Why use WorldFirst instead of PayPal?
PayPal is a popular option for online sellers looking to manage their online payments. However, there are a few costs you’ll need to be aware of:
- Payment fees. A fee applies when you receive payment for selling an item. For PayPal Wallet transactions, you’ll pay a fee of 2.9% + $0.30 for Canadian payments, 3.7% + $0.30 for US payments and 3.9% + a fixed fee for payments from other countries.
- Currency conversion fees. If you’re paid in a foreign currency and you want to convert those funds into Canadian dollars so you can withdraw them to your bank account, PayPal adds a 3.5% margin on top of its base exchange rate before converting your money to CAD.
- Disappointing exchange rates. If you want to send an international payment from your PayPal account, you’ll find that PayPal’s exchange rates often don’t match those offered by some specialist transfer companies.
By comparison, WorldFirst doesn’t charge any ongoing fees, any fees for receiving payment in your World Account or any cross-currency transaction fees. And with a foreign exchange margin of between 0.15% and 0.50% based on the amount you transfer each year, using a World Account instead of PayPal could potentially offer big savings for your business.