Paypal Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 3.9/5 Good
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal
Rating based on expert reviews by FXcompared
Last updated | February 13th, 2020

About PayPal

Founded in 1998, PayPal is the world’s largest debit electronic payment system. In October 2002, the company became a division of eBay. However, since 20th July 2015, eBay (NASDAQ:EBAY) and PayPal (NASDAQ:PYPL) have traded as two separate companies. Significantly, in 2015, the value of PayPal was higher than the value of its parent company.

Today, the company implements freedom of activity in more than 200 countries and has more than 220 million users.

PayPal is transparent in the conditions of its work and the prices that it provides to its customers. It is required to comply with laws and regulations for financial institutions, and this makes the company more reliable.

The company provides an extensive amount of integration for business customers. This makes it possible to synchronise with shopping carts, accounting applications or delivery programmes.

PayPal Fees and exchange rate

FXcompared Score 1.9/5 Fair
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

PayPal Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
There are some cheaper options than PayPal for low cost transfers.
3/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
PayPal remains competitive for mid-sized deals.
2/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
PayPal has a range of good prices for large transactions.
1/5
Does FXcompared have direct access to the pricing
FXcompared receives prices directly from PayPal
1/2
Is it possible to lock in future exchange rates
No, but you can fix the rate during the placement of the transfer.
0/1

PayPal has numerous commissions and fees:

  • Web transactions — 2.9% + $0.30 per transaction
  • Swiped mobile and in-store — 2.7% of transactions
  • Built-in mobile phone and in-store — 3.5% + $0.15
  • Virtual terminal transactions — 3.1% + $0.30 per transaction
  • Chargebacks — customer pays a $20 fee

PayPal also has a special plan for companies with transactions of $10. This plan is for 5% + $0.05.

It should also be noted that PayPal Payment Pro requires a monthly payment. Therefore, the client will have to spend $30 per month for additional services and functions.

Go to PayPal

PayPal will offer you

  • A variety of tariff plans
  • Universal payment system
  • An ideal solution for small businesses
  • Extensive integration

Ease of use

FXcompared Score 5.0/5 Excellent
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Ease of use

Easy to understand website
PayPal website is user-friendly and easy to navigate.
2/2
Simple sign up process (number of steps)
Very easy to set up an account with your email address.
2/2
Easy to setup a transfer once registered
It is extremely clear and easy to setup a transfer once registered
2/2
Provider offers a service that our users often sign up to
Popular among users of Fxcompared
2/2
Mobile notifications available on completed transfers
You will receive push notifications and emails to help you track your transfer.
2/2

Using PayPal’s services is quite simple. The client needs to follow a few simple steps:

  • Register on the PayPal website — for convenience, it is also recommended to download the PayPal application. This process will take no more than three minutes.
  • Provide identification documents.
  • Link a card to pay for purchases or send payments.

Although PayPal charges various commissions, the entire business is built on the ease of use of its services and universal solutions for small businesses.

PayPalApp.png

PayPal mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Mobile product

FXcompared Score 4.5/5 Excellent
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Mobile product

Easy to use mobile website
Clear and responsive website for mobile use.
2/2
Easy to use mobile app
PayPal offers an extremely user-friendly app.
2/2
Can transact in the app
It is very easy to transact in the app, especially once recipients are set up.
2/2
Range of in-app product offering
The application supports the same functions as the website.
2/2
App store rating
Apple Store rating 4.8 and Google Play rating 4.4
1/2

PayPal has a mobile application that can be downloaded on iOS and Android.

The mobile app is just as easy to use as the site, and PayPal gives customers a free swiper to plug into their phone’s headphone jack.

Credibility & Security

FXcompared Score 4.1/5 Great
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Credibility & Security

Fully licensed and authorised
The company is registered in many countries and is regulated by the authorities of each jurisdiction.
4/4
Total amount transferred for their customers
Over 500 million dollars
3/3
Business revenue
Business revenue is $15.5bn.
3/3
Year on year growth
10-12%
1/1
Number of employees
Over 13,000 employees
1/1
Head office location
The company's headquarters is located at 2211 North First Street San Jose, CA 95131.
0/1
Branded search performance
Good brand search performance.
1/1
How long has the company been a partner of FXcompared
0/2
How long has the company been established?
1998
3/3
Quality of financial backers
2/2
Private or public company
Paypal is a public company
0/1

PayPal is registered in a number of countries and is regulated by the authorities of each jurisdiction.

PayPal (Europe) S.à r.l. et Cie, SCA is duly licensed as a Luxembourg credit institution according to Section 2 of the Financial Sector Act of 5 April 1993, as amended. It is also under the prudential supervision of the Commission de Surveillance du Secteur Financier with a registered office in L-1150 Luxembourg.

The company's headquarters are located at 2211 N 1st Street, San Jose, California, 95131.

Business product offering

FXcompared Score 4.2/5 Great
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Business product offering

Distinct offering for business
There are a range of distinct business accounts depending on your particular requirements.
3/4
Broader product set for business
Different products and offers are provided for businesses.
3/3
Specialised team to support businesses
Yes, there is specialised support for business customers.
2/2
Receivables product options
Not available.
1/1
Marketplace seller product offering
Services for market sellers are offered.
1/2

PayPal offers three options for web payments:

  • PayPal Checkout (formerly Express Checkout)
  • PayPal Payments Standard
  • PayPal Payments Pro

PayPal Checkout gives merchants and businesses the ability to add a method of payment to their website. To add this service, a developer would typically be required — however, PayPal provides the service and necessary guidance itself.

PayPal also adds localised payment methods for customers throughout Europe.

PayPal Payments Standard is a modified version of PayPal Checkout — it gives merchants more control and settings for the payment process. The standard plan contains all the integrations that PayPal Checkout includes, but does not offer smart checkout buttons.

PayPal Pro is an advanced payment processing option that included a range of universal settings — it costs $30 per month.

The Virtual Terminal service allows the client to accept payments by phone, whereby card data is entered into the browser window.

Other PayPal products and services include PayPal Here (a mobile payment processing application), POS system integration and online billing.

PayPal’s Payflow Payment Gateway is automatically provided to customers with PayPal online processing tools. However, the gateway is also available as a separate product, designed for customers who have a credit card processor but no gateway. In addition, PayPal’s Marketing Solutions service is very similar to the cropped version of Google Analytics, with the addition of add-ons from PayPal.

Furthermore, by using the PayPal.me application, the client can send and request payments to friends/relatives and customers. The recipient does not need to have a PayPal account. While personal payments are not charged, commercial payments are charged at the same rate of 2.9% + $0.30 as PayPal payments.

PayPal Commerce is a platform created in 2019 as a toolkit for developers, which enables trading platforms, e-commerce providers and crowdfunding platforms to create individual payment solutions and to accept payments in more than 100 currencies.

The PayPal platform is intended for a business that deals with the following:

  • Physical goods
  • Services
  • E-commerce hosting services, including payment processing and shopping cart hosting
  • Crowdfunding for personal projects or non-profit enterprises

Product Coverage & Service

FXcompared Score 4.8/5 Excellent
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Product Coverage & Service

Number of sending and receiving countries
PayPal works more than in 200 countries.
4/4
Number of available languages
The company provides a wide selection of languages ​​for its customers.
2/2
Pay in options
Through a bank account, debit and credit cards, as well as online payment methods.
3/4
Pay out options
To bank accounts, mobile apps or box office cash outlets.
2/2
Additional services
Many services for e-commerce.
2/2
Minimum send amount
From $1 upwards.
2/2
Maximum send amount
PayPal has no limits the maximum amount you can send.
2/2
Speed and options for speed of transfer
Generally transactions are complete after one working day.
2/2

Today, PayPal operates in more than 200 countries (although, not all provide a full range of services). It also has more than 200 million registered users and works with 25 national currencies.

Customer Feedback & Satisfaction

FXcompared Score 3.8/5 Good
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Customer Feedback & Satisfaction

Customer help including onboarding
Accounts are easy to set up.
1/2
Ease of transfer
Customers find the service easy to use.
2/2
Exchange rates
Customers are generally satisfied with exchange rates.
1/2
Fees
Reasonable rates.
1/2
Solving issues
It is difficult to solve the problem through the support service.
2/2
Online/mobile experience
Website have full functionality and easy to use.
2/2
Customer service
On TrustPilot, PayPal rank quite low for their customer service.
1/2
Overall experience
PayPal has average-to-high reviews on various sites.
2/2

PayPal is a large company, which means that there are inevitably a large number of complaints. It is very difficult to quantify PayPal complaints. The problem is that PayPal is also a consumer product. As a result, a significant portion of the complaints come from consumers who have had problems with the digital wallet, or from customers who have purchased something on eBay, or from another seller.

Customer Support

FXcompared Score 3.5/5 Good
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Customer Support

How good is the help section on the website?
The help section is comprehensive and understandable.
2/2
Is there live online support?
Help can be accessed via PayPal.Me.
1/1
Is there email support - and to customers and non customers?
Email support also requires login
1/1
Is there phone support ?
Phone support is available to customers.
1/2
Is the company easy to contact?
Yes, email via website or app.
1/1
Are FAQs and support available in more than one language?
FAQs are available in multiple languages.
1/1
Is there an FX dealer to support customers
0/2

PayPal support is pretty solid, but most of the time spent solving a problem is likely to be on a community forum or knowledge base. PayPal clearly wants the client to identify the solution to their problems themselves, which is likely to solve the client’s concerns in the first instance.

It is possible to contact customer support on the site, and after authorisation, there is the opportunity to call the operator.

Transparency

FXcompared Score 3.1/5 Good
PayPal
Rating based on expert reviews by FXcompared
Go to PayPal

Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
Included as part of the cost.
1/2
Are the fees easy to understand?
Rates vary, but are easy to understand.
1/2
Does the company combine fees and exchange rate or clearly broken out?
Fees are separated from exchange rates.
2/2
Is a real time quote available without registering?
You must register to receive prices in real time.
1/2

One of PayPal’s strengths is its purchase protection policy. This is almost an ironclad guarantee that the client will either receive the purchased goods and services or have their money returned. This adds a layer of protection between the customer’s credit card and the provider. When a customer buys something with PayPal, the seller will never receive the customer’s credit card information. This is a smart solution to many online shopping problems and potential fraud.

The company has not experienced massive hacks such as those that interfered with other financial services, including Equifax, JPMorgan and even the international bank transfer system SWIFT. From time to time, after updating, the application requires that the client confirms their data.

Alternatives to PayPal

TorFX
Rating based on expert reviews by FXcompared
Go to TorFX
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst
OFX (UK)
Rating based on expert reviews by FXcompared
Go to OFX (UK)

Compare Other Currency Rates

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Compare to quote from your bank >


Other International Money Transfer Quotes

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared
Score
Amount Received
USD $12,128.55
GBP £253.32
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

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Amount Received
USD $12,128.55
GBP £253.32
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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FXcompared
Score
Amount Received
USD $11,984.72
GBP £135.32
saved vs. banks

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

More InfoLess Info
FXcompared
Score
Amount Received
USD $11,964.00
GBP £118.32
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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Amount Received
USD $12,079.79
GBP £213.32
saved vs. banks

Western Union Business Solutions

Est. 2009

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

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Amount Received
USD $12,006.66
GBP £153.32
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
FXcompared
Score
Amount Received
USD $12,085.89
GBP £218.32
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info
FXcompared
Score
Amount Received
USD $12,131.54
GBP £255.77
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

More InfoLess Info
Amount Received
USD $12,090.77
GBP £222.32
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
USD $12,085.89
GBP £218.32
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $11,788.23
No saving vs. banks

In which countries can PayPal be used?

PayPal is available in more than 200 countries and regions.

Are PayPal payments secure?

PayPal is registered in many countries and is regulated in different jurisdictions.

What fees are associated with PayPal?

Web Transactions — 2.9% + $0.30 per transaction

Swiped Mobile and in-store — 2.7% of transactions

Built-in mobile phone and in-store — 3.5% + $0.15

Virtual terminal transactions — 3.1% + $0.30 per transaction

Chargebacks — customer pays a $20 fee

Is it easy to cancel payments if necessary?

If the customer pays the seller (company) for goods, but then changes their mind and wants their funds returned, they will need to contact the seller and request a cancellation of the purchase. If the payment has already been made, the seller should be asked about the terms of the return, or a refund should be requested.

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Why you can trust FXcompared's reviews

FXcompared's mission is to help you (and thousands of others each day) find the best providers for your money transfers.

We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writing in-depth reviews about money transfer providers.

We have partnerships with many money transfer providers (PayPal included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.