March 30, 2024
Text Link
What's new
Text Link
What's new

5 PayPal Alternatives In Canada

Blog Thumbnail
Author image
Author
Felix
March 26, 2024

Sending and receiving money globally has become more accessible and more diverse with the rise of online payment methods. From sending money to friends and family to handling business transactions, one of the most popular platforms is PayPal. 

Alternatives provide convenience and flexibility and here, we'll look at PayPal alternatives like PESA - a multi-currency wallet designed that provides a seamless experience for sending and receiving money locally and globally.

Why PESA? 

Low Exchange Rates

Pesa provides some of the most competitive rates in the exchange market, ensuring that you get the most value when sending or receiving money. With Pesa, you can easily access live exchange rates through our user-friendly app or website. Whether you're sending money to loved ones or conducting business transactions, Pesa's transparent and fair exchange rates ensure that you maximize the value of every transaction.

Multi-Currency Wallet

Pesa provides the convenience of a multi-currency wallet. With Pesa, you have the flexibility to send money using any currency, simplifying transactions for individuals and businesses dealing with international partners or clients. Whether you're sending Canadian dollars, US dollars, Euros, or any other supported currency, Pesa's multi-currency wallet streamlines the process, allowing you to manage your finances efficiently without the trouble of currency conversion. This feature enables you to take advantage of fair exchange rates for different currencies, giving you the best value.

No Hidden Charges

Pesa operates on transparency with no hidden charges. This means that you can trust Pesa to provide fair and upfront pricing, allowing you to conduct transactions with peace of mind. Whether you're sending money to loved ones or conducting business transactions, Transferring your money is easy. It's quick, secure, and entirely free, saving you money on international transactions, and rest assured that your funds are safe and well-managed.

100% Security Guaranteed

At Pesa, your financial security is a priority. With advanced encryption and robust fraud protection, we provide you with peace of mind for every transfer. Pesa safeguards your data and funds; our platform guarantees the security of your transactions, shielding you from fraudulent activities.

Send and receive money in Canada with Pesa.

Other Alternatives to PayPal in Canada?

Wise

This popular service offers competitive exchange rates and transparent fees. While a strong contender, it's important to compare current rates with Pesa to ensure you're getting the best deal. This way, you can be confident you're choosing the most cost-effective option for your specific transfer needs.

Stripe

Stripe provides a variety of online payment processing solutions. With support for over 135 currencies, Stripe accepts payments worldwide. Additionally, it seamlessly integrates with numerous payment methods, including Visa, Mastercard, American Express, Google Pay, bank debits, and various local payment options globally. Additionally, Stripe offers transparent transaction pricing, free of any hidden costs. There are no setup or monthly charges, and the pricing remains consistent across all cards and digital wallets.

Interac e-Transfer 

This is a domestic account specifically designed for sending and receiving money between Canadian bank accounts. It's a secure and convenient option for domestic transfers but isn't suitable for international transactions. Interac e-Transfer takes seconds to a few hours and only requires an email address. Plus, most Canadian banks won't charge you a fee (within limits) for domestic transactions. 

Apple Pay

Apple Pay is a mobile payment service developed by Apple that lets users conveniently make purchases online, within iOS apps, and in person at contactless point-of-sale terminals. To use Apple Pay, users add their debit or credit cards to their wallets on an Apple device, such as an iPhone or iPad. They can then use the app to securely pay for goods and services at any merchant that supports Apple Pay.

This service seamlessly integrates with numerous financial institutions worldwide, including Canada's major banks. It is accepted by over 80% of retailers in Canada. Plus, as an Apple Pay customer, you won't encounter any additional transaction fees or charges. The downside of this is that non-apple users cannot use this payment option. 

Can Canadians Use Paypal?

Yes, PayPal is available and widely used in Canada. It's a popular online payment platform used by people and businesses across the country for various transactions, including online purchases, sending money to friends and family, and accepting payments for goods and services.

What are the Top 3 Paypal Disadvantages?

Transaction Fees

PayPal charges fees for receiving money, especially for business transactions. These fees can cut into profits, particularly for small businesses or frequent transactions.

Limited Seller Protection

While PayPal offers some seller protection against fraudulent claims, it could be better. Sellers may encounter situations where they lose money due to fraudulent chargebacks or disputes.

Account Freezes and Holds

PayPal has been known to freeze accounts or place holds on funds for various reasons, like suspicious activity or disputes. This can be problematic for businesses relying on a steady cash flow.

How Can I Send Money to Someone in Canada?

There are several ways to send money to Canada. Here are a few options:

PESA

PESA is a multi-currency wallet that lets you transfer and receive funds in different currencies. With PESA, you can enjoy competitive exchange rates and no charges for international money transfers. If you want to send money to someone in Canada, you can quickly transfer it to their bank account.

Bank Transfer

This is a traditional option, but it often has higher fees and less favourable exchange rates compared to money transfer services.

Online Money Transfer Services

Many online services specialize in international money transfers. They often provide faster transfer times and lower fees than banks.

Create a PESA account today - and start sending and receiving money globally.

Felix

Other articles on international payments

Felix
Oge
Tolu Osho

Never miss a
crucial moment.