paypal vs worldremit featured image

WorldRemit vs PayPal

We put these well-known services head to head to find out which one offers the best value on international money transfers.

WorldRemit and PayPal both offer a convenient online transfer service and let you send money to friends and family all around the world. But which one is the better choice for your next international transfer?

To find out, let’s compare WorldRemit and PayPal side by side to figure out which offers the best exchange rates, lowest fees and fastest transactions.

The fees and rates used in this comparison are accurate as of 11 February 2019.

Rates last updated October 21st, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
WorldRemit International Money Transfers
CAD 0
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
PayPal International Money Transfers
CAD 15
3 - 5 days
Online, Bank Account to Bank Account
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Which has lower fees?

WorldRemit

WorldRemit charges a transaction fee on all transfers, but the fee amount depends on multiple factors:

  • How much money you send.
  • Where you send it.
  • The type of transfer you send.

Bank transfers attract the lowest fees, often around $3.99 per transaction, but we recommend that you use WorldRemit’s online calculator to work out exactly how much your transfer will cost.

PayPal

PayPal’s fee structure is quite complicated. The amount you pay depends on what currency you’re transferring and whether you pay for the transaction with your PayPal balance, bank account or credit/debit card. Note that if you’re sending Canadian dollars out of your PayPal balance to another PayPal customer’s account, there is no fee.

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Winner: WorldRemit

If you’re sending a transfer of less than $100, PayPal is definitely worth considering.

However, PayPal’s fee structure is quite complicated and confusing and WorldRemit will often work out cheaper when transferring a larger amount.

Which offers better exchange rates?

WorldRemit

WorldRemit adds a margin on top of the mid-market exchange rate you see listed on Google and currency conversion websites like XE. Along with fees, this is the other way most money transfer services make a profit. WorldRemit’s margin varies from one currency to the next but often sits somewhere between 0.7% and 2%. For example, if you wanted to send a transfer to France:

  • If the mid-market rate is 1 CAD = 0.6235 EUR
  • WorldRemit’s rate might be 1 CAD = 0.6156 EUR

PayPal

While PayPal typically offers better exchange rates than the banks, those rates are below what you can get from WorldRemit and other online transfer services. The margin varies depending on the currency you’re sending to, but we found that it was generally around 4%. For example:

  • If the mid-market rate is 1 CAD = 0.6235 EUR
  • PayPal’s rate might be 1 CAD = 0.5982 EUR

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Winner: WorldRemit

WorldRemit generally offers higher exchange rates than PayPal, which means that more of the money you send makes it to your recipient.

Let’s crunch the numbers: Sending $100 and $2,000 to the UK

To give you a better idea of how WorldRemit and PayPal compare, let’s look at the example of sending two transfer amounts from your bank account to a recipient in the UK. With WorldRemit the funds will be deposited into your recipient’s bank account, while PayPal will send the money to your recipient’s PayPal account.

Sending $100 to the UK

WorldRemit PayPal
Transfer fee $3.99 $2.99
Transaction cost $103.99 $102.99
Exchange rate 1 CAD = 0.5393 GBP 1 CAD = 0.5236 GBP
Transfer speed 1 day Funds available immediately
Total received £53.93 £52.36

As you can see, WorldRemit offers slightly better value for money in this example. While you’ll pay $1 more to send the transfer, the higher exchange rate means your recipient will get £1.57 more than with PayPal.

Sending $2,000 to the UK

WorldRemit PayPal
Transfer fee $3.99 $2.99
Transaction cost $2,003.99 $2,002.99
Exchange rate 1 CAD = 0.5393 GBP 1 CAD = 0.5236 GBP
Transfer speed 1 day Funds available immediately
Total received £1,078.60 £1,047.20

WorldRemit comes out ahead in this example as well, resulting in an extra £31.40 in your recipient’s account despite a slightly higher transfer fee.

Which is faster?

WorldRemit

Transfer times with WorldRemit vary depending on where you’re sending money and the type of transfer you choose.

  • Bank transfer: Instant transfers to selected banks, but 1-3 working days when sending to other bank accounts.
  • Cash pickup: Available to collect instantly.
  • Mobile money: Instant or near-instant.
  • Airtime top-up: Instant or near-instant.
  • Home delivery: 24 hours – 7 days.

PayPal

The money you send to your recipient’s PayPal account is available almost immediately. However, if your recipient wants to withdraw the funds to their bank account rather than spend it straight from their PayPal account, this can take one or more business days.

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Winner: WorldRemit

While PayPal transfers are fast and convenient, the fact that WorldRemit has multiple instant or near-instant transfer options means it wins this category.

General features

Payment methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
WorldRemit Bank transfer, credit card, debit card, Android Pay, Apple Pay Minimum: $0

Maximum: $40,000

Bank transfer, mobile wallet, cash pick-up, airtime top-up, door-to-door delivery Within an hour 145+ countries
PayPal Bank transfer, credit or debit card, PayPal Credit Minimum: $15

Maximum: $60,000

PayPal account transfer 3 - 5 days 190+ countries

WorldRemit

Before you can send money overseas with WorldRemit, you’ll need to sign up for a free account online. To initiate a transfer, enter the currency and amount you want to send along with the details of your recipient. You can pay for your transfer using your bank account, credit/debit card, Android Pay or Apple Pay, and WorldRemit offers several different transfer types. However, it’s worth noting that not all transfer options are available in all countries.

PayPal

If you want to use PayPal to send money overseas, both you and your recipient will need PayPal accounts. Once you’ve signed up for an account and linked your bank account or credit/debit card, you can initiate a transfer request by entering the email address or phone number of your recipient. You can then specify the currency and amount you wish to send, provide a purpose for the transfer, and then review the exchange rate and fee before submitting your transfer.

Bottom line

While PayPal is a competitive and convenient option for small transfer amounts, WorldRemit’s simpler fee structure and higher exchange rates see it take victory.

However, before deciding how to send your next overseas transfer, make sure you compare a range of international money transfer services to find the best deal.

Looking for more options?

Use the comparison calculator below to compare the fees, exchange rates and transfer times of a range of money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 15.00 0.754 USD
743
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 1 day CAD 0.00 0.754 USD
754
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
CAD 0 Within an hour CAD 3.99 0.759 USD
756
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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