There are many means of settling international bills these days, but not all of these are cheap. And as a business owner, you would want a payment medium that is not only fast and secure but also affordable as per their transaction fees. So, if that’s the reason you are checking out this article, you’ve made the right choice. We’ll help you with some famous cross-border payment platforms offering different ways to transfer money abroad.
Based in London and regulated by the country’s CFA, Transferwise is one of the most popular means of sending money to your employees almost anywhere globally. The owners claim to have a global perspective; hence, they strive to have offices in many parts of the world. The main benefits of using Transferwise are their low transaction fees and encouraging exchange rates. When compared to other money remitting companies, they are about the best in these two areas. Aside from that, Transferwise issues debit cards to some selected countries. However, many customers have complained of indiscriminate account closure for what Transferwise often term “security reasons.”
WorldRemit is another UK company that people have come to embrace globally. For a person that just registers they are permitted to send their first three transactions abroad free of charge. Their strength lies in their speedy and secured remittance. But then, their exchange rate, when compared to Transferwise, is a bit low. This difference may be insignificant when sending small money, but it quickly adds up when the sum is large. But just like Transferwise, you can use it to send money to your employees’ local bank account.
Many freelancers and other global workers receive their payments through Payoneer. Although owned by Americans, this global payment method is much relevant in the UK and provides localized bank accounts in many currencies. This way, someone living in South Africa, for instance, can apply to Payoneer for a UK or US bank details. As such, if a company in any of these two companies wishes to pay their South African employees in GBP or USD, he/she simply sends her Global Payment Details, and the company gets to transfer the money to the account seamlessly.
Payoneer also offers free debit MasterCard for its customers to access their funds at ATMs and POS worldwide. There is no cost for transferring payments from one Payoneer account to another, but they charge up to 1% or less when receiving money via their Global Payment Services. Some features such as “Send Payment Request” and others are only available after surpassing a set benchmark by the company.
PayPal is an electronic wallet that many companies also use to send money globally. Present in over 200 countries globally, this American company takes the security of every financial transaction seriously. But when compared to others on this list, Paypal seems to charge a lot to send money globally. Both the sender and receivers pay some amounts, and in certain countries, citizens can only send but are unable to receive funds.