eWallets for International Transfers 👎

By 
Matt Di Vincere (Chief Editor)
Last Edited Nov 24, 2015
img wallets Out of the dozens of eWallet websites and apps, which one is right for you? Do you actually need an eWallet if your main thing transfer large amounts of money abroad? If your main aim is speed and ease of use, couldn’t multi-currency accounts be just as speedy and easy as an eWallet for international payment? We look at eWallets from across the web with a particular focus on the larger ewallets like Paypal or Skrill with a hyper-focus on their exchange rates for international payments. View our specific review of PayPal’s international payment fees here.

Cheapest eWallet Alternative

If your purpose is to transfer money digitally to another person, and you are trying to circumvent the bank to avoid hefty fees and lengthy process then you should consider the best international money transfer companies – companies like the world-renowned Wise will allow you to fund transfers through debit/credit card or a domestic bank transfer to a third party account. In other words you don’t necessarily need an eWallet.

These options are far cheaper than eWallets for international transfers and payments and similarly to an eWallet allow you to maintain a balance online.

Transfer money withCostIf you transfer $2,000 abroad
Wise~0.4% of the transferYou’ll pay about $8 in transaction + currency costs
PayPal~5% of the transferYou’ll pay about $40 in transaction + currency costs
UK Best International Account - Wise Account: Fast Payments⚡. Free Debit Card 💳. Best App 📱.
UK Offices:
Tea Bldg, 6th The, 56 Shoreditch High St, London E1 6JJ
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
€1
Why Them?
  • Get virtual bank accounts in UK, EU, Poland, Australia, New Zealand and USA + you can hold money in 50+ currencies
  • Very easy to use, friendly with great support
  • Receive fee-free multi-currency debit card, and gain access to cheap and lightning fast ⚡ payments
+Read more
Wise / Transferwise
Best International Account - Wise Account: Fast Payments⚡. Free Debit Card 💳. Best App 📱.
86.8%
Editorial rating

The basics: What is an eWallet?

An eWallet is an online application that lets you deposit and manage money for online transactions. For many people, it is a convenient way to have funds available online for purchases like plane tickets or streaming subscriptions, without having to reach for their credit card. For a money management app like that to be considered a digital or eWallet, it must fit certain conditions. First, it must be able to keep money in your digital account for a significant period of time, just like a bank account would. Second, it should give you the ability to transfer funds from your eWallet back to your credit card or bank account. What these apps all have in common is they are all built especially to deal with payments between individuals (P2P), customers and businesses, and businesses to other businesses.

What are multi-currency accounts? Are those eWallets as well?

eWallets are essentially online wallets that can retain multiple currencies and that you can transfer and receive funds from to another account. Similarly multi-currency accounts are some sort of a virtual bank account that enable you to send, receive and hold money and withdraw back to your bank accounts. Some would consider a multi-currency account, also known as a virtual IBAN, as a form of an international payment eWallet, while some would claim that those new “creatures” are closer to an actual bank account than they are to an online wallet because of the relatively harsh registeration process and the fact they are more oriented towards business owners and larger transfers than eWallets. We believe that if your aim is to transfer money abroad with an eWallet or receive foreign currency into an eWallet then these are very viable and cheaper alternatives. Below you can find a variety of the most recommended multi-currency as an eWallet alternative:
#🌟
Australia OFX: Best Rates and Supports Most Currencies
Local UK Offices:
The White Chapel Building, 10 Whitechapel High St, London, E1 8QS
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
£100 or equivalent
Why Them?
  • Traded Publicly on the Australian Stock Exchange
  • Ultra Professional System with High Level of Functionality
  • Accounts in GBP, USD, AUD, CAD, NZD, HKD and More
  • Excellent Rates - Transparent and Clear
Read less
🌟
OFX
OFX: Best Rates and Supports Most Currencies
90.4%
Editorial rating
#🌟
UK Best for eCommerce Sellers 🛒
Headquarters:
Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4QP
95.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
Min. annual volume of £1,000
Why Them?
  • Bank accounts available in UK, France, Germany, USA and Canada, as well as Singapore, China and Japan (recent additions)
  • Payment fees range from £1.50 - £15, depending on the payment type
  • Industry Leader in the eCommerce Space, owned by Ant Financial (AliPay). Easy integration with any eCommerce platform.
+Read more
🌟
WorldFirst
Best for eCommerce Sellers 🛒
95.4%
Editorial rating
#🌟
UK Best App, Smoothest Technology, Excellent Card.
UK Offices:
Tea Bldg, 6th The, 56 Shoreditch High St, London E1 6JJ, but have many more offices globally (in Europe, North America, Australia and Asia)
86.8% Editorial rating
175,000 Client Reviews
Minimum transfer:
€1
Why Them?
  • Bank accounts available in UK, EU, Poland, Australia, New Zealand and USA
  • Great technology, app, and seamless transfers
  • Low and transparent fees
+Read more
🌟
Wise / Transferwise
Best App, Smoothest Technology, Excellent Card.
86.8%
Editorial rating
#🌟
UK Perhaps the biggest of its kind, very cheap to use, great card
UK Offices:
7 Westferry Circus, London E14 4HD, United Kingdom
77.4% Editorial rating
200,000 Client Reviews
Minimum transfer:
€1
Why Them?
  • Fee-free transfers (but have to sign up with premium)
  • 29 currencies
  • Valued at tens of billions, probably the most successful money transfer company
+Read more
🌟
Revolut
Perhaps the biggest of its kind, very cheap to use, great card
77.4%
Editorial rating

16 eWallets which allow currency exchanges and how they stack up

Let’s look at the top 16 eWallets that handle international money transfers and currency exchanges in their platform. You should know that Zell, Venmo and Square Cash apps don’t offer sending and receiving money internationally.

WalletSiteFoundedCountriesCurrenciesFX FeeDeposit FeeTransfer FeeWithdraw FeeBalance MaxDepo MinDepo MaxWithd MinWithd MaxTransf Max$50 from USA to EU£150 from UK to USA€500 from EU to UK
PayToo 2005
180: All except Afghanistan, Belarus, Central African Republic, Cuba, Democratic People's Republic of Korea, Iran (Islamic Republic of), Iraq, Lao People’s Democratic Republic, Lebanon, Liberia, Libya, Sudan, Syrian Arab Republic
2: USD, EUR
0 - 2.5%5 - 6%0%0.1 - 16% $1,000 (10,000) ? $2,500 ? $2,500 $2,500
$9.00
£7.23
€8.47
PayPal 1998
172: All except Afghanistan, Bangladesh, Central African Republic, Cuba, Democratic People's Republic of Korea, Equatorial Guinea, Ghana, Haiti, Iran (Islamic Republic of), Iraq, Lebanon, Liberia, Libya, Myanmar, Pakistan, South Sudan, Sudan, Syrian Arab Republic, Timor-Leste, Turkey, Uzbekistan
24: AUD, BRL, CAD, CZK, DKK, EUR, HKD, HUF, ILS, JPY, MYR, MXN, TWD, NZD, NOK, PHP, PLN, RUB, SGD, SEK, CHF, THB, GBP, USD
2.5 - 4%0 - 3.5%4 - 12%0 - 2.5% $0 (1,000,000) $0 $60,000 $0 $60,000 $60,000
$4.24
£3.41
€3.99
$7.14
£5.74
€6.72
$15.40
£12.37
€14.49
Skrill 2001
163: All except Afghanistan, Angola, Barbados, Benin, Burkina Faso, Cabo Verde, Comoros, Cuba, Djibouti, Eritrea, Gambia (Republic of The), Grenada, Guyana, Iran (Islamic Republic of), Iraq, Japan, Kyrgyzstan, Lao People’s Democratic Republic, Libya, Namibia, Niger, Palau, Republic of Korea, Samoa, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Togo, Turkmenistan
35: EUR, TWD, USD, THB, GBP, CZK, HKD, HUF, SGD, JPY, PLN, CAD, ISK, AUD, INR, CHF, KRW, DKK, ZAR, SEK, RON, NOK, HRK, ILS, JOD, MYR, OMR, NZD, RSD, TRY, TND, AED, MAD, QAR, SAR
4%0 - 15%1.5%7.5 - 11% $1,000 (1,000,000) ? $10,000 ? $10,000 $10,000
$8.72
£7.01
€8.21
$17.94
£14.42
€16.89
$40.06
£32.19
€37.70
Ecopayz 2000
154: All except Afghanistan, Albania, Angola, Azerbaijan, Belarus, Bhutan, Botswana, Brunei Darussalam, Cambodia, Cuba, Democratic People's Republic of Korea, Djibouti, Eritrea, Eswatini, Ethiopia, Guatemala, Haiti, Iran (Islamic Republic of), Kazakhstan, Kiribati, Kyrgyzstan, Lao People’s Democratic Republic, Lebanon, Lesotho, Liberia, Libya, Madagascar, Micronesia (Federated States of), Myanmar, Nauru, Samoa, Somalia, Sudan, Syrian Arab Republic, Tajikistan, United States of America, Vanuatu, Viet Nam, Yemen
45: EUR, GBP, USD, ARS, AUD, BAM, BGN, BRL, CLP, CAD, COP, CHF, CNY, CRC, CZK, DKK, GEL, HKD, HUF, IDR, ILS, INR, ISK, JPY, MDL, MOP, MYR, MXN, NIO, NOK, NZD, PAB, PEN, PLN, RON, RSD, RUB, SEK, SGD, THB, TRY, VEF, UAH, UYU, UZS and ZAR
1.3 - 3%0 - 7%0 - 1.5%0 - 12% $15,000 (120,000) $10 $2,500 $5 $500,000 $4,000
$8.98
£7.22
€8.45
$14.97
£12.03
€14.09
$30.12
£24.21
€28.35
Neteller 2000
149: All except Afghanistan, Benin, Burundi, Central African Republic, Chad, Congo, Cuba, Djibouti, Equatorial Guinea, Eritrea, Gabon, Gambia (Republic of The), Guinea, Guinea Bissau, Guyana, Iran (Islamic Republic of), Iraq, Kazakhstan, Kyrgyzstan, Lao People’s Democratic Republic, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mongolia, Myanmar, Nauru, Niger, Palau, Papua New Guinea, Republic of Korea, Saint Kitts and Nevis, Sierra Leone, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Timor-Leste, Togo, Turkmenistan, Uzbekistan, Yemen
27: AUD, BRL, BGN, CAD, DKK, EUR, GBP, HUF, INR, JPY, MYR, MXN, MAD, NGN, NOK, PLN, RON, RUB, SING, ZAR, SEK, CHF, TWD, TND, AED, USD, COP
1 - 4%0 - 7%1 - 1.5%0.4 - 15% $500 (2,000) $0 $2,000 $0 $2,000 $2,000
$13.93
£11.19
€13.11
$25.54
£20.53
€24.04
$55.14
£44.31
€51.90
WebMoney 1998
182: All except Brunei Darussalam, Burkina Faso, Democratic Republic of the Congo, Micronesia (Federated States of), Palau, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, South Sudan, Timor-Leste
8: RUB, EUR, USD, UAH, BYR, BTC, VND, MDL
0%0 - 10%0.8%1 - 3.5% $300 (30,000) ? $30,000 ? $12,000 $12,000
Leopay 2015
54: Albania, Andorra, Armenia, Australia, Austria, Belarus, Belgium, Brazil, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Republic of Moldova, Romania, Russian Federation, San Marino, Serbia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, The former Yugoslav Republic of Macedonia, Turkey, Ukraine, United Kingdom of Great Britain and Northern Ireland, United States of America
9: EUR, USD, GBP, HRK, CHF, RON, PLN, BGN, CZK
2.5 - 3%0 - 2%0%0 - 6% $300 (75,000) ? $75,000 ? $75,000 ?
$0.00
£0.00
€0.00
$0.00
£0.00
€0.00
$0.00
£0.00
€0.00
Payoneer 2005
186: All except Cuba, Democratic People's Republic of Korea, Democratic Republic of the Congo, Iran (Islamic Republic of), Sudan, Syrian Arab Republic, Timor-Leste7
56: USD, EUR, GBP, JPY, AUD, CAD, CNY, BHD, BDT, BBD, BAM, BRL, BGN, CLP, CRC, HRK, CZK, DKK, EGP, HKD, HUF, INR, IDR, ILS, JMD, JOD, KES, KRW, KWD, CHF, MYR, MXN, MAD, NPR, NZD, NGN, NOK, PKR, PEN, PHP, PLN, QAR, RON, RUB, SAR, SGD, ZAR, LKR, SEK, THB, BSD, TTD, TRY, UAH, AED, VND
0.5 - 3.5%0 - 3%0%2 - 3.5% $50 (10,000) $20 - 50 $10,000 $20 $10,000 $10,000
$1.50
£1.21
€1.41
$3.73
£3.00
€3.51
$10.63
£8.54
€10.00
GateHub.net 2016
188: All except Cuba, Democratic People's Republic of Korea, Iran (Islamic Republic of), Sudan, Syrian Arab Republic
4: USD, EUR, BTC, XPR
0.2 - 0.3%0.1 - 30%?%0.1 - 16% $0 (300,000) ? ? ? ? ?
$16.15
£12.98
€15.20
Vodafone m-pesa 2007
10: Albania Congo, Egypt, Ghana, India, Kenya, Lesotho, Mozambique, Romania, United Republic of Tanzania
10: KES, INR, ALL, CDF, EGP, GHS, LSL, MZN, RON, TZS
?0%1%0.1 - 1% ? $1 $10,000 $1 $10,000 $10,000
SolidTrustPay 2006
190: All except Democratic People's Republic of Korea, Democratic Republic of the Congo, Iran (Islamic Republic of)
141: USD, AFN, DZD, EUR, AOA, XCD, ARS, AMD, AUD, AZN, BSD, BHD, BDT, BBD, BYR, BZD, XOF, BTN, BOB, BAM, BWP, BRL, BND, BGN, BIF, CVE, KHR, XAF, CAD, CLP, CNY, COP, KMF, CRC, HRK, CUP, CZK, DKK, DJF, DOP, USD, EGP, SVC, ERN, SZL, ETB, FJD, GMD, GEL, GHS, GTQ, GNF, GYD, HTG, HNL, HUF, ISK, INR, IDR, IQD, ILS, JMD, JPY, JOD, KZT, KES, KWD, KGS, LAK, LBP, LSL, LRD, LYD, CHF, MGA, MWK, MYR, MVR, MRO, MUR, MXN, MNT, MAD, MZN, MMK, NAD, NPR, NZD, NIO, NGN, NOK, OMR, PKR, PAB, PGK, PYG, PEN, PHP, PLN, QAR, MDL, RON, RUB, RWF, WST, STD, SAR, RSD, SCR, SLL, SGD, SBD, SOS, ZAR, SSP, LKR, SDG, SRD, SEK, SYP, TJS, THB, MKD, TOP, TTD, TND, TRY, TMT, UGX, UAH, AED, GBP, UYI, UZS, VUV, VEF, VND, YER, ZMW, ZWL, CFA
0%1 - 5.5%0%0.1 - 4% ? ? ? ? ? ?
$26.00
£20.89
€24.47
$28.30
£22.74
€26.64
$33.91
£27.25
€31.92
Puut Wallet 2017
192: All except Brunei Darussalam
2: EUR, BTC
?0 - 4%0%0.2 - 8% $4,500 (4,500) ? $4,500 ? $7,500 ?
epayments 1998
192: All except Democratic People's Republic of Korea
15: USD, EUR, BDT, BRL, CAD, GBP, HKD, IDR, INR, JPY, PHP, RUB, SEK, THB, VND
0%0 - 2.6%0%2.9 - 6% ? $0.1 $10,000 $10 $100,000 $100,000
$0.60
£0.48
€0.56
$15.00
£12.05
€14.12
$3.00
£2.41
€2.82
WalletOne 2007
191: All except Saint Lucia, Timor-Leste
9: USD, EUR, KZT, RUB, ZAR, TJS, BYR, PLN, GEL
0%0%0%1 - 4% $3,000 (10,000) ? $3,000 ? $3,000 $3,000
$31.45
£25.27
€29.60
Papaya 2012
186: All except Andorra, Brunei Darussalam, Congo, Lao People’s Democratic Republic, Myanmar, San Marino, Sudan
1: EUR
3%1 - 5%0%2% $2,500 (1,000,000) $15 $3,000 $15 $1,000 $3,000
Yandex Money 2002
13: Armenia, Azerbaijan, Belarus, China, Germany, Kazakhstan, Kyrgyzstan, Latvia, Republic of Moldova, Tajikistan, Thailand, Ukraine, Uzbekistan
1: RUB
0%0.5 - 3%0.5%1 - 3% $15,000 (500,000) ? $25,000 ? $25,000 ?

The chart above outlines some of the major categories of difference between these brands. The first three columns deal with the basics: where the company was founded, what currencies it operates in. The second set deals with fees, and what certain transactions will cost you. And lastly, there are the different limits set by each app. This can make a big difference to someone who is regularly wiring large amounts of money overseas.

You’ll notice most of the eWallets primarily deal with US dollars and Euros. You’ll also see that there are certain outliers. For instance, while a lot of these companies charge no transfer fee, Paypal charges a very high one. Notice that Skrill, while it doesn’t charge as much as Paypal for transfers, makes their money on withdrawal fees instead. And each eWallet has their own limits and restrictions on transaction amounts. Most of the eWallets operate within the same average range of fees, but the bigger services, Paypal and Skrill, can have surprisingly large fees hidden for certain transactions. They can afford to buck the market average because of their popularity, most people are willing to swallow higher fees in exchange for a name they trust. In addition to the fees, the limits an app places matter. Papaya, for example, caps withdrawals at 1000, which can be very inconvenient if you need the rest of your money quickly. Ecopayz has a max of 500,000, which is great, but their withdrawal fees can also be as high as twelve euros.

Neteller and Paytoo also have exorbitant withdrawals fees of 15 and 16 USD, and cap their withdrawal amounts very low. Customers who have been with those companies for many years may not mind the fees as a price for familiarity, but on paper, they don’t compare very well. Take a look at some of the unique features we’ve outlined, because not all eWallets are the same. Gyft, for example, is only gift cards. Airtel Money is a semi-closed wallet that doesn’t allow withdrawals. Biyo is a biometric wallet that lets you make purchases with the palm of your hand. Moven lets you pay a friend by text, even if they don’t have a Moven account. Apps like Zelle can transfer to any US bank in minutes, but Barclaycard is only available in the UK.

Cryptocurrency eWallets

Cryptocurrency wallets, as you can see in the chart below, are a much cheaper option than eWallets when it comes to fees. However, the trade off is you may be limited in where exactly you can use your cryptocurrency. Many banks do not accept cryptocurrency, because of its notorious market instability. But if the bulk of the transactions you do are cryptocurrency, one of the most popular cryptowallets is Ripple, which is backed by Google and known for their transparency.

If you wanted to inquire about the costs of Cryptocurrency eWallets like Gatehub (our most recommended wallet that we personally use – for Ripple), then you can view them below. They are obviously much more sensible than the costs of eWallet but come with their own risks.

Gatehub Wallet Fees:

SEPA Deposit Free
SEPA Withdrawal (< 50,000.00 €) 1.00 €
SEPA Withdrawal (> 50,000.00 €) 8.00 €
International Wire Deposit 0.1 %, min. fee $15.00, max. fee $130
International Wire Withdrawal 0.1 %, min. fee $15.00, max. fee $130
Ripple Fee 0.2 %
Account setup Free

Blockchain.info Fees: (BTC/ ETH)

80 satoshi per byte or 0.001%

Without doubt, using either cryptocurrency instead of a standard eWallet can slash off your expenses tremendously! But of course remember about the difficulties of using bitcoin for remittances – it is currently volatile and not widely accepted enough with merchants to become really usable in the same fashion as fiat currencies.

How EXPENSIVE are Traditional eWallets for International Payments, exactly?

We have compared Paypal and Skrill’s fees and in comparison we tossed in a specialised foreign currency provider (which we will deal with later).

As you can see in the table above, Skrill has the most hefty fees, which are far more expensive than PayPal and Currencyfair. PayPal itself is significantly more expensive than Currencyfair, with 2.5% fees as opposed to 0.35%.

Additionally, each of the services has its own sending limits:

  • PayPal: requires a minimum withdrawal amount of just US$1.00 The maximum you may send through PayPal is US$10,000 in one transfer. Since Paypal is funded by your debit or credit card, standard credit limits will apply.

  • Skrill: The maximum per‐transaction limit is €10 000 or the equivalent in another currency.You can use your Skrill Card to pay for goods and services up to the value of €6,300 on a 24-hour rolling period.

  • CurrencyFair: No limits!

Customer Views

After analyzing thirty five reviews of Paypal and Skrill left over the course of the last two years on several review sites, we found that only 40% of the reviews were actually positive. Of the negative complaints, the most repeatedly mentioned issues were payment delays, lack of customer support to turn to when something went wrong, and verification problems that led to account freezes. People also mentioned problems with peer to peer transfers, account access limited for no reason, and delays with refunds due.

Articles you might be interested in:
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How to Withdraw Money From PayPal To Your Bank Account

Discover how to withdraw money from your PayPal account to your bank account. While PayPal offers easy withdrawals, businesses and personal sellers may find its fees comparatively higher. Alternative options are also discussed, providing potential fee savings and a customer-friendly experience.

How to transfer money from PayPal to Transferwise?

Learn how to transfer money from PayPal to a Wise.com account. Discover step-by-step instructions, including a comparison of payment fees between PayPal and Wise.com.

   
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