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Are eWallets good for international payments? What are the exchange fees?

Out of the dozens of eWallet websites and apps, which one is right for you? Do you actually need an eWallet if your main thing transfer money abroad? We look at eWallets from across the web with a particular focus on the larger ewallets like Paypal or Skrill with a hyper-focus on their exchange rates for international payments.

The basics: What is an eWallet?

An eWallet is an online application that lets you deposit and manage money for online transactions. For many people, it is a convenient way to have funds available online for purchases like plane tickets or streaming subscriptions, without having to reach for their credit card. For a money management app like that to be considered a digital or eWallet, it must fit certain conditions. First, it must be able to keep money in your digital account for a significant period of time, just like a bank account would. Second, it should give you the ability to transfer funds from your eWallet back to your credit card or bank account. What these apps all have in common is they are all built especially to deal with payments between individuals (P2P), customers and businesses, and businesses to other businesses.

Available eWallets on the market

When researching which digital wallet might be right for you, keep in mind that fees, interest, and access options can vary wildly between companies, some are limited to only certain kinds of transactions, and not all eWallets are offered globally.

16 eWallets which allow currency exchanges and how they stack up

Let’s look at the top 16 eWallets that handle international money transfers and currency exchanges in their platform.

Wallet

Site

Founded

Countries

Currencies

PayToo

 

2005

180: All except Afghanistan, Belarus, Central African Republic, Cuba, Democratic People's Republic of Korea, Iran (Islamic Republic of), Iraq, Lao People’s Democratic Republic, Lebanon, Liberia, Libya, Sudan, Syrian Arab Republic

2: USD, EUR

PayPal

 

1998

172: All except Afghanistan, Bangladesh, Central African Republic, Cuba, Democratic People's Republic of Korea, Equatorial Guinea, Ghana, Haiti, Iran (Islamic Republic of), Iraq, Lebanon, Liberia, Libya, Myanmar, Pakistan, South Sudan, Sudan, Syrian Arab Republic, Timor-Leste, Turkey, Uzbekistan

24: AUD, BRL, CAD, CZK, DKK, EUR, HKD, HUF, ILS, JPY, MYR, MXN, TWD, NZD, NOK, PHP, PLN, RUB, SGD, SEK, CHF, THB, GBP, USD

Skrill

 

2001

163: All except Afghanistan, Angola, Barbados, Benin, Burkina Faso, Cabo Verde, Comoros, Cuba, Djibouti, Eritrea, Gambia (Republic of The), Grenada, Guyana, Iran (Islamic Republic of), Iraq, Japan, Kyrgyzstan, Lao People’s Democratic Republic, Libya, Namibia, Niger, Palau, Republic of Korea, Samoa, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Togo, Turkmenistan

35: EUR, TWD, USD, THB, GBP, CZK, HKD, HUF, SGD, JPY, PLN, CAD, ISK, AUD, INR, CHF, KRW, DKK, ZAR, SEK, RON, NOK, HRK, ILS, JOD, MYR, OMR, NZD, RSD, TRY, TND, AED, MAD, QAR, SAR

Ecopayz

 

2000

154: All except Afghanistan, Albania, Angola, Azerbaijan, Belarus, Bhutan, Botswana, Brunei Darussalam, Cambodia, Cuba, Democratic People's Republic of Korea, Djibouti, Eritrea, Eswatini, Ethiopia, Guatemala, Haiti, Iran (Islamic Republic of), Kazakhstan, Kiribati, Kyrgyzstan, Lao People’s Democratic Republic, Lebanon, Lesotho, Liberia, Libya, Madagascar, Micronesia (Federated States of), Myanmar, Nauru, Samoa, Somalia, Sudan, Syrian Arab Republic, Tajikistan, United States of America, Vanuatu, Viet Nam, Yemen

45: EUR, GBP, USD, ARS, AUD, BAM, BGN, BRL, CLP, CAD, COP, CHF, CNY, CRC, CZK, DKK, GEL, HKD, HUF, IDR, ILS, INR, ISK, JPY, MDL, MOP, MYR, MXN, NIO, NOK, NZD, PAB, PEN, PLN, RON, RSD, RUB, SEK, SGD, THB, TRY, VEF, UAH, UYU, UZS and ZAR

Neteller

 

2000

149: All except Afghanistan, Benin, Burundi, Central African Republic, Chad, Congo, Cuba, Djibouti, Equatorial Guinea, Eritrea, Gabon, Gambia (Republic of The), Guinea, Guinea Bissau, Guyana, Iran (Islamic Republic of), Iraq, Kazakhstan, Kyrgyzstan, Lao People’s Democratic Republic, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mongolia, Myanmar, Nauru, Niger, Palau, Papua New Guinea, Republic of Korea, Saint Kitts and Nevis, Sierra Leone, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Timor-Leste, Togo, Turkmenistan, Uzbekistan, Yemen

27: AUD, BRL, BGN, CAD, DKK, EUR, GBP, HUF, INR, JPY, MYR, MXN, MAD, NGN, NOK, PLN, RON, RUB, SING, ZAR, SEK, CHF, TWD, TND, AED, USD, COP

WebMoney

 

1998

182: All except Brunei Darussalam, Burkina Faso, Democratic Republic of the Congo, Micronesia (Federated States of), Palau, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, South Sudan, Timor-Leste

8: RUB, EUR, USD, UAH, BYR, BTC, VND, MDL

Leopay

 

2015

54: Albania, Andorra, Armenia, Australia, Austria, Belarus, Belgium, Brazil, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Republic of Moldova, Romania, Russian Federation, San Marino, Serbia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, The former Yugoslav Republic of Macedonia, Turkey, Ukraine, United Kingdom of Great Britain and Northern Ireland, United States of America

9: EUR, USD, GBP, HRK, CHF, RON, PLN, BGN, CZK

Payoneer

 

2005

186: All except Cuba, Democratic People's Republic of Korea, Democratic Republic of the Congo, Iran (Islamic Republic of), Sudan, Syrian Arab Republic, Timor-Leste7

56: USD, EUR, GBP, JPY, AUD, CAD, CNY, BHD, BDT, BBD, BAM, BRL, BGN, CLP, CRC, HRK, CZK, DKK, EGP, HKD, HUF, INR, IDR, ILS, JMD, JOD, KES, KRW, KWD, CHF, MYR, MXN, MAD, NPR, NZD, NGN, NOK, PKR, PEN, PHP, PLN, QAR, RON, RUB, SAR, SGD, ZAR, LKR, SEK, THB, BSD, TTD, TRY, UAH, AED, VND

GateHub.net

 

2016

188: All except Cuba, Democratic People's Republic of Korea, Iran (Islamic Republic of), Sudan, Syrian Arab Republic

4: USD, EUR, BTC, XPR

Vodafone m-pesa

 

2007

10: Albania Congo, Egypt, Ghana, India, Kenya, Lesotho, Mozambique, Romania, United Republic of Tanzania

10: KES, INR, ALL, CDF, EGP, GHS, LSL, MZN, RON, TZS

SolidTrustPay

 

2006

190: All except Democratic People's Republic of Korea, Democratic Republic of the Congo, Iran (Islamic Republic of)

141: USD, AFN, DZD, EUR, AOA, XCD, ARS, AMD, AUD, AZN, BSD, BHD, BDT, BBD, BYR, BZD, XOF, BTN, BOB, BAM, BWP, BRL, BND, BGN, BIF, CVE, KHR, XAF, CAD, CLP, CNY, COP, KMF, CRC, HRK, CUP, CZK, DKK, DJF, DOP, USD, EGP, SVC, ERN, SZL, ETB, FJD, GMD, GEL, GHS, GTQ, GNF, GYD, HTG, HNL, HUF, ISK, INR, IDR, IQD, ILS, JMD, JPY, JOD, KZT, KES, KWD, KGS, LAK, LBP, LSL, LRD, LYD, CHF, MGA, MWK, MYR, MVR, MRO, MUR, MXN, MNT, MAD, MZN, MMK, NAD, NPR, NZD, NIO, NGN, NOK, OMR, PKR, PAB, PGK, PYG, PEN, PHP, PLN, QAR, MDL, RON, RUB, RWF, WST, STD, SAR, RSD, SCR, SLL, SGD, SBD, SOS, ZAR, SSP, LKR, SDG, SRD, SEK, SYP, TJS, THB, MKD, TOP, TTD, TND, TRY, TMT, UGX, UAH, AED, GBP, UYI, UZS, VUV, VEF, VND, YER, ZMW, ZWL, CFA

Puut Wallet

 

2017

192: All except Brunei Darussalam

2: EUR, BTC

epayments

 

1998

192: All except Democratic People's Republic of Korea

15: USD, EUR, BDT, BRL, CAD, GBP, HKD, IDR, INR, JPY, PHP, RUB, SEK, THB, VND

WalletOne

 

2007

191: All except Saint Lucia, Timor-Leste

9: USD, EUR, KZT, RUB, ZAR, TJS, BYR, PLN, GEL

Papaya

 

2012

186: All except Andorra, Brunei Darussalam, Congo, Lao People’s Democratic Republic, Myanmar, San Marino, Sudan

1: EUR

Yandex Money

 

2002

13: Armenia, Azerbaijan, Belarus, China, Germany, Kazakhstan, Kyrgyzstan, Latvia, Republic of Moldova, Tajikistan, Thailand, Ukraine, Uzbekistan

1: RUB

The chart above outlines some of the major categories of difference between these brands. The first three columns deal with the basics: where the company was founded, what currencies it operates in. The second set deals with fees, and what certain transactions will cost you. And lastly, there are the different limits set by each app. This can make a big difference to someone who is regularly wiring large amounts of money overseas.

You’ll notice most of the eWallets primarily deal with US dollars and Euros. You’ll also see that there are certain outliers. For instance, while a lot of these companies charge no transfer fee, Paypal charges a very high one. Notice that Skrill, while it doesn’t charge as much as Paypal for transfers, makes their money on withdrawal fees instead. And each eWallet has their own limits and restrictions on transaction amounts. Most of the eWallets operate within the same average range of fees, but the bigger services, Paypal and Skrill, can have surprisingly large fees hidden for certain transactions. They can afford to buck the market average because of their popularity, most people are willing to swallow higher fees in exchange for a name they trust. In addition to the fees, the limits an app places matter. Papaya, for example, caps withdrawals at 1000, which can be very inconvenient if you need the rest of your money quickly. Ecopayz has a max of 500,000, which is great, but their withdrawal fees can also be as high as twelve euros.

Neteller and Paytoo also have exorbitant withdrawals fees of 15 and 16 USD, and cap their withdrawal amounts very low. Customers who have been with those companies for many years may not mind the fees as a price for familiarity, but on paper, they don’t compare very well. Take a look at some of the unique features we’ve outlined, because not all eWallets are the same. Gyft, for example, is only gift cards. Airtel Money is a semi-closed wallet that doesn’t allow withdrawals. Biyo is a biometric wallet that lets you make purchases with the palm of your hand. Moven lets you pay a friend by text, even if they don’t have a Moven account. Apps like Zelle can transfer to any US bank in minutes, but Barclaycard is only available in the UK.

eWallets vs Multi Currency accounts for businesses

There is a much better alternative to eWallets called a multi-currency account. These virtual bank account allow you to SEND, RECEIVE and HOLD money in almost any currency. The problem is that they are only for small businesses (including sole traders and online sellers).

Cryptocurrency eWallets

Cryptocurrency wallets, as you can see in the chart below, are a much cheaper option than eWallets when it comes to fees. However, the trade off is you may be limited in where exactly you can use your cryptocurrency. Many banks do not accept cryptocurrency, because of its notorious market instability. But if the bulk of the transactions you do are cryptocurrency, one of the most popular cryptowallets is Ripple, which is backed by Google and known for their transparency.

But What Exactly is the Difference Between eWallets?

Sixty-eight different types of eWallets is a lot to choose from. How do you find out which one is right for you?

The first category to look at is function. What do you need to use your eWallet for? Do you mostly make international purchases or just in your own country? Do you spend most of your online money paying individuals or businesses? The best eWallet for you will entirely depend on the amount of function you need it to have.

Once you’ve narrowed that list down based on your desired uses, next look closely at the fees. Digital wallets are notoriously expensive when it comes to fees. From withdrawals to deposits, and currency exchange fees, it can add up. And it’s important to check out how you can put money in your account. Some eWallets offer physical locations where you can add funds, or will take cheques, but most only work with a bank account or credit card. Cryptocurrency eWallets are often not accepted for transfers to bank or credit accounts. And not all eWallets work globally, some have specific country restrictions.

Convenience

The main concept behind eWallets is the ability to send and receive money instantaneously 24/7, whereas banks are working only a few hours each day, and weekends and bank holidays are off.

Credibility

Since an eWallet is a form of a bank account, in which significant amounts of money will be stored in, you should consider credibility and security above all.

Fees

Deposit fees, withdrawal fees, currency exchange fees, and a variety of other fees – eWallets are notoriously expensive!

eWallet Scams

Unfortunately, eWallets can be an easy target for scams and account fraud. After all, think of all the information linked to your payment account. The people most at risk here are people who shop a lot online, so there are a few rules to remember. First, no eWallet will ever send you communications asking for your password. Hackers may email you pretending to be from your eWallet app service asking for password details or security answers.They will then clean out the account. You should never give out your security information.

Second, never refund money to a buyer or seller without first checking that your wallet has definitely received the money they claim to have sent. A common eWallet scam is that a stranger will contact a victim, claiming to have mistakenly sent them money. As proof, they may send a doctored screenshot showing the transaction. Always verify for yourself in your app that the funds have been received or cleared before sending refunds.

And lastly, scammers may send requests for transfers for travel emergencies, or ask for account information to send “lottery winnings” or supposed inheritances. Never send money or give your account information to a person you do not know, who you cannot verify.

Source: moneytransfercomparison.com