The international market becomes increasingly interconnected, as people purchase goods and services from suppliers on the other side of the world as easily, as in a shop on their street. However, this activity requires sending money over the borders, often changing between currencies. As we know, international money transfers can be quite expensive, as banks keep a chunk of the quote. In the European Union customers can use SEPA transfers to send euro between accounts; the rest of people must use alternative means of payment if they wish to save money.
Nowadays most businesses, especially the online merchants, accept payments made with credit and debit cards. While the cost of currency exchange can be a bit expensive, it’s still much lower than the cost of sending money through a bank transfer. Moreover, money which required days to travel between two countries before, these days can show up on the seller’s account within minutes.
However, the smallest businesses and private persons often do not accept card payments; users must use other means to send their funds to them. Many different transfer operators function on the financial market and new ones join the business frequently. A few entrenched services remain ever popular.
PayPal is one of the oldest payment services on the market and functions in multiple countries. This operator enables people to send money to other users while treating their email address as an account number. Transfers between individuals are free. To send money to a business or its customer, one has to pay a small fee. While PayPal remains very popular, its online wallet allows users to make transfers in just one currency; the operator makes most of his profit on exchange costs.
Alternatives to PayPal
That’s where the competitors enter the game. Many operators let their users send money in different currencies, therefore cutting down their costs. Some of them offer faster service or lower fees, while others brag about better safety measures, such as double verification or ID checks.
Not all operators function in all countries. The operation costs significantly differ between various areas of the world as well. Therefore users should research different means of international money transfers before committing to a particular operator. Skrill, Payza, Google Wallet and Payoneer are just a few of alternative service providers.
People who need to send money abroad should research various options before committing themselves to a particular service provider. Classic international bank transfers are usually the slowest and most expensive of all. People who don’t use SEPA system to send euro between countries in EU should investigate alternative methods of money transfer.
As different providers offer different fees, speed, and security for users from different countries, it’s best to compare their terms and conditions before selecting the best alternative. The right service can help its customers to save a lot of money in the long run, due to lower fees and better currency exchange conditions.