PayPal vs WorldRemit: for African remittances, that's a good question and comparison. Let's have a closer look on it.
When making an international money transfer, WorldRemit and PayPal offer you a more affordable service as compared to using your bank.
Before settling on any service, however, it is imperative that you know the prominent features of the two overseas money transfer services. In this comparison, we answer a few questions that will help you determine which between WorldRemit and PayPal is a better option.
What are the General features of WorldRemit and PayPal?
WorldRemit is always looking for ways to make it easier for you to move and manage funds. As such, it has come up with exclusive features that make moving your money a great experience. WorldRemit often invites its customers to suggest what they want from their number one money transfer company.
With the invaluable feedback from their customers, WorldRemit has managed to fine-tune its features to assure its clients of enjoying superior services. Here are some of the features that make all the difference in the way you use WorldRemit.
• WhatsApp Feature
If you use WhatsApp to stay in contact with your family and friends, you can also stay in touch with your WorldRemit transaction’s status through your WhatsApp account. You can receive notifications, SMS and even email messages. With this feature, WorldRemit has become the first money transfer service company to integrate WhatsApp to its services. This move has made the company even more popular since WhatsApp has become a reliable and convenient messaging service across the world. The feature is available to customers in more than 145 countries.
• Live Exchange Rates
This is a great feature in international money transfer that allows you to review the exchange rates for various currencies via an app. Through this feature, WorldRemit sends you notifications on a daily basis to tell you how the exchange rates are. This allows you to decide on the right time to make your transfer.
• Transfer Status Feature
Transfer status feature helps you to know exactly where your money has gone. You don't have to call the customer service desk frequently to get an update wherever you make your transfers. Simply tap on "track your transfer" on your confirmation screen to get to the transfer status screen.
• Multiple Currency and Automated Conversion Process
This feature is unique to PayPal and supports various currencies of different countries. The feature is integrated with automatic currency conversion process based on the current exchange rate, thus eliminating the unnecessary bank conversion rates whenever a customer withdraws money through his or her local bank account.
• Multiple Language Feature
PayPal supports more than 20 languages on its website. This makes it easy for customers from any of the approved countries to sign in and make transactions because it eliminates the need to translate instructions from English.
• Privacy and Confidentiality Feature
Information regarding the user's bank account and credit is not revealed to any third party during the transfer of money or when making a transaction.
• IP and Browser Sensitive Software
To ensure the security of the user account, this feature allows PayPal to determine your location once you log into your PayPal account. This feature also leaves cookies on the web browser to determine your browsing history, thus identifying any fraudulent IP change.
PayPal vs WorldRemit: Which Countries are supported in Africa?
Both WorldRemit and PayPal offer their services in almost all African countries. Both offer well established international money transfer app features.
WorldRemit money transfers to Africa are estimated to grow by 80 per cent every year. As a result, WorldRemit has increased its presence in Africa to more than 44 countries. You can click on the 'send money to' icon to find whether the African Country you intend to send your money to is covered.
PayPal offers its services to more than 50 African countries with South Africa being the largest market in the continent.
PayPal vs WorldRemit in regards of countries: both are good.
Which offers better exchange rates?
Both PayPal and WorldRemit offer customers convenient online money transfer services around the world. But which one offers better exchange rates? WorldRemit exchange rate often sits between 0.7 per cent and 2 per cent. For example, if you want to send 1 USD to France, the mid-market rate is 0.8797EUR but WorldRemit’s rate is around 0.8710 EUR.
On the other hand, PayPal’s exchange rate is estimated to be around 4 per cent. This means that if you are sending 1USD to France with a mid-market rate of 0.8797 EUR, PayPal’s rate might be 0.8560 EUR. Evidently, WorldRemit has higher exchange rates as compared to PayPal.
PayPal vs WorldRemit in regards of exchange rates: in general an advantage of PayPal, for African countries: it depends.
PayPal vs WorldRemit: Which has lower fees?
WorldRemit charges a transaction fee based on the following factors:
• Amount of money you transfer
• Where you send it
• Type of transfer you send
Paypal charges a fee depending on the amount you send regardless whether the transfer is funded from your account balance, bank account or debit card.
If you are sending a small amount of money, therefore, PayPal could be the best choice.
PayPal vs WorldRemit in regards of fees: it depends of the transfer amount.
Which currency does the receiver get: USD or Local Currency?
Both WorldRemit and PayPal allow you to transfer money to family and friends overseas with the convenience and safety you need.
With the main exchange rates available on both services, your recipient will receive their money in their local currency, if you send money to main currencies. This means that if your recipient is in UK and you’re sending money from US, they will receive their cash in pounds (£).
For regional currencies, like the usual African currencies, WorldRemit has an advantage because it supports also the typical local currencies. E.g. Nigerian Naira, Ghanaian Cedi or Kenyan Shilling.
PayPal vs WorldRemit in regards of local currency: an advantage for WorldRemit.
PayPal versus WorldRemit: Conclusion
When it comes to transferring money overseas, especially to African countries, you need a money transfer service company that you can trust. Both WorldRemit and PayPal offer exclusive money transfer services.
They also offer safer ways to transfer your money to almost all countries on the African continent.
• Transfer money from an African country (e.g. Nigeria to UK)
• Transfer money to an African country (e.g. UK to South Africa or Nigeria)
• Transfer money between African countries (e.g. South Africa to Nigeria)
Whereas PayPal is competitive and convenient when it comes to making small transfer amounts, WorldRemit offers a simpler fee structure and higher exchange rates, which make it ideal for transferring huge amounts of money.