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4 min read 07.03.2022 363
Ese Precious
Ese Precious
Fintech writer at AskWallet.io
Are E-wallets Good for International Payments?

Are E-wallets Good for International Payments?

E-wallets do not need a physical bank account to process international payments. Thus, they are accessible to individuals living in unbanked, underbanked, and conflict-affected areas. They allow for greater financial inclusion in this way. Besides, using a multicurrency e-wallet, you can send money to friends and loved ones overseas while saving on foreign exchange.

What Is an e-Wallet?

Any mobile or desktop application that allows you to manage payments to merchants, make deposits, withdrawals, and transfers over the internet are called an “electronic wallet” (also known as e-wallet, eWallet, or digital wallet). An e-wallet can perform different kinds of financial transactions, including peer-to-peer (P2P), business-to-person (B2P), and business-to-business (B2B) payments. Although not every e-wallet can perform all the aforementioned kinds of payments, most modern electronic wallets can. Moreover, some e-wallets can even perform international payments like wire transfers.

Ideally, an e-wallet can store both the user’s information and money for a reasonably long time. It is also able to allow the user to link their digital account with their physical bank account or bank card so that electronic transfer of funds between the accounts can be done safely and quickly.

Top Available E-wallets on the Market

There are so many electronic wallets on the market today. We have compiled a list of the best e-wallets. Some of them are suitable for single-purpose use while some others are for multipurpose use. For example, whereas an e-wallet like MuchBetter can be used as a personal account (by an individual) and a business account (by merchants), GoHenry is for a single-use — helping parents teach their kids to manage money.  


Since 2016, this award-winning user-friendly, safe, and fast e-wallet has been useful for spending money online and offline. You can use it for iGaming, retail shopping, and other online payments locally and internationally. Load funds via cards and make bank transfers for free using a MuchBetter Mastercard card. Read more about MuchBetter here.


This payment option is suitable for playing and paying online. It is secure, fast, and easy to use. At any time, you can use Neteller to send and receive money, make online payments, and access prepaid card services. Transfer money to friends and family members in  180 countries. What more? See our overview of Neteller.


For freedom to make secure and instant online payments, you can use ecoPayz. It is a provider of worldwide payment solutions. You can make international payments in more than 50 currencies in your ecoPayz account. Users at the Silver account level can have their Mastercard cards. But is this e-wallet really secure? Find out here.


PayPal is an online financial service operating worldwide and has a total of 346 million active accounts. It offers free services to buyers and competitive fees to merchants but is not beneficial for currency exchange in some regions. You can use it to transfer money to 130+ countries, trade-in cryptocurrencies,  and buy-now-pay-later. You can find the pros and cons of using a PayPal account in this overview.


Many merchants, buyers, online gamers, and crypto buyers and sellers are using Skrill for secure, fast, easy, and cheap online transactions. It supports 40+ currencies and users can comfortably send money to another Skrill account holder, a mobile wallet, or a bank account. This payment option also comes with some bonus features.


STICPAY is an electronic payment system located in London. It provides merchants and individuals, particularly online casino players, with an easy, adaptable, and secure e-wallet service. The STICPAY international prepaid card known as STIC Card, in addition to its global money transfer service, allows users to withdraw money from their account through an Automated Teller Machine. STICPAY is becoming a popular payment option for gamers who want to handle their money online because of its flexibility and speed. Users pay a 3.58 % top-up charge for uploads made using Mastercard or Visa.

Why Should You Get an International Wallet?

Now, there are several reasons why e-wallets are good for international payments. You should get one or more of this kind of wallet because of the following benefits millions of users are getting from them:

  • Convenience
    An international e-wallet can help you manage all your international transactions in one application on your smartphone or computer. You may perform this from the convenience of your home, or while you are on the move.

  • Single-click payments
    Most international e-wallets can store your personal and financial details so that you do not always need to fill out every form when making payments and transfers online. Moreover, with the auto-fill feature, all you need to do is verify that you have selected the correct data suggested by the wallet.

  • Low-cost transactions
    International e-wallets make it possible for you to manage cross-border transactions at low costs. Many of these wallets allow making several free transactions when you use the mobile application or debit/credit card.

  • Instant payments
    Normally, it takes a few minutes for your payment to get to the merchant or recipient in a foreign country when you use an international e-wallet.

  • Advanced security
    Most e-wallets are equipped with enhanced security features. These features help to prevent fraud and authorised access to your electronic account.

  • Cashless in-store transactions
    An international e-wallet can be used to make payments to merchants without the use of cash. To check out, you only need your smartphone or wallet card. This eliminates the need to carry cash around and makes payment as convenient as possible.

Best e-Wallet Alternative?

In the modern-day, you can hardly find an alternative payment system that surpasses e-wallets in terms of convenience, security, and cost. Anyone serious about making a large transaction abroad should consider using any of the e-wallets we have listed above.

Having said that, you can use some alternative methods such as wire transfers in case of sending money internationally, or neobanks if you need an account with a debit card.  Another alternative method is to use a cryptocurrency app or wallet, but this is more suitable for crypto traders and online casino players (in jurisdictions that do not prohibit gambling). 

Best e-Wallets that Allow Currency Exchanges

Multicurrency e-wallets allow users to make payments in foreign currencies, especially US dollars and Euros. With a multicurrency account on an electronic wallet, you can make payments in foreign currencies online and in-store, thereby avoiding high currency exchange margins. Some of the best multicurrency e-wallets are MuchBetter, Neteller, ecoPayz, Paysend, and Wise.


The MuchBetter e-wallet is preferred by many international buyers because it has flexible payment options. In addition, it allows them to carry out transactions in many different currencies in real-time.


Everywhere you go, with your Neteller multicurrency account, you have no worries about making payments in foreign currencies. This electronic wallet has an exchange feature that gives you the benefit of enjoying no conversion fees. It allows you to maintain secondary account balances in currencies that are different from your primary account.  


A multicurrency ecoAccount is all you need to make cheap international money transfers in up to 10 currencies on your ecoPayz wallet. To get this kind of account, you need to upgrade your default Classic ecoAccount to a Silver account, which is the next account level. 


Apart from being able to send money to more than 100 countries, users of Paysend can keep up to 8 foreign currencies at a time. In addition, the app allows them to link their multicurrency accounts with their cards.


Internationally minded persons can send money to their friends and family members overseas using a multicurrency account with Wise. This e-wallet supports transfers to over 40 countries. 

Electronic Wallets for International Payments – Cost of Sending and Receiving Money

Generally, transactions made with an electronic wallet are performed between another electronic wallet. So, in common, they can be used for local and international payments. However, some have advanced features for a wider scope of international transactions.

Nevertheless, for P2P international payments, we recommend you try Paypal, Payoneer, Skrill, Neteller, and ecoPayz. However, these e-wallets charge different fees for personal transfers, currency exchange,  and withdrawal. For instance, while Paypal charges a currency conversion fee of 3%, Payoneer charges 0.5%. So, you need to pay attention to the P2P transaction costs and how the rates differ from country to country.

What is the Difference Between e-Wallets?

With more than a hundred top e-wallets to choose from, the only way you can make the right choice is if you know what factors to use for comparison. We have provided four factors that can guide you in identifying the difference between e-wallets so that you can make the right choice: purpose, features, geographical coverage, and cost.


Firstly, you need to define what you want to achieve with an e-wallet. There are e-wallets for domestic and international money transfers, ownership of a single merchant account, multicurrency payments, online business account creation, personal account management, online loans, and other categories of need. So, be clear about your aim(s) for seeking an e-wallet and select the one that meets your needs.


In addition to clarifying the purpose, you need to compare the features and benefits you can get from the e-wallet options available to you. For example, an e-wallet with an integrated calendar can remind you of when to make certain payments. But if you aim to wire money internationally or keep multiple currencies in one account, then you need to pay attention to e-wallets with multicurrency account features. A good one can help you save money on currency conversion.

Geographical coverage

If you travel often, you should consider e-wallets that have good features for international payments and operate in many countries. Although many e-wallets allow users to send money abroad, some charge cheaper rates and fees for payments to or from specific locations than others. Besides, some do not operate in certain countries. At present, Venmo does not operate internationally. So, you need to compare your digital payment options by geographical coverage and choose the one with a wider or more favourable reach.


Electronic wallets providers charge different fees for their services. So, to differentiate them, you need to compare what they charge for deposit/withdrawal of funds. You need not be told to go for the cheaper service provider. If you are interested in making international payments, also compare their currency conversion rates.

How Digital Wallets Can Help

Apart from financial policies, entertainment laws have also encouraged the use of e-wallets in some countries where activities such as gambling are prohibited. In regions where gambling is legal, millions of people who used to patronise land-based casinos are opting in for online casinos where they can conveniently use their digital wallets for payments and other financial transactions.

Another aspect where digital wallets have been helping people is in the payment and receipt of wages/salaries. For example, in some countries, regular employees and freelancers who work remotely for local and international employers are receiving their financial compensation via their e-wallets.

Lastly, e-wallets have been fast, secure, and convenient options for sending money abroad. The most concrete motivation for international migration today is remittances.

According to the Global Migration Data Portal, in 2020, the highest amount of remittances received in a country was US$83.1 billion (in India), while the highest amount paid from a countrywas US$68 billion (from the United States of America).  A significant part of these payments was made using e-wallets.  


The undisputed fact is that e-wallets are indispensable today. Whether for online payments for goods and services internationally or remittances, they are generally a convenient, fast, safe, and cheap alternative to traditional banking options. Although not all e-wallets charge cheap rates and fees, we believe that you can find a favourable one from our list of the top available e-wallets on the market.