TransferGo vs PayPal Business: Which service is best for UK businesses?

Looking for a reliable business payment platform that will streamline your business operations and maximise your profits? Introducing the TransferGo vs PayPal Business debate.

In this comparison article, we’ll explore the benefits of two of the best business payment platforms around—TransferGo and PayPal Business—covering everything from their fees and market reach to customer support, security, integration capabilities and so much more.

So which one is best for UK businesses? Read on to find out.

Key benefits of TransferGo for businesses

TransferGo Business provides fast, secure and low-cost business payment solutions with its TransferGo Business Account. When you sign up (it’s free!), you’ll be able to:

• Transfer money to more than 60 destination countries in 35 currencies (and counting!)
• Save money with low transaction fees and competitive currency exchange rates (plus, high-volume transactions unlock lower rates!)
• Simplify your global financial management with its business multi-currency account—send, receive, hold and exchange money across the globe
• Turn to top-tier customer support in 9 different languages when you need it

How TransferGo simplifies business payments

Business payments become a breeze with the TransferGo Business Account. Making global cash flow management effortless, it allows you to receive, hold, exchange and send low-cost international payments for businesses in multiple currencies.

It also gives you full control and visibility over your finances thanks to clear payment histories and tracking. Plus, its batch payment functionality allows you to pay up to 50 suppliers in one go, saving UK business owners valuable time and effort.

Multi-currency solutions: How PayPal and TransferGo differ

With a TransferGo Business Account, you can hold and exchange multiple currencies and make business payments in over 35 currencies. The account is free to set up and you can secure the best exchange rates for future transactions when you see them. You’ll also enjoy lower rates when you make high-volume transactions.

Meanwhile, the PayPal Business Account provides multiple payment options for customers including QR codes, payment links and installments. However, only 25 currencies are currently supported by PayPal Business. 

Comparing TransferGo vs PayPal fees and hidden costs

When it comes to TransferGo vs. PayPal fees, the TransferGo Business Account is the most cost-effective. It’s free to set up and there are no monthly fees. Plus, exchange rate mark-ups are as low as 0.35%. TransferGo is also completely transparent about any fees you pay along the way. No hidden fees, no nasty surprises.

Meanwhile, the PayPal Business Account comes with higher fees. Whilst it won’t cost business users to set up an account, there’s a 3-4% markup on all currency conversions plus fixed fees depending on the payment type.

Market reach: Supported countries and currencies

PayPal Business has a presence in over 200 countries and supports 25 currencies. It also allows you to hold accounts in up to 22 currencies at once. 

Meanwhile, you can send money swiftly and cheaply with a TransferGo Business Account. At the moment, it supports payments in over 60 countries in 35+ currencies. Plus, TransferGo is constantly expanding its receiver markets. Don’t see your destination country or currency listed? Watch this space.

User experience: TransferGo vs PayPal for businesses

Though both platforms offer user-friendly interfaces, TransferGo is fully optimised for small and medium-sized businesses. It’s simple to use with no-nonsense copy, making it ideal for businesses looking to simplify their payments without unnecessary frills. All key information is also displayed on the TransferGo Business Account landing page.

Speed of payments: Which platform delivers faster transfers?

When it comes to speed of payments, TransferGo offers super-fast transfers in minutes with 97%+ of payments paid on time or often ahead of schedule. For UK business owners looking to pay their suppliers on time and keep their cash flow going, this offers total peace of mind.

Meanwhile, PayPal Business is generally slower. While card transfers are instant, bank transfers can take between 1-5 business days.

Security and compliance: Ensuring business transactions are safe

Security is a top priority when handling business payments. It should come as no surprise then that both TransferGo and PayPal implement high-grade security measures and use end-to-end encryption to protect their customers’ money and data.

Customer support comparison: PayPal vs TransferGo for businesses

When it comes to TransferGo Business vs PayPal Business customer support, TransferGo is the clear winner. On Trustpilot, it has an average customer rating of 4.7/5 with 80% of enquiries addressed within just 2 hours.

Meanwhile, PayPal’s customer support has not received great reviews. Its average customer rating on Trustpilot is just 1.3/5. 

Integrations for businesses: Accounting and ERP system compatibility

PayPal Business offers direct integration with multiple tools including Zapier, Slack and Xero.

Meanwhile, TransferGo is focused on simplifying payments and offers user-friendly navigation, removing the need for any complex integrations. This is why the set-up costs stay free.

Advantages and drawbacks for businesses

Advantages and drawbacks of PayPal for businesses

PayPal may be a household name but is it a good fit for UK business users? Let’s summarise.

Pros

• Free to open an account and there are no monthly fees
• Integration capabilities—you can link many existing tools with PayPal Business
• PayPal Business debit cards and credit cards are available
• Top-notch security protects your money and data

Cons

• Its Customer Support receives poor ratings on Trustpilot—its average score is just 1.3/5
• Bank transfers are slow, taking up to 5 business days
• Currency exchange rate markups are high at 3-4%

Advantages and drawbacks of TransferGo for businesses

Now that we’ve explored the pros and cons of PaPal Business, let’s round-up the advantages and disadvantages of signing up for a TransferGo Business Account to finalise our comparison of TransferGo and PayPal Business.

Pros

• Free to set up with low fees, excellent exchange rates and no monthly fees
• Super-fast transfers with payments reaching their destination in minutes
• Easy currency exchange for businesses with the option to hold balances in GBP, EUR, RON, PLN and more
• Top-notch customer support team with an average rating of 4.7/5 on Trustpilot
• The ability to lock in industry-leading rates to maximise your value
• High-grade security protects your money and data throughout

Cons

• Integration of account tools is not possible. (At the moment, anyway)
• While TransferGo supports over 60 countries in 35+ currencies, some countries and currencies are not yet supported by TransferGo—again, watch this space

Conclusion: Choosing the right platform for your business needs

When you’re a UK business owner looking to make regular payments, high speeds, low fees and a strong customer support team is paramount. For this reason, the TransferGo Business Account provides the most reliable, cost-effective and user-friendly solution for small to medium-sized businesses.

Not only is it free to set up, there are no monthly subscription fees and transfer margins are as low as 0.35%. What’s more, transfer speeds are fast and its multi-lingual Customer Support team (which speaks up to 9 languages) is rated 4.7/5 on Trustpilot. It comes as no surprise then that 40% of customers come to TransferGo from word-of-mouth recommendations!

Are you ready to send, receive and manage money from around the world—all from a single, simple-to-use, multi-currency business account? Sign up for TransferGo today!

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.