When it was founded in 1998, PayPal was a pioneer in the online financial services field. The company offered new solutions that were considered innovative and groundbreaking. Fast-forward a couple of decades, the company is still an essential player in the online banking field but is joined by several services that offer similar capabilities, often for a smaller fee. Users seek a PayPal alternative for different reasons, and it’s hard to imagine that a single service would be right for everyone. Here are a few things to keep in mind to help you find the perfect online banking service for you.
What to consider when choosing a PayPal alternative:
- Security is critical: You may be tempted to work with new financial services that are less familiar and might be less secure. A third of European residents are rightfully “very concerned” about online banking fraud, especially when there are reports that fraudulent activity is on the rise since the COVID-19 outbreak started. This means that any online banking solution or PayPal alternative you end up choosing must be safe and secure. Otherwise, your money will be at great risk.
- Feel the fee: One of the main reasons people switch from traditional banks to online solutions is saving money on fees and interest rates. Online banking solutions have fewer expenses than traditional banks that operate physical locations and employ a bigger staff. The minimized costs allow digital banking providers to offer competitive rates. That’s why it’s essential to compare rates between different financial solutions and see which one suits your needs most. Focus on the parameters that matter to you personally, like fees charged for overseas money transfer, instead of comparing general information that might not apply to you as much.
- Seek support: In addition to competitive rates and string security, the financial service you choose should be measured based on the customer support it provides. You want the service to be available seven days a week, employ representatives who speak your language and understand your needs. That way you can be sure that if you need help, there’s someone to turn to.
- Regulation celebration: In addition to traditional banks and leading digital solutions, there are unregulated options that offer a risky route. They may try to lure you in with lower fees or play on people’s lack of trust in regulated banking, but the risk is far greater than any promised benefit. The black market is dangerous and might lead to incredibly unfortunate results. Regulation has its price, sure, but it guarantees that the companies handling our money will adhere to a particular code of conduct, which is crucial when our most prized assets are involved.
- Focusing on you: Every online banking solution is focused on a different target audience and creates a product and support system that cater to its needs. Here at Rewire, we consider work immigrants our focal point, and our solution was designed with this specific group in mind. We know how much work immigrants rely on digital financial services and appreciate the research they conduct before choosing the right solution. Find the service that puts you at the center and offers a deep understanding of your online banking needs.
Today’s online banking users are more sophisticated and aware than ever. Life may be full of compromises, but there’s no reason for you to settle on a mediocre solution for your money. There are different PayPal alternatives out there, but there’s no alternative for a trustworthy online banking service.