Alternative to Plooto For International Money Transfers

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Making an international money transfer can be extremely stressful. Today there many options to choose from. First, there are traditional channels (and usually the most expensive) like wire transfer. Then there are old remittance companies like Western Union, PayPal who have been around for decades. The digitisation of services has ushered in more options in the form of online money transfer companies like Transferwise, Plooto, Paymentrails and REMITR to name a few.
So, when there are so many options, it’s imperative that you make an informed decision and choose the option that is the most beneficial to you. By beneficial we mean not only the lowest-cost and the quickest, but also one that is very secure. International money transfers involve a payment provider, a waiting period, a mode of transfer and of course, charges. Apart from the service fees, there are also currency conversion costs that are baked into the exchange rate you get.
Comparing payment service providers helps us understand which one charges the least, while helping with transparent currency conversion in the least possible duration. Here is a comparison of a few service providers to help you choose the best.

Plooto
Plooto makes your payments hassle-free by connecting directly to your accounting software. Your accounting software will upload payments directly to Plooto, thus reducing human errors. You can set up a payment approval process and approve it on the go. It allows for email based transfer, and all payments are updated in your accounting software as well. Using Plooto can make domestic or international payments. Plooto claims to provide global payments at better exchange rates and 90% cheaper fees with a flat fee of $9.99. Using credit cards will come at an additional $0.30 per transaction, while automatic invoice uploading will cost another $0.75 per invoice. Plooto claims it meets and exceeds the national security standards for financial and data security and validates transactions using sophisticated algorithms.

Transferwise
Transferwise claims to be eight times cheaper than bank transfers, with real-time exchange rates. Founded with a vision to make moving money around the world fast, fair, transparent and eventually, free. Transferwise, claims to have 3 million customers and move around £2 billion pounds every month, in around 50+ countries. The fee structure and amounts are detailed in their pricing.

Differentiator: Using Transferwise, you can run payroll or batch payments, or make freelancer payments. You can use their payment API and integrate it into your system.

PayPal
PayPal is a well known brand for sending and receiving international payments just like Western Union. The setup is pretty straightforward – simply use your email address to sign up. It can also be linked to your bank accounts to make or receive payments or even your cards for shopping. For sellers, Paypal can receive payments for goods and can facilitate sending invoices. By adding a PayPal link to the website, it can be turned into an e-commerce website to sell products, send invoices and receive payments. It is also used by many freelancers across the world to receive payments. Paypal fees range from 3% and upwards depending on the amount being sent and the volume of transactions being done.

Differentiator: It is simple to set up and can be used by sellers, service provider and shoppers alike.

REMITR
This company was formed with an objective to drastically reduce the time and cost of transferring funds from one country to another. REMITR scores above other payment service providers in terms of benefits. REMITR is currently available to send money to 150+ countries; it is easy to set up and use, offers an API that can automate payments, is secure, abides by all applicable regulations, and is also faster than most. It combines the best features of all the other service providers in one. With respect to charges, REMITR offers a flat fee and better rates than anyone else. It provides live exchange rates with no hidden charges at all, undertaking all transfers at the rate displayed and with no nasty surprises or fine print

Differentiators: Transfers take 1 business day, and they charge a flat fee of $5 per international transaction. REMITR as been recognized by Forbes as a leading alternative.

Disclaimer: product capabilities and features of the respective products and services mentioned hare are taken from the respective websites plooto.com, transferwise.com, paypal.com and remitr.com.