Western union, PayPal and Alert pay are some of the many international money transfer technologies available now. These technologies help in transferring money from one part of the world to different parts of the world with ease and within no time. The transfer of money through these technologies has various advantages one of which is that it is secure and saves time.
PayPal is a type of e-business through which people can pay or receive money online, if having PayPal account. It saves time because the online payments are much quicker than clearing of checks (cheques). A person can fund PayPal account with bank debit card and credit card if needed. To make an account on PayPal is free and sometimes they charge a fee, if a particular account is wanted. There is a set fee on online transfers through PayPal which is deducted by the company. People can pay on stores where they allow payment through PayPal without even having a credit card.
This is a company which is based in United States and it provides financial and communicational services. The basic theme of this organization is to help people transfer their money from one country to another country. They help people transfer money from banks in a country to the other banks in the recipient’s country. Western Union is operating in approximately over 200 countries and territories worldwide. As it is a method of hundreds of years before so it is rusted in most parts of the world. Western Union is now very common and people prefer it over other facilities of money transfer.
Difference between PayPal and Western Union
The main difference between the western union and PayPal is in its business model, PayPal is mainly for e-business; it is a mode of payment that facilitates payment on the internet, though money transfer also part of its business. On the other hand Western Union’s main business is money transfer.
PayPal requires accounts with them to send and receive money and cannot be done through agents, whereas Western union does not require to hold any account with them to send or receive money and money transfer can be done through agents as well.
Money in PayPal account cannot be liquidated in the form of cash before it is transferred to a bank and then we can cash the money out. Through the service of Western union we can easily get money in cash form or whatever form we want our money to be. This is an advantage of Western union over PayPal.
Both ways of transferring money are secure enough. Western Union is available in every part of the world whereas PayPal is available in selected parts of the world.
As money transfer is now becoming necessary in today’s life so people use both the methods to transfer money. Some people are feasible with Western union and some with PayPal, it depends upon their requirements and which service best fill’s their requirement.