10 Alternatives to PayPal for International payments, accounts & business 2024
PayPal offers some great services for personal and business customers, including easy ways to send an international payment, card services, and more.
Alternative providers may have a broader range of payment delivery options, cheaper fees or better exchange rates – so depending on what’s important to you, you may find a PayPal alternative that works better for you out there.
This guide walks through 10 apps like PayPal, focusing on different needs, so you can pick the best PayPal alternative for your specific transaction type.
Key points: Alternatives to PayPal in Canada
| 💡 Key points: | |
|---|---|
| For international payments | PayPal alternatives could include Wise, CurrencyFair, or TorFX for bank deposit transfers with transparent fees and rates. CurrencyFair and TorFX both offer personalized services for large transfers. |
| For personal use | PayPal alternatives could include Wise, OFX, CurrencyFair, or TorFX. All offer accounts with no ongoing charges – and you may be able to hold currencies, spend with a linked payment card and make transfers with low fees, depending on the provider you prefer |
| For businesses | PayPal alternatives could include Wise Business, OFX or Stripe. Wise and OFX let you receive payments with local bank details, while Stripe is great for taking card payments on and offline, with little or no technical know how needed |
| For freelancers | PayPal alternatives could include Wise or Currencies Direct. Wise offers 40+ currencies and local bank details, and Currencies Direct provides multi-currency accounts and dedicated account managers. |
Quick summary: PayPal alternatives
TorFX: Personalized fee-free transfers with account management for personal and business customers, the option to lock in exchange rates for up to two years.
Wise: foreign currency account supporting 40+ currencies, mid-market rates and low conversion fees from 0.33% – suitable for personal use and business
Xe: compare the costs and the exchange rates available from XE for your specific payment – you might find it’s a cheaper alternative to PayPal
OFX: customer service you can use 24/7 by phone, to send unlimited global payments for yourself or your business
Currencyfair: Low-cost transfers to 150+ countries with a flat €3 fee per transfer
Currencies direct: Fee-free transfers to over 120 countries, with personalized support and options for large transactions such as property purchases or business payments
Google Pay: mobile payments, receive payments locally or to spend online
Apple Pay: Mobile payments in CAD for contactless transactions using linked cards
Payoneer: paid with local bank details in different currencies – either from customers, PSPs or marketplaces
Stripe: get paid online or offline, especially accepting card payments
Is there a better PayPal alternative?
There are quite a lot of services like PayPal available for Canadian customers. While PayPal offers a vast array of services, alternative providers may have slightly narrower niches, which allow them to focus on delivering world class service in their specific area. This also means that the PayPal alternative which suits you best might depend on the type of transaction you need to make.
Here are a few reasons customers look for a better PayPal alternative:
To access alternative payment delivery options such as sending money to bank accounts, mobile money accounts or for cash collection
To get better exchange rates when converting from one currency to another
To hold a broader range of currencies in a digital account with a debit card
To avoid international transaction fees which can ramp up in particular when using a card
To cut the costs of receiving money in foreign currencies on behalf of your business
To send international business payments to suppliers and contractors quickly and with low fees, for deposit to their business bank accounts
Best alternatives to PayPal for international payments
Looking for a site like PayPal for sending money abroad? Here we’ll look at 6 international money transfer providers that compare to PayPal. In our comparison, we’ve taken into account their speed, transparency, ease of use and price when transferring money abroad.
| Great for | Coverage | Fees | Exchange rates | Transfer speed | |
|---|---|---|---|---|---|
| PayPal | Instant transfers to other PayPal accounts | Send globally, hold 25 currencies, spend with card where Mastercard is accepted | 2.99 - 4.99 CAD + 2.90% + domestic transaction fee | 4% currency conversion fee added to the exchange rate used | Instant deposit to PayPal account in many cases |
| TorFX | Personalized international transfers with account management | Send international transfers in 60 global currencies, including one off and regular payments | No transfer fees | Mid-market exchange rate with an added margin | Same day 2 days for exotic destinations |
| Wise | Fast or instant deposit to bank accounts | Send money to 160+ countries, hold 40+ currencies in Wise account, spend in 150+ countries with Wise card | From 0.33% | Mid-market exchange rate with no markup | 50% arrive instantly, 90% in 24 hours |
| XE | Global transfers and helpful exchange rate data | Send to 130 countries | Variable fees | Rates include a variable markup | 1 – 5 days depending on payment details |
| OFX | Unlimited payments, with phone support 24/7 | Send to 170+ countries | No transfer fee | Rates include a variable markup | 1 – 5 days depending on currency |
| Currencyfair | Low-cost transfers for individuals and businesses | Send to 150+ countries in 20+ currencies | €3.00 (or currency equivalent) transfer fee | 0.53% of the amount exchanged | 0-5 business days |
| CurrenciesDirect | Fee-free transfers for large or everyday transactions | Send payments to over 120 countries in 40+ currencies | No transfer fee | Wholesale rates | Instant to 3 working days |
Information correct at time of writing 22nd October 2024
To summarize:
Wise: Great alternative to PayPal for mid-market exchange rates, fast or instant transfers, and options to hold and spend 40+ currencies
XE: PayPal alternative if you’re sending to a bank account, with variable fees and rates depending on the specific transfer
OFX: Good alternative to PayPal if you want to talk through your payment by phone with a broker – available 24/7
TorFX: PayPal alternative for transferring in 60+ currencies, with no fees and personal support for regular or one-off payments.
CurrencyFair: A good PayPal alternative if you’re looking for competitive exchange rates, with a flat transfer fee and transparent costs.
Currencies Direct: A good PayPal alternative for sending to over 120 countries with no transfer fees and fast transfers ranging from instant to 3 days.
Let’s take a deeper look at each alternative, and see how they can be a better alternative for PayPal.
Wise – mid-market rates and low fees for personal and business
Great for: Flexible and low cost account, payment and card services for individuals, freelancers and businesses, with mid-market exchange rates
| Provider | Coverage | Fees | Exchange rates | Transfer speeds |
|---|---|---|---|---|
| Wise | Send to 160+ countries, hold 40+ currencies, spend in 150+ countries with card | From 0.33% | Mid-market exchange rate with no markup | 50% arrive instantly, 90% in 24 hours |
Wise offers services across all our categories – international payments, personal accounts and business services. Wise payments are deposited directly into your recipient’s bank account for convenience, often instantly.
You’ll only pay a low, transparent fee from 0.33%, and you’ll get currency exchange which uses the mid-market exchange rate. You can also open a multi currency account with Wise to hold and manage dozens of currencies in the same place, which comes with local bank details for 10 currencies you can use to get paid by others like a local.
Wise Business customers get all the perks personal customers can access, with additional business features like batch payments, expense cards for the team and an API to automate workflow.
Here are a few of the features that might make Wise a good PayPal alternative for you:
Send payments to 160+ countries with the mid-market exchange rate and no hidden fees
Model your payment instantly online to see the fees – no markup is used on the exchange rate
Open a Wise account to hold 40+ currencies, receive international payments and spend using a linked debit card
Personal and business services available
Customer support in a range of languages, with high grade security for payments and accounts
Wise pricing: No fee to open a personal account, no ongoing charges, no exchange rate markups, currency conversion from 0.33%. Some free ATM withdrawals monthly, with low fees after that
Wise or PayPal?: Consider Wise as a PayPal alternative if you need a flexible account for 40+ currencies with mid-market rates and low conversion fees from 0.33% – suitable for individual and business customers. Learn more on Wise vs PayPal comparison.
Learn more: Wise Money Transfer Review
XE – exchange rate data and bank deposits to 130+ countries
Great for: Sending money online to bank accounts in 130+ countries with low, variable fees and rate markups
| Provider | Coverage | Fees | Exchange rates | Transfer speeds |
|---|---|---|---|---|
| XE money transfer | Send to 130 countries | Variable fees | Rates include a variable markup | 1 – 5 days depending on payment details |
XE is a giant of currency exchange. From the foreign exchange data and opinion available over on XE.com to the 115 billion moved annually – it’s a big name. As you’d expect you can send money almost anywhere in the world with XE money transfer, and your money is covered by enterprise grade security to keep it safe.
XE fees vary depending on the details of the transfer – delivery times can also change depending on how you pay for your transfer and where it’s going.
Here are some of the features you’ll want to know about if you’re considering XE as your PayPal alternative:
Send payments to over 130 countries and territories from Canada
Make your transfers online and in the XE app – you can also get the latest currency news while you’re there
Payments are delivered into your recipient’s bank account directly
Secure and trusted global provider
Xe pricing: Variable pricing and exchange rates apply, which you can see online or in app once you’ve registered an XE account
XE or PayPal?: Compare the costs and the exchange rates available from XE for your specific payment – you might find it’s a cheaper alternative to PayPal
OFX – high amount transfers with phone support 24/7
Great for: Personal and business customers making high value payments where talking the options through on the phone is reassuring
| Provider | Coverage | Fees | Exchange rates | Transfer speeds |
|---|---|---|---|---|
| OFX | Send to 170+ countries | No transfer fee | Rates include a variable markup | 1 – 5 days depending on currency |
OFX if you want to make a payment to be deposited in your recipient’s bank account – and you’ll fund it by bank transfer – OFX is another option.
Create an account and then model your payment to get a quote covering fees and exchange rates. You can then pay by a direct debit bank transfer or a wire transfer and track your transfer as it makes its way to your recipient’s account.
OFX offers personal and business services, which also include currency risk management services. As a business, OFX is known for offering an exceptional customer service experience, including a 24/7 phone line you can use if you ever need reassurance or advice.
Business customers can also open a Global Currency account to receive payments from clients, PSPs and marketplaces in 7 currencies.
Here’s what you need to know about OFX as a PayPal alternative:
Send in 50+ currencies, to 170 countries
Arrange your payments online or using the OFX app for convenience – you can even lock down the rate for future payments
Get customer support 24/7 from a trusted and regulated provider
Business customers can open an account to receive and hold payments in 7 currencies
OFX pricing: No transfer fees, no ongoing account fees – OFX uses a small exchange rate markup for currency exchange when processing payments
OFX or PayPal?: Consider OFX as a PayPal alternative if you want a service you can use 24/7 by phone, to send unlimited global payments for yourself or your business
Learn more: OFX Review
TorFX – fee-free international transfers with dedicated account managers
Great for: Individuals and businesses looking for tailored, fee-free international payments with support from a dedicated account manager.
| Provider | Coverage | Fees | Exchange rates | Transfer speeds |
|---|---|---|---|---|
| TorFX | Send and receive money in 60+ currencies | No transfer fee | Mid-market rate with a margin | Same day to 2 days for exotic currencies |
TorFX provides fee-free international transfers with a difference thanks to dedicated account managers who monitor the market and offer expert guidance, making it a good choice for regular or high-value transfers.
You can choose from flexible transfer options like spot contracts for immediate transfers, forward contracts to lock in rates for up to two years, and market orders to target specific rates.
TorFX provides personal and business services and you can fund your transfer via bank transfer, and payments are made directly to your recipient’s bank account.
TorFX’s app and online services also allow you to manage transfers, set rate alerts, and track transactions 24/7.
Here are some features of TorFX as a PayPal alternative:
Send fee-free payments in 60+ currencies
Dedicated account management and personal support
Lock in exchange rates for regular payments
Transfer up to £25,000 conveniently online or via the app
Market insights and regular updates to help you time your transfers
TorFX pricing: No transfer fees. Exchange rates include a margin added to the mid-market rate.
TorFX or PayPal?: TorFX is a great PayPal alternative if you want fee-free transfers and personalized service with a dedicated account manager.
Learn more: TorFX Review
Currencyfair – Fast and reliable transfers for personal and business customers
Great for: Personal and business customers looking for fast, reliable transfers to a wide range of countries
| Provider | Coverage | Fees | Exchange rates | Transfer speeds |
|---|---|---|---|---|
| Currencyfair | Send to 150+ countries in 20+ currencies | €3.00 (or currency equivalent) per transfer | 0.53% of the amount exchanged | 0 – 5 business days |
With CurrencyFair, you can easily send money to bank accounts or pay international business expenses, with both personal and business services available. You can also send money directly to bank accounts or set up automatic transfers for convenience.
Transfers are fast, with your recipient often receiving payments on the same day on most major currencies. There’s a flat transfer fee of €3.00 (or currency equivalent) per transfer and CurrencyFair might add a small margin to the exchange rate, which depends on the currency, but is usually around 0.53%.
With a user-friendly platform, you can pay international workers, suppliers, and contractors in up to 22 currencies. Businesses can also pay invoices, collect payments, and manage their international transactions easily through their platform or app.
Here’s what you need to know about CurrencyFair as a PayPal alternative:
Send money to over 150 countries
It’s free to open an account and there are no monthly fees or premiums.
Pay personal and business expenses internationally
CurrencyFair pricing: Flat fee of €3.00 per transfer (or equivalent). Exchange rates include a small margin of around 0.53%.
CurrencyFair or PayPal?: Choose CurrencyFair for a cost-effective, efficient alternative to PayPal, ideal for setting up convenient automatic transfers and managing both personal and business transfers globally.
Currencies Direct – personalized service with dedicated account managers and 24/7 support
Great for: Personal and business customers looking for personalized currency transfer services.
| Provider | Coverage | Fees | Exchange rates | Transfer speeds |
|---|---|---|---|---|
| Currencies Direct | Send to 120+ countries in 40+ currencies | No transfer fees | Wholesale rates | Instant to 3 working days |
Currencies Direct provides fee-free transfers for everyday needs like studying, working, or retiring abroad, as well as large transfers for property, investments, or luxury goods.
Established in 1996, Currencies Direct has served over 500,000 customers and manages over $12 billion in payments annually. Customers benefit from personalized service, dedicated account managers, and the ability to send money 24/7 via the app or online. Currencies Direct also has a multi-currency debit card so you can spend like a local in 200+ countries with no monthly card fees.
For businesses, Currencies Direct simplifies global payments with tailored risk management strategies, helping manage currency volatility. Each client is managed by an expert account manager and a team of specialists will even help you choose when to convert your currencies to get the best rates.
Key features of Currencies Direct as a PayPal alternative:
Send money to 120+ countries with no fees
Receive a multi-currency debit card to spend in 200+ countries with no monthly card fees
Dedicated account managers for expert guidance
Secure online and mobile platform for convenient transfers
Risk management strategies, multi-currency accounts and expert guidance for businesses
Currencies Direct pricing: No transfer fees, wholesale exchange rates
Currencies Direct or PayPal?: Choose Currencies Direct for fee-free international transfers, personalized service, and specialized business options.
PayPal alternatives for personal accounts
If you want to use PayPal as a way to hold and spend money, you might find that a different site like PayPal can offer a cheaper or more flexible option. Here we’ve picked out 3 PayPal alternatives which have strong features for personal use so you can see if any suit your specific needs.
| Great for | Coverage | Fees & exchange rates | Account feature | Debit card | |
|---|---|---|---|---|---|
| PayPal | Holding 25+ currencies, spending with a debit or credit card | Spend where Mastercard is accepted | Currency exchange has a 4% fee Cards have variable fees depending on the one you pick | Hold 25 currencies. Shop online conveniently, send payments | Debit card linked to PayPal is available, customers can also apply for credit cards |
| Google Pay | Mobile payments in person and online | Tap to pay globally, send payments to US and India | Variable depending on the cards you link to your account | Hold a Google Pay balance in USD for sending and spending | Not available |
| Wise | Some free ATM withdrawals, no fees to spend a currency you hold | Hold a balance in 40+ currencies, spend in 150+ countries | Small delivery fee, currency conversion uses the mid-market rate with fees from 0.33% | Hold 40+ currencies, send payments to 160+ countries | Available for spending and withdrawals in 150+ countries |
| Apple Pay | Mobile payments in person and online | Tap to pay globally Sending and receiving money with Apple Pay and the Apple Cash card are available only in the U.S. | Varies depending on the cards you link to your account | Hold an Apple Pay balance in CAD for spending Works with major credit and debit cards from the top banks You might not be able to use Apple Pay for purchases over 250 CAD | Not available |
Information correct at time of writing 22nd October 2024
Google Pay: Strong PayPal alternative if you want to make mobile payments and send money to others in the US
Wise: Good alternative to PayPal for holding 40+ currencies and spending in 150+ countries with Wise card, with some free ATM withdrawals and no fee to spend in a currency you hold enough balance in
Apple Pay: A good PayPal alternative for mobile payments, allowing you to tap to pay globally and hold a balance in CAD for spending. However, it only supports sending and receiving money in the U.S.
PayPal alternatives for business
PayPal offers extensive merchant services which are ideal for people who manage ecommerce sites and also popular with people running a broad range of other businesses. However, PayPal isn’t always the right option – here are a few PayPal alternatives for business you might want to compare.
| Great for | Coverage | Fees | Exchange rates | Transfer speed | |
|---|---|---|---|---|---|
| PayPal | Making it easy for customers to pay online and using mobile apps | Global payment options | Domestic payments cost around 3.49%, additional 1.5% fee for international | 4% conversion fee applies | Payment could be received instantly |
| Wise business | Receiving money from overseas with local bank details | Receive payments like a local in up to 10 currencies, other options to receive 40+ currencies | Receive from a selection of countries free, 10 CAD fee to receive CAD swift payments | Mid-market exchange rate | Payments can arrive quickly or instantly |
| OFX | Receiving 7 currencies from PSPs and clients | Receive and hold 7 currencies | No fee to open account o | Exchange rates include a small markup | Incoming transfer times depend on the sending bank |
| Payoneer | Getting local bank details for 10 currencies to get paid seamlessly by others | Receive and hold 10 currencies | No fee to open account; no fee to receive CAD payments as a Canadian account holder | Exchange rates include a small markup | Incoming transfer times depend on the sending bank |
| Stripe | Accept 46+ payment methods to suit all your customers | Get paid from around the world to Stripe | 2.9% + 0.30 CA fee to receive card payment, 0.8% for international cards | 2% markup used when converting currencies | Payments can be received instantly |
Information correct at time of writing 22nd October 2024
Wise business: Great PayPal alternative to receive payments with local bank details in 10 currencies, make batch payments, hold 40+ currencies and exchange with the mid-market rate
OFX: Strong alternative to PayPal for receiving payments in 7 currencies, with currency risk management and access to a broker 24/7
Payoneer: Good option with solutions based on different business type and size, and ways to get paid conveniently in 10 currencies
Stripe: Go-to PayPal alternative for accepting card payments and 46+ local payment methods, with broad acceptance for online and in person payments
Google Pay – making mobile payments
Great for: Linking one or more cards to tap and pay in person and spend online
| Provider | Coverage | Fees & exchange rates | Account feature | Debit card |
|---|---|---|---|---|
| Google Pay | Tap to pay globally | Variable depending on the cards you link to your account | Hold a Google Pay balance in CAD for spending | Not available |
Google Pay might be a good alternative if you use PayPal to shop online and on mobile sites a lot, or if you want to be able to make in person mobile transactions by simply tapping your phone or other device on the payment terminal when you check out. Google Pay requires you to link one or more credit or debit cards, although you can also receive payments from others and spend any balance you hold.
Google Pay doesn’t charge for most services but if your linked payment card has a fee, this will still apply when you transact.
Not sure about Google Pay as a PayPal alternative? Here are some features to consider:
Link one or more credit or debit cards, and toggle between them to make on the move payments
No Google Pay fees for using the service – underlying card costs may still apply
Super convenient option for online and mobile transactions, all shipping information is recorded so you don’t need to enter it multiple times
Google Pay pricing: No specific Google Pay fees for most services, but underlying card fees still apply
Google Pay or PayPal?: Google Pay could be a PayPal alternative if you use the service to spend online
Payoneer – different ways to receive payments in 10 currencies
Great for: getting paid with local bank details in 10 currencies
| Provider | Coverage | Fees | Exchange rates | Transfer speed |
|---|---|---|---|---|
| Payoneer | Receive and hold 10 currencies | No fee to open account; no fee to receive CAD payments as a Canadian account holder | Exchange rates include a small markup | Incoming transfer times depend on the sending bank |
Payoneer offers business services for a broad selection of company types and needs, including ways to get paid by customers and PSPs in foreign currencies. You can get local bank details for 10 currencies which make it easier to allow customers to pay in their home currency when trading internationally. There are very few Payoneer fees, although exchange rates may include a markup.
Here are a few things to consider about Payoneer as a PayPal alternative:
Local bank details available which makes it easier to get paid in foreign currencies
Very few fees to receive payments online
Easy to use site and app, for convenience transactions
Secure service which is popular with customers
Payoneer pricing: Pricing depends on the specific services you need – get paid with no fee using local bank details, but currency exchange might include a markup
Payoneer or PayPal?: Payoneer can be worth comparing if you’ll want to get paid with local bank details – either from customers, PSPs or marketplaces. Learn more: Payoneer vs PayPal vs Wise
Apple Pay – mobile payments for in-person and online purchases
Great for: Holding an Apple Pay balance in CAD for spending online or in-person
| Provider | Coverage | Fees & exchange rates | Account feature | Debit card |
|---|---|---|---|---|
| Apple Pay | Global mobile payments | Vary based on the cards linked to your account | Hold an Apple Pay balance in CAD and use to spend online or in-person | Not available |
Apple Pay could be a good PayPal alternative if you need a simple way to accept mobile payments both in-person and online. You can hold CAD for spending but you won’t be able to send or receive money, as this feature is available only in the US.
You’ll need to link one or more credit or debit cards, and payments are completed by tapping your device at checkout. Apple Pay doesn’t charge extra for transactions, but any fees from your linked cards may apply.
Key features of Apple Pay as a PayPal alternative:
Accept payments in-person and online with a tap
Works with major Canadian credit and debit cards
Secure and fast mobile payment options for customers
Apple Pay pricing: Fees vary based on the linked card provider, with exchange rates set by the issuer.
Apple Pay or PayPal?: Consider Apple Pay if you need a simple, secure solution for in-person and online transactions.
Stripe – get paid online and offline with different local payment methods
Great for: Online businesses, hybrid businesses, and people taking business payments in person
| Provider | Coverage | Fees | Exchange rates | Transfer speed |
|---|---|---|---|---|
| Stripe | Get paid from around the world to Stripe | 2.9% + 0.30 CAD fee to receive card payments, 0.8% for international cards | 2% markup used when converting currencies | Payments can be received instantly |
Stripe is one of the largest payment providers globally, processing huge volumes of transactions securely, on and offline. There are lots of different services available, revolving around ways to make it easier for businesses to take customer payments. Core products include ways to receive card payments – but you can also get POS terminals and phone payment solutions to manage an offline or hybrid business. Low and no code solutions are available for newer businesses looking for easy ways to take payments quickly.
Here are a few details about Stripe as a PayPal alternative:
Get paid on and off line, with 46+ local payment options available in different countries
Low and no code solutions for businesses without IT support
Variable fees which depend on the payment type
Extremely large and trusted company which processes large volumes of payments every second
Stripe pricing: 2.9%+ 0.30 fee to receive card payments, 0.8% additional charge for overseas cards
Stripe or PayPal?: Stripe is a good PayPal alternative if you need to get paid on or off line, especially accepting card payments
Conclusion: What to use instead of PayPal?
PayPal is a justifiably popular global payments platform with a great range of products and services spanning personal use as well as merchant and business options. PayPal is particularly handy for shopping online and sending domestic payments to other PayPal users – but it’s not always the right choice, particularly when managing your money internationally, as PayPal currency conversion and international fees tend to be on the higher side.
With so many different PayPal features, it’s no surprise that we’ve been able to pick out a good number of apps similar to PayPal for you to look at based on your specific transaction needs. Some companies like PayPal are best suited to international transfers, some to personal use, and some to business payments – while some options span all three uses with flexible products and services for everyone.
For a super flexible option which has local and domestic payments, multi-currency accounts and cards, all for personal and business customers alike, try Wise.
If you’re looking for ways to send quick transfers to bank accounts with extras like 24/7 phone support, OFX and XE could be good options.
For personal mobile payments you may want to check out Google Pay or take a look at Apple Pay for flexible ways to pay online.
Business customers may find suitable PayPal alternatives like Payoneer or Stripe, depending on the type of company and the transactions you need to make.
All in all, with so many services like PayPal out there, you’ll be sure to find the one which best suits your specific needs – use this guide to start your research and find your perfect match.
FAQs Alternatives to PayPal
What app is better than PayPal?
There’s no single app which is better than PayPal – what works for you will depend on the transaction types. In our comparison we picked out 10 different PayPal alternatives for personal or business use, and for international money transfers. One good all rounder is Wise – with personal and business accounts, cards and payments, which use the mid-market rate and low fees from 0.33%.
These comprehensive guides on PayPal might be helpful:
Is there a free alternative to PayPal?
Many PayPal alternatives are available with no ongoing fees – but in a lot of cases you’ll find that transaction charges apply which can vary depending on the type of payments you need to make, send or receive.
Some PayPal alternatives to consider for personal use include Wise and Currencies Direct, which both have accounts with no ongoing charges, flexible card services and multi-currency functionality. Some other options include OFX for international payments with no transfer fee, or Wise Business for ways to receive a selection of currencies with local bank details, often with no charge.
Is there a cheaper alternative to PayPal?
PayPal’s international transfer fees can be fairly high, and may include several different costs. You’ll pay the domestic transfer fee based on your preferred funding method (up to 2.9% for cards), plus the international fee of 2.99-4.99 CAD + 2.90% + a fixed fee. If you need currency conversion as part of the transfer that costs 4% which is the conversion fee added to the exchange rate.
Alternative options which may have cheaper and more transparent fees include Wise, which uses the mid-market rate with no markup, and splits out the costs separately. Fees vary by currency but start at 0.33%, and all payments are deposited to bank accounts directly.