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Sites like PayPal for international money transfers

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You likely know PalPal’s digital service for online purchases, but you may not know that it supports wireless overseas transfers. Its popularity around the world makes it possible to transfer up to 20 currencies across more than 200 countries. While PayPal is like a digital banking service, its rates are competitive compared with most banks and financial institutions, making it a good choice to avoid headaches.

1. XE Money Transfer

XE Money Transfer is a service designed to help you transfer your funds to a bank in a foreign currency  it doesn’t allow same-currency transfers like PayPal does.

If you’re working far from home, XE is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer your money to foreign companies in their currency, it’s especially ideal for business accounts. While PayPal has fees proportionate to the amount transferred, XE offers no fees with a higher maximum transfer cap of $500,000 compared to PayPal’s $10,000 limit per transaction.

2. TransferWise

TransferWise is a money transfer site designed to help you save money on exchanges through a peer-to-peer system. Its unique system allows you to exchange your funds with those of another seeking to convert their money to your currency.

It’s basically trading money with another person, but it doesn’t cross borders. Because of its unique platform, TransferWise doesn’t allow for same-currency transfers like PayPal does. Both companies have a low minimum transfer amount of just $1 and fees dependent on how much money you’re transferring. However, TransferWise has higher transfer limits of $49,999 a day, compared to PayPal’s $10,000 limit per transaction.

3. WorldRemit

WorldRemit provides a variety of transfer options in more than 140 countries worldwide, a smaller reach than PayPal’s 200 countries it offers its transfer services to.

Both companies have low minimum transfer amounts of just $1, relatively low maximum transfer amounts and fees that are higher the more money you transfer. However, WorldRemit allows for cash pickup, home delivery and mobile airtime account transfers, options that PayPal does not have.

4. Travelex

Around since 1976, Travelex is an international money transfer service in 177 countries worldwide almost as many as the 203 countries PayPal offers its services to. Travelex has a higher minimum transfer amount of $500 compared to PayPal’s $1 minimum, but it offers a much easier fee system: Transactions under $5,000 have a flat fee of $5, while transfers over that amount are free.

Meanwhile, PayPal has fees proportionate to the amount transferred — the larger the transfer, the more money it charges. Travelex also offers a price promise that PayPal does not: If you find a better price within 30 minutes, Travelex will beat it.

5. TorFX

Unlike PayPal, which allows you to send money from anywhere in the US, TorFX only allows money transfers from Australia. It’s a stricter money exchange and transfer company than others, and requires that funds be cleared by individuals who hold TorFX accounts meaning the money must be sent in advance before the transaction can be performed.

Both TorFX and PayPal have low minimum transfer amounts of $150 and $1 respectively, but only TorFX offer no-fee transfers with competitive exchange rates with fixed exchange rate — often beating banks by more than 3%.

6. Currencies Direct

Unlike PayPal, which has fees proportionate to the amount of money you’re sending, Currencies Direct has no fees for 90% of its transaction. Both Currencies Direct and PayPal have low minimum transfer amounts of $100 and $1 respectively, offering competitive exchange rates. However, while PayPal has a $10,000 cap per transaction, Currencies Direct offers transfers in unlimited amounts.

7. OFX

Like PayPal, OFX allows you to send transfers to 195 countries and territories. However, that’s where the similarities end. OFX has no transfer fees, while PayPal has fees that are proportionate to the amount you’re sending — the larger the transfer, the higher the fees.

PayPal has a small minimum transfer limit of just $1 and a low maximum transfer cap per transaction of $10,000, while OFX has a high minimum transfer amount of $1,000 per year and no maximum transfer limit, making it ideal for high-dollar transfers.

8. Western Union

Both PayPal and Western Union transfer to over 200 countries and territories around the world, with low minimum transfer amounts of $1 and low maximum transfer caps of $10,000 and $5,000 respectively.

Like PayPal, Western Union has fees dependent on how much you’re sending, where you’re sending money to and the method you choose for your transfer. However, Western Union allows for cash pickup, while PayPal doesn’t offer that option.

9. Ria

In business for more than 30 years, Ria is a global monetary transfer network with more than 316,000 agent locations in 144 countries — a bit less than the 203 countries PayPal offers transfers to.

Ria is the third-largest international money transfer provider in the world, offering cash pickup and home delivery options that PayPal does not allow for. However, both Ria and PayPal have low minimum transfer amounts of $1 and relatively low maximum transaction caps of $2,999.99 and $10,000 respectively, with fees that depend on the amount, location and method of transfer.