PayPal is one of the easiest ways to transfer money to workers because it only requires that you know the email address of the recipient and it takes just a few clicks to send the money. but it’s often not the cheapest.
The cheapest transfer method on PayPal is “Mass Pay”.
The cost is usually 2% to a maximum of $20 for offshore payments. The maximum fee can vary based on the sending & receiving countries. If you send payments on PayPal without using Mass Pay then the cost will be higher, at around 4%.
For global payments, PayPal also charges a currency conversion fee which is actually a hidden fee.
All in all. Paypal is not a wise choice to send money abroad.
If you want to save money, you need to know about hidden fee first.
How to determine the HIDDEN currency conversion fee?
Most transfer services will not tell you how much they charge for exchanging money. Sometimes these charges can be very high. PayPal charges around 2.5% in our experience, although this rate can vary depending on the currency.
Since the currency conversion fee is not declared, you’ll need to calculate it yourself. The way you can calculate it is to divide the currency conversion rate that they give you by the inter-bank rate at the time of the transfer. The inter-bank rate is the rate at which banks trade with each other. It’s the true market rate for exchanging currencies. You can find the inter-bank rate at http://www.oanda.com/currency/converter/
Epay is the cheapest way to send money overseas.
But the currency supported is few. I have compared it with Transferwise, WorldRemit, Western Union and lots of online payment providers. For sending money to the Philippines, Vietnam, Australia, Nepal, and the USA are the cheapest. For example,
To send 1000 HKD, Transferwise charges 47.05 HKD! and the exchange is 6.67. while Epay charges 12 HKD only and has the same exchange rate as Transferwise.
Epay is a professional and secure payment company with money service licenses that you can trust with.
Dedicated to doing international payments in the past 5 years. Epay has accumulated rich experience in how to make every payment safe. After obtaining “License For Operating Money Service” in 2014 in Hong Kong. Epay achieved the USA MSB payment and exchange registration on 15th Feb 2019. You can check the licenses on its website. You can rest assure that it is a legal and compliant company.