Several people wonder if they should use the services of TransferGo or PayPal. While both companies give people a safe and reliable way to send money overseas, there are differences in how they operate. For instance, PayPal lets you send money only to other PayPal users and not directly to bank accounts.
Trustpilot, an online review-based website, gives you insight into the PayPal vs. TransferGo comparison from the perspective of the companies’ customers. While the average score of TransferGo on this platform is a respectable 9.6 out of 10, PayPal’s average score is rather dismal. Going beyond what others have to say about these companies, you need to select either PayPal or TransferGo after taking your individual requirements into account. The aspects that need your attention include:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
This section of the PayPal vs. TransferGo comparison tilts the scale in favor of the latter, especially if the recipient is not in a hurry to receive the money.
- Transfer fees vary depending on the transfer speed you select, where you live, and the amount your transfer
- Depending on where the recipient lives, the company provides Standard, Next Day and Fastest Delivery alternatives
- Free transfers come with maximum transfer limits
- The Fastest Delivery option comes with the highest fees
- If you carry out a Next Day transfer from the UK, you need to pay a fixed fee of £0.99
- The fee you need to pay for Fastest Delivery varies depending on the transfer amount
- Other than the fixed fee, your transfer might attract a currency conversion fee of 0% to 2.2%
- You may get more details about the cost of your transfer online
- Where you live might have a bearing on PayPal transfer fees
- PayPal charges a 2% to 2.75% conversion fee from residents of some countries
- If you live in the U.S. and make a payment using your bank account, expect to pay a fee of up to 2%
- Credit card payments attract higher fees
- Withdrawing funds from your PayPal account to your bank account comes with additional fees
Ease of Use
Whether you should use PayPal or TransferGo might depend on how to wish to carry out your transfer.
- You may sign up as an individual or a business
- TransferGo lets you send money directly to overseas bank accounts
- You may make payments using bank account transfers, debit cards, or credit cards
- The company accepts Visa and Mastercard debit and credit card payments in EUR, GBP, NOK, DKK, PLN, and SEK
- It operates a multilingual website
- Depending on where you live, the company lets you register as an individual, a business, or an online seller
- It lets you send money only to other PayPal accounts
- Depending on your country of residence, you may withdraw money from your PayPal account to your local bank account or use it for online shopping
- You may fund your transfer using a bank account, your PayPal balance, a debit card, or a credit card
- Access to the PayPal website comes in different languages
Regular Overseas Payments
Turning to either TransferGo or PayPal will not serve the purpose if you wish to schedule transfers because both do not provide this service yet. If you want to set up scheduled transfers, consider using the services of alternatives such as OFX, WorldFirst, or TorFX.
- Do you think Azimo has an edge over Paypal?
- Read more about FrontierPay traded currencies.
- Does TransferWise live up to their hype?