What is a Payment Gateway?
Payment gateways are the technologies used by sellers to accept debit/credit card payments from their customers.
This not only refers to the card reading devices often found in brick & mortar stores but also points to the online systems making an entrance of consumer’s money in the seller’s pocket through the internet.
1- Revolut
Revolut is a digital alternative to traditional banking, offering a set of low-cost solutions that still allows you to have an exclusively online account and an associated debit card.
This service is present in countries like the United States, Canada, Singapore, Japan, Australia, New Zealand and also in Portugal.
Revolut allows you to create and upload an online account. From this account you can make payments and online purchases abroad.
You have access to your digital account through the mobile app.
Through the app you can perform all types of transactions, from transfers to payments. If you want to make payments in the traditional way, through the app, require a physical card.
But what are the advantages of using Revolut?
– Transparency in exchange rates. It is possible to automatically convert the balance from one currency to another and without exchange fees (at the real exchange rate).
– The biggest savings in exchange rates are within the app itself. That is, imagine that you are going to travel, before withdrawing money you must convert the amount you want to withdraw, from euros to the currency of that country, for example, dollars. Only then should you withdraw from an ATM. In this case you will save a lot of money just by the exchange rate used.
– You can withdraw money without making a prior exchange on the app, as this is done automatically when needed. Of course, if the exchange rate has worsened in the meantime, it would have yielded more to make the exchange earlier, in the app. But, on the contrary, if the exchange rate is evolving favorably, the later it is done, the less it is spent (and the later it is possible when the card is passed);
– There is no charge for fees and commissions on payment transactions for purchases, national and international transfers, between different currencies.
– Make withdrawals at ATMs abroad without costs.
– Through the application you can lock and unblock the card immediately, in case of loss or theft.
– In case of loss or theft of the card during the trip, you can request a duplicate to the address where you are at the moment.
– Transfers between Revolut accounts are immediate.
2- Wise
TransferWise is the new way to move your money around the world, as easily as possible, for as little as possible. We’re building a better, cheaper, fairer system for anyone who lives, travels, or does business across borders.
With TransferWise, you should find that your fees are always fair, and you get the real exchange rate. The same ones big corporations and banks get. But with TransferWise, you get those rates, too.
To see how to make your first transfer, read on.
1. Check our fees and exchange rates and find out yourself if we’re cheap
Use our calculator on the TransferWise homepage to tell us how much money you want to send, and where you want to send it. You’ll see our fees and exchange rate upfront, even without logging in. So you can always check to make sure you’re getting a great deal.
We use the real exchange rate – it’s the rate you’ll find on independent sources like Google, XE, and Yahoo Finance. (Our fees are as low as 0.35%.)
For some currencies, we also have a price comparison tool that can help you make an informed choice.
Like it so far? Send money now.
2. Create your free account
It’s free to create an account with TransferWise and your recipient doesn’t need to use TransferWise for you to send money to them. You can sign up as an individual and, if you have a business, you can add your business to your TransferWise account – on desktop, mobile, or with our award-winning apps – android and iOS.
Depending on the country you’re sending from, we might need to have you verified. Verification will take 1-3 days. See when you need to be verified.
3. Tell us where your transfer is going
Tell us who you’re sending the money to, along with their local bank details. You can send money to yourself, someone else, or a business, depending on the country.
Your recipient doesn’t need a TransferWise account to get their money. Just a bank account.
4. Pay for your transfer
Pay by credit or debit card or make a local bank transfer to TransferWise’s bank account in your country. You don’t have to link your bank account to TransferWise (unless you’re sending from Canada or the US).
Depending on the country you’re sending from, you might have other payment options.
5. Leave the rest to us
Our smart technology links local bank accounts in countries all over the world. So often we’re able to use money from a TransferWise user sending money the other way around. Once we get that sorted, we’ll give you an estimate of when your money will arrive – usually it’s much faster than a bank transfer.
If you provide your recipient’s email address, we’ll also give your recipient a heads up to let them know your money is on the way. It will go right into their bank account.
3- Payoneer
Payoneer is an innovative cross-border payment platform that connects businesses and professionals across countries and currencies. Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Thousands of leading companies including Google, Airbnb, Fiverr and Getty Images rely on Payoneer’s mass payout services. In India, Payoneer solutions help small businesses, entrepreneurs and service providers get paid from their international clientele in a hassle-free way in INR. Payoneer acts in India as an online payment gateway service provider (as prescribed by the Reserve Bank of India) (“OPGSP”) for the purpose of facilitating certain payment services.
