Quick verdict<\/h4>![\"Fees](\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2018\/10\/coin-hand-money-transfer-icon.png\")
<\/a>Lower fees:<\/b><\/a>
Remitly<\/div><\/div>![\"Exchange](\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2018\/10\/international-money-transfer-currency-icon.png\")
Exchange rates:<\/b><\/a>
Remitly<\/div><\/div>![\"Clock](\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2018\/10\/clock-money-transfer-fast-icon.png\")
Fast transfers:<\/b><\/a>
PayPal<\/div><\/div><\/div><\/div><\/article>Which offers lower fees?<\/h3>PayPal<\/h4>
It\u2019s free to transfer money from your PayPal account or bank account to someone in Canada. It costs $2.99 to transfer from your PayPal account or bank account to someone living in the US or most European countries. For all other countries, the fee is $4.99.<\/p>
If you pay by card instead, you\u2019ll be charged an additional 2.9% of the transfer amount plus a small fixed fee (often under $0.50 CAD) based on the receiving currency. This makes it expensive to send large amounts if you need to pay by debit or credit. Instant Transfers cost an extra 1% (up to a maximum of $10.00).<\/p><\/div>
Remitly<\/h4>
Remitly\u2019s transfer fees often start between $1.99 and $3.99 but ultimately vary based on the destination country, transfer amount and the speed you select (Express or Economy).<\/p>
Economy transfers are cheaper, but Express transfers arrive more quickly. $0 fees are available for some transfers.<\/p><\/div><\/div>![\"Trophy](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2018\/12\/Tropy-icon-fmt.png\")
Winner: Remitly<\/b><\/div>Both PayPal and Remitly offer $0 fees for some transfers. But Remitly doesn\u2019t charge a percentage-based fee, making it cheaper for large transfers. Additionally, Ria\u2019s fees don\u2019t change based on how you pay.<\/div><\/article><\/div><\/article>Which offers better exchange rates?<\/h3>The midmarket rate is the \u201ctrue\u201d exchange rate between 2 currencies, or the real value of one currency when exchanged for another currency. The exchange rate you get from money transfer services like Remitly and PayPal is the midmarket rate minus a small fee worth a percentage of the midmarket rate. This fee is sometimes referred to as a markup<\/strong> on the exchange rate.<\/p>A lower exchange rate means more of your money is pocketed by the transfer service and your recipient gets less money. A higher exchange rate means the transfer service pockets less of your money and more goes to your recipient.<\/p>
PayPal<\/h4>
We found that PayPal\u2019s exchange rates are often under the midmarket rate by around 3.5% or more. For perspective, a 2-3% margin on the exchange rate means you could lose hundreds of dollars when sending $10,000 or more.<\/p>
Here\u2019s how PayPal\u2019s exchange rate markup could work if you\u2019re sending CAD to euros (EUR):<\/p>
- If the midmarket rate is 1 CAD = 0.7311 EUR<\/li>
- PayPal\u2019s exchange rate might be 1 CAD = 0.7055 EUR (3.50% markup)<\/li><\/ul><\/div>
Remitly<\/h4>
When we checked, Remitly\u2019s exchange rate margins for a number of popular currencies ranged from less than 1% to around 2.7%.<\/p>
Here\u2019s how Remitly\u2019s exchange rate markup could work if you\u2019re sending CAD to euros (EUR):<\/p>
- If the mid-market rate is 1 CAD = 0.7311 EUR<\/li>
- Remitly\u2019s exchange rate might be 1 CAD = 0.72 EUR (1.52% markup)<\/li><\/ul><\/div><\/div>
Winner: Remitly<\/b><\/div>We found that Remitly typically deducted a lower margin from the exchange rate than PayPal, although the exact rate you get from either service could differ depending on the type of transfer.<\/div><\/article><\/div><\/article>Which is faster?<\/h3>PayPal<\/h4>
Standard transfers are free and take between 1 and 3 business days. Instant Transfers come with an additional 1% fee (up to a maximum of $10.00) but arrive within minutes.<\/p><\/div>
Remitly<\/h4>
Remitly Economy transfers arrive within 3-5 business days. Express Transfers arrive within minutes but cost more.<\/p><\/div><\/div>Winner: PayPal<\/b><\/div>Both services offer options that transfer funds within minutes. However, PayPal\u2019s free standard transfers arrive within a shorter time frame than Remitly\u2019s cheapest transfer option.<\/div><\/article><\/div><\/article>PayPal vs. Remitly: Sending $500 to the Philippines<\/h4>
Here\u2019s how fees, exchange rates and transfer speeds break down if you send $500 from Canada to the Philippines through PayPal and Remitly. In this example, we assume funds are sent to a bank account, payment is made by debit and the fee is paid on top of the sending amount (not deducted from it). This information is current as of April 7, 2022.<\/p>
<\/th> PayPal<\/th> Remitly<\/th><\/tr><\/thead> Transfer fee<\/td> $19.86<\/td> $6.99<\/td><\/tr> Exchange rate<\/td> 1 CAD = 39.0173 PHP<\/td> 1 CAD = 40.60 PHP<\/td><\/tr> Transfer speed<\/td> 1-3 business days<\/td> 3-5 business days<\/td><\/tr> Total received<\/td> 19,508.65 PHP<\/td> 20,300.00 PHP<\/td><\/tr><\/tbody><\/table><\/pre>In this case, Remitly offers a lower fee, a stronger exchange rate and more money in your recipient\u2019s pocket. However, PayPal might be faster. It might also be cheaper if you paid from your PayPal account balance or by bank transfer instead of by debit (thereby eliminating the fee).<\/p><\/div><\/article>
\u00a0<\/p>
<\/th> PayPal<\/th> Remitly<\/th><\/tr><\/thead> Availability<\/strong><\/td>Send to 200+ countries in 25 currencies<\/td> Send to 100+ countries<\/td><\/tr> Fees<\/strong><\/td>If you pay from your PayPal or bank account balance:<\/div>- Free for domestic transfers<\/li>
- $2.99 to the US and most European countries<\/li>
- $4.99 to all other countries<\/li><\/ul>
If you pay by debit or credit, add 2.9% + fixed fee (often under $0.50 CAD)<\/p><\/td>
Varies but often starts between $1.99 and $3.99. Some transfers come with $0 fees.<\/td><\/tr> Exchange rate margin<\/strong><\/td>Typically around 3.5% or more<\/td> Typically less than 1% to around 2.7% or more<\/td><\/tr> Speed<\/strong><\/td>- Standard: 1-3 business days<\/li>
- Instant: Within minutes<\/li><\/ul><\/td>
- Economy: 3-5 business days<\/li>
- Express: Within minutes<\/li><\/ul><\/td><\/tr>
Transfer limits<\/strong><\/td>- Minimum: None<\/li>
- Maximum: $60,000 CAD per transfer (requires account verification; other limits may apply)<\/li><\/ul><\/td>
- Minimum: $10.00<\/li>
- Daily max: $999 ($9,999 for verified accounts)<\/li>
- 30-day max: $10,000 ($30,000 for verified accounts)<\/li><\/ul><\/td><\/tr>
Payment methods<\/strong><\/td>- PayPal account balance<\/li>
- Bank account<\/li>
- Debit<\/li>
- Credit<\/li><\/ul><\/td>
- Bank account<\/li>
- Debit<\/li>
- Credit<\/li>
- Prepaid cards<\/li><\/ul><\/td><\/tr>
Receiving methods<\/strong><\/td>- Deposit to PayPal account (can be withdraw to a bank account or debit card)<\/li><\/ul><\/td>
- Cash pickup<\/li>
- Direct deposit to bank account<\/li>
- Mobile money<\/li>
- Home delivery (select countries)<\/li><\/ul><\/td><\/tr>
<\/td> Read our review<\/a><\/td><\/tr><\/tbody><\/table>
<\/a>Lower fees:<\/b><\/a>
Remitly<\/div><\/div>
Exchange rates:<\/b><\/a>
Remitly<\/div><\/div>
Fast transfers:<\/b><\/a>
PayPal<\/div><\/div><\/div><\/div><\/article>
Which offers lower fees?<\/h3>PayPal<\/h4>
It\u2019s free to transfer money from your PayPal account or bank account to someone in Canada. It costs $2.99 to transfer from your PayPal account or bank account to someone living in the US or most European countries. For all other countries, the fee is $4.99.<\/p>
If you pay by card instead, you\u2019ll be charged an additional 2.9% of the transfer amount plus a small fixed fee (often under $0.50 CAD) based on the receiving currency. This makes it expensive to send large amounts if you need to pay by debit or credit. Instant Transfers cost an extra 1% (up to a maximum of $10.00).<\/p><\/div>
Remitly<\/h4>
Remitly\u2019s transfer fees often start between $1.99 and $3.99 but ultimately vary based on the destination country, transfer amount and the speed you select (Express or Economy).<\/p>
Economy transfers are cheaper, but Express transfers arrive more quickly. $0 fees are available for some transfers.<\/p><\/div><\/div>Winner: Remitly<\/b><\/div>Both PayPal and Remitly offer $0 fees for some transfers. But Remitly doesn\u2019t charge a percentage-based fee, making it cheaper for large transfers. Additionally, Ria\u2019s fees don\u2019t change based on how you pay.<\/div><\/article><\/div><\/article>Which offers better exchange rates?<\/h3>The midmarket rate is the \u201ctrue\u201d exchange rate between 2 currencies, or the real value of one currency when exchanged for another currency. The exchange rate you get from money transfer services like Remitly and PayPal is the midmarket rate minus a small fee worth a percentage of the midmarket rate. This fee is sometimes referred to as a markup<\/strong> on the exchange rate.<\/p>A lower exchange rate means more of your money is pocketed by the transfer service and your recipient gets less money. A higher exchange rate means the transfer service pockets less of your money and more goes to your recipient.<\/p>
PayPal<\/h4>
We found that PayPal\u2019s exchange rates are often under the midmarket rate by around 3.5% or more. For perspective, a 2-3% margin on the exchange rate means you could lose hundreds of dollars when sending $10,000 or more.<\/p>
Here\u2019s how PayPal\u2019s exchange rate markup could work if you\u2019re sending CAD to euros (EUR):<\/p>
- If the midmarket rate is 1 CAD = 0.7311 EUR<\/li>
- PayPal\u2019s exchange rate might be 1 CAD = 0.7055 EUR (3.50% markup)<\/li><\/ul><\/div>
Remitly<\/h4>
When we checked, Remitly\u2019s exchange rate margins for a number of popular currencies ranged from less than 1% to around 2.7%.<\/p>
Here\u2019s how Remitly\u2019s exchange rate markup could work if you\u2019re sending CAD to euros (EUR):<\/p>
- If the mid-market rate is 1 CAD = 0.7311 EUR<\/li>
- Remitly\u2019s exchange rate might be 1 CAD = 0.72 EUR (1.52% markup)<\/li><\/ul><\/div><\/div>
Winner: Remitly<\/b><\/div>We found that Remitly typically deducted a lower margin from the exchange rate than PayPal, although the exact rate you get from either service could differ depending on the type of transfer.<\/div><\/article><\/div><\/article>Which is faster?<\/h3>PayPal<\/h4>
Standard transfers are free and take between 1 and 3 business days. Instant Transfers come with an additional 1% fee (up to a maximum of $10.00) but arrive within minutes.<\/p><\/div>
Remitly<\/h4>
Remitly Economy transfers arrive within 3-5 business days. Express Transfers arrive within minutes but cost more.<\/p><\/div><\/div>Winner: PayPal<\/b><\/div>Both services offer options that transfer funds within minutes. However, PayPal\u2019s free standard transfers arrive within a shorter time frame than Remitly\u2019s cheapest transfer option.<\/div><\/article><\/div><\/article>PayPal vs. Remitly: Sending $500 to the Philippines<\/h4>
Here\u2019s how fees, exchange rates and transfer speeds break down if you send $500 from Canada to the Philippines through PayPal and Remitly. In this example, we assume funds are sent to a bank account, payment is made by debit and the fee is paid on top of the sending amount (not deducted from it). This information is current as of April 7, 2022.<\/p>
<\/th> PayPal<\/th> Remitly<\/th><\/tr><\/thead> Transfer fee<\/td> $19.86<\/td> $6.99<\/td><\/tr> Exchange rate<\/td> 1 CAD = 39.0173 PHP<\/td> 1 CAD = 40.60 PHP<\/td><\/tr> Transfer speed<\/td> 1-3 business days<\/td> 3-5 business days<\/td><\/tr> Total received<\/td> 19,508.65 PHP<\/td> 20,300.00 PHP<\/td><\/tr><\/tbody><\/table><\/pre>In this case, Remitly offers a lower fee, a stronger exchange rate and more money in your recipient\u2019s pocket. However, PayPal might be faster. It might also be cheaper if you paid from your PayPal account balance or by bank transfer instead of by debit (thereby eliminating the fee).<\/p><\/div><\/article>
\u00a0<\/p>
<\/th> PayPal<\/th> Remitly<\/th><\/tr><\/thead> Availability<\/strong><\/td>Send to 200+ countries in 25 currencies<\/td> Send to 100+ countries<\/td><\/tr> Fees<\/strong><\/td>If you pay from your PayPal or bank account balance:<\/div>- Free for domestic transfers<\/li>
- $2.99 to the US and most European countries<\/li>
- $4.99 to all other countries<\/li><\/ul>
If you pay by debit or credit, add 2.9% + fixed fee (often under $0.50 CAD)<\/p><\/td>
Varies but often starts between $1.99 and $3.99. Some transfers come with $0 fees.<\/td><\/tr> Exchange rate margin<\/strong><\/td>Typically around 3.5% or more<\/td> Typically less than 1% to around 2.7% or more<\/td><\/tr> Speed<\/strong><\/td>- Standard: 1-3 business days<\/li>
- Instant: Within minutes<\/li><\/ul><\/td>
- Economy: 3-5 business days<\/li>
- Express: Within minutes<\/li><\/ul><\/td><\/tr>
Transfer limits<\/strong><\/td>- Minimum: None<\/li>
- Maximum: $60,000 CAD per transfer (requires account verification; other limits may apply)<\/li><\/ul><\/td>
- Minimum: $10.00<\/li>
- Daily max: $999 ($9,999 for verified accounts)<\/li>
- 30-day max: $10,000 ($30,000 for verified accounts)<\/li><\/ul><\/td><\/tr>
Payment methods<\/strong><\/td>- PayPal account balance<\/li>
- Bank account<\/li>
- Debit<\/li>
- Credit<\/li><\/ul><\/td>
- Bank account<\/li>
- Debit<\/li>
- Credit<\/li>
- Prepaid cards<\/li><\/ul><\/td><\/tr>
Receiving methods<\/strong><\/td>- Deposit to PayPal account (can be withdraw to a bank account or debit card)<\/li><\/ul><\/td>
- Cash pickup<\/li>
- Direct deposit to bank account<\/li>
- Mobile money<\/li>
- Home delivery (select countries)<\/li><\/ul><\/td><\/tr>
<\/td> Read our review<\/a><\/td><\/tr><\/tbody><\/table>
PayPal<\/h4>
It\u2019s free to transfer money from your PayPal account or bank account to someone in Canada. It costs $2.99 to transfer from your PayPal account or bank account to someone living in the US or most European countries. For all other countries, the fee is $4.99.<\/p>
If you pay by card instead, you\u2019ll be charged an additional 2.9% of the transfer amount plus a small fixed fee (often under $0.50 CAD) based on the receiving currency. This makes it expensive to send large amounts if you need to pay by debit or credit. Instant Transfers cost an extra 1% (up to a maximum of $10.00).<\/p><\/div>
Remitly<\/h4>
Remitly\u2019s transfer fees often start between $1.99 and $3.99 but ultimately vary based on the destination country, transfer amount and the speed you select (Express or Economy).<\/p>
Economy transfers are cheaper, but Express transfers arrive more quickly. $0 fees are available for some transfers.<\/p><\/div><\/div> The midmarket rate is the \u201ctrue\u201d exchange rate between 2 currencies, or the real value of one currency when exchanged for another currency. The exchange rate you get from money transfer services like Remitly and PayPal is the midmarket rate minus a small fee worth a percentage of the midmarket rate. This fee is sometimes referred to as a markup<\/strong> on the exchange rate.<\/p> A lower exchange rate means more of your money is pocketed by the transfer service and your recipient gets less money. A higher exchange rate means the transfer service pockets less of your money and more goes to your recipient.<\/p> We found that PayPal\u2019s exchange rates are often under the midmarket rate by around 3.5% or more. For perspective, a 2-3% margin on the exchange rate means you could lose hundreds of dollars when sending $10,000 or more.<\/p> Here\u2019s how PayPal\u2019s exchange rate markup could work if you\u2019re sending CAD to euros (EUR):<\/p> When we checked, Remitly\u2019s exchange rate margins for a number of popular currencies ranged from less than 1% to around 2.7%.<\/p> Here\u2019s how Remitly\u2019s exchange rate markup could work if you\u2019re sending CAD to euros (EUR):<\/p> Standard transfers are free and take between 1 and 3 business days. Instant Transfers come with an additional 1% fee (up to a maximum of $10.00) but arrive within minutes.<\/p><\/div> Remitly Economy transfers arrive within 3-5 business days. Express Transfers arrive within minutes but cost more.<\/p><\/div><\/div> Here\u2019s how fees, exchange rates and transfer speeds break down if you send $500 from Canada to the Philippines through PayPal and Remitly. In this example, we assume funds are sent to a bank account, payment is made by debit and the fee is paid on top of the sending amount (not deducted from it). This information is current as of April 7, 2022.<\/p> In this case, Remitly offers a lower fee, a stronger exchange rate and more money in your recipient\u2019s pocket. However, PayPal might be faster. It might also be cheaper if you paid from your PayPal account balance or by bank transfer instead of by debit (thereby eliminating the fee).<\/p><\/div><\/article> \u00a0<\/p> If you pay by debit or credit, add 2.9% + fixed fee (often under $0.50 CAD)<\/p><\/td>Winner: Remitly<\/b><\/div>Which offers better exchange rates?<\/h3>
PayPal<\/h4>
Remitly<\/h4>
Winner: Remitly<\/b><\/div>Which is faster?<\/h3>
PayPal<\/h4>
Remitly<\/h4>
Winner: PayPal<\/b><\/div>PayPal vs. Remitly: Sending $500 to the Philippines<\/h4>
<\/th> PayPal<\/th> Remitly<\/th><\/tr><\/thead> Transfer fee<\/td> $19.86<\/td> $6.99<\/td><\/tr> Exchange rate<\/td> 1 CAD = 39.0173 PHP<\/td> 1 CAD = 40.60 PHP<\/td><\/tr> Transfer speed<\/td> 1-3 business days<\/td> 3-5 business days<\/td><\/tr> Total received<\/td> 19,508.65 PHP<\/td> 20,300.00 PHP<\/td><\/tr><\/tbody><\/table> <\/pre>
<\/th> PayPal<\/th> Remitly<\/th><\/tr><\/thead> Availability<\/strong><\/td> Send to 200+ countries in 25 currencies<\/td> Send to 100+ countries<\/td><\/tr> Fees<\/strong><\/td> If you pay from your PayPal or bank account balance: Varies but often starts between $1.99 and $3.99. Some transfers come with $0 fees.<\/td><\/tr> Exchange rate margin<\/strong><\/td> Typically around 3.5% or more<\/td> Typically less than 1% to around 2.7% or more<\/td><\/tr> Speed<\/strong><\/td> Transfer limits<\/strong><\/td> Payment methods<\/strong><\/td> Receiving methods<\/strong><\/td> <\/td> Read our review<\/a><\/td><\/tr><\/tbody><\/table>