6 Alternatives to PayPal for International Payments

You no longer have to visit a bank or wiring location to transfer money, simply log-on to a computer or smartphone.

After using several international money transfer apps, we narrowed down the list by choosing the apps with the fastest transfer speed, greatest country and currency options, and lowest fees.

#1 XE – The First Choice for Large Transfers

If you require a large international transfer solution, XE will let you send up to $500,000 daily in a variety of different currencies and country options.

While transfers take 1-4 days, you don’t have to babysit the transaction. XE will instantly send you an email or SMS when your transfer is processed.

Top Security and Encryption

XE boasts “enterprise-grade security” providing an added layer of trust with large international transactions.

They also have an excellent rating with Trust Pilot, currently tied with TransferWise for the highest rating. XE merged with HiFX, a similar international money exchange company in 2018.

• Number of countries: 170+
• Transfer fees: none
• Minimum transfer: none
• Maximum transfer: $500,000
• Transfer time: Some transfers are completed within 24 hours, however, expect 1-4 working days for the beneficiary bank to credit the funds.

Best for large transfers up to $500,000. The platform uses enterprise-grade security and does not charge direct transfer fees. Track payments by email or SMS.

#2 OFX – Good Options for Businesses

OFX converts transfers into 55 different currencies and counting. It features automatic periodic payments and additional business services.

Most transfers take less than two days with real-time tracking through your account online or the companion mobile app.

OFX does not charge transfer fees, instead of making its money on the exchange rate margin.

The margin is typically 1-2% of the total transfer, which makes it ideal for smaller transfers and less competitive for larger ones.

They also offer services for small and medium-sized businesses including payments to suppliers and overseas staff.

Online sellers can get approved to sell globally within 4 business days.

Quick Stats:

• Number of countries: 190+
• Transfer fees: variable, but generally less than 2%
• Minimum transfer: $200 ($1,000 per year)
• Maximum transfer: no maximum
• Transfer time: 1-2 days

Best for small international money transfers. It also provides multiple services for small to medium-sized businesses and quick online seller approval. Dedicated customer service provides 24/7 support with a personalized call after registration to make sure your account is set up correctly.

#3 Revuto – Great for Control and Saving 

Revuto users save money by taking full control of recurring payments they have signed up for. Online subscription payments can be allowed or blocked through the app. 

Additional features include Revuto crypto-wallet, debit cards, Airdrop, Revutoken, and more.

Revuto Airdrop

Revuto Airdrop will be available when the Revuto App launches in both Apple and Google Play stores. The initial price of 1 Revutoken will correspond to the price of 0.1 US dollars.

The supply and price of Revutokens are subject to crypto-market demand.

Revutoken (RVT)

Once Revutoken Airdrop is available in late 2020, Revutoken (ERC-20 token) will be active. For specific dates, visit the Revuto Roadmap webpage.

Revutokens can be earned in the following ways:

• Revuto referral program (through unique referral link)
• Revuto redeem codes (through live events, printed media, emails, special online promotions, Revuto social media)
• Cash-back rewards (through Revuto debit cards)

Revuto Referral Program

By using the Revuto service, users can refer their friends and family to earn rewards such as early access to the Revuto App, Revuto App Pro, free Revuto Debit Card or Revuto Debit Card Pro and/or Revutokens. 

Additional rewards may be added during the Revuto App launch, benefits are subject to change.

Best for fintech users who appreciate a crypto-currency option. Revuto will also offer Airdrop services, debit card options (with 4% cashback rewards), and a generous referral program.

#4 TransferWise – Best Traveler Option

TransferWise offers a free exchange rate and fee calculator right on their website so you know all of the costs before you begin your specific transfer. They offer low fees, no minimum transfer, and extended currency conversion rates.

Borderless Account

TransferWise recently added a debit Mastercard. You can spend internationally using local currency (40+ currencies available) at any location that accepts Mastercard. There are no foreign transaction or annual fees.

There is no monthly account or withdraw fees which is a breath of fresh air compared to the $10-$12 monthly fees from big banks like Chase and Bank of America. 

Plus, transferring money is less expensive. For example, if you were to send 250 USD to EUR, you will pay a $2.35 to TransferWise, much cheaper than the nearly $42 you’ll pay through Bank of America.

Business Account

TransferWise offers business accounts for freelancers, eCommerce, and enterprise. They offer competitive features including fees that are 19x lower than PayPal, making them a solid alternative.

Quick Stats:

• Number of countries: 59
• Transfer fees: minimal (0.7%)
• Minimum transfer: none
• Maximum transfer: $50,000+
• Transfer time:  one to three days

Best for frequent travelers who appreciate paying in different currencies. Debit Mastercard is a convenient travel companion and cheaper than holding bank accounts abroad.

#5 WorldRemit – Most Versatile

Easily create a free account on their website WorldRemit.com or by downloading their app (iOS or Android).

Choose from over 150 countries and send money via bank transfer, cash pickup, mobile money, WorldRemit wallet, or airtime top-up (recharge your family and friends’ mobile accounts).

Once you choose where and how to transfer you will see any fees and exchange rates upfront. Choose your recipient from a saved list or add a new recipient. 

Use a debit, credit, or prepaid card to complete the transfer. You can also use bank transfer, Poli, Interac, iDEAL, Sofort, Google Pay, Apple Pay, and Trustly.

Cash Pickup

A cash pickup is a payment that the recipient can collect as physical cash from a WorldRemit supported location. Cash pickups are not available in all areas. Visit WorldRemit to see if your recipient’s country is included.

There is no charge for the recipient when choosing a cash pickup. The funds are generally available instantly. 

The recipient will need to have a valid form of ID, the transaction reference (SMS, WorldRemit, or from the sender through the web/app), and be at the correct cash pickup location.

Quick Stats:

• Number of countries: 150+ countries
• Transfer fees: low fees (first three transfers free for a limited time)
• Minimum transfer: none
• Maximum transfer: $9,000
• Transfer time: Cash pickups, mobile money, and airtime top-ups are Instant. International transfers are generally credited within 1 working day (can vary based on countries chosen)

Best for: Transferring small amounts to family and friends in Asia, Africa, and India. Cash pickup is a unique feature that is available in multiple countries. Lots of payment and delivery options and transfers are quick.

#6 Ria – Money Delivery to the Doorstep

Ria has sent over 1 billion transfers and has over 30-year experience in the industry. They offer an exchange rate and fee calculator on the main page of their website. 

Home Delivery

From the mobile app, you can send your recipient money and the recipient will receive the money from the comfort of their home or office. Ria provides home delivery in the following countries:

1. Vietnam
2. Philippines
3. Dominican Republic
4. Peru

Ria also redesigned their mobile app to make it easy for anyone to send money to loved ones. The app features over 389,000 transfer locations worldwide.

Quick Stats:

• Number of countries: 140+
• Transfer fees: starting at $3
• Minimum transfer: $50
• Maximum transfer: $2,999.99 per transfer a day online up to a maximum of $7,999 within 30 days. If you live in Arizona or Oklahoma, the limit is $999.99 per user per day.
• Transfer time: 15 minutes to up to 4 days

Best for: Best for frequent international money transfers. Use the website or mobile app to transfer money from home or the office. Home delivery available in select countries. Lucrative referral rewards.

What to Look for in an App When Transferring Money Internationally

Choosing between the above options depends on your preferences and whether you need the transfer for personal or business needs. Some questions to help you make a choice include: 

How Do I Send Money Online?

While a traditional money transfer happens face-to-face with paper money, moving money online requires the transfer of data.

Transferring money online is as simple as finding an app like the ones above and choosing the one that works in your recipient’s country.

Source: Pixabay.com

Once you sign up for an account, you can send money to a bank account or e-wallet, or if the recipient prefers, they can pick up paper money from an online transfer by visiting a physical wiring location.

There is very little information required to complete an online transfer. Often you only need the recipient’s phone number or email address to send money online.

Since so little data is required, you should always make sure to confirm you are sending money to the right recipient. 

How Much Does It Cost to Transfer Money Internationally?

If you consistently send the same amount of money to the same recipient or country, you will generally pay the same fee.

If you are on a budget or just need to know the fee before you send an online money transfer, most companies offer a fee estimator so you can prepare for the extra cost.

Fees can vary depending on the company you choose, how much money you transfer, where you are sending money to (domestic or international), and how you are funding the transfer (bank account, debit or credit card).

Choose the app that will guarantee the lowest possible fees, and look for cashback and saving options. 

What is the Average Transfer Time?

If you are transferring money from one bank account to another, the typical transfer time is 1-4 days.

However, if you use a credit or debit card or transfer via kiosk, the transfer can happen instantly.

Delays can occur when you transfer money from bank to bank domestically or transferring money to an international bank. The delay helps monitor and protect your account from fraud. 

There can also be a delay when transferring internationally due to time zone differences and holidays. Bank transfers generally only occur during normal business hours.

Choose the app that can deliver money as soon as possible, or if not an option, one with the lowest transfer times.

How Much Money Can I Send?

Each company has its max one-time and daily transfer limits. If you will be sending large amounts of money, you will want to research which companies provide the largest max limits.

The main reasons for max transfer limits are to protect your money against fraud, protect the company you are working with, and to comply with domestic and international regulations.

Usually, apps will have options for you to modify the daily transfer limits. If you will be sending larger amounts frequently, you might have to look for business account options since they offer more freedom. 

What Countries Can I Send Money To?

Using a mobile app that supports international money transfer can save you a significant amount of money and get money in the recipient’s hands much faster than traditional money wire methods.

While apps can help you send money virtually anywhere, but not all of them work in every country in the world. 

While you can easily send money via phone apps, bank accounts, or even wiring locations, you still have to be cautious to choose the option that will work in all countries you need.

You Have Choices for Transferring Money Internationally

If you frequently transfer money internationally, be it larger or smaller amounts, you will want to go with a company that focuses on security so you can rest assured that your money will get to the intended person(s). 

Low fees, quick transfer times, and maximum transfer amounts should also be considered when using an international service.

Each transfer you complete will cost you additional funds whether it’s for fees, currency exchange, or even for priority transfers.

Always choose a reputable company with a proven track record, one that you know you can trust. 

Don’t be afraid to use multiple companies for different transfer scenarios, or try out new apps to see whether they are a better fit for your needs.