GlobalWebPay Alternative

Remay Villaester (May)
04.06.20
4 minute read

Thinking of a way to send money overseas? Today, it will never be an issue since the internet opens several ways to move money around the world. It only takes minutes or even seconds to do so depending on the type of transaction.

GlobalWebPay is not as expensive as traditional banks out there however, for some transfers, TransferWise might be able to save you more money.

Let’s find out how!

Key Comparison Points

Cost

Local currency payouts cost £1 using GlobalWebPay. International transfers through Swift starts from £4.75 plus an exchange rate margin.¹

Here’s a quick at-a-glance price comparison for an international transfer of 1,000 GBP to USD.

FeesTransferWiseGlobalWebPay
Transfer Fee£4.44£4.75
Exchange Rate1.261.24
Recipient will receive$1,253.61$1,229.13

Exchange rate may change from time to time; the given example was generated as of June 5, 2020.

TransferWise uses the real exchange rate to convert your money. There’s just a small, transparent fee based on the amount you’re sending.

Convenience

TransferWise

  • Opening an account. TransferWise has an app where you can make transfers in just a few clicks and you can open an account in just a few minutes. Identify verification will be required for transfers above the threshold.
  • How long does it take for money to arrive? Once TrasferWise receives your money, it usually arrives in your recipient's bank account on the same working day. Conversion can take up to 2 working days, an estimated length of time shown when you set it up.
  • Customer support. Help centre is available on your account, you can also contact support phone or email if you have questions or just want to clarify things.

GlobalWebPay

  • Opening an account. Opening an account with GlobalWebPay takes only minutes. There will be identity verification for transfers above their threshold. Transfers have to be made on the website as they currently don’t have a mobile app.
  • How long does it take for money to arrive? Typically it depends on the country you are sending to and when GlobalWebPay receives your funds. Once your payment status changes to ‘payout completed’ the recipient should typically receive the money the next business day. In some countries, payments can be received the same business day, e.g. EURO, PLN, DKK, HUF or SEK payment.
    However, in some instances payments can take up to 3 working business days. Transfers could take longer due to: deposit method, bank cut off times and clearing cycles of recipient banks.²
  • Customer support. Customer support can be reached through their website using the Help and FAQ tabs, if it does not resolve your query you can contact GlobalWebPay Customer Support through email or phone.

Security and Reliability

TransferWise, registered with the Financial Crimes Enforcement Network (FinCEN) in the U.S and regulated around the world, has extensive security measures in place to protect your payments. This includes business verification, 2-step login and dedicated anti-fraud teams.

GlobalWebPay service is safe and secure; it uses the highest levels of data encryption on its website. Global Web Pay Limited is registered and authorized by Financial Conduct Authority (FCA) as a Small Payment Institution (FCA reference number 547751) under the Payment Service Regulations, 2009. FCA Registration Number FRN 631844.³

The funds you transfer to GlobalWebPay are kept briefly in banks or with its outsourcing partners, such as WorldPay Ap Ltd or Earthport Plc. Once payment is received it is converted and paid out quickly to the local bank in the destination country.

How does GlobalWebPay work?

GlobalWebPay is a bank to bank transfer; you just have to provide them the money you wish to send through a debit card or bank transfer. Once they have received the money, they will make the bank transfer to the recipient upon your instruction using the most appropriate GlobalWebPay account.

How does TransferWise work?

You can download the TransferWise app from App Store and Play Store or you can make the transfer on the website. The registration process is quick and easy and you can get set up in just a few minutes. TransferWise pays out your money locally, thus no receiving fee. Most currencies can be transferred instantly and some within the same day.

TransferWise is a groundbreaking company with over 5 million customers globally taking an innovative, fresh approach to financial services.

TransferWise is known for offering one of the fairest exchange rates in the business instead of inflating their exchange rates with hidden fees.

If you are a business customer, you can take advantage of the following additional benefits:

  1. Payroll to overseas contractors
  2. Payments to vendors and suppliers in over 40 currencies
  3. A unique integration with Xero for multi-currency accounting
  4. Multi-currency debit card attached to the account
  5. Automated batch payments through open API to save you time and streamline the process.

Start saving today with TransferWise

Sources:

  1. GlobalWebPay websiteGlobalWebPay
  2. User Agreement
  3. GlobalWebPay article

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

TransferWise is the smart, new way to send money abroad.

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