ACH (Automated Clearing House)
- Rank for Receiving Payment: #2
- Rank for Sending Payment: #3
- Ease of Use: High for domestic U.S. transfers.
- Fees & Commissions: Low or none.
- Time for Fund Transfer: 1-3 business days.
- Availability: United States only.
- Bank Coverage & Limitations: All major and most regional banks in the US.
- Currency Conversion: Not applicable, USD only.
- Features: Direct deposits, bill payments, business-to-business transactions.
Check in the Mail
- Rank for Receiving Payment: #10
- Rank for Sending Payment: #10
- Ease of Use: Moderate; requires physical mailing.
- Fees & Commissions: No direct fees, but postage costs.
- Time for Fund Transfer: Varies; postal service dependent, typically 1-2 weeks.
- Availability: Worldwide.
- Bank Coverage & Limitations: Any bank that accepts checks.
- Currency Conversion: Based on recipient bank’s rates.
- Features: Universally accepted, no electronic requirement.
International Wire Transfer
- Rank for Receiving Payment: #8
- Rank for Sending Payment: #7
- Ease of Use: Moderate; requires bank visits or online setup.
- Fees & Commissions: High, both for sender and recipient.
- Time for Fund Transfer: 1-5 business days.
- Availability: Worldwide.
- Bank Coverage & Limitations: Available for most international banks.
- Currency Conversion: Varies, generally less favorable rates.
- Features: Secure, suitable for large transactions.
EFT (Electronic Funds Transfer)
- Rank for Receiving Payment: #4
- Rank for Sending Payment: #4
- Ease of Use: High for online banking users.
- Fees & Commissions: Generally low.
- Time for Fund Transfer: 1-4 business days.
- Availability: Broad, including North America, Europe, and parts of Asia and Australia.
- Bank Coverage & Limitations: Major banks in available countries.
- Currency Conversion: Based on bank’s rates.
- Features: Direct deposits, online bill payments.
Paxum
- Rank for Receiving Payment: #6
- Rank for Sending Payment: #6
- Ease of Use: High within Paxum network.
- Fees & Commissions: Low to moderate; varies based on transaction type.
- Time for Fund Transfer: Instant within Paxum, 1-3 days for external transfers.
- Availability: Many countries, excludes US-sanctioned ones.
- Bank Coverage & Limitations: Selected international banks.
- Currency Conversion: Competitive rates.
- Features: E-wallet, peer-to-peer transfers, prepaid cards.
CosmoPayment
- Rank for Receiving Payment: #9
- Rank for Sending Payment: #9
- Ease of Use: Moderate, tailored to specific industries.
- Fees & Commissions: Moderate to high.
- Time for Fund Transfer: Instant in-network, 1-5 days for bank transfers.
- Availability: Focused on specific industries, limited in US-sanctioned countries.
- Bank Coverage & Limitations: Limited to partner banks.
- Currency Conversion: Average rates.
- Features: Industry-specific solutions, prepaid cards.
Skrill
- Rank for Receiving Payment: #7
- Rank for Sending Payment: #8
- Ease of Use: High for Skrill users, especially for online transactions.
- Fees & Commissions: Can be high, especially for currency conversion.
- Time for Fund Transfer: Instant in Skrill, 1-5 days to bank accounts.
- Availability: Over 200 countries, excluding several under sanctions.
- Bank Coverage & Limitations: Major and regional banks in available countries.
- Currency Conversion: Higher fees.
- Features: E-wallet, online payments, cryptocurrency transactions.
Pagomundo/PMI Americas
- Rank for Receiving Payment: #11
- Rank for Sending Payment: #11
- Ease of Use: Moderate; more suitable for users in Latin America.
- Fees & Commissions: Variable, often higher for international transactions.
- Time for Fund Transfer: 1-7 business days.
- Availability: Primarily Latin American countries.
- Bank Coverage & Limitations: Regional banks and specific partnered banks.
- Currency Conversion: Not the most favorable rates.
- Features: Focused on Latin American market, remittances.
Bitcoin
- Rank for Receiving Payment: #5
- Rank for Sending Payment: #5
- Ease of Use: Moderate to high, requires understanding of cryptocurrency.
- Fees & Commissions: Variable, can be high during peak network times.
- Time for Fund Transfer: Minutes to hours.
- Availability: Worldwide, with restrictions in some countries.
- Bank Coverage & Limitations: Not applicable.
- Currency Conversion: Market-driven, highly volatile.
- Features: Decentralized, digital currency, anonymity.
PayPal
- Rank for Receiving Payment: #1
- Rank for Sending Payment: #1
- Ease of Use: Very high, user-friendly interface.
- Fees & Commissions: Moderate, higher for international transactions.
- Time for Fund Transfer: Instant within PayPal, 1-5 days to bank accounts.
- Availability: Over 200 countries, with certain exclusions.
- Bank Coverage & Limitations: Extensive global coverage.
- Currency Conversion: Higher fees.
- Features: Widely accepted, buyer and fraud protection, invoicing.
Payoneer
- Rank for Receiving Payment: #3
- Rank for Sending Payment: #2
- Ease of Use: High, especially for business and freelance transactions.
- Fees & Commissions: Moderate, varies depending on transaction.
- Time for Fund Transfer: Instant within Payoneer, 1-5 days to bank accounts.
- Availability: Over 200 countries, similar exclusions to PayPal.
- Bank Coverage & Limitations: Wide range of banks in available countries.
- Currency Conversion: Competitive rates.
- Features: Business payments, freelancer-friendly, global payment service.
This comprehensive guide covers the key aspects of various payment services, helping you make an informed decision based on your specific needs.