When it comes to managing your finances online, there are a lot of options available. In addition to traditional banking services, there are also e-wallet services that allow you to store and manage your funds digitally.
Here, we’ll compare five of the most popular e-wallet services available in Canada: Mifinity, Neteller, Skrill, Coinbase, and PayPal.
Comparison table
| E-wallet | Supported Currencies | Transaction Fees | Funding Methods | Withdrawal Methods | Security Features |
|---|---|---|---|---|---|
| Mifinity | CAD, USD, EUR, GBP, AUD, JPY, HKD, SGD | 1.45% per transaction | Bank transfer, debit/credit card, eCheck, Bitcoin | Bank transfer, debit/credit card, eCheck, Bitcoin | 2-factor authentication, SSL encryption, fraud detection systems |
| Neteller | CAD, USD, EUR, GBP, AUD, JPY, HKD, SGD | 2.5% per transaction | Bank transfer, debit/credit card, Bitcoin | Bank transfer, debit/credit card, Bitcoin | 2-factor authentication, SSL encryption, anti-fraud tools |
| Skrill | CAD, USD, EUR, GBP, AUD, JPY, HKD, SGD | 1.45% per transaction | Bank transfer, debit/credit card, Bitcoin | Bank transfer, debit/credit card, Bitcoin | 2-factor authentication, SSL encryption, anti-fraud tools |
| Coinbase | CAD, USD, EUR, GBP, AUD, JPY, HKD, SGD | 1.49% per transaction | Bank transfer, debit/credit card, PayPal | Bank transfer, PayPal | 2-factor authentication, SSL encryption, FDIC insurance |
| PayPal | CAD, USD, EUR, GBP, AUD, JPY, HKD, SGD | 2.9% + $0.30 per transaction | Bank transfer, debit/credit card | Bank transfer |
Reviews
1. Mifinity
Mifinity is a relatively new e-wallet service that offers a range of features designed to make online payments fast, easy, and secure. Mifinity allows you to store and manage your funds in multiple currencies, which is useful if you frequently make international payments. Mifinity also offers a prepaid Mastercard, which allows you to use your account funds to make purchases in stores and online. However, Mifinity has limited availability in Canada.
2. Neteller
Neteller is a well-established e-wallet service that has been around since 1999. It offers many of the same features as Mifinity, including the ability to store and manage funds in multiple currencies. Neteller also offers a prepaid Mastercard, and allows you to send and receive money with other Neteller users. However, Neteller is not available in all countries, and some users have reported high fees and poor customer service.
3. Skrill
Skrill is another established e-wallet service that offers many of the same features as Mifinity and Neteller, including the ability to store and manage funds in multiple currencies, and a prepaid Mastercard. Skrill also offers additional features, such as the ability to buy and sell cryptocurrencies. However, Skrill charges high fees for some transactions, and some users have reported poor customer service.
4. Coinbase
Coinbase is a popular platform for buying, selling, and storing cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. It also offers an e-wallet service, which allows you to store and manage funds in multiple currencies. However, Coinbase charges high fees for some transactions, and its e-wallet service is limited compared to other e-wallet providers.
5. PayPal
PayPal is one of the most well-known e-wallet services in the world, and offers a range of features designed to make online payments easy and secure. PayPal allows you to send and receive money with other PayPal users, and also offers a range of tools for online merchants. However, PayPal charges high fees for some transactions, and its exchange rates for international payments are not always competitive.
Summary
Among the e-wallets listed, Coinbase is the best option for crypto as it specializes in cryptocurrency exchange and trading. It supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more. Coinbase also offers a user-friendly platform with easy-to-use tools for buying, selling, and storing cryptocurrencies. However, it’s worth noting that there may be other specialized crypto wallets available that offer more advanced features for experienced traders.
In general, Neteller and Skrill are popular choices for international payments due to their wide acceptance and support for multiple currencies. However, it ultimately depends on the specific countries and regions you are making payments to and from. It’s important to research the fees, exchange rates, and other factors for each e-wallet before making a decision.
Mifinity has the lowest fees overall, with no annual fee and low transaction fees. However, it’s important to note that the best option for fees may vary depending on your specific usage and needs. For example, if you frequently make international payments, Neteller may be the best option despite its higher fees. It’s always a good idea to carefully consider your options and read the fine print before choosing an e-wallet provider.
