Most people are not aware that there are good alternatives for PayPal out there.
Whereas PayPal is the king of online payments in the world, there are a few options gunning for a seat on its throne.
I have complied a list of the best alternatives for PayPal that you should know about.
1. Wise (formerly TransferWise)
Wise is a London based fintech company that is giving PayPal a run for its money.
Wise is one of the alternatives for PayPal best known for offering a borderless account that allows you to hold over 50 currencies and convert them anytime you want.
Wise has a mission of money without borders that allows for instant, convenient and transparent transactions. A number of people have stopped using PayPal, banks and other traditional providers due to the cost savings and speed they get from Wise. It is one of the easiest way to send money abroad.
The Wise Debit Card with VISA or Mastercard allows you to spend in any currency anywhere in the world. Your money is converted at the mid-market rate which is more affordable. Even better, you can withdraw $250 twice a month without fees every 30 rolling days!
Here is the link to get started with Wise.
You can assess if sending money with Wise is cheaper compared to other options via the link below. You can change the defaults in the currency converter to any currency in the world!Payment providers comparison – find the cheapest for sending your money
Payoneer is one of the more popular alternatives for Paypal. It also operates in over 150 countries and was launched around the same time as PayPal.
Payoneer has a free account which you can use to withdraw money straight to your bank account. It also has a paid Prepaid card for individuals that can be used anywhere in the world where Mastercard is accepted.
Skrill is one of the alternatives for PayPal for private users looking for zero fees for their deposits and withdrawals. Sending and receiving money is also free for individuals. However, beware that if you don’t use your Skrill account for more than 12 months, you will be charged an inactivity fee of $5.
WorldRemit is another of the alternatives for PayPal that is available in over 130 other countries. It is a fast and secure service that allows you to transfer money online using a laptop, phone or their app. WorldRemit is known for quick transfers for lower fees and better transparent exchange rates.
5. M-PESA Global
If you have an M-PESA registered phone, you can use M-PESA global to send and receive money anywhere in the world. The service is free when receiving money from US, UK, Europe, and UAE.
That said there is PayPal MPESA integration which allows you to enjoy the best of both worlds.
You can learn more on MPESA charges below:
Learn about the New MPESA charges for sending or receiving money via phone, ATM or MPESA agent.
The guide includes a curated list of transactions that are FREE via MPESA!
Hope you will find a good alternative of PayPal in the list above.
Otherwise, if you prefer PayPal, read this comprehensive guide on how to open a PayPal account.
Here are my 6 best tips on how to use PayPal in Kenya! The best thing is, they work with any of the alternatives for PayPal above!