For a long time, Paypal was one of the only ways to quickly send money to friends or family and receive money yourself. It was much easier than sending Western Union and a lot cheaper, too.
Those were the early days. While Paypal is still a great way to receive money, it is not the only game in town. If you are sending money or getting your freelance career ready to accept payments, then you need to do some homework to see which alternative is going to be best for you.
Instead of doing hours of research, just take a look at this list of some of the alternatives to using Paypal. You may find a better solution, or you could even realize that for your needs you should stick with Paypal.
1 – Skrill
There are certain activities online that are risky for both senders of money and receivers. For instance, gambling, adult services and firearms purchases. Skrill was started as a way to offer a very high security experience and work as an alternative to Paypal and others.
These days, you don’t have to be involved in any of those types of activities to benefit from using Skrill. Many people send money internationally using Skrill as it can compete with other processors exchange rates.
It is also accepted by many online merchants for payments so if you live in a country with a volatile currency, then using Skrill is very advantageous. And you can buy bitcoin with Skrill adding an even greater degree of stability if you live in one of those countries.
2 – Transferwise
Having an online bank that handles international transfers and a very competitive exchange rate is very advantageous. There are both personal and business accounts available.
What really sets Transferwise apart from Paypal is that it works as an online bank complete with IBAN number and SWIFT. If you are a digital nomad, for instance, then banking is very tricky.
Using Transferwise helps you access a stable bank account across all borders and in just about any currency you can imagine.
Using it as a bank will give you the kind of stability that many remote workers were not able to enjoy. Not only that, but the fees are far lower than what Paypal offers. Like Paypal, it does offer a debit card which can be used anywhere.
It is simple to set up, use and is very safe.
3 – Google Wallet
One of the few money transfer apps that doesn’t charge any fee to send transfers is Google Wallet. You can send money to any email address and it won’t cost a dime if you send from your bank account.
You can also use a credit card, but it will charge you a fee. Though, it is a low 2.9% at the time this article was written. This is much less than the 3.75% of Paypal and just as convenient.
It acts essentially like a gift card for purchases online and even in stores where accepted. It offers extra security when using your phone as none of your banking information is stored locally. It is all secured in a Google server so it can’t be accessed locally.
Hi there! I’m Sethu, your go-to guy for all things tech, travel, internet, movies, and business tips. I love sharing insights and stories that make life more interesting. Let’s explore the world together, one article at a time!
