Finance

Published on December 29th, 2020 | by Bibhuranjan

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The 2 Most Reliable Payment Systems Online!

Moving your money around on the internet is easier than ever before. Thanks to borderless eWallets, cryptos, and brand-new money transfer systems, you can send money in any currency across the globe in a matter of seconds. Using these services generally isn’t free but the small fees they charge are well worth the convenience.

In this guide, we are going to look at 2 financial SaaS system that will help you diversify the way you make payments no matter which country you reside.

1. Paypal’s eWallet

PayPal is the most widely used eWallet online today. It is available in more than 200 countries globally and allows you to transfer money to anyone with PayPal account regardless of where they live. Effectively it is a worldwide acted payment system. The beauty of PayPal it is that is secure, has 2FA (Two factor Authentication) and you can connect it to your bank account.

Rather than transferring money to someone in Australia and needing their bank details, you can use their PayPal email address or PayPal payment link. There is no need to share any bank details by either party and as soon as the money arrives in the PayPal account, the receiver can immediately transfer the money to their bank account.

You can also make payments from your PayPal when you balance is zero. As long as your bank account or debit card account has money in it, then PayPal will process the payment directly from your account.

There are some limitations to PayPal such as 5% fees paid the receiver if the payment is for goods or services. There are also fees if you want to transfer to friends or family but usually these are a fixed rate. This is fair enough because PayPal needs to make money for the service it offers.

However, where the firm makes a considerable amount of profit is via its exchange rates that are always 2% and sometimes 5% below the going global rate. If you are Ok with these fees and exchange rates, then PayPal is a very useful eWallet to have.

The final limitation is that PayPal is difficult to use from overseas at times. If you are making payments or trying to log on from overseas, you may face security issues and the only way to unlick your account is usually to make an international call to your local PayPal support team.

You can get around this with a VPN. Therefore, when you are overseas, make sure you have VPN software that can connect to servers in your home country.

2. TransferWise

This is the new kid on the block and many people are now switching from PayPal to TransferWise because there are a few issues with payments overseas with the PayPal system. Firstly, PayPal uses a lower exchange rate than most currency exchanges. On the other hand, TransferWise uses whatever the current global exchange rate is – therefore you do not lose out due to a bad exchange rate.

Another reason TransferWise is popular is because you can keep multiple balances. US dollars, Euros, Hong Kong Dollars, Japanese Yen, and more.

It is entirely down to your which currency balances you keep. Plus, for each of those currencies you can have a bank account so people can pay you using their domestic currency rather than having to go through what may perceived as the inconvenience of having to convert their currency to one you preferred to be paid in.

Making transfers into other people’s bank accounts via TransferWise is also very easy. You may have someone that would prefer to receive their payment in Euros, but you are using US dollars. You can simply open a Euro balance from within TransferWise, then convert your US dollars to Euros and send.

In short you can send any currency and receive any currency without having to convert it right away. You can even wait for the exchange rates to make a positive move before exchanging it into your preferred currency.

Always Stay Safe and Be Responsible When Using Online Payment Systems

When you use online payment system always make sure you use 2FA confirm using your SMS. You should also be clever about the way you give out your payment details. For example, PayPal only ever requires that you send your email. On TransferWise, you can use an account to receive payments while have your balance kept in a pot or in area whereby your main bank account has no money in it.

You can always utilise safety mechanisms to make sure your payments and payment systems are fully secure. Never believe emails sent that ask you log on, never giveaway your real address, and never give anyone your card details. You can use PayPal and TransferWise to avoid the need to do any of things.


Photo by Clay Banks on Unsplash

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About the Author

Bibhuranjan

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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