It’s a battle for the ages: PayPal vs. TransferWise.
Frequently asked questions
TransferWise is better if you’re sending money internationally due to their transparent fee structure, their more competitive exchange rate, and the fact that they support over 50 different currencies.
PayPal may be available in over 200 countries but only supports 25 currencies. As far as the speed of transferring your balance from each platform into your bank account, TransferWise promotes as faster, but PayPal transactions are instant if you’re willing to pay the fee.
Interac e-transfer is only available to send and receive the money within the same banking network.
Even then, if your online bank account doesn’t offer e-transfers or you receive an e-transfer from someone, and you don’t see your bank in the list of available institutions, you’re out of luck.
If you need to send money internationally or in a different currency, Interac e-transfers can’t help you, but PayPal and TransferWise can.
Even if you’re content sending e-transfers within Canada, they must fund from your bank account, but PayPal can send money via your bank account, PayPal balance, or a credit card.
The answer to this question depends on the circumstances.
TransferWise does not offer transactions within the same country, but PayPal does as long as the recipient has a PayPal account.
PayPal only supports 25 currencies, while TransferWise supports over 50, so there’s a better chance that TransferWise supports the currency you need.
However, you don’t need to use either option. There are many other money transfer services out there that aren’t detailed above, and you can pick them as well.