Paypal is an online payment processor that allows you to send money to another Paypal account holder. This is done online, and the receipt of payment is practically instantaneous. The only thing that you require is the email address of the account holder that is also registered with Paypal. The website is encrypted so the sending and receiving of funds is safe and secure.

Western Union follows a similar method of sending and receiving money. There are different ways to send money using Western Union. You can send money via online resources, over a phone or at the recipient's location. However, here the recipient has to personally go to the Western Union outlet to collect the money. It has a vast network of agents that operate in over 200 countries.

Western Union charges a hefty fee for sending money from one country to another. Compared to that, Paypal is a much cheaper option. The plus point that Western Union has is that the person receives hard cash instantaneously. Whereas with Paypal, the person has to withdraw the money into a bank account which takes time.

Money payment methods have their exchange rates and fees that are vary significantly from the prevailing rates in banks. For instance, the bank rate could be a few dollars less than what Paypal or Western Union offer. This means that in order to pay a person in another country, you might be shelling out more dollars unless you have agreed to pay in dollars using either of the two payment methods.

One thing that Western Union and Paypal win hands down is the fees charged by both are much less than those charged by banks.

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