If you make online purchases or send money online to your friends and family, you are probably familiar with the name PayPal. PayPal, headquartered in San Jose, California, USA., is a leading online payment service provider in the world. The digital payment company offers a range of payment services and solutions for both individuals and businesses. It has 48 central offices across 27 countries.
A Brief History of PayPal
PayPal was founded in December of 1998 under the name "Confinity". In 2000, it merged with X.com and soon became an online money transfer company with the current name, PayPal.
In October 2002, eBay, an online shopping platform best known for its auctions and popular with online merchants acquired PayPal. This partnership enabled buyers/sellers on eBay to send and receive payments securely and more efficiently than money orders or checks.
In 2015, it spun from eBay and became a public traded company, PayPal Holdings, Inc. PYPL.
PayPal's reach is far and wide with a large user base. Currently, PayPal has 346 million active registered users.
Through PayPal, people can send and receive payments digitally in 25 currencies worldwide, pay for goods and services, or purchase or sell items online.
PayPal is a widely accepted payment method for online merchants, auction sites, and buyers. As of today, over 26 million merchants in over 200 markets accept PayPal.
It is the oldest peer-to-peer payment service available through its website and mobile app of PayPal and its sister brands such as Venmo and Xoom.
How Does PayPal Work?
To send money online with PayPal, all you need is to set up your PayPal account with your email address/mobile number for free through the PayPal site or its mobile app. To fund the money transfer, link your PayPal account with your bank account or a debit or a credit card.
Receiving money is also easy and convenient. All you need is the recipient's email ID or mobile number. You can opt to open a personal account or a PayPal business account.
If you ever need to close your account, transfer your PayPal balance to your bank account before closing it. You can download or take screenshots of transaction history for later use.
Venmo, a PayPal owned mobile payment app allows its users to transfer money back and forth between themselves or use it to purchase things from select merchants. You can either use your bank account or debit card or credit card to fund the transfer. It can also act as a digital wallet.
Venmo has 40 million users, mostly consisting of millennials. To use Venmo, you should be in the U.S. and download the Venmo app on your phone. Check out the alternatives to Venmo.
Xoom is a PayPal remittance service that facilitates domestic and international money transactions. With Xoom, you can transfer money internationally to a bank account directly, send cash for pickup, pay international bills, or recharge a prepaid mobile phone from countries like the U.S. and Canada in 131 countries.
To send money with Xoom using your personal PayPal account, you'll be directed to the Xoom website where you will need to open an account in Xoom. This is fairly an easy process as you don't need to enter any details. You can use your PayPal credentials to create the Xoom account.
Xoom offers competitive exchange rates and it is one of the fastest ways to send money internationally in the cross-border payment industry.
You can send money at zero cost if you use your PayPal balance to fund the international money transfer. It can save you both time and money.
Direct Money Transfers with Xoom
Xoom recently launched a new service that allows customers in the U.S. to transfer money directly to an eligible bank account or debit card without the need to open an account with Xoom or PayPal or fill up a form.
Xoom's new functionality has been introduced at a critical time when the unemployment rate in America reached a new record high due to the pandemic. People across the country who are financially affected by the pandemic are relying on family, friends, and loved ones for financial support.
With immigrants making up around 20 percent of the total workforce in various sectors such as retail, hospitality, and food that are heavily affected by the economic hardships, financial help is needed more than ever.
With Xoom, people can send money to support loved ones across the country either online or through the Xoom mobile app from the comfort of their home amid the COVID-19 pandemic and social distancing measures.
The new service makes the process of sending and receiving money easy on top of being reliable and super affordable by simply visiting Xoom.com or downloading the Xoom mobile app.
PayPal Credit Card and Debit Card
PayPal also offers both credit and debit cards with several benefits. These are the PayPal Prepaid Card and PayPal Cash Card. You need to link your PayPal cards to your PayPal Cash Plus account to enable its usage.
You need to load funds on the PayPal Prepaid Mastercard because it cannot directly pull funds from your PayPal account. Cardholders can enjoy special offers and cash-back rewards with this PayPal credit card.
With PayPal Cash Card, you don't have to load funds onto it as it is automatically linked to your Cash Plus account and pulls money directly from your PayPal account. You can also withdraw cash at ATMs worldwide or for free at MoneyPass ATMs with the PayPal debit card.
Do keep in mind there may be certain fees involved with these cards. Look out for alternatives to a PayPal Credit Card and compare to find the one that meets your financial goals.
PayPal's Cryptocurrency ServiceIn the latest development, PayPal users in the U.S. can now buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin directly from their PayPal accounts. The cryptocurrencies can be used as payments at 29 million stores around the world.
PayPal's entry into the crypto space is not a new thing. Back in 2014, PayPal has already allowed its merchants to accept Bitcoin by partnering with payment processors like BitPay, GoCoin, Coinbase. Like many other companies and investors, PayPal is among the first companies to be interested in the use of blockchain technology in the financial service industry.
PayPal plans to expand the cryptocurrency services to Venmo and to select international markets within the first half of 2021 and allow users to pay PayPal merchants with the digital currencies by early 2021.
The recent spike in the prices of bitcoin coinciding with the launch of PayPal's cryptocurrency service is making headlines. PayPal's support for digital currencies may encourage people to adopt them rapidly.
How Secure Is PayPal?
PayPal is one of the safest and secure online payment companies. The company uses Industry-leading technology such as SSL (Secure Sockets Layer) encryption and two-factor authentication (2FA) to keep your information safe and confidential and prevent identity theft.
PayPal around-the-clock account monitoring, anti-fraud detection protocols, and safety policies protect both buyers and sellers.
Additionally, PayPal services are PCI (Payment Card Industry) compliant.
PayPal is trusted by millions of users with online transactions because of its world-class security features and privacy protection measures.
Do take precautionary measures from your side to protect your money. Scams and data breaches can happen.
PayPal fees can vary depending on whether you use a personal or business account or sending money domestically or internationally, the country you are sending money to/receiving from, your location, or using credit or debit card to fund the payments.
For domestic transfers between friends and family, the platform is free if you use your bank account, as long as there is no currency conversion involved.
Fees are mostly associated with PayPal merchants receiving payments for goods and services, when there are international transactions involving currency conversion, or when you transfer using your credit card/debit card and moving your fund from your PayPal account to a debit or credit card.
The good news is that you only have to pay for payment processing fees with PayPal. There is no setup fee, no annual fee, or cancellation fee. For most online transactions in the U.S., the standard fee is 2.9%+$0.30. And there are tips to save on fees with PayPal.
There are no monthly fees when you use PayPal Checkout or Standard on your website. Although you need to have a recurring payment of $30 per month, in addition to the standard fee if you choose to use PayPal Payments Pro as your checkout tool.
Ways to Get in Touch With PayPal's Customer Service
You can get in touch with PayPal customer service via their phone number 1-402-935-2050.
PayPal also offers several ways to help and support its customers.
You can visit PayPal's Community Forum online where you can get advice and clear your doubts from other PayPal merchants or users.
You can find almost all the questions and answers related to PayPal with its self-help guide available on its site.
PayPal's Resolution Center is one way to solve your transactions and account related issues.
If all else fails, tweet @AskPayPal
One of the main reasons for PayPal's wide use is because of its easy set-up and secure transactions. The company offers a variety of payment options ideal for small to medium-sized merchants. Sending money online abroad or within a country is easy and affordable through money transfer services like Venmo and Xoom.
However, there are reports of inconsistent customer support over the phone or issues with account stability.
PayPal's recent announcement with its cryptocurrency services in the U.S. is indeed a game-changer in the fintech world. The popularity of digital payments and e-commerce in today's climate is another reason for PayPal's better outlook in the coming years. Overall, PayPal is a reputable digital payment company, immensely popular with millions of online buyers/sellers.
For many immigrants or individuals supporting their families in the Philippines, understanding the fluctuations in USD to PHP exchange rates is very tricky. Navigating the intricacies of these rates involves examining a spectrum of economic, political, and social factors.CompareRemit is here to make life easier for you, so you can make the best decision with little to no hassle on your part. In this guide, we'll unravel the complexities surrounding USD to PHP exchange rates, providing valuable insights to empower you in making informed decisions for your money transfers.Interest Rates: The Currency Tug-of-WarOne of the primary factors that influence exchange rates is interest rates. When the U.S. Federal Reserve adjusts interest rates, it sends ripples through the currency market. Generally, higher interest rates attract foreign investment, strengthening the USD against the PHP. For individuals, keeping an eye on interest rate differentials between the U.S. and the Philippines can offer insights into potential shifts in exchange rates.Inflation: The Balancing ActInflation, the rise in the price of goods and services, plays a pivotal role in currency valuation. Countries experiencing lower inflation rates often witness an appreciation in their currency. Comparing inflation rates between the U.S. and the Philippines allows you to gauge the potential strength of the USD. A lower inflation rate in the U.S. compared to the Philippines may contribute to a stronger USD.Government Policies: Shaping Economic StabilityGovernment decisions and economic policies, both domestic and international, have large impacts on exchange rates. Policies promoting economic stability, prudent fiscal management, and sound monetary measures contribute to a stronger currency. Staying informed about the policies of both the U.S. and the Philippines will allow you to gain an understanding of the economic health and help predict dips and rises in exchange rates. Trade Balances: A Global PerspectiveThe dynamics of global trade, including exports and imports, definitely impact currency values. A country with a trade surplus, exporting more than it imports, may see a stronger currency. It might be very tedious to stay up to date with trade imbalances between the U.S. and the Philippines, but doing so can serve as an indicator of potential exchange rate movements.Historical Data: Patterns and PredictionsAnalyzing historical USD to PHP exchange rate trends can reveal patterns and provide insights. While past performance doesn't guarantee future results, understanding how rates responded to similar economic, political, or social events can guide your decisions. Historical data offers a valuable tool for predicting potential movements in exchange rates.Practical Tips for Informed Money TransfersStay Informed: Regularly follow financial news and updates from both the U.S. and the Philippines to understand the broader economic context. Regularly read our blogs to stay up to date with all the major money transfer news. Utilize Reliable Tools: Use CompareRemit’s online comparison tool and email alerts to track real-time exchange rates, ensuring you get the best value for your money transfers.Seek Professional Advice: Consulting financial experts or using professional services can provide personalized insights tailored to your specific situation, enhancing your decision-making process.In conclusion, comprehending the factors influencing USD to PHP exchange rates empowers you to make informed decisions when sending money to the Philippines. By staying attuned to economic indicators, leveraging historical data, and adopting a proactive approach, you optimize your money transfers, securing a more stable financial future for your loved ones.
When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.
There are a variety of reasons to send money from Europe to India. To start with, Europe is home to many Indians - working professionals earning a living, students and researchers pursuing higher education, and entrepreneurs and investors running businesses. In this blog, we will discuss the best ways to send money from Europe to India and India is one of the fastest-growing economies and has been the top remittance-receiving country in the world for years in a row. Indians working in European countries send money to India for various reasons such as: Financial support for friends and family back home,Monetary gifts during festivities,Education and healthcare needs, andInvestment purposes in India.Non-Indian residents (NRI) frequently transfer money to India to save their foreign income in an Indian bank account. In addition, India and the European countries are important trading and tourism partners. Owing to the flow of trade and people between the two countries, there is a lot of EUR to INR or INR to EUR currency exchange. The trouble with sending money internationally is that it comes with certain costs. The two main costs are:Transfer fees, andHidden exchange rate margins. Banks may be your first option, but they usually are not the best for international money transfers because of the poor exchange rates and hidden fees, meaning your recipients get less money in their pockets. The good news there is plenty of authorized money transfer specialist offering online money transfer to India with transparent and low fees, competitive exchange rates, faster delivery, and enhanced convenience for efficient and cost-effective transfers. Compare these money transfer services to get the best Euro to Rupees rate before making your transfer and finding the best money transfer service to India. How To Send Money From Europe To IndiaCompare money transfer services in terms of fees, exchange rates, and speed.Choose the best provider that meets your transfer needs.Sign up with the provider of your choice.Add the necessary information (Transfer amount, recipient details, your details, etc.)Press Send and leave the rest to the service provider Several providers offer direct transfer to major Indian banks (SBI, ICICI, HDFC, etc.)To help you find the cheapest, fastest, simplest, and most secure ways to send money to India from Europe, we have listed below top money transfer specialists. XE XE money transfer is a Canada-based online international foreign exchange business, and it is a part of the Euronet Worldwide Group, one of the largest money transfer businesses. It offers fast and cost-effective international money transfers to more than 130 countries in more than 60 currencies for individuals and businesses.XE offers free tools to check live currency rates, view historical charges for any currency pair, and set alerts for any chosen currency pair. Convert Euro to INR with XE Currency Converter.XE also provides forward contracts, spot contracts, market orders, business transactions for international employees, and currency data APIs.XE is great for large bank-to-bank transfers because XE offers lower exchange rate margins for large transfers. There are no fees for transfers above $500.You can initiate wire transfers to India from Europe on the XE website or mobile app and pay with a bank transfer or debit/credit card. Most of the transfers are completed in a few minutes. The transfer amount is unlimited. PassToPassTo is a cheap and quick way to send money to over 60 countries worldwide from the UK. They offer an easy-to-use, secure platform that only takes a few minutes to download and sign-up for. Some of PassTo’s benefits include:Discounted welcome rates for first-time usersBest foreign exchange ratesMoney can arrive as quickly as a few minutesFCA regulated and safe to useTransparent, up-front feesSend money from the UK with PassTo today!Remitly Remitly operates in 17 countries and transfers money to over 90 countries, including India. It is an online-based money transfer company located in Seattle. You sign up online on the site or Remitly app to start sending money. For sending Euro to Indian Rupees, the promotional exchange rate applies to your first transfer of Euro 1000.00. Remitly offers multiple receive options: recipients' bank accounts, UPI (virtual payments), and 100,000+ cash-up locations in India. If you don't mind paying a higher fee for a faster transfer, Remitly offers the Express mode of transfer. The economy mode of the transfer costs less, but it is slower. Skrill Skrill is a London-based digital wallet platform, currently enabling international money transfer to over 180 countries in 40 different to a bank account, mobile wallet, email address, and phone number. You can also buy and sell cryptocurrencies. Skrill is the cheapest option for sending to a bank account overseas because of zero transfer fees. You are allowed to fund your transfer with a credit or debit card, bank transfer, or other local payments if applicable. If funded by manual bank transfer, the money arrives in 2 hours or less. You can cashback when you refer friends. Sign up for free on the Skrill website or the Skrill App to send money to an Indian bank account for free.WiseWise, an online money transfer service provider, offers transparent and low-fees international money transfers from 59 countries to over 80 countries. You can hold 50+ currencies in your account and convert between currencies at a super-low fee. Based in London, it now has 12 million users and counting. It claims itself as 8X cheaper than leading banks in the UK. You get transparent fees and real exchange rates (the ones sourced from Reuters or Google). If you pay your transfer with a bank account, the fees are the cheapest, but you will have to compromise on speed. Payment via debit or credit cards transfers your money faster at a higher cost. Wise is ideal for small transfers as the cost gets higher with larger transfers. Send money on their website or download the Wise app to start sending money today.ICICI ICICI Money2India offer fast fund transfer from Europe to any bank account in India. Available in 20 Eurozone countries, the service allows you to lock your desired exchange rates and charges minimal fees with no hidden costs. Money2India Europe is an online money transfer service by ICICI Bank Germany. ICICI is one of India's largest banks and has many branches overseas. You can also sign up on the Money2India app and send money hassle-free. If you transfer money to ICICI bank accounts in India, the transfer is completed in under 30 minutes.InstaremSimilar to Wise, Instarem offers real exchange rates sourced from Reuters for your every transfer. Based in Singapore, Instarem is an online remittance service enabling money transfers to 55+ countries in partnership with 8000+ banks worldwide.Instarem is one of the low-cost international money transfer service providers, especially for small transfers. The fees are upfront, and there are no hidden charges. The exchange rates are very competitive. You earn InstaPoints with every transfer that allows you to redeem in your next transfer, saving you money.Sign up for a free account on the Instarem site or app with your email, or use your Google or Facebook ID for a quick registration.PandaRemitPandaRemit is a Hong Kong-based online money transfer service providing fast and convenient remittance services across 30+ countries. You also get zero fees on your first transfer. And receive money with minutes as fast as 2 minutes. Your recipient has the option to receive the money in a digital wallet or bank card or opt for cash pick up if available.Transfer funded by bank transfer carries no charges, but payment with a credit card has additional charges. There are no hidden charges with PandaRemit. Make use of referral bonuses and discounts to save money on transfer costs.Paysend Trusted by 6 million customers worldwide, Paysend currently operates in more than 150 countries allowing international money transfers to over 110 countries. Paysend is the first Fintech company to introduce global card to card transfers connecting 12 billion cards issued by Mastercard, Visa, China Union Pay, and local card schemes.Paysend provides 40+ payment methods for online SMEs and serves 17,000 SMEs. Sending money to India from Europe is easy because of the multiple receiving options: send money online directly to bank cards, UPI, or bank accounts in India at a fixed low fee. You can also send a Paysend link to your recipient's mobile number to make a transfer. Transfers are usually completed within minutes. Sign up online or get the Paysend app to send Euros to Indian Rupees.Revolut Revolut is a popular British digital-only bank/ neobank offering a range of banking services in a mobile app. Revolut, the global financial super-app, has more than 18 million customers around the world.With Revolut, you can send money in more than 30 currencies to 100+ countries. You can hold 30 different currencies for free in your Reovlut account. This makes it ideal for traveling abroad and sending international payments.Revolut charges a fixed percentage fee and claims to offer the exchange rates you see on Google for international money transfers. To send money to India, download the Revolut app and sign up. Then simply add money into your account using your card or make a bank transfer. Choose your transfer amount, your currency, and the destination country. Send money to your recipient bank account in India by adding it as a beneficiary in the Revolut app.ConclusionThe best website to transfer money to India from Europe or apps will depend on how much money you are sending, how are you paying for it, how the money is received, how fast you want the money to reach your desired destination, and how expensive is the transfer cost including conversion cost of Euro to INR. Different money transfer service providers have unique advantages that may be best suited for your transfer situations. So, it is best to compare, decide and send.