eWallets for International Payments? eWallet Fees for Currency Exchanges 👎

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 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.

Closest eWallet Alternative for Payments in Multiple Currencies

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.

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

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.

Available eWallets on the market

When researching which digital wallet might be right for you, keep in mind that fees, interest, and access options can vary wildly between companies, some are limited to only certain kinds of transactions, and not all eWallets are offered globally.

  • Adyen
    Global
  • Airtel Money i P2P
    Global
  • Alipay
    China
  • AlliedWallet P2P
    Global
  • American Express P2P
    Global
  • ApplePay P2P
    Global
  • Bank Of America P2P
    USA
  • Barclaycard i
    UK
  • BiyoWallet i
    USA
  • Boost Mobile
    USA
  • Brinks P2P
    Global
  • CapitalOne Wallet P2P
    USA
  • Chase
    USA
  • Circle App P2P
    Global
  • Citrus Pay P2P
    India
  • Discover
    USA
  • Due P2P
    Global
  • Ecopayz
    Global
  • epayments P2P
    Global
  • Facebook P2P
    Global
  • FreeCharge P2P
    India
  • GateHub.net P2P
    Global
  • Google Pay i P2P
    Global
  • Gyft i P2P
    USA
  • HDFC Bank i P2P
    India
  • ICICI Bank P2P
    Global
  • Leopay P2P
    Global
  • LevelUp
    USA
  • Mastercard
    Global
  • Microsoft Wallet
    USA
  • Mobikwik P2P
    India
  • Momoe i
    India
  • Moven i P2P
    USA
  • Mozido P2P
    USA
  • Neteller P2P
    Global
  • Official Payments
    USA
  • Oxigen Wallet P2P
    USA
  • papaya P2P
    Global
  • Payoneer P2P
    Global
  • PayPal P2P
    Global
  • PayTM P2P
    India
  • PayToo i P2P
    Global
  • PNC Bank P2P
    USA
  • Puut Wallet P2P
    Global
  • RBC P2P
    Global
  • SamsungPay
    Global
  • Skrill P2P
    Global
  • Solid Trust Pay P2P
    Global
  • Square Cash P2P
    USA
  • State Bank Buddy P2P
    India
  • Stocard Wallet
    Global
  • TabbedOut
    USA
  • Transferwise P2P
    Global
  • U.S. Bank P2P
    USA
  • Venmo P2P
    USA
  • Visa
    Global
  • Vodafone m-pesa P2P
    Global
  • walletone P2P
    Global
  • WalMartPay
    USA
  • WebMoney P2P
    Global
  • WeChat i P2P
    China
  • WellsFargo P2P
    USA
  • WorldRemit P2P
    Global
  • Yandex Money P2P
    Global
  • YesPay P2P
    India
  • ZipCash i
    India
  • Zomato
    Global
  • Zelle i P2P
    USA

This is merely a sub-set of eWallets in existance, and not necessarily the best eWallets out there, just the ones that have been tested and confirmed to be actually eWallets by MoneyTransferComparison.com.


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:
#1
UK Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
Local UK Offices:
The White Chapel Building, 10 Whitechapel High St, London, E1 8QS. Headquartered in Australia, have offices in Asia, USA, Canada, EU and more.
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
£100
Why Them?
  • Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
  • Traded Publicly in the Australian Stock Exchange. A prominent and well-know company with excellent reputation in Australia operating for 20+ years. Boasting more than £20bn in annual turnover, across all five continents.
  • Diverse offering combining the good parts of all other compabies - transfer money abroad, receive funds, multi-currency accounts, corporate foreign exchange, ecommerce intergration, online system and a friendly app.
+Read more
#2
UK Best for eCommerce Sellers 🛒: Potentially the Best Rates
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 - **Only Accepting Business Clients and Online Sellers**
Why Them?
  • Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)
  • FX Margins from 0.15% to 0.5% per transaction, potentially cheaper than competitors like TransferWise (Wise). No fixed payment fees or receiving fees.
  • Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay). Easy integration with any eCommerce platform, and Amazon recommended solution for currency exchanges.
+Read more
#3
UK Multi-Currency Bank accounts available in UK, EU, Poland, Australia, NZ and and USA + Debit Card 💳. Best App 📱.
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
32,000 Client Reviews
Minimum transfer:
€1
Why Them?
  • Bank accounts available in UK, EU, Poland, Australia, New Zealand and USA but you can hold money in 50+ currencies
  • Most recognisable name in money transfers and multi-currency account, serving millions of customers and traded on the London Stock Exchange
  • Very transparent about its fees which are generally among the cheapest for both private clients
+Read more
#4
UK Best for Corporate Foreign Exchange Payments
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
Min. annual volume of £5,000 - **Virtual Bank Accounts for Business Clients and Online Sellers - But Send and Receive Payments Available for Private Cusotmers**
Why Them?
  • Operating since 1979 - the first commercial foreign exchange space. Specialising in businesses - corporations and small businesses. Each business customer with volume of £5,000 is assigned with a dedicated currency dealder, demonstrating very high level of professionalism and excellent availability.
  • Virtual IBAN bank accounts available in UK, EU and USA - but you can use Moneycorp to receive foreign exchange payments from everywhere in the world.
  • 98% satisfaction based on online customer review. Many customer and business awards.
+Read more

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
£8.10
€9.18
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
£3.82
€4.33
$6.37
£5.74
€6.51
$14.20
£12.79
€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
£7.85
€8.90
$16.02
£14.42
€16.34
$36.94
£33.26
€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
£8.09
€9.16
$13.36
£12.03
€13.63
$27.78
£25.01
€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
£12.54
€14.22
$25.54
£23.00
€26.06
$55.14
£49.65
€56.27
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
£1.35
€1.53
$3.33
£3.00
€3.40
$9.80
£8.82
€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
£14.54
€16.48
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
£23.41
€26.53
$28.30
£25.48
€28.88
$33.91
£30.53
€34.60
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
£0.54
€0.61
$15.00
£13.51
€15.31
$3.00
£2.70
€3.06
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
£28.32
€32.09
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.

eWallets for international payments – costs of sending and receiving money

PayPall
(Traditional eWallet)
  • Personal Tranfer Fees 4%-12%
  • Currency Exchange Fees 2.5%-4%
  • Withdrawal/Receiving Fees 0-2.5%
  • Total Fee 6.5% – 18.5%
  • Transfer Limit (After Verification) $60,000
Skrill
(Traditional eWallet)
  • Personal Transfer Fees 1.45%
  • Currency Exchange Fees 3.99%
  • Withdrawal/Receiving Fees 7.5%-11%
  • Total Fee 13% – 16.5%
  • Transfer Limit (After Verification) $10,000
Multi Currency Bank Accounts for Businesses
Multi-Currency Accounts for Small Businesses (Receive + Send Money in any Currency).
  • Personal Transfer Fees $0
  • Currency Exchange Fees 0.1%-0.5%
  • Withdrawal/Receiving Fees None!
  • Total Fee 0.1%-0.5%
  • Transfer Limit (After Verification) No Limit!

eWallets vs Multi Currency accounts for businesses

There is a much better alternative to eWallets called a multi-currency account. These virtual bank account allow you to SEND, RECEIVE and HOLD money in almost any currency. The problem is that they are only for small businesses (including sole traders and online sellers).
View our comparison of the best EUR account and best USD accounts here.

Bottom line

Who should use PayPal or Skrill?

Both PayPal and Skrill are services that are very useful for quick money transfers or domestic transfers. They are also very helpful for people living in regions with limited online payment options

PayPal vs. Skrill

This is a hard call. Both companies are reputable and globally accepted. They are both convenient and quick. However when it comes to high fees, they both make their money in different area, so it may depend on what functions you use the most.

Currencyfair has the advantage

If you know you will be doing a lot of international transfers, involving currency exchanges, a transfer specific company like Currencyfair is a much cheaper option. Not to mention, their client support system is accessible and comprehensive, so if anything does go wrong, you won’t be breaking your laptop in frustration.

The biggest disadvantage to Currencyfair is that at the moment they have limited reach, and they do not accept users from the US. However, they are by far the eWallet provider with the lowest fees. If you live in a place where Currencyfair is available, it is the best option for managing your money internationally online.

PayPal and Skrill have their advantages, but Currencyfair is the eWallet provider with the lowest fees by far. Currencyfair major disadvantage is their limited reach, but they are the best choice in locations where they are accessible.

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!

Paypal and Skrill Reviews by Actual Users

PayPal
PayPal is one of the best-known and most popular money transfer services. Over the past decade and a half, it has made itself into one of the giants of the online money transfer industry.
  • Founding:

    PayPal was founded back in 1998, getting its IPO in 2002.

  • Backing:

    PayPal became a wholly owned subsidiary of eBay later that year, and remained so until it became an independent company in July 2015.

  • Amount PayPal moves annually:

    In 2017, the PayPal’s annual payment volume amounted to US$451 billion. This was across more than 200 countries, in 25 different currencies.

  • Xoom takeover:

    PayPal is currently acquiring Xoom Corporation, which is another leading remittance provider. This will increase PayPal’s reach and boost revenue significantly.

  • Client perceptions:

    PayPal is a household name globally, which necessarily comes with a lot of criticism. In the early 2000s, PayPal had a widespread problem of being used for fraud, which they have largely addressed and cracked down on. However, the perception caused by the controversy remains fresh in the mind of many.

    Client feedback is also often quite negative. On TrustPilot they have a score of 1 out of 5, with 5030 reviews. A lot of the complaints focus on bad customer service when things go wrong. There are also complaints about money being taken off with no indication of why.

  • Disadvantages:

    The main disadvantage of using PayPal is the high fees, and the fact the company lacks client support is highly negative. It is mostly convenient to use, but when things go wrong, customers face a lot of frustration and difficulty getting money returned.

Skrill
Another giant of the money transfer corporations, Skrill is up there with PayPal in terms of renown and usage.
  • Founding:

    Skrill is another company that has been around for a while. Skrill was founded in 2001 as Moneybookers, but was taken over and rebranded by Skrill Limited.

  • Backing:

    Skrill’s parent company is Paysafe Group.
    Optimal Payments acquired Skrill in the 3rd quarter of 2015, which is the latest in a long line of acquisitions over its 14 year history.

  • Ukash takeover:

    Skrill have acquired Ukash, their biggest competitor in the UK. This is expected to increase the scale and reach of Skrill’s paysafecard, which will help them maintain their status as one of the leaders in the market.

  • Client perceptions:

    Just like PayPal, Skrill’s global reach has built up a large base of unhappy clients. On TrustPilot they have a rating of just 1 out of 5, with 1371 reviews. The major complaints involve possible scams, accusations of fraud, and non-existent customer service.

  • Disadvantages:

    The major disadvantage with Skrill are the very high payment fees, even higher than PayPal’s. Skrill also has customer service problems, and a lack of client support.

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.

But What Exactly is the Difference Between eWallets?

Sixty-eight different types of eWallets is a lot to choose from. How do you find out which one is right for you?

The first category to look at is function. What do you need to use your eWallet for? Do you mostly make international purchases or just in your own country? Do you spend most of your online money paying individuals or businesses? The best eWallet for you will entirely depend on the amount of function you need it to have.

Once you’ve narrowed that list down based on your desired uses, next look closely at the fees. Digital wallets are notoriously expensive when it comes to fees. From withdrawals to deposits, and currency exchange fees, it can add up. And it’s important to check out how you can put money in your account. Some eWallets offer physical locations where you can add funds, or will take cheques, but most only work with a bank account or credit card. Cryptocurrency eWallets are often not accepted for transfers to bank or credit accounts. And not all eWallets work globally, some have specific country restrictions.

  • Convenience The main concept behind eWallets is the ability to send and receive money instantaneously 24/7, whereas banks are working only a few hours each day, and weekends and bank holidays are off.
  • Credibility Since an eWallet is a form of a bank account, in which significant amounts of money will be stored in, you should consider credibility and security above all.
  • Fees Deposit fees, withdrawal fees, currency exchange fees, and a variety of other fees – eWallets are notoriously expensive!

Since all the eWallets listed on this page are credible (large companies with plenty of clients who have received major media coverage and have been funded by many millions), we are not going to go there.

Similarly, the convenience part is very much in the eyes of the beholder. The staff at MoneyTransferComparison which uses the Paypal desktop and web app very often, and enjoys the quality of accessibility there. It’s very easy to use it even to Transfer money from PayPal to a Transferwise account.

Due to the above, we will focus particularly on fees.

eWallet Scams

  • Unfortunately, eWallets can be an easy target for scams and account fraud. After all, think of all the information linked to your payment account. The people most at risk here are people who shop a lot online, so there are a few rules to remember. First, no eWallet will ever send you communications asking for your password. Hackers may email you pretending to be from your eWallet app service asking for password details or security answers.They will then clean out the account. You should never give out your security information.
  • Second, never refund money to a buyer or seller without first checking that your wallet has definitely received the money they claim to have sent. A common eWallet scam is that a stranger will contact a victim, claiming to have mistakenly sent them money. As proof, they may send a doctored screenshot showing the transaction. Always verify for yourself in your app that the funds have been received or cleared before sending refunds.
  • And lastly, scammers may send requests for transfers for travel emergencies, or ask for account information to send “lottery winnings” or supposed inheritances. Never send money or give your account information to a person you do not know, who you cannot verify.
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Alexander birst
5 years ago

I don’t like any E-Wallet service which begs and harasses personal documents for whatsoever reason I will never share personal info.

The head and all the employees must provide their documents to people who register with them because if these wallet providers are concerned about possible fraud and money laundering by the people then People are investing their money so they also have right to demand all the E-Wallet service providers employees documents including documents of their CEO.

People also have right to reject CEO’s documents if he doesn’t provide clear copies.

Eugene Yaung
6 years ago

By browsing through the article, I got valuable knowledge of money transfer by wire. Thanks.

romy
2 years ago

Hi Sir, can you give me a friendly advise, am Filipino and i wanted to use e-wallet just to transfer my salary to my beneficiary, and the same time i want to use it as my savings account. can you tell me which e-wallet is the best for me to use. thank you for the useful information.

Robert
6 years ago

Hello admin i see your website is very informative.I want to request your suggestion on which am searching from past a month but not able to find a gateway for technical support of computers.Can you suggest me any good merchant acccount which i can use to preocess payment of our business we are registered company of india.receiving funds froms USA.Will be waiting for your great support thank you..

Syed
5 years ago

Hello Admin, I opened Skrill Account and for testing it is legit or scam…. I deposit some amount and try to send to another skrill account (I come to know that v need to send money by simply email address). However I’m unable to send and after many times getting only one reply “Unable to perform your transaction,,,,”. Secondly, when I try to withdraw the amount to my own account failed to do too. My main question is with you that can I try Skrill (based on my exp.) in terms of receiving and withdrawing amount? Is Skrill still legit… Read more »

EldenDeavy
5 years ago

Very informative article about PayPal. I just read that PayPal will shortly stop serving Turkey due to regulatory restrictions.

idalmis
4 years ago

Hello, I live in Cuba and I need to charge electronically, can you advise me?

Affilroi
4 years ago

Hello,

I must withdraw money from Skrill and Netellers accounts.
Their permit withdrawal only to bank account with same beneficiary name of the skrill account.
I don’t want to use my personal bank account because of high wire and currency fees.
I am looking for a money transfer service which will provide me with a iban or whatever account with my name as beneficiary, and possibly which would convert my currency for cheap.
Services like currencytransfer.com are good, but cannot withdraw from skrill to it because the beneficiary name is not mine.

Thank you

Destiny
3 years ago

Do you know if Skrill is operational in Ghana?

Jefry Perez
3 years ago

Hi, the information was useful. I have some questions, I frequent betting sites, and to pay I usually use PayPal, but the fees are kind of high. I tried replacing it with skrill but with the same card it just doesn’t work, everything seems the same but on skrill every transaction fails, and I wanna take advantage of the low fees of skrill. But i don’t know why that happens. Some important information I should give is that my bet account is on dollars, I am from Honduras and we use Lempiras. (LPs.) But that has never stopped PayPal yet… Read more »

Leonardo Acosta
3 years ago

Good explanation. Nice work. Congrats.

Chris
2 years ago

Thanks for the detailed review and eWallet comparisons!

Chibuike Chukuigwe
7 months ago

I have an idea to develop an e wallet app for dollar and any native currency.. Please i need you as a consultant

Adekanmbi Damilare
1 month ago

Hi
I have 2 questions to ask,
1 Does e wallet need confirmation before issuing money (first payment) out of the account.

2. What are other good platforms that I can use to receive money form both local and international payment?