WorldRemit vs Wise vs PayPal: Best Way to Transfer Money From US to European Bank

Transferring money from the US to a European bank account is easy and can be done cheaply. New competitive online services exist to help you to transfer money safe and sound, with as little fees as possible. They include WorldRemit, Transferwise, rebranded as Wise, and PayPal.

Special offer for three free money transfers. Send money with WorldRemit using the code ‘3FREE’ and pay no fees on your first three money transfers. WorldRemit coupon code for free transfers.

Here is a comparison of three services that you can use to send money from US to Europe.

Wise (Transferwise)

Source: Transferwise

Wise, formerly Transferwise, is a fintech company started in the United Kingdom in 2011. The company helps you to send money from the USA to a bank account in Europe. In addition to money transfer services, Wise offers a multicurrency account to hold over 50 currencies. The account comes with local bank details for up to 10 currencies, including USD, GBP, and EUR.

To transfer money from a US bank to a European bank using Wise, sign up for an account on Wise website, set up the transfer with recipient details, verify and initiate the payment. Pay in USD with your debit card, credit card, Apple Pay, or send the money from your online banking. The recipient gets money in EUR into their bank account directly from Wise’s local bank account in Europe.

Wise’s international transfer differ from traditional bank wires that use the SWIFT network with intermediary banks and fees, causing delays and expenses. Wise avoids SWIFT and has its own payment network with local bank accounts globally. When you make a Wise payment from the US, you send money locally to their USD account, and they pay out from their account in the destination country. This system is faster, and more cost-effective, as money doesn’t cross many borders.

Features of Wise Money Transfer

• Wise fees: To send money in USD to Europe, you pay a small, flat fee of 4.17 USD + 0.49% of the amount that’s converted. For transparency, you will always see the total cost upfront. It’s free to send money to a Wise account.
• Exchange rate: Wise uses the mid-market exchange rate, which is the same one you see on Google. There is no exchange rate markup. Traditional banks, on the other hand, often manipulate the exchange rate to their advantage, which can cost you money.
• Speed: Wise enables you to send your money within one day, as a same day transfer, or even an instant money transfer.
• Payment methods: You can pay by debit/credit card, bank transfer, and Apple Pay.
• Convenience: You can make transfers online or through the Wise app.
• Multicurrency account: Using Wise multicurrency account, you can save the funds in the local currency. In this case, you can create an EU account.
• Supported countries: European countries where you can send money to a bank account from the US using Wise are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

Go to Transferwise

WorldRemit

Source: WorldRemit

Another alternative to Transferwise is WorldRemit. Its system works similarly to that of Transferwise. To send money, you just need to visit the website, select the country you are sending from, the country you are sending to, the amount, and just create an account. With WorldRemit, the customer can receive the funds through cash pickup at a local agent, bank transfer, mobile money, and airtime.

Features of WorldRemit Money Transfer

• Payment methods: You can pay for your WorldRemit transfers from US to Europe using debit, credit or pre-paid cards, bank transfer, and Apple Pay.
• Speed: WorldRemit typically processes transfers within 2-3 business days.
• Exchange rate: WorldRemit does not use the mid-market exchange rate, which is the most accurate exchange rate available. Instead, they add a markup to the exchange rate, which means you may not get the best possible deal on your transfer.
• Convenience: You can make transfers online or through the WorldRemit app.
• Supported countries: You can only send money to a bank account in the UK from US.

Go to WorldRemit

PayPal

Source: PayPal

PayPal is one of the biggest money transfer in the world. Using its platform, you can easily send money to a European bank account from the USA. To send money from the U.S. to a European bank account with PayPal, log in to your account, click “Send,” enter the recipient’s email and phone number, opt for the “Send to bank account” option and furnish the recipient’s bank account details. Review the transfer, pay, and the recipient will receive the funds within 3-5 business days.

Features of PayPal Money Transfer

• Payment methods: You can pay for your transfer using your PayPal balance, a linked bank account, or card.
• Fees: PayPal fees depend on where you’re sending money to and how you pay for the transfer. For instance, sending money using your PayPal balance or bank account incurs a 5.00% fee (ranging from $0.99 to $4.99), while sending money with your card or Amex Send account also has a 5.00% fee (ranging from $0.99 to $4.99).
• Exchange rate:PayPal adds a markup to the exchange rate, typically 4%. This means that you will not get the best possible deal on your transfer, as PayPal is effectively taking a cut of the exchange rate.
• Supported countries: You can use PayPal to send money to: Albania, Andorra, Austria, Azerbaijan Republic, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, North Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom, and Vatican City.

Revolut Money Transfer From US

Other than the above methods, you can use European online banks in the US. These are Revolut and soon also Bunq. These accounts will help you to transfer money from US bank to European bank.

How to Transfer Money From US to European Bank

While it is not possible to access SEPA from the United States, there are a number of different ways to transfer money from the US to a European bank account. Each of the three services mentioned in this article – WorldRemit, PayPal, and Wise – has its own strengths and weaknesses. The best way to transfer money from the US to a European bank account will depend on your individual needs. If you are looking for the best possible deal on your transfer, Wise is a viable option.

Go to Transferwise