Alternative to Using PayPal in Canada

Do you find yourself wanting an alternative to the way you shop and send money online? PayPal is viewed as one of the easiest and safest ways people can move money online, but despite this – it has run into some snags in the past. Not only that, but PayPal’s fees may be a little too high for some – depending on what they use the account for.

Well, whatever the reason is for you to want an alternative to PayPal there are definitely a lot that are available – all which have different features that you may like depending on what you plan to use the account for. Take note that some of these alternatives exist in only certain countries –

Here are some alternatives to PayPal, which are available in Canada

 1. – This is a virtual bank account that may sound a little foreign- at least when compared to PayPal. For this platform, there is a fee that must be paid monthly, as a form of a subscription – but that fee is only $1.50 and it disappears when an account is used regularly within a set portion in time. The fees involved per transaction are 1% when sending money, which is honestly not that bad. – This is a lot similar to PayPal, at least in terms of fees- if you want to receive more than the limit per month (which is $400) then you’re going to have to apply to a ‘Pro’ account that charges 2.5% in order to receive funds, as well as $0.30 with each transaction.

3.Square – These are free for regular accounts but there is a fee of 3.5% plus an additional $0.15 per transaction. Quite pricey yes, but it works much like Paypal. Although there are added specs that make it different – like an available PoS software that is useful if you’re running a brick-and-mortar store.

4.Stripe – Once again, another free to sign up platform, with fees that require 2.9% with an added $0.30 per transaction – for merchants. This is something that is currently very popular in the market. It has a wonderful API that can help you really personalize your virtual banking. It’s also very favorable globally, being able to accept payments from over one hundred different countries.

5.Transferwise – This is definite a cheap alternative when it comes to PayPal, at around 1% per transfer, which really isn’t much in the scheme of things. There is no difference between local and global transfer rates as well- meaning you won’t be charged an unbelievable price for having to transfer or receive money from afar.

All of these are available in Canada, and are as secure as online payment solutions can be. Think about the benefits that come with each platform and see if there’s one that fits your fancy. If there is one that catches your eye, try it out for yourself and or read up a little more about it.


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