In today’s digital economy, individuals and businesses want a quick and fast way to send funds or make payments without passing through third parties. Although there are several online payment methods to transfer money and make or receive payments, PayPal tops the list.
But PayPal charges both the sender and the receiver. Also, PayPal doesn’t offer cash pick-ups like Money Transfer or Western Union, and the receiver must also have a PayPal account. PayPal fees might be a little high for businesses. For example, for transfers up to $3,000, it charges 2.9%, plus $0.30 per transaction.
People who’ve used Western Union and wire transfer before may be comfortable using WorldRemit, they share cash pick-up. With WorldRemit, you can send up to $10,000 to an individual account, depending on the currency. It also has low fees with good exchange rates for international funds transfers, making it a great alternative for wire transfers when you need cash pick-up.
All businesses and individuals want to easily pay contractors, vendors, and suppliers anywhere at any time. While wire transfers and financial technologies may reduce the time and location for funds transfer, Veem makes the process simple.
Veem is fast and designed to help businesses save time during funds transfers by simplifying how they send or receive payments. This applies to both their domestic and international services. It’s also cost-effective and flexible, with real-time tracking of payments. Payments with Veem typically take one to five business days, depending on their destination.
Zelle is a relatively new player in the digital payment space, but is quickly rising in popularity. It’s based in the United States and operates digital payments. To access Zelle, users with a funded U.S. bank account use their email and a U.S.-based mobile number to enroll. They can do this through the Zelle app, or the bank provider’s Zelle electronic portal.
Wire transfers are quick, fast, and reliable, but they can be costly, or take time to go through Escrow or another third party. Businesses can use wire transfer alternatives to make or receive payments based on the one they can access easily.