Classifieds: non-paypal cross-border payment methods?

[tursiops]

Is (or could) PayPal doing everything Wise does?
If not, why not?
Kinda literally their jobs to figure this out. Unless it's something about regulations?

PP ia not bank to bank; it is peer to peer. The charges are higher, so are currency exchanges.

 

[Wibble]

Can do bank transfers which are cheap. Just use the IBAN & BIC.

 

[tursiops]

Can do bank transfers which are cheap. Just use the IBAN & BIC.

They cost me at least $25. I do not live in the UK.

 

[Wibble]

I transferred some course fees using bank transfer from my UK-USD account to a US account. No charge.

 

[tursiops]

I transferred some course fees using bank transfer from my UK-USD account to a US account. No charge.

Incoming bank transfers usually have no charge. it is outgoing that gets charged almost always.

 

[Wibble]

I paid nothing for the transfer. Tried a test payment of $10 which worked, then sent larger amounts. Just used my mainstream bank's mobile application transferring from a multi-currency "global" account.

Was very pleased with the result as the alternative would have meant using some other method rather than the trusted bank transfer.

 

[tursiops]

I paid nothing for the transfer. Tried a test payment of $10 which worked, then sent larger amounts. Just used my mainstream bank's mobile application transferring from a multi-currency "global" account.

Was very pleased with the result as the alternative would have meant using some other method rather than the trusted bank transfer.

Again, your UK (and most of Europe) system is NOT what we have in the US. We even write checks, on paper....

 

[MarkA]

I paid nothing for the transfer. Tried a test payment of $10 which worked, then sent larger amounts. Just used my mainstream bank's mobile application transferring from a multi-currency "global" account.

Was very pleased with the result as the alternative would have meant using some other method rather than the trusted bank transfer.

I can understand using your UK bank for a one off transfer. Suspect I have looked at this “global account” in the past and chosen a different path.

The banks need to make money from your transfer, with a mixture of charges and exchange rate. Sometimes they are not completely transparent.

 

[MarkA]

Duplicate

 

[Wibble]

Again, your UK (and most of Europe) system is NOT what we have in the US. We even write checks, on paper....

Alas you have pretty awful banking in the US, hence the prevalence of third party money transfer services such as PayPal, Western Union et al that all skim their fees from the users.

In Europe bank transfer is extremely common and very simple especially through the bank’s mobile applications. It is normal to use a transfer for any small amount such as paying for a space on a dive boat. The transactions are instant and both parties will see the money leave and arrive in real time.

There aren’t any transaction fees unless there’s a currency exchange, in which case you use a “global” account which most banks now do where you can hold various currencies and there’s no fees for the exchange (rate spreads may be wide though).

If you’re nervous about giving out your account number, then use a savings account for paying in—these accounts don’t allow bank transfers out, only in, and you’ll earn interest too. You could have an account specifically for paying in, then move the funds to a high-interest holding account.