TransferWise Logo

TransferWise

This alternative to PayPal, TransferWise is headquartered in the UK, and also has offices in the U.S., Hungary, Estonia, Ukraine, Hong Kong and Singapore. You may sign up with TransferWise as an individual, a business or an online seller. The company operates dedicated websites for different regions, and you may access them in local languages. The Borderless Account is designed for businesses and online sellers.

Pros

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Sign up as an individual, a business or an online seller
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Use your Google or Facebook account to register
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UK-based, offices also in the U.S., Hungary, Estonia, Ukraine, Hong Kong and Singapore
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Dedicated multilingual websites for different regions
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Depending on where you live, you may pay using credit cards
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The Borderless Account comes with free receiving accounts in USD, EUR, GBP, AUD and NZD
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Access money in your Borderless Account by using the TransferWise Mastercard

Cons

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Not all currency-pairs supported by its peer-to-peer network
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Does not provide market orders, forward contracts or scheduled transfers
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The currencies being traded, the payment method, and the transfer method might affect the fees you need to pay

Payoneer Logo

Payoneer

Payoneer is a U.S.-based alternative to PayPal that lets its customers send and receive money to and from different countries. However, both functionalities are not available in all the countries it supports. Depending on where you live, you may get access to receiving accounts in different currencies through the Payoneer Global Payment Service. As an online seller, you may benefit by using the services of this company to receive payments from most prominent e-commerce platforms.

Pros

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Serves individuals and businesses
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Get receiving accounts in GBP, EUR, USD, CAD, AUD, CNY, and JPY
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Hold funds and transacts in multiple currencies
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The Payoneer Mastercard provides easy access to funds in your Payoneer account
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Make payments using debit cards, credit cards or bank account transfers

Cons

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Allows transfers only between Payoneer users
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Option of sending money not available in all countries
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You pay an annual fee for the Payoneer Mastercard

WorldFirst Logo

WorldFirst

You can register with WorldFirst as an individual, a business or an online seller. This UK-based PayPal competitor also has offices in Australia, the Netherlands, Japan, Hong Kong and Singapore. It operates multilingual region-specific websites. With the World Account, you get access to free receiving accounts in different currencies.

Pros

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Provides services for individuals, businesses and online sellers
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Headquarters in the UK, offices also in Australia, the Netherlands, Japan, Hong Kong and Singapore
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Follows a transparent pricing band that applies on existing real/interbank exchange rates
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Operates multilingual region-specific websites
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Choose from forward contracts and scheduled transfers
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Get free receiving accounts in USD, CAD, EUR, GBP, JPY, AUD and NZD by signing up for the World Account – save on currency conversion fees when you reconcile payments using matching currency accounts
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Integrate the World Account with Xero in minutes
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Initiate your transfer online or over the phone

Cons

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Transfer limits may vary depending on where you live
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Residents of the U.S. cannot use its services to send money
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No cash transfers

OFX Logo

OFX

Headquartered in Australia, this Paypal alternative began operations in 1998, as OzForex. It rebranded itself as OFX in 2015. The company has offices in New Zealand, the U.S., Canada, the UK and Hong Kong. Access to the OFX website comes only in English. It lets you register as an individual, a business or an online seller.

Pros

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Provides services to individuals, businesses and online sellers
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Dedicated websites for Australia, the U.S. and the UK
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Headquarters in Australia, offices also in New Zealand, the U.S., Canada, the UK and Hong Kong
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Provides local phone support in various countries
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Fee-free thresholds on personal transfers
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Send funds online or over the phone
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Choose from forward contracts, limit orders and scheduled transfers

Cons

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Lets you trade some currencies only over the phone
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Website access only in English
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No cash pickup centers

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