Personal Features

WorldRemit

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WorldRemit offers

WorldRemit is tailored for individuals with account services that include:

  • Foreign bank transfers
  • Cash pick-up
  • Foreign bill payments (ie electricity, credit cards and television services)
  • Pre-paid mobile credit top-ups
  • Recurring / regular transfers are also supported

Note: bill payments and cash pick-up services are not available in all countries.

WorldRemit has two unique features. These are:

  • Mobile money - Shop in-store, online and withdraw cash at authorised agents
  • WorldRemit Wallet - Money can be received through their vast global network into a multi-currency wallet

 

WorldRemit does not offer

  • Travel debit cards
  • Access to a personal account manager (helpful when transferring large sums of money)

PayPal

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PayPal provides different services for personal customers from a number of countries. However, the services on offer vary from one region to another.

What PayPal does

  • International money transfers.
  • Debit and prepaid cards.
  • PayPal Credit.
  • Links multiple payment methods to your account to shop online.
  • Digital wallet to hold funds in multiple currencies.

What PayPal doesn’t do

  • Dedicated account managers.
  • Risk management tools.
  • Cash pickup.

WorldRemit wins!

WorldRemit scores better in the Personal Features category.

WorldRemit
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Winner

Business Benefits

WorldRemit

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WorldRemit does not provide a business service, although WorldRemit could be used for business transfers. The Mobile Wallet could be used for business, however it may not be suited for this purpose.


PayPal

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PayPal provides a range of specialized services for businesses from different countries.

What PayPal for business offers

  • Make and accept international payments.
  • Solutions for online sellers.
  • Digital wallet to hold funds and transact in multiple currencies.
  • Payment gateway to accept card payments.
  • Accepts in-store payments with a card reader and a smartphone or tablet.
  • Easy accounting integration through APIs, SDKs, code samples and pre-integrated solutions.
  • Risk management through fraud and seller protection.
  • Mass payments.

What PayPal for business doesn’t do

  • Account managers.
  • Currency hedging tools.

Paypal wins!

Paypal scores better in the Business Benefits category.

PayPal
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Winner

Fees & Exchange Rates

WorldRemit

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WorldRemit Fees

Most of the WorldRemit fees are within the exchange rate offered. The exchange rate offered can and does change depending on payment type, receiving option and the amount being transferred.

  • Bank deposit - 0.5% - 2% depending on the destination country and amount
  • Bill payment fee - 1% - 4%
  • Cash pick up fee - 1% - 4%
  • Mobile airtime top up - 1% - 4%
  • Additional fee - $1 - $5 per transfer

New customers signing up via iCompareFX receive 3 transfers fees for free using the code 3FREE


PayPal

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PayPal fees vary based on where you live and the services on offer.

Fees for sending money within the US

Payment methodFees
PayPal Cash, PayPal Cash Plus or a linked bank account $0
Credit card, debit card or PayPal Credit2.9% of the transfer amount, plus a fixed fee

Fees for sending money overseas

Payment methodTransaction feesFunding fees
PayPal Cash, PayPal Cash Plus or a linked bank account 5% of the transfer amount (minimum of $0.99 and maximum of $4.99)$0
Credit card, debit card or PayPal Credit.5% of the transfer amount (minimum of $0.99 and maximum of $4.99)2.9% of the transfer amount plus a fixed fee

Fees for selling

Mode of sellingFees
Selling in the US2.9% plus $0.30 per transaction
Selling internationally4.4% plus a fixed fee based on the currency received
PayPal Here card reader2.7% for card swipes, or 3.5% plus $0.15 for manually entered transactions

PayPal exchange rates

PayPal adds a margin of up to 3% on existing mid-market rates when carrying out currency conversion. Combined with the fees you need to pay, the cost of sending money overseas through PayPal becomes rather prohibitive.


WorldRemit wins!

WorldRemit scores better in the Fees and Exchange Rates category.

WorldRemit
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Winner

Ease of Use

WorldRemit

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Registration - Simple and easy through their website or mobile app.

ID verification -  If requested, it is a simple process that can be actioned through their mobile app or via email. Simply upload the requested documentation as photos from your phone. 

Transfer speed -  Speed ranges from instantaneous to up to 2 days. This depends on the country you are sending money to, and if it is a bank transfer or sending cash. 

Payment options - Uploading your funds to WordRemit is also a simple process. With in-country solutions such as Australia’s POLi or via debit card, you can instantly transfer your funds to WorldRemit. This speeds up the entire process of sending money overseas.

Mobile app - There is a WorldRemit mobile app to help manage your transfers end to end.


PayPal

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What PayPal does well

Sign up - Signing up takes little time, and you may do so by using the PayPal website or app.

Payment options - You can fund your account and transfers in different ways such as bank transfers, debit cards and credit cards.

PayPal app - The PayPal app is available for iOS and Android.
 

Where PayPal could improve

Phone transfers - PayPal customers can not send money over the phone.


WorldRemit wins!

WorldRemit scores better in the Ease of Use category.

WorldRemit
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Winner

Support & Countries

WorldRemit

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WorldRemit supported countries

WorldRemit has an impressive list of supported countries. 

  • Mobile Money - 23 countries
  • Cash pick up - 80 countries
  • Bank transfer - 150 countries
  • Bill payment -  Selected countries
  • Phone support - Multiple languages
  • Multilingual website
  • Local settlement accounts in dozens of countries.

Customer support

There are reports on TrustPilot and through its mobile app reviews of poor wait times to talk to a customer service representative.


PayPal

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What PayPal does well

Supported countries - PayPal provides its services in more than 200 countries and territories.

Multilingual website - You can use the PayPal website in different languages.
 

Where PayPal could improve

Local phone support - PayPal could do better by providing local phone support in countries with large customer bases.


It’s a draw!

Both equally compare in the Support and Countries category.

It's a draw!
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Draw

Trust & Transparency

WorldRemit

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  • WorldRemit is regulated by multiple financial regulators globally including the FCA in the UK. 
  • Their company structure is sound and customers funds are segregated from their company accounts thereby reducing the risk for their customer.
  • The WorldRemit fee structure for money transfers includes a hidden fee within the offered exchange rate which reduces transparency. This is unfortunately common amongst most international money transfer companies.
  • High TrustPilot rating. However, there are an increasing number of poor reviews. This will be monitored by iCompareFX. 

PayPal

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What PayPal does well

  • PayPal is licensed to provide its services in all the regions in which it operates.
  • Dispute resolution and purchase protection for buyers.

Where PayPal could improve

Customer rating - PayPal gets a rating of Bad on Trustpilot. Several PayPal reviews written by customers highlight the company's poor customer service. None of the recent reviews have been answered by PayPal.

Exchange rate transparency - The non-transparent exchange rate margin leaves many customers wondering about the true cost of their transfers.


WorldRemit wins!

WorldRemit scores better in the Trust and Transparency category.

WorldRemit
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Winner

The Result

Winner ribbon iconWinner

 WorldRemit

WorldRemit is the winner against Paypal despite not having business specific benefits.  The main reason is Paypal has high additional fees and markups within their exchange rates.