurrencyFair
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.
Pros
- 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
Cons
- 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
WorldRemit
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.
Pros
- 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
Cons
- 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
TorFX
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.
Pros
- 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
Cons
- Physical presence limits to the UK and Australia
- Website access only in English
- No cash transfers
Banks
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.
Learn More
- Do you think Azimo has an edge over Paypal?
- Who is similar to OFX.com?
- Does TransferWise live up to their hype?
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