If like me, you reside in a country where PayPal is not available, then you are probably thinking about PayPal alternatives for international payments. PayPal was undoubtedly a revolutionary piece of technology, which changed the industry entirely. Sending payments internationally? Not a problem. Ensuring that they are secure and not likely to be hacked or stolen? PayPal was the best bet out there and even now, with around 300 million users of the platform. And these aren’t just passive users. They are active users with the average user engaging in around 36 transactions annually.
Paypal was eventually bought by Ebay in 2002, for an (at the time) astounding $1.5 billion dollars, mainly because Paypal was the primary payment route used by Ebay customers. While this relationship did not last, it has done nothing to dampen the popularity of Paypal, which has continued unabated. Today, PayPal Holdings, Inc. (NASDAQ:PYPL) is $170 billion public company.
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However, while the services offered by Paypal are fantastic, perhaps the main reason behind its popularity is the brand name, rather than the service offered by it. It was a pioneer in the field and over the years, people have gone to trust it. Hence, it has been difficult for competitors to lure customers away, because of the loyalty of the people. However, there are now plenty of Paypal alternatives for international payment, which offer a better service and a much more user friendly interface. And like I mentioned earlier, Paypal isn’t even an option for people like me, who work freelance for international clients and don’t have Paypal in their country. For us, alternatives aren’t just to explore our options, but rather fall in the definition of being a necessity. This is why our list will focus more on transfer services rather than payment options, though it will include a bit of both worlds. Our ranking is based on the transfer fees charged by each service as that is easy to determine. However, most money transfer services make a profit on exchange rate and therefore their nominal transfer fees may not capture your entire cost. This is why it is good to check out the merits and demerits of each service before selecting one.
Insider Monkey tracks hedge funds to identify the best stocks to buy in the current markets. PayPal has been greedy in recent years, stealthily increasing its fees which is why its stock outperformed the market by a large margin. We compile lists like this to see which companies provide the best service and will emerge as winners. Our stock picks in the monthly newsletter beat the market by 44 percentage points since 2017. You can download a sample issue here.
So what are the alternative payment options to Paypal for international money transfers? Well, we take a look at the absolute 10 best options, which are well known for their customer service, user friendly interface, and provide a safe and reliable way to receive or send international payments. So without further ado, let’s look at the best Paypal alternatives, starting with:
10. Skrill
Transfer fees from US to Pakistan on any amount: Not available in the country
Transfer fees from US to Philippines on any amount: Not available in the country
Transfer fees from US to India on any amount: $0
Skrill is extremely popular among gamers and cryptocurrency enthusiasts. It is a fine payment as well, and is quite easy to use. You can easily send or receive money, in addition to linking your bank accounts as well. While we would rank it higher because of the $0 transfer fees charged in India, the fact that it isn’t present in the other two has affected its ranking.
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