Transferwise VS PayPal
Transferwise VS PayPal
PayPal is undoubtedly a grand brand name in the world of e-commerce but Transferwise is also not very far behind. Instead, Transferwise has come up as a more popular choice for the transfer of money. Though no one can actually beat PayPal in online shopping and the ease and security it provides, Transferwise has been able to create a standing for itself in a short span of time among senders of remittance payments and money exchange/transfer people.
How to find out which company is a better choice for you? Let’s check out some features of PayPal first.
The connectivity of this company is really good and you can change your currency into USD, EURO, GBP and much more. But as a mode of transferring money from one place to another is a very bad idea through PayPal. The transferring fees start at 2.5% and can cut off a huge amount of money from your transfers to place in the world. You need to find out what rate is going on at this moment. So, in short, PayPal is a good option for shopping online but a really bad and expensive option for transfer of money in all cases.
Transferwise is one of the best available options for transfer of money and these are not mere words but it is indeed better than PayPal for the following reasons:
Transferwise has a policy of one of the quickest transfers in the market which is usually even less than a day but might range to 3 days due to some delay or error. This quick transfer is available in all Euro Zone countries along with the USA. Recently the company has also opened this service to many other countries.
Super Low Fees (Starting at just 1 pound for £200 or below and 0.5% for rest)
Transferwise offers their customers unbelievable prices starting at just 1 pound for £200 or less and an incredible fee of only 0.5% for the transaction above £200. This means that you will not only be getting a really good transaction experience but also save a lot of money on the low exchange rates offered. They claim to save up almost 90% of your money in exchange and all.
Mid – Market Exchange Rates
The major reason for their low rates is that they use the mid – market exchange rates as often the savings you make on exchange rates covers up the transfer fee and you don’t need to worry about anything.
These are a few features of Transferwise that make it a better option to PayPal but like always I would like to tell you that your needs and requirements may be different than mine and it is always beneficial for a person to check up on all available options in the market and come up with the best one for themselves. Transferwise also offers different deals for their customers every now and then. They are also continuously adding more countries and supported languages to their system along with various currency options. Transferwise is a new wave that has taken over the remittance market.