Fez
Divine
Divine
Contributor
Elite member
- Thread Author
- #2
DON'T LEECH AND LEAVE A LIKE.
LIKES ARE APPRECIATED!
[HIDE] PayPal may be themost widely used online transaction service, but that doesnt mean it has no flaws. It isnot available in some countries, and its fee is quite hefty as well, especially for international transactions. Not to mention thePayPals habit of blocking accountsfor the least of the reasons.
Whether you cant use PayPal service or dont want to use it, there are manyreliable alternatives to PayPal for making online transactions. Below I have evaluated 5 of the best PayPal alternatives that make online money transfers easier.
1.Wise
Wise, formally known as TransferWise, is my choicefor international transactionsowing to its amazingly low fee and mid-market exchange rates.
For any transaction, TransferWise simplycharges 1% of the total amount transferredwith the minimum being $3, its almost of the fee that PayPal charges.
Best of all, ituses a mid-market exchange rate for conversion, therefore you are sure to get the best rates without Wises fee.
Another great feature is that thetransferred amount is directly deposited into the receivers bank account, and the sender can pay through both bank account or a debit/credit card (debit/credit card feemay incur depending on the bank).
Apart from personal transactions, TransferWise also offers aneat solution for businesseswith itsBorderless accountsfeature.
Thefee is the same as personal transactions but without the minimum transaction fee. Youll get a comprehensive dashboard to manage all your transactions in multiple currencies and evenmake automatic payments.
Thepayment processing time is really fastas well. Although it says it could take 2-4 days, I have never seen a delay over one day.
Wises transaction fees and charges1% fee on all transactions with a minimum $3 fee on all personal transactions.
What we like:Extremely low international money transfer fee.
Mid-market conversion rate.
Reliable business account.
Easy to use, and the receiver doesnt need an account.
Supports many countries where PayPal is unavailable or limited, like Bangladesh, India or Pakistan.
What we dont likeOnly supports international money transfers.More Wise-related links:
Help page
Sign Up
Contact TW
TW Currency Converter
2.Skrill
Skrill is verysimilar to PayPal in working. You attach a bank account or debit/card to your Skrill account and send/receive money. The service onlycharges 1.9% fee for a transfer between Skrill wallets.
Its still quite less than PayPal and there areno dedicated rates for different countries/currencies.
However, the problem comes with international money transfers where the accounts use different currencies. Skrill charges a 3.99% fee on the currency conversion, so theinternational transfer can cost nearly 6% of the total amount.
Things get even worseif your bank currency isnt supported by Skrill(40 currencies are supported). There will be money conversion involved in both receiving money and withdrawing to your bank account. Andyour bank may even add some fee as well. All this could lead to up to 12-15% fee on just receiving/sending money.
If you are living in Europe, then you can also get a freeSkrill Prepaid Mastercardtodirectly use the money in Skrill wallet wherever Mastercard is accepted. Although not as widely accepted as PayPal, but many online stores accept payment via Skrill. This includesGoDaddy, Shutterstock, Skype, Playing Asia, and others.
Skrills transaction fees and charges1.9% fixed fee on transactionswith each currency conversion in the process costing 3.99% fee.
What we like:Low fee on same currency transfers.
Has a dedicated Prepaid Mastercard.
Many stores support Skrill payment.
What we dont likeCurrency conversion can be a real problem.
May require extra verification to increase maximum wallet limit.
More Skrill-related links:
Support
Pricing
Sign up
3.Transfast
Transfast is verysimilar to TransferWiseas it lets you direct deposit to the bank account of the receiver. However,only US residents can use the serviceto send money worldwide.
It supportsonline transactions in the USA and 50 other countries. Some of the unsupported PayPal countries are also supported.
Transfastcharges a fixed $4.99 on every transactionand charges no fee over $1000 transfers. Transfers to some countries are also free, such as India or Nigeria.
Unfortunately, ituses its own exchange rates for currency conversionthat depends on the currency itself. However, the exchange rate is quite competitive, you can check it on theTransfast calculator.
Transfasts transaction fees and charges$4.99 fixed fee on transactions and no fees for transactions above $1000. It has its own competitive exchange rates that you can calculate on its pricing page.
What we like:Good for large transactions.
Supports countries that are not supported by PayPal.
Can locally send money in the USA.
What we dont likeOnly US residents can send money.More Transfast-related links:
FAQ
Contact Transfast
Sign Up
Transaction fees
4.Payoneer
Payoneer is quite different from PayPal, but it is still a great online transaction method. Payoneerworks through a Payoneer Mastercardthat is sent to your home for free with a yearly maintenance fee of $25 (charged at the end of the year). You canuse the card anywhere where Mastercard is accepted.
Payoneer is mainly created tohelp you receive payments from US companies like Wish, Fiverr, PayPaland over 3500 more. You can then withdraw the payment using an ATM or spend it right from the Mastercard.
There is no fee for sending and receiving payments from other Payoneer card users. And there is a2% withdrawal fee when you withdraw the money in your local currency.
However, if you are receiving money from a company, they may charge a fee of their own (check the company page for this).
Payoneers transaction fees and chargesFree transactions between two Payoneer accounts. 2% fee on withdrawing money via ATM.
What we like:Free Mastercard.
Easily receive money from popular companies.
No fee for transactions between Payoneer accounts.
Cheap withdrawal fee.
What we dont likeIt isnt easy to fund a Payoneer card as local bank cant be attached.More Payoneer-related links:
FAQ
Pricing
Sign up
Contact Payoneer
5.Xpress Money
Xpress Money is a good option forcheap money transfer between 165+ countries. Understanding the fee structure can be a little difficult, but theirCurrency Convertercan do all the calculations for you.
The fee depends on where you are sending the amount, but usually, itsanywhere between 1-2% of the total amount. On top of that, if the amount is big enough, then there will be no fee at all (depending on the sent currency). For example, thetransactions are free for AUD currency if its above AUD 300.
Of course, they do have their own exchange rate, but therates are very competitive and even better than Transfast. You can send money from both nearby agents and online accounts. However, theonline account is only limited to a few countries, such as the USA, Australia, and the United Kingdom, etc.
Xpress Money also offersmultiple ways to receive the amount. You can get a cash pick from the agent (over 200,000 agents worldwide), receive in a bank account, or even get itdelivered to your doorstep for free(supported countries only).
Depending on receiving method it could take anywherebetween 2-5 days to receive money. Although for cash pick-ups, I always managed to receive the amount the next day.
Xpress Moneys transaction fees and chargesThefee depends on the currency you are sending, but usually its between 1-2%. The transactions also become free after a specific threshold. You can check its currency converter (link above) to get the exact fee estimate and currency exchange rate.
What we like:
Cheap rates.
Many ways to receive money.
Over 80 currencies supported.
What we dont like:
Online account is limited to few countries.
Fee structure is hard to understand.
[/HIDE]
![[Image: Animatedsss-content-4x3-16x9-21x10-1.gif]](https://i.ibb.co/m06jZb9/Animatedsss-content-4x3-16x9-21x10-1.gif "[Image: Animatedsss-content-4x3-16x9-21x10-1.gif]")
LIKES ARE APPRECIATED!
[HIDE] PayPal may be themost widely used online transaction service, but that doesnt mean it has no flaws. It isnot available in some countries, and its fee is quite hefty as well, especially for international transactions. Not to mention thePayPals habit of blocking accountsfor the least of the reasons.
Whether you cant use PayPal service or dont want to use it, there are manyreliable alternatives to PayPal for making online transactions. Below I have evaluated 5 of the best PayPal alternatives that make online money transfers easier.
1.Wise
Wise, formally known as TransferWise, is my choicefor international transactionsowing to its amazingly low fee and mid-market exchange rates.
For any transaction, TransferWise simplycharges 1% of the total amount transferredwith the minimum being $3, its almost of the fee that PayPal charges.
Best of all, ituses a mid-market exchange rate for conversion, therefore you are sure to get the best rates without Wises fee.
Another great feature is that thetransferred amount is directly deposited into the receivers bank account, and the sender can pay through both bank account or a debit/credit card (debit/credit card feemay incur depending on the bank).
Apart from personal transactions, TransferWise also offers aneat solution for businesseswith itsBorderless accountsfeature.
Thefee is the same as personal transactions but without the minimum transaction fee. Youll get a comprehensive dashboard to manage all your transactions in multiple currencies and evenmake automatic payments.
Thepayment processing time is really fastas well. Although it says it could take 2-4 days, I have never seen a delay over one day.
Wises transaction fees and charges1% fee on all transactions with a minimum $3 fee on all personal transactions.
What we like:Extremely low international money transfer fee.
Mid-market conversion rate.
Reliable business account.
Easy to use, and the receiver doesnt need an account.
Supports many countries where PayPal is unavailable or limited, like Bangladesh, India or Pakistan.
What we dont likeOnly supports international money transfers.More Wise-related links:
Help page
Sign Up
Contact TW
TW Currency Converter
2.Skrill
Skrill is verysimilar to PayPal in working. You attach a bank account or debit/card to your Skrill account and send/receive money. The service onlycharges 1.9% fee for a transfer between Skrill wallets.
Its still quite less than PayPal and there areno dedicated rates for different countries/currencies.
However, the problem comes with international money transfers where the accounts use different currencies. Skrill charges a 3.99% fee on the currency conversion, so theinternational transfer can cost nearly 6% of the total amount.
Things get even worseif your bank currency isnt supported by Skrill(40 currencies are supported). There will be money conversion involved in both receiving money and withdrawing to your bank account. Andyour bank may even add some fee as well. All this could lead to up to 12-15% fee on just receiving/sending money.
If you are living in Europe, then you can also get a freeSkrill Prepaid Mastercardtodirectly use the money in Skrill wallet wherever Mastercard is accepted. Although not as widely accepted as PayPal, but many online stores accept payment via Skrill. This includesGoDaddy, Shutterstock, Skype, Playing Asia, and others.
Skrills transaction fees and charges1.9% fixed fee on transactionswith each currency conversion in the process costing 3.99% fee.
What we like:Low fee on same currency transfers.
Has a dedicated Prepaid Mastercard.
Many stores support Skrill payment.
What we dont likeCurrency conversion can be a real problem.
May require extra verification to increase maximum wallet limit.
More Skrill-related links:
Support
Pricing
Sign up
3.Transfast
Transfast is verysimilar to TransferWiseas it lets you direct deposit to the bank account of the receiver. However,only US residents can use the serviceto send money worldwide.
It supportsonline transactions in the USA and 50 other countries. Some of the unsupported PayPal countries are also supported.
Transfastcharges a fixed $4.99 on every transactionand charges no fee over $1000 transfers. Transfers to some countries are also free, such as India or Nigeria.
Unfortunately, ituses its own exchange rates for currency conversionthat depends on the currency itself. However, the exchange rate is quite competitive, you can check it on theTransfast calculator.
Transfasts transaction fees and charges$4.99 fixed fee on transactions and no fees for transactions above $1000. It has its own competitive exchange rates that you can calculate on its pricing page.
What we like:Good for large transactions.
Supports countries that are not supported by PayPal.
Can locally send money in the USA.
What we dont likeOnly US residents can send money.More Transfast-related links:
FAQ
Contact Transfast
Sign Up
Transaction fees
4.Payoneer
Payoneer is quite different from PayPal, but it is still a great online transaction method. Payoneerworks through a Payoneer Mastercardthat is sent to your home for free with a yearly maintenance fee of $25 (charged at the end of the year). You canuse the card anywhere where Mastercard is accepted.
Payoneer is mainly created tohelp you receive payments from US companies like Wish, Fiverr, PayPaland over 3500 more. You can then withdraw the payment using an ATM or spend it right from the Mastercard.
There is no fee for sending and receiving payments from other Payoneer card users. And there is a2% withdrawal fee when you withdraw the money in your local currency.
However, if you are receiving money from a company, they may charge a fee of their own (check the company page for this).
Payoneers transaction fees and chargesFree transactions between two Payoneer accounts. 2% fee on withdrawing money via ATM.
What we like:Free Mastercard.
Easily receive money from popular companies.
No fee for transactions between Payoneer accounts.
Cheap withdrawal fee.
What we dont likeIt isnt easy to fund a Payoneer card as local bank cant be attached.More Payoneer-related links:
FAQ
Pricing
Sign up
Contact Payoneer
5.Xpress Money
Xpress Money is a good option forcheap money transfer between 165+ countries. Understanding the fee structure can be a little difficult, but theirCurrency Convertercan do all the calculations for you.
The fee depends on where you are sending the amount, but usually, itsanywhere between 1-2% of the total amount. On top of that, if the amount is big enough, then there will be no fee at all (depending on the sent currency). For example, thetransactions are free for AUD currency if its above AUD 300.
Of course, they do have their own exchange rate, but therates are very competitive and even better than Transfast. You can send money from both nearby agents and online accounts. However, theonline account is only limited to a few countries, such as the USA, Australia, and the United Kingdom, etc.
Xpress Money also offersmultiple ways to receive the amount. You can get a cash pick from the agent (over 200,000 agents worldwide), receive in a bank account, or even get itdelivered to your doorstep for free(supported countries only).
Depending on receiving method it could take anywherebetween 2-5 days to receive money. Although for cash pick-ups, I always managed to receive the amount the next day.
Xpress Moneys transaction fees and chargesThefee depends on the currency you are sending, but usually its between 1-2%. The transactions also become free after a specific threshold. You can check its currency converter (link above) to get the exact fee estimate and currency exchange rate.
What we like:
Cheap rates.
Many ways to receive money.
Over 80 currencies supported.
What we dont like:
Online account is limited to few countries.
Fee structure is hard to understand.
[/HIDE]
