You likely know PayPal's digital service for online purchases, but you may not know that it supports wireless overseas transfers. Its popularity around the world makes it possible to transfer money across more than 200 countries. While PayPal is like a digital banking service, its rates are competitive compared with most banks and financial institutions, making it a good choice to avoid headaches.
But there might be cheaper alternatives out there. Check out our list to see if another service might suit your needs better.
Wise is a money transfer site designed to help you save money on exchanges by offering the mid-market exchange rate. Its costs are covered with a variable fee per transfer instead.
Pros
Offers mid-market exchange rates
Competitive fees depending on transfer amount and options
Low minimum transfer amount of $1
High transfer limits
Cons
Variable fees
Transfers to bank accounts — no cash pick-up option
WorldRemit has a wide range of currencies on offer, but like PayPal has fees that are higher the more money you transfer. Unlike PayPal though, WorldRemit allows for cash pick-up, home delivery and mobile airtime account transfers.
Pros
Available in over 140 countries worldwide
Flexible payment options, including debit or credit card, bank transfer, Android Pay and ApplePay
Transfers to mobile wallet accounts
Cash pickup available
Home delivery available
Mobile airtime account transfers
Cons
The higher your transfer, the greater the transfer fees
Maximum transfer amount ranges from $5,000 to $50,000 depending on payment method
Both PayPal and Western Union transfer to over 200 countries and territories around the world, with low minimum transfer amounts of $1, although your fees may be well over $1 for that transfer. Like PayPal, Western Union typically has fees dependent on how much you're sending, where you're sending money to and the method you choose for your transfer. However, Western Union allows for cash pick-up, while PayPal doesn't offer that option.
Pros
Low minimum transfer
Send money in minutes
Transfer to over 200 countries and territories across the globe
Cash pickup and deposit available
Transfer options include paying with cash, card or bank account
Cons
Weak exchange rates that can be around 5% more than the mid-market rate
High fees compared to many other companies
Maximum transfers may vary depending on payment route and options
Both TorFX and PayPal have relatively low minimum transfer amounts compared to other money transfer services, but unlike PayPal, TorFX offers no-fee transfers. It also aims to offer competitive exchange rates and offers a best rate guarantee.
Pros
Multiple transfer options including spot contracts, forward contracts, limit orders and stop loss orders
No transfer fees
Has a best rate guarantee
Offers transfers in 40+ different currencies
Cons
Bank-to-bank transfers only
Rates may not be the most competitive without the price guarantee
Xe Money Transfer is a service designed to help you transfer your funds to a bank in a foreign currency. While PayPal has fees proportionate to the amount transferred, Xe charges $4 for transfers below $500 with a potentially more competitive exchange rate. It also offers business accounts.
Pros
Low transfer fees
Competitive exchange rates save you money in the long run
Transfers generally turnaround in 1 to 4 days
Cons
Bank-to-bank transfers only
No same-currency transfers
Exchange rate comparison tool not available until after you've registered with the site
Like PayPal, OFX has special options for online retailers, so may be worth considering if you want a PayPal alternative for selling online. Its fee structure is very different though, with no fees above $10,000 and a flat $15 fee under that. And while PayPal has a small minimum transfer limit of just $1, OFX's minimum is $250.
Pros
24-hour customer support
Widely available
Offers scheduled and recurring transfers
iOS and Android apps available for mobile transfer and tracking
No fees above $10,000
Cons
Bank-to-bank transfers only — no cash payment or pick-up
CurrencyFair is a peer-to-peer marketplace, meaning you can match with someone else selling the currency you want to buy. This will mean the fees and rates you get is often quite reasonable. If there's no one to match with you, CurrencyFair itself can facilitate your transfers to 15+ currencies. While this is less than PayPal, you're almost guaranteed to get a better rate.
Pros
Better exchange rates
Lower fees
App available
Cons
Small list of currencies
The percentage-based fee can add up on large transfers
Send is an Australian-based company that can help you send money to 30+ currencies around the world. There are no extra fees added on when you make a transfer, but there'll be a margin added onto the exchange rate. Unlike PayPal, which adds both a margin and a fee to your transfer. Send also specialises in transfers above $10,000 and you'll find the exchange rates get better the more you send.
Pros
No fees
Can send to 30+ currencies
Multi-currency wallet available
Dedicated account manager assigned to you
Cons
Not good value for smaller transfers
Bank-to-bank transfers only
Only founded in 2019, so many features are still under development
In business for more than 30 years, Ria is a global money transfer network with more than 316,000 agent locations in over 100 countries. Ria is one of the largest international money transfer providers in the world, offering cash pickup and home delivery options that PayPal does not allow for.
Pros
Low minimum transfer amount
Wide variety of transfer payment options including cash, debit card, credit card and bank account
Worldwide transfer network, with over 316,000 agent locations in more than 100 countries
Cash pick-up available
Home delivery option in select countries
Transfers can be as fast as 15 minutes
Cons
May have low maximum transfer limits
Rates and fees depend on amount, location and method of transfer and may not always be competitive
The second-largest international money transfer service in the world, MoneyGram transfers funds in over 200 countries and territories around the world to more than 350,000 agent locations worldwide. Both PayPal and MoneyGram offer low minimum transfer amounts, with fees depending on payment type and the transfer destination. However, MoneyGram offers home delivery and cash pick-up options, two services that PayPal does not have.
Pros
Fast transfers, with same-day service in many locations
Home delivery and cash pick-up options
Low minimum transfer amount
Can pay in-branch with cash or online
Cons
May have a low maximum online transfer amount
Fees vary depending on payment type and transfer destination
Less competitive exchange rates
Still looking for other options?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Leah Fallon is an editor for Finder. With 10 years of teaching English under her belt, it was a natural progression to move into editorial. She's written feature pieces for regional print and digital media and today helps fix annoying apostrophes, elusive infinitives and the muddled em and en dash. When she's not helping people with their finances, you can find her exploring the trails of Loudoun County, Virginia and wrangling her two sprightly girls.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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